To the Members of
Associated Marino and Granites Limited
Report on the Financial Statements - We have audited the accompanying financialstatements of the ASSOCIATED MARMO AND GRANITES LIMITED which comprise the Balance Sheetas at 31s' March 2017 and the Statement of Profit and Loss for the period thenended and a summary of significant accounting policies and other explanatory information
Management's Responsibility for the Financial Statements- Management is responsible forthe preparation of these financial statements that give a true and fair view of financialposition financial performance and cash flow of the company in accordance with theAccounting Standards referred to in section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable 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.
Auditors Responsibility- Our responsibility is to express an opinion on these financialstatements based on our audit. We conducted our audit in accordance with the Standards onAuditing issued by the Institute of Chartered Accountants of India. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the 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 control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.
Opinion- In our opinion and to the best of our information and according to theexplanations given to us the financial statements gives the information required by theAct in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India: (a) in the case of the Balance Sheetof the state of affairs of the Company as at 31st March 2017; (b) in the caseof the Profit and Loss Account of the Profit for the period ended on that date; and
Report on Other Le2al and Regulatory Matters- 1. As required by the Companies(Auditor's Report) Order 2016 ("the Order") issued by the Central Government ofIndia in terms of sub-section (11) of section 143 of the Act we enclose in the Annexure astatement on the matters specified in paragraphs 3 and 4 of the said Order. 2. As requiredby sec. 143(3) of the Act we report that:
(a) We have obtained all the information and explanations which to the best of ourknowledge 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 appears from our examination of those books.
(c) The Balance Sheet and Profit and Loss Account dealt with by this report are inagreement with the books of accounts (d) In our opinion the Balance Sheet Profit andLoss Account comply with the Accounting Standards referred to in sub-section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014.
(e) On the basis of the written representation received from the Directors and taken onrecord by the Board of Directors none of the Directors is disqualified as on 31st March2017 from being appointed as a Director in terms of clause (g) of sub-section (2) ofsection 164 of the Companies Act 2013.
| ||For KUNA WAT & ASSOCIATES. |
|Place: Pasoond (Raj.) ||Chartered Accountants |
|Date: 29th May 2017 ||(C.A. NIRMAL KUNA WAT) |
| ||(Partner) |
| ||M.No.073765 |
ANNEXURE TO INDEPENDENT AUDITOR'S REPORT
The Annexure referred to in our Independent Auditor's Report of even date to themembers of Company on the financial statements for the year ended 31 st March 2017 wereport that
(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information(b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable havingregard to the size of the Company and nature of its assets (c) No material discrepancieswere noticed on such physical verification.
(ii) (a) The inventories have been physically verified during the year by themanagement. In our opinion the frequency of verification is reasonable (b) As per theinformation and explanation given to us no material discrepancies were noticed onphysical verification.
(iii) The company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the Companies Act2013.
(iv) As per the information and explanations given to us provisions of section 85 and86 of The Companies Act 2013 in respect ' of loan investment guarantees and securityhas been complied with.
(v) According to information and explanation given to us the Company has not acceptedany deposit from the public. Therefore the provisions of Clause (v) of paragraph 3 ofCARO 2016 are not applicable to the Company.
(vi) Since overall turnover of the company from all of its sale of goods is notexceeding the ceiling limit of Rs. 35 crore during - the immediately preceding financialyear. Hence Company is not required to maintained the cost records. Therefore theprovisions of
Clause (vi) of paragraph 3 of CARO 2016 is not applicable to the Company.
(vii) (a) According to the records of the Company undisputed statutory dues includingProvident Fund Employees' State Insurance Income Tax Sales Tax Wealth Tax ServiceTax duty of Customs Duty of Excise Value Added Tax Cess and other material statutorydues have been generally regularly deposited with the appropriate authorities. Accordingto the information and explanations given to us no undisputed amounts payable in respectof the aforesaid dues were outstanding as at March 31 2017 for a period of more than sixmonths from the date of becoming payable (b) According to the information andexplanations given to us there are no material dues of Income Tax sales tax or wealthtax or service tax or duty of customs or duty of excise or value added tax or cess whichhave not been deposited with the appropriate authorities on account of any dispute.
(viii) The Company has not issued any Debenture and according to the information andexplanations given to us we are of the opinion that the Company has not defaulted inrepayment of dues to financial institutions banks.
(ix) The Company has not raised any money by way of initial public offer or furtherpublic offer or new term loans during the year. The term loans outstanding at thebeginning of the year have been applied for the purposes for which they were raised.
(x) In our opinion and according to the information and explanations given to us nofraud by the Company and no material fraud on the Company has been noticed or reportedduring the year.
(xi) As per the information and explanation given to us the Company has providedmanagerial remuneration in accordance with the requisite approvals mandated by theprovision of Section 197 read with schedule 5 to the Companies Act 2013.
(xii) The company is not a Nidhi Company.
(xiii) As per the information and explanation given to us the Company has disclosedall the details of related party transactions as required by the applicable AccountingStandard.
(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year.
(xv) As per the information and explanation given to us the Company has not enteredinto any non-cash transaction with the director or person concerned with him.
(xvi) The Company is not required to be registered under section 45 IA of Reserve Bankof of India Act 1934.
| ||For KUNA WAT & ASSOCIATES |
| ||Chartered Accountants |
| ||NIRMAL KUNA WAT |
|Place: Pasoond ||(Partner) |
|Date: 29th May 2017 ||M. No.073765 |