To The Members of Supra Trends Limited Report on the Financial Statements
We have audited the accompanying financial statements of Supra Trends Limited("the Company") which comprise the Balance Sheet as at March 31st 2015 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated in Section134(5) Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the Accounting Principlesgenerally accepted in India including Accounting Standards specified under section 133 ofthe Act read with Rule 7 of the Companies (Accounts) Rules 2014.
This Responsibility also includes maintenance of adequate accounting records inaccordance with provisions of the Act for safeguarding of the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgements and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error. Auditors' Responsibility
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditors' judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial Statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made
by the Company's Directors as well as evaluating the overall presentation of thefinancial statements. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the standalone financialStatements.
In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India
in the case of the Balance Sheet of the state of affairs of the company as at31st March 2015;
in the case of the Statement of Profit and Loss of the loss for the year endedon that date;
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
As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we have given in the Annexure a statement on the mattersspecified in Paragraphs 3 and 4 of the Order to the extent applicable.
As required by section 143(3) of the Act we report that:
We have sought and obtained all the information and explanations which to thebest of our knowledge and belief were necessary for the purposes of our audit.
In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.
The Balance Sheet the Statement of Profit and Loss and Cash Flow Statementdealt with by this Report are in agreement with the books of account.
In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.
On the basis of the written representations received from the directors as on31st March 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.
With respect to the other matters included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us:
The Company does not have any pending litigations which would impact itsfinancial position;
The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses;
There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
| ||For P S Nagaraju & Co. |
| ||Chartered Accountants |
| ||(Firm's Registration No. 011447S) |
| ||CA P. S. Nagaraju |
| ||Partner |
| ||(Membership No. 210268) |
|Hyderabad || |
|30th May 2015 || |
Annexure to the Independent Auditor's Report
Annexure referred to in paragraph 1 under the heading of "Report on Other Legaland Regulatory
Requirements" of our report of even date we report that:
i. In our opinion and according the information and explanations given to us thecompany does not have any fixed assets. Accordingly the provisions of paragraph3 (i) ofthe Order is not applicable;
ii. In our opinion and according the information and explanations given to us thecompany is not dealing with inventory. Accordingly the provisions of paragraph 3 (ii) ofthe Order is not applicable;
iii. In our opinion and according the information and explanations given to us theCompany has not granted nor taken any loans secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of the Companies Act.Accordingly the provisions of paragraph 3(iii) of the Order is not applicable;
iv. In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business for the purchase of inventory and fixed assets and for the saleof goods and services. Further on the basis of our examination of the books and recordsof the Company and according to the information and explanations given to us we haveneither come across nor have been informed of any continuing failure to correct majorweaknesses in the aforesaid internal control system;
v. In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits within the meaning of Section 73 to 76 of theCompanies Act 2013 and the rules framed thereunder;
vi. According to the information and explanations given to us maintenance of costrecordshas not been prescribed by the central government the under sub-section (1) ofsection 148 of the Companies Act;
a) According to the records of the Company and the information and explanations givento us the Company is regular in depositing undisputed statutory dues with appropriateauthorities including provident fund Employees State insurance Income-Tax Sales-TaxWealth Tax Service tax Duty of Customs Duty of Excise Value Added Tax Cess and anyother statutory dues with appropriate authorities. There are no undisputed statutory duesas referred to above as at 31st march 2015 outstanding for a period of more than sixmonths from the date they become payable;
b) According to the records of the Company and the information and explanations givento us dues of income tax or sales tax or wealth tax or service tax or duty of customs orduty of excise or value added tax or cess have been deposited;
c) According to the information and explanations given to us and based on the documentsand records produced to us the company is not required to transfer any amount to InvestorEducation and Protection Fund in accordance with the relevant provisions of the CompaniesAct 1956 (1 of 1956);
viii. The Company does not have accumulated losses at the end of this financial yearnor has incurred any cash losses during the financial year covered by our audit and in theimmediately preceding financial year;
ix. According to the information and explanations given to us and based on thedocuments and records produced to us the Company has not defaulted in repayment of duesto banks or financial institutions or debenture holders;
x. In our opinion the Company has not given any guarantee for loans taken by othersfrom bank or financial institutions;
xi. In our opinion and according to the information and explanations given to us thecompany did not have any term loans outstanding during the year.
xii. According to the information and explanations given to us no material fraud on orby the Company has been noticed or reported during the year;
| ||ForP SNagaraju& Co. |
| ||Chartered Accountants |
| ||(Firm Regn. No. 011447S) |
| ||CA P. S. Nagaraju |
| ||Partner |
| ||(Membership No. 210268) |
|Date : 30.05.2015 || |
|Place : Hyderabad || |