The Members of ART NIRMAN LIMITED
Report on the Financial Statements:
We have audited the accompanying Financial Statements of ART NIRMAN LIMITED ("theCompany") which comprise the Balance Sheet as at March 31 2017 the Statement ofProfit and Loss and Cash Flow Statement for the year ended March 3 1 2017 and a summaryof significant accounting policies and other explanatory information for the year ended ason 31st March 2017.
Management's Responsibility for the 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 preparationand presentation of these Financial Statements that give a true and fair view of thefinancial position financial performance and cash flow of the C ompany in accordance withthe accounting principles generally accepted in India including the accounting standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2 014. This responsibility also inc ludes m aintenance of ad equate ac counting records in ac cordance w ith th e provisions of th e A ct for s afeguarding th e as sets ofth e c ompany and for p reventing and detecting f rauds and o ther ir regularities selection and ap plication of ap propriate accounting policies making judgments andestimates that are responsible and prudent and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these Financial statements based on ouraudit.
We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in th e audit report under theprovisions of the Act and the Rules made there under.
We conducted o ur au dit in ac cordance w ith th e S tandards on A uditing s pecified under Section 1 43(10) o f th e Act. Those s tandards r equire th at we comply w ith ethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in th e financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements th at give a tr ue and f air v iew in o rder to d esign au dit procedures th at ar e appropriate in th e circumstances. An audit also includes evaluatingthe appropriateness of accounting p olicies u sed and th e reasonableness of th e accounting es timates m ade b y company's directors as w ell as ev aluating th e o verall presentation o f th e f inancial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us t he aforesaid Financial statements give t he inf ormation r equired by th eA ct in th e manner so r equired a nd g ive a t rue and f air v iew in c onformity w ithth e ac counting principles generally accepted in India; of the state of affairs of thecompany as at 31st March 2017 and its profit and its cash flows for the yearended 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 sub-section (11) of section 143 ofthe Act we give in the "Annexure A" a statement on the matters specifiedin paragraphs 3 and 4 of the Order.
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 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 o ur o pinion th e aforesaid Financial statements c omply with th e A ccountingStandards specified under S ection 1 33 of th e A ct r ead w ith Rule 7 of th e Companies(Accounts) Rules 2014.
e) On the basis of written representations received from the directors as on March 31201 7 taken on r ecord by th e B oard of D irectors no ne of th e d irectors isdisqualified as on March 31 2017 from being appointed as a director in terms of Section164(2) of the Act.
f) with r espect to th e adequacy of th e inter nal f inancial c ontrols o ver financial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure B" and
g) with r espect to th e o ther m atters to b e inc luded in th e A uditor's R eport inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinionand to the best of our information and according to the explanations given to us:
i. The Company d oes n ot h ave any p ending l itigations w hich w ould impact itsfinancial position.
ii. The Company did not have any long-term contract including derivative contracts forwhich there were any material foreseeable losses; hence the company need not make anyprovision.
iii. There were no amounts which were required to be transferred by the Company to theinvestor's education and protection fund maintained by central government u/s 125(1) ofthe act.
iv. The C ompany ha s provided r equisite d isclosures in th e f inancial statements asto holdings as well as dealings in S pecified Bank N otes during the period from 8th November 2016 to 30th December 2016. Based on au dit p rocedures and r elying o n th e management representation we report that the disclosures are in accordance with books ofaccounts maintained by the company and as produced to us by the Management - Refer Note[Note- "III" of Notes to Accounts]
| ||For Dhiren Shah &Co. |
| ||Chartered Accountants |
| ||FRN: 114633W |
|Place: Ahmedabad || |
|Date: 30.05.2017 ||Karan Shah |
| ||(Partner) |
| ||Membership No. : 138211 |