To the Members of Anshuni Commercial Limited
Report on the Audit of the Standalone Financial Statements
We have audited the standalone financial statements of Anshuni Commercial Limited("the Company") which comprise the balance sheet as at 31st March 2019 and thestatement of Profit and Loss (statement of changes in equity) and statement ofcash flows for the year then ended and notes to the financial statements including asummary of significant accounting policies and other explanatory information [in which areincluded the Returns for the year ended on that date audited by the branch auditors of theCompanys branches located at (location of branches)].
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 Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2019 and profit/loss (changes in equity) and its cash flows forthe year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditors Responsibilities for the Audit ofthe Financial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountantsof India together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a 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 financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on thesematters.During the year with the operation size & the company we could not see any keyaudit matters that requires significant reporting.
Managements Responsibility for the Standalone 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 standalone financial statements that give a true and fair view of the financialposition financial performance (changes in equity)5 and cash flows of the Company inaccordance with6 the accounting principles generally accepted in India including theaccounting Standards specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation 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 financial statement that givea true and fair view and are free from material misstatement whether due to fraud orerror. In preparing the financial statements management is responsible for assessing theCompanys 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 Companysfinancial reporting process.
Auditors Responsibilities for the Audit of the Financial Statements
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 auditors report that includes our opinion. Reasonable assurance is ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditors Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give 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:
(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 and the Cash Flow Statementdealt with by this Report are 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 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 the company isan exempted company for reporting over adequacy of internal financial controls as pernotification dated 13th June 2017 (GSR 583(E) ) of MCA.
(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 explanations given to us:
i. There are no pending litigation of the company hence no separate disclosurerequired for the same.
ii. The Company has made provision as required under the applicable law oraccounting standards for material foreseeable losses if any on long-term contractsincluding derivative contracts wherever applicable.
iii. There has been no delay in transferring amounts required to be transferredto the Investor Education and Protection Fund by the Company.
ANNEXURE TO AUDITORS REPORT
i) Referred to in paragraph 1 under Report on Other Legal and RegulatoryRequirements section of our report of even date:
a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
b) As explained to us all the assets have been physically verified by the Managementat the end of the accounting year and no material discrepancies were noticed on physicalverification as compared to the book records.
c) The Company does not have any immovable properties.
ii) As explained to us the inventories have been physically verified by the managementduring the year. In our opinion the frequency of verification is reasonable. In ouropinion the Company has maintained proper records of inventory. There is no inventory ason closing date.
iii) The Company has not granted loans unconditional and interest free to companiesfirms or other parties covered in the register maintained under Section 189 of the Act.
a) In our opinion and according to the information and explanation given to us therate of interest where applicable and other terms and conditions of the loan given /taken by the Company are not prima facie prejudicial to the interest of the Company.
b) According to the information and explanation given to us there is no stipulation asregards repayment of principal amount of loan taken by the Company. Accordingly there areno overdue amounts outstanding any time during the year or as at the Balance sheet date.
iv) The Company has properly complied in respect of loans investments and guaranteeswith the provisions of Section 185 and 186 of the Companies Act 2013.
v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of the directivesissued by the Reserve Bank of India and provisions of Section 73 to76 or any otherrelevant provisions of the Companies Act 2013 and rules framed there under.
vi) The Central Government has not specified the maintenance of cost records under sub-section (1) of section 148 of the Companies Act 2013.
vii) According to the records of the Company and as per information and explanationgiven to us the Company is generally regular in depositing undisputed statutory duesincluding provident fund employees state insurance income-tax sales-tax wealthtax service tax duty of customs duty of excise value added tax cess and any otherstatutory dues applicable to it with appropriate authorities and there were no undisputeddues outstanding as on 31st March 2019 for a period of more than six months from the datethey become payable.
a) According to the records of the Company there were no dues of income tax or salestax or wealth tax or service tax or duty of customs or duty of excise or value added taxor cess which have not been deposited on account of any dispute.
viii) In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to any Financial Institution bankgovernment or debenture holders.
ix) To the best of our knowledge and belief and according to the information andexplanations given to us the Company has not obtained any term loan during the year.
x) In our opinion and according to the information and explanations given to us nofraud on or by the Company has been reported during the year.
xi) The Company has not paid any managerial remuneration provided in accordance withthe requisite approvals mandated by the provisions of section 197 read with schedule V tothe Companies Act.
xii) The Clause regarding Nidhi Company has not been applied to our company thereforethe reporting under this clause does not arise.
xiii) The Company has properly disclosed the all transactions with the related partiesare in compliance with Section 177 and 188 of Companies Act 2013 in the FinancialStatements as required by the applicable accounting standards.
xiv) The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review as per theProvision of Section 42 of the Companies Act 2013.
xv) The Company has not entered any Non Cash transaction with the directors or personsconnected with him as per Provision of Section 192 of the Companies Act 2013.
xvi) The Company does not require to be registered under Section 45-IA of the ReserveBank of India Act 1934.
| ||For Mahendra Doshi & Associates |
| ||Chartered Accountants |
| ||FR No.: 105765W |
| ||Mahendra Doshi |
|Place: Mumbai ||Proprietor |
|Date: 23rd July 2019 ||Membership No.: 041316 |