To The Members of Sreeleathers Limited
Report on the Financial Statements
We have audited the accompanying financial statements of Sreeleathers Limited(the Company) which comprise the Balance Sheet as at March 31 2016 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.
Managements responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in section134 (5) of the Companies Act 2013 ("the Act") with respect to the preparationof these financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the Accountingprinciples generally accepted in India including the accounting standards specified undersection 133 of the act read with rule 7 of the companies (Accounts) Rules 2014.Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provisions of the act for safeguarding the assets of the company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgment and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of financial statements that give atrue and fair view and are free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit.
We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the act and the rules made there under. We conducted our audit in accordancewith the Standards on Auditing specified under section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and disclosures in the financial statements.
The procedures selected depend on the auditors judgment including the assessmentof the risks of material misstatement of the financial statements whether due to fraud orerror. In making those risk assessments the auditor considers internal control relevantto the Companys preparation of the financial statements that give true and fair viewin order to design audit procedures that are appropriate in the circumstances. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by companys directors as well asevaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:
(i) in the case of the Balance sheet of the state of affairs of the company as atMarch 31 2016;
(ii) in the case of the Statement of Profit and Loss of the profit for the year endedon that date; and
(iii) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Act we give in the "Annexure I" a statement on the mattersspecified in paragraphs 3 and 4 of the said Order.
2. As required by section 143(3) of the Act we report that:
a. we have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit; c. the BalanceSheet Statement of Profit and Loss and Cash Flow Statement dealt with by this report arein agreement with the books of account; b. in our opinion proper books of account asrequired by law have been kept by the Company so far as it appears from our examination ofthose books; d. in our opinion the Balance Sheet Statement of Profit and Loss and CashFlow Statement comply with the Accounting Standards referred to in section 133 of theCompanies Act 2013 read with rule 7 of the Companies (Accounts) Rules 2014.
e. on the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of sub section (2) ofsection 164 of the Companies Act 2013.
f. with respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls we give ourseparate reports in "Annexure II".
g. with respect to the other matters included in the auditors reportin accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to bestof our information and according to the explanation given to us:
1) The company has disclosed the impact of pending litigation on its financial positionin its financial statement.
2) The company has made provision as required under the applicable law or AccountingStandards for material foreseeable losses if any on long term contracts includingderivative contracts.
3) There has been no delay in transferring amounts required to be transferred to theinvestors education and protection fund by the company.
| ||For K.Rungta & Co. |
| ||Chartered Accountants |
| ||Firms Regn. No. : 321068E |
| ||K. L. Rungta |
|Kolkata ||Proprietor |
|May 28 2016 ||Membership No. : 073418 |