The Members of 7NR Retail Limited Ahmedabad
Report on the Financial Statements:
We have audited the accompanying standalone financial statements of 7NRRetail Limited (the Company) which comprise the Balance Sheet as at March 312017 the Statement of Profit and Loss and Cash Flow Statement for the year then endedand a summary of the significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements:
The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Companies Act 2013 (the Act) with respect tothe preparation of these standalone financial statements that give a true and fair view ofthe financial position and financial performance of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arcreasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on standalone financialstatements based on our audit. We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there-under. We conductedour audit in accordance with the Standards on Auditing issued by the Institute ofChartered Accountants of India 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 arc material misstatements
An audit involves performing procedures to obtain audit evidence aboutthe amounts and disclosures in the financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal control relevant to the Company'spreparation of the financial statements that give true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the management as well as evaluating the overallpresentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion.
In our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:
(i) In the case of the Balance Sheet of the state of affairs of theCompany as at March 312017;
(ii) In the case of the Statement of Profit and Loss of the profit ofthe Company for the year ended on that date; and
(iii) In the case of the Cash Flow Statement of the cash flows of theCompany for the year ended on that date.
Report on Other Legal and Regulatory Requirements:
1. As required by the Companies (Auditor's Report) Order 2016(the Order) issued by the Central Government of India in terms of Section143(11) of the Act we give in the Annexure A statement on the matters specified inparagraphs 3 and 4 of the Order to the extent possible.
2. As required by Section 143(3) of the Act we report that:
a. We have obtained all the information and explanations which to thebest of our knowledge and belief were necessary for the purpose of our audit;
b. In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.
c. The Balance Sheet the Statement of Profit and Loss and the CashFlow Statement dealt with by this Report are in agreement with the books of account.
d. In our opinion the Standalone Financial Statements comply with the
Accounting Standards specified under Section 133 of the Act 7
of the Companies (Accounts) Rules2014.
e. On the basis of the written representations received from theDirectors as on March 31 2017 taken on record by the Board of Directors none of theDirectors is disqualified as on March 31 2016 from being appointed as a Director interms of Section 164(2) of the Act.
f. With respect to the adequacy of internal financial controls overfinancial reporting of the Company and operating effectiveness of such controls ourseparate report in annexurc -B may be referred;
g. With respect to the other matters to be included in theAuditors" Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanation given to us:
i. The Company docs not have any pending litigations which would impactits financial position;
ii. The Company did not have any long-term contracts includingderivatives contracts for which there were any material foreseeable losses;
iii. There has been no delay in transferring the amounts required to betransferred to the Investor Education and Protection Fund by the Company.
iv. The Company has provided requisite disclosures in the financialstatements as regards its holding and dealings in Specified Bank Notes as defined in theNotification S.O. 3407(E) dated November 82016 of the Ministry of Finance during theperiod from November 82016 to December 302016. Based on audit procedures performed andthe representations provided to us by the management we report that the disclosures are inaccordance with the books of account maintained by the Company and as produced to us bythe management.
| ||For Loonia& Associates. |
| ||Chartered Accountants |
| ||(F.R.NO.130883W) |
|Place: Ahmedabad ||Hitesh Loonia |
|Date: 13th April 17 ||(Proprietor) |
| ||M.NO.-135424 |