The Members of
HARIA APPARELS LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of HARIA APPARELS LIMITED whichcomprise the Balance Sheet as at March 31 2017 the Statement of Profit and Loss and CashFlow Statement for the year then ended and a summary of significant accounting policiesand other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the matters stated in Section 134(5) of the CompaniesAct. 2013 ("the Act") with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under section 133 of theAct read with rule 7 of the Companies (Accounts) Rules 2014. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provision ofthe Act for safeguarding the assets of the company and for preventing and detecting fraudsand other irregularities selection and application of appropriate accounting policiesmaking judgments and estimates that are reasonable and prudent; and design implementationand maintenance of internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material 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 the audit report under theprovisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.
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 financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial 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 the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India
a. in the case of the Balance Sheet of the state of affairs of the Company as at March31 2017;
b. in the case of the Statement of Profit and Loss of the Profit for the year ended onthat date; and
c. in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors' Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act we give in the Annexure A' a statement on the matters specifiedin paragraphs 3 and 4 of the Order to the extent applicable.
2. As required by section 143(3) of the Act we report that:
a. We have sought& obtained all the information and explanations which to the bestofour 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 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 financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.
e. On the basis of the written representations received from the directors as on March31 2017 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164(2) of theAct.
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'; and
g. 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 in our opinionand to the best of our information and according to the explanations given to us;
i. The Company does not have any pending litigation which would impact its financialpositions.
ii. The Company does not have any long term contracts including derivative contractsfor which there were any material foreseeable losses;
iii. There are no amounts which are required to be transferred to the InvestorEducation and Protection Fund by the Company.
iv. The Company has provided requisite disclosures in the financial statements asregards the holding and dealings in Specified Bank Notes as defined in the NotificationS.O. 3407(E) dated November 8 2016 of the Ministry of Finance during the period fromNovember 8 2016 to December 30 2016 as applicable. Based on audit procedures performedand the representations provided to us by the management we report that the disclosuresare in accordance with the relevant books of account maintained for the purpose ofpreparation of the financial statements and as produced to us by the management.
FOR SUNDERJI GOSAR & CO.
Firm Reg. No 115543W
M. NO: 047828
DATE : 30/05/2017
PLACE : MUMBAI
ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT
The Annexure referred to in Independent Auditors' Report to the members of HARIAAPPARELS LIMITED (the Company') on the Financial Statements for the year ended 31stMarch 2017 we report 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) The company has a regular programme of physical verification of its fixed assets bywhich all fixed assets are verified in a phased manner designed to cover all the fixedassetsover a period of three years.In accordance with this programme certain fixed assetswere verified during the year and no material discrepancies were noticed on such physicalverification. In our opinion this periodicity of physical verification is reasonablehaving regard to the size of the company and nature of its assets.
(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of the immovable properties areheld in the name of the company.
ii. As informed to us the inventory has been physically verified during the year bythe management. In our opinion the frequency of verification is reasonable. No materialdiscrepancies were noticed on such physical verification as compared to the book records.
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 Act.Consequently requirement of clauses (iiia) and (iiic) of paragraph 3 of the order are notapplicable.
iv. In our opinion and according to the information and explanations given to uscompliances with the provisions of section 185 and 186 of the Companies Act 2013 arecomplied with.
v. During the year under consideration the company has not accepted any deposits fromthe public in accordance with the provisions of section 73 to 76 of the Act and the rulesframed there under.
vi. As informed to us the maintenance of Cost Records has not been specified by theCentral Government under sub-section (1) of Section 148 of the Act in respect of theactivities carried on by the company.
vii. In our opinion and according to the information and explanation given to us inrespect of statutory and other dues:
(a) The Company has been regular in depositing undisputed statutory dues includingIncome-tax Service Tax any other material statutory dues as applicable to it. Accordingto the information and explanation given to us no undisputed amounts payable in respectof outstanding statutory dues were in arrears as at March 31 2017 for a period of morethan six months from the date they became payable.
(b) According to the information and explanations given to us and the records of thecompany examined by us there are no disputed dues in respect of Sales Tax Income TaxService Tax and any other material statutory dues as applicable to it.
viii. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to financial institution or bank. Thecompany did not have any outstanding dues to any debenture holders during the year.
ix. In our opinion