To the Members of M/s. Ambition Mica Limited
Report on the Audit of the Standalone Financial Statements
We have audited the accompanying Standalone Financial statements of M/s. Ambition MicaLimited ("the Company") which comprises the Balance Sheet as at March31 2019 the Statement of Profit and Loss (including Other Comprehensive income) theStatement of Changes in Equity and the Cash Flow Statement for the year ended on thatdate and a summary of significant accounting policies and other explanatory information(hereinafter referred to as "the standalone financial statements").
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Companies Act 2013 (the 'Act') in the manner so required and give a true and fairview in conformity with the Indian Accounting Standards ('Ind AS') specified under Section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended and other accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2019 and its profit and total comprehensiveincome changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Our responsibilities under those standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India ('ICAI') together withthe ethical requirements that are relevant to our audit of the financial statements underthe provisions of the Act and the rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion.
Key audit matters
Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statement of current period. Thesematters were addressed in the context of our audit of the financial statements as a wholeand in forming our opinion thereon as we do not provide a separate opinion on thesematters. In our opinion there are no key matters to be reported in current financialstatement.
Information other than the Standalone Financial Statements and Auditor's Report Thereon
The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual Report but does not includethe financial statements and our auditor's report thereon.
Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.
In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated.
If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.
Management's responsibilities for the Standalone Financial Statements
The Company's 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 standalone financial statements that give a true and fair view of the financialposition financial performance (including other comprehensive income) changes in equityand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Indian accounting Standards specified in the Companies(Indian Accounting Standards) Rules 2015 (as amended) under Section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.
Those Board of Directors are also responsible for overseeing the company's financialreporting process. Auditor's Responsibility
Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance withStandards on Auditing will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.
As part of an audit in accordance with Standards on Auditing we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act we are also responsible for explaining our opinion on whether the Companyhas adequate internal financial controls system in place and the operating effectivenessof such controls.
Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.
Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.
The comparative financial information of the Company for the year ended 31st March2018 and the transition date opening balance sheet as at 01st April 2017 included inthese financial statement are based on the previously issued statutory financialstatements prepared in accordance with the Companies (Accounting Standards) Rules 2006audited by us and our reports for the years ended 31st March 2018 and 31st March 2017dated 29th May 2018 and 29th May 2017 respectively expressed an unmodified opinion onthose financial statements as adjusted for the differences in the accounting principlesadopted by the Company on transition to the Ind AS which have been audited by us.
Our opinion is not modified in respect of these matters.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of subsection (11) of section 143 of the Act ("theOrder") we give in the Annexure "A" a statement on the matters specifiedin paragraphs 3 and 4 of the Order.
As required by Section 143(3) of the Act based on our audit 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 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) Statement of Changes in Equity and the statement of Cash Flow dealt with by thisReport are in agreement with the books of account;
d. In our opinion the aforesaid standalone financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act;
e. On the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 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 over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in Annexure "B". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.
g. As required by Section 197(16) of the Act we report that the Company has paidremuneration to its directors during the year in accordance with the provisions of andlimits laid down under Section 197 read with Schedule V to the Act.
h. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:
i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements;
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the investorEducation and Protection Fund by the company.
|For Hitesh Gohel & Co. || |
|Chartered Accountants || |
|(F.R.No. 129089W) || |
|[CA Hitesh R. Gohel] || |
|Proprietor ||Place: Ahmedabad |
|Membership No. 129427 ||Date: 29th May 2019 |
ANNEXURE-A to the Independent Auditor's Report
Reports under The Companies (Auditor's Report) Order 2016 (CARO 2016) for the yearended on 31st March 2019
The Members of AMBITION MICA LIMITED
(1) In Respect of Fixed Assets
(a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) According to the Information and explanations given to us the fixed assets areverified in a phased manner by the management during the year which in our opinion isreasonable having regard to the size of the Company and nature of its assets. No materialdiscrepancies were noticed on such verification.
(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deed of all immovable assets are heldin the name of company.
(2) In Respect of Inventories
As explained to us the inventories have been physically verified by the management atreasonable intervals during the year.
(3) Compliance under section 189 of The Companies Act 2013
The company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained u/s 189of the Companies Act 2013 (the Act).
