to the Members of
AJWA FUN WORLD & RESORT LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of AJWA FUN WORLD & RESORTLIMITED which comprise the Balance Sheet as at 31 March 2019 the Statement of Profit andLoss and the Cash Flow Statement for the year then ended and a summary of significantaccounting 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 preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance including other comprehensive income cash flows and changes inequity of the Company in accordance with the Indian Accounting Standards (Ind AS)prescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended and other accounting principles generally accepted inIndia. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments 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 standalonefinancial 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 these financial statements based on ouraudit. In conducting 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 thereunder and the Orderissued under section 143(11) of the Act. We conducted our audit of the financialstatements in accordance with the Standards on Auditing specified under Section 143(10) ofthe Act. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the financial statementsare free from material misstatement. An audit involves performing procedures to obtainaudit evidence about the amounts and the disclosures in the standalone financialstatements. The procedures selected depend on the auditors judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Companys preparation of the financial statementsthat give a true and fair view in order to design audit procedures that are appropriate inthe circumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by theCompanys Directors as well as evaluating the overall presentation of the standalonefinancial statements. We believe that the audit evidence obtained by us is sufficient andappropriate to provide a basis for our audit opinion on the financial statements. Webelieve that the audit evidence obtained by us is sufficient and appropriate to provide abasis for our audit opinion on the standalone 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 of the state of affairs of the Company as at March31 2019 and its profit total comprehensive income the changes in equity and its cashflows 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 terms of sub-section (11) of section 143 of theAct is not applicable.
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;
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 and the Statement of Profit and Loss dealt with by this Reportare in agreement with the books of account;
d) 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;
e) On the basis of written representations received from the directors as on 31st March2018 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31st March 2018 from being appointed as a director in terms section 164(2) of theAct;
f) The company being a specific private company vide notification dated 13th June2017 hence reporting u/s 143(3)(i) in respect of internal financial control is notapplicable.
g) With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanation given to us: TheCompany does not have any pending litigations which would impact its financial position;
The Company did not have any long-term contracts including derivatives contracts forwhich there were any material foreseeable losses; There were no amounts which wererequired to be transferred to the Investor Education and Protection Fund by the Company.h) Appointment of Director was duly complied with relevant provision of Companies Act2013.
|Place: Rajkot ||CHARTERED ACCOUNTANTS |
|Date: 30/05/2019 ||CA KARTIK T. PAREKH |
| ||PARTNER |
| ||M.NO.: 137934 |
| ||FRN: 119285W |
ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT
(Referred to in paragraph 1(f) under Report on Other Legal and RegulatoryRequirements section of our report to the Members of Infosys Limited of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSubsection 3 of Section 143 of the Companies Act 2013 (the Act)
We have audited the internal financial controls over financial reporting of M/s. AjwaFun World & Resort Limited (the Company) as of March 31 2019 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.
Managements Responsibility for Internal Financial Controls
The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.
Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the Guidance Note) issued by the Institute of Chartered Accountantsof India and the Standards on Auditing prescribed under Section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects. Our audit involves performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditors judgement including the assessment of the risks of material misstatementof the financial statements whether due to fraud or error. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the Companys internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companys internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A companys internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 thecompanys assets that could have a material effect on the financial statements.
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.
In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2018 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.
|Place : Rajkot ||For DSKHTP & ASSOCIATES |
|Date : 30/05/2019 ||Chartered Accountants |
| ||CA KARTIK T. PAREKH |
| ||Partner |
| ||M.No. 137934 |
ANNEXURE B Report under the Companies (Auditors Report) Order 2016
Referred to in of our report of even date In terms of the information and explanationssought by us and given by the company and the books and records examined by us in thenormal course of audit and to the best of our knowledge and belief we state that:
1. The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. As explained to us all the assetshave not been physically verified by the management during the year but there is a regularprogram of verification which in our opinion is reasonable having regard to the size ofthe company and the nature of its assets. No material discrepancies were noticed on suchverification. According to the information and explanations given to us and the recordsexamined by us and based on the examination of the registered sale deed / transfer deed /conveyance deed / other evidences provided to us we report that the title deedscomprising all the immovable properties of land and buildings which are freehold are heldin the name of the company as at the balance sheet date.
2. As explained to us the inventory has been physically verified at reasonableintervals during the year by the management. In our opinion the frequency of verificationis reasonable. The discrepancies noticed on verification between the physical stocks andthe book records were not material. (The discrepancies have been properly dealt with inthe books of accounts).
3. As explained to us the company had granted loan to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under section189 of the Act.a) The terms and conditions of the grant of such loans are not prejudicialto the companys interest. b) No Schedule of repayment of principal and payment ofinterest has been stipulated c) No Schedule of repayment of principal and payment ofinterest has been stipulated and therefore the question of overdue amounts does not arise.Though Company has informed that the reasonable steps have been taken for recovery of theprincipal and interest.
4. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of Sections 185 and 186 of the Companies Act2013 in respect of grant of loans making investments and providing guarantees andsecurities as applicable.
5. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits in contravention of Directives issued by ReserveBank of India and the provisions of section 73 to 76 or any other relevant provisions ofthe Act and the rules framed there under where applicable . No order has been passed bythe Company Law Board or National Company Law Tribunal or Reserve Bank of India or anycourt or any other tribunal or
6. We have broadly reviewed the books of accounts and records maintained by the companypursuant to the rules prescribed under section 148(1) of the Act for maintenance of costrecords are of the opinion that prima facie the prescribed accounts and records havebeen made and maintained. However we have not made a detailed examination of records.
7. According to the information and explanations given to us in respect of statutorydues :
a) The company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including Provident Fund Investor Education Protection FundEmployees state insurance income tax sales tax wealth tax service tax customduty excise duty Cess and other material statutory dues applicable to it.
b) According to the information and explanations given to us no undisputed amountspayable in respect of income tax wealth tax Service Tax sales tax custom duty exciseduty and cess were in arrears as at 31st March 2018 for a period of more than six monthsfrom the date they became payable.
c) Details of dues of Income Tax Sales Tax/Value Added Tax Custom Duty Excise Dutyand Cess which have not been deposited as on 31st March 2018 on account of disputes aregiven below : NA
8. Based on our audit procedures and according to the information and explanationsgiven to us we are of the opinion the company has not defaulted in repayment of dues toa financial institution bank Government or dues to debenture holders.
9. The company has not raised moneys by way of initial public offer or further publicoffer (including debt instrument). However the moneys were raised by way of term loanswhich were applied for the purposes for which those were raised.
10. Based upon the audit procedures performed and according to the information andexplanations given to us no fraud by the company or any fraud on the company by itsofficers or employees has been noticed or reported during the course of our audit thatcauses the financial statements to be materially misstated.
11. The Managerial remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act.
12. The company is not a Nidhi Company and hence reporting under clause (xii) of theCARO 2016 Order is not applicable.
13. Based upon the audit procedures performed and according to the information andexplanations given to us All transactions with related parties are in compliance withsections 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the Financial statements etc. as required by the applicable accountingstandards. 14. The company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.
15. The company has not entered into any non-cash transactions with directors orpersons connected with him.
16. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934
|Place : Rajkot ||For DSKHTP & ASSOCIATES |
|Date : 30/05/2019 ||Chartered Accountants |
| ||CA KARTIK T. PAREKH |
| ||Partner |
| ||M.No. 137934. |