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Aadhaar Ventures India Ltd.

BSE: 531611 Sector: Others
NSE: N.A. ISIN Code: INE063D01030
BSE 00:00 | 04 Jan Aadhaar Ventures India Ltd
NSE 05:30 | 01 Jan Aadhaar Ventures India Ltd
OPEN 0.49
PREVIOUS CLOSE 0.49
VOLUME 18
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52-Week low 0.49
P/E
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.49
CLOSE 0.49
VOLUME 18
52-Week high 0.50
52-Week low 0.49
P/E
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Aadhaar Ventures India Ltd. (AADHAARVENTURES) - Auditors Report

Company auditors report

To the Members of Aadhaar Ventures India Limited

REPORT ON THE AUDIT OF THE IND AS FINANCIAL STATEMENTS

We have audited the accompanying Ind AS financial statements of Aadhaar Ventures IndiaLimited ("the Company") which comprise the Balance Sheet as at 31 March 2018the Statement of Profit and Loss (including other comprehensive income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year then ended and summary ofthe significant accounting policies and other explanatory information (herein afterreferred to as "Ind AS financial statements").

MANAGEMENT'S RESPONSIBILITY FOR THE IND AS FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese Ind AS financial statements that give a true and fair view of the state of affairsprofit/ loss and other comprehensive income changes in equity and cash flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards ("Ind AS") prescribed under Section133 of the Act. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable 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 Ind AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error. In preparing the financial statementsmanagement is responsible for assessing the Company's ability to continue as a goingconcern disclosing as applicable matters related to going concern and using the goingconcern basis of accounting unless management either intends to liquidate the Company orto cease operations or has no realistic alternative but to do so.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made thereunder.

We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing specified under Section 143 (10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Ind AS financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial controls relevant to the Company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the Ind AS financial statements.

We are also responsible to conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the entity's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in the auditor's report tothe related disclosures in the financial statements or if such disclosures areinadequate to modify the opinion. Our conclusions are based on the audit evidenceobtained up to the date of the auditor's report. However future events or conditions maycause an entity to cease to continue as a going concern.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe 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 Balance Sheet of thestate of affairs of the Company as at 31 March 2018 ii. In the case of the Statement ofProfit and Loss (comprising of other comprehensive income) of the profit for the yearended on that date; and iii. in the case of the Cash Flow Statement of the cash flows forthe year ended on that date and iv. Changes in equity 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")as amended issued by the Central Government in terms of Section 143 (11) of the Act wegive in the "Annexure A" a statement on the matters specified in paragraphs 3and 4 of the Order.

2.  As required by Section 143 (3) of the Act we report that: a) We have soughtand obtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit.

b) 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.

c) The Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) the Statement of Changes in Equity and the Statement of Cash Flows dealt with bythis Report are in agreement with the books of account.

d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards prescribed under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on 31March 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 from being appointed as a director in terms of Section164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate report in "Annexure B" g) With respect to the othermatters to be included in the Auditor's Report in accordance with Rule 11 of the Companies(Audit and Auditors) Rules 2014 in our opinion and to the best of our information andaccording to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements

ii. The Company has no material foreseeable losses on long-term contracts includingderivative contracts as required under the applicable law or accounting standards

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund (IEPF) by the Company

iv. The disclosures regarding details of specified bank notes held and transactedduring 8 November 2016 to 30 December 2016 have not been made since the requirement doesnot pertain to financial year ended 31 March 2018.

For D. P. AGARWAL & CO. Chartered Accountants F R No.: 100068W

D. P. AGARWAL Proprietor M No.: 035500

Place: Surat Dated: 29.05.2018

Annexure "A" to the Independent Auditor's Report on the financial statementof

Aadhaar Ventures India Limited.

Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section of our Report of even date to the Ind AS financial statement of theCompany for the year ended March 31st 2018:

i) In respect of its fixed assets:

(a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As explained to us some of the fixed assets were physically verified during theyear by the Management as per programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals. According to theinformation and explanation given to us no material discrepancies were noticed on suchverification.