(4) Compliance under section 185 and 186 of The Companies Act 2013
As per information and explanation given to us Company has not given any loan orguarantee and has not provided any securities.
(5) Compliance under section 73 to 76 of The Companies Act 2013 and Rules framed thereunder while accepting Deposits
The company has not accepted any Deposits from the public.
(6) Maintenance of cost records
As explained to us the Central Government has not prescribed the maintenance of Costrecords under sub section (1) of section 148 of the Companies Act 2013.
(7) Deposit of Statutory Dues
(a) Company is generally regular in depositing with appropriate authorities undisputedstatutory dues including Income tax Sales-tax Service tax Duty of Excise Goods andService Tax Value added tax or Cess and any other statutory dues applicable to it exceptfor a professional tax amounting to Rs. 55390/- which is outstanding on the last date ofthe financial year concerned for a period of more than six months from the date theybecame payable also there has been a delay in VAT GST and TDS Payment.
(b) According to the information and explanation given to us and as per the records ofthe company the dues outstanding of Central Sales Tax on account of any dispute is asper annexure of Statement of Disputed Dues.
Statement of Disputed Dues
|SR.NO ||Name of the Statute ||Name of the Dues ||Amount in Rs. ||Period to which the amount relate ||Forum where dispute is pending |
|1 ||Cetral Sales Tax Act(Gujarat) ||Central Sales Tax Interest and Penalty( For Non submission of C Forms) ||5524979 ||2013-14 ||Deputy Comissioner of Commercial Tax( Appeal- 2) Ahmedabad |
(8) Repayment of Loans and Borrowings
According to the information and explanation given to us the company has not defaultedin repayment of its dues to financial institution bank or Government. The company doesnot have any borrowings from debenture holders.
(9) Utilization of Money Raised by Public Offers and Term Loan
For which they Raised
According to the information and explanation given to us the company did not raisedany money by way of further public offer (including debt instruments) during the yearunder review. However the term loans raised during the year has been applied for thepurpose for which they have raised
(10) Reporting of Fraud During the Year
According to the information and explanation given to us during the year under reviewno fraud by the company or any fraud on the company by its officers or employees has beennoticed or reported.
(11) Managerial Remuneration
According to the information and explanations given to us and based on our examinationof the records of the company we report that company has complied with the provisions ofmanagerial remuneration of section 197 read with Schedule V to the Companies Act.
(12) Compliance by Nidhi Company Regarding Net Owned Fund to Deposits Ratio
As per information and records available with us the company is not Nidhi Company.
(13) Related party compliance with Section 177 and 188 of companies Act - 2013
According to the information and explanations given to us and based on our examinationof the records of the companyall transactions with the related parties are in compliancewith section 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) Compliance under section 42 of Companies Act - 2013 regarding Private placement ofShares or Debentures
According to the information and explanations given to us and based on our examinationof the records of the company the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review.
(15) Compliance under section 192 of Companies Act - 2013
According to the information and explanations given to us and based on our examinationof the records of the company the company has not entered into any non-cash transactionswith directors or persons connected with him.
(16) Requirement of Registration under 45-IA of Reserve Bank of India Act 1934
The company is not required to be registered under section 45-IA of the Reserve Bank oflndia Act 1934.
|Hitesh Gohel & Co. || |
|Chartered Accountants || |
|Hitesh R. Gohel || |
|Proprietor || |
|M'ship No. 129427 ||Place: Ahmedabad |
|Firm Reg. No. 129089W ||Date: 29th May 2019 |
ANNEXURE-B to the Independent Auditor's Report
Report on the Internal Financial Control under Clause (i) of sub-section 3 of Section143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of AMBITIONMICA LIMITED ("the Company") as of 31st March 2019 in conjunction with ouraudit of the financial statement 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 Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.
Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conduct 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 plans 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 procedure 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 exist and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The procedureselected depends 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 purpose 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 authorization ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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.
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 31st March 2019 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Auditing ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.
|Hitesh Gohel & Co. || |
|Firm Reg. No. 129089W || |
|Chartered Accountants || |
|Hitesh R. Gohel || |
|Proprietor ||Place: Ahmedabad |
|M'ship No. 129427 ||Date: 29thMay 2019 |
|Firm Reg. No. 129089W || |