(c) According to the information and explanation given to us and on the basis ofexamination of records of the Company No immovable properties are held by the Company.

ii) In our opinion the inventories have been physically verified during the year by themanagement at reasonable intervals and as explained to us no material discrepancies werenotices on physical verification.

iii) During the year the company has not granted any Loans secured or Unsecured toCompanies Firms Limited Liability Partnerships or other parties covered in the registermaintained under Section 189 of the Act.

iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Companies Act2013 with respect to loans and investment made.

v) According to the information and explanations given to us the Company has notaccepted any deposits from the public. Therefore the provision of Clause (v) of paragraph3 of the Order is not applicable to the Company.

vi) As informed to us the Central Government has not prescribed maintenance of costrecords under subsection (1) of Section 148 of the Act in respect of the business of thecompany.

vii) a) According to information and explanations given to us and on the basis of ourexamination of the records of the company the company has been generally regular indepositing its undisputed statutory dues such as Provident

Fund Employees' State Insurance Income tax Wealth tax Service tax and any othermaterial statutory dues whichever is applicable to the company with the appropriateauthorities during the year. According to the information and explanation given to us noundisputed amounts payable in respect of income tax service tax and any other materialstatutory dues were in arrears as at March 31 2018 for a period of more than six monthsfrom the date they became payable.

b) As at 31st March 2018 the following are the particulars of dues on account ofIncome-tax Sales Tax Wealth Tax Service Tax Customs Duty Excise Duty Value Added Taxand Cess matters that have not been deposited on account of dispute:

Name of the Statute Nature of the dues Amount of dispute (Rs. in Lac) Period to which the amount relates Forum where pending
Income Tax Act 1961 Income Tax Rs. 1.04 Lacs A.Y. 2007-08 Commissioner of Income-tax (Appeals) Mumbai
Income Tax Act 1961 Income Tax Rs. 0.09 Lacs A.Y. 2008-09 Commissioner of Income-tax (Appeals) Mumbai
Income Tax Act 1961 Income Tax Rs. 3.60 Lacs A.Y. 2010-11 Commissioner of Income-tax (Appeals) Mumbai
Income Tax Act 1961 Income Tax Rs. 8.48 Lacs A.Y. 2011-12 Commissioner of Income-tax (Appeals) Mumbai
Income Tax Act 1961 Income Tax Rs. 9.21 Lacs A.Y. 2012-13 Commissioner of Income-tax (Appeals) Mumbai
Income Tax Act 1961 Income Tax Rs. 9.36 Lacs A.Y. 2013-14 Commissioner of Income-tax (Appeals) Mumbai
Income Tax Act 1961 Income Tax Rs. 42.33 Lacs A.Y. 2014-15 Commissioner of Income-tax (Appeals) Mumbai

viii) According to the information and explanations given to us and based on therecords of the company examined by us the company does have any borrowing from anyfinancial institutions or bank and does not issue any debentures as at the balance sheetdate.

Accordingly clause (viii) of paragraph 3 of the Order is not applicable. ix) Thecompany has generally applied the amount raised by it by way of term loans debtinstruments for the purpose for which those loans were obtained other than temporarydeployment pending application of those funds. The company did not raise money by way ofinitial public offer or further public offer during the year.

x) According to the information and explanation given to us no material fraud on or bycompany has been noticed or reported during the year.

xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not paid/provided managerialremuneration. Accordingly clause (xi) of paragraph 3 of the Order is not applicable.

xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly clause (xii) of paragraph 3 of the Order isnot applicable.

xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly clause (xv) ofparagraph 3 of the Order is not applicable.

xvi) In our opinion and according to information and explanations provided to us theCompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934.

Annexure "B" To the Independent Auditor's Report of even date on the Ind ASfinancial statement of Aadhaar Ventures India Limited.

(Referred to in paragraph 2 (f) under report of on other legal and regulatoryrequirements of our report of even date.)

Report on the Internal Financial Controls over financial reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of AadhaarVentures India Limited ("the Company") as of March 31 2018 in conjunction withour audit of the financial statements of the Company for the year ended on that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Co2mpany considering the essential components of internal controlstated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For D. P. AGARWAL & CO. Chartered Accountants F R No.: 100068W

D. P. AGARWAL Proprietor M No.: 035500

Place: Surat Dated: 29.05.2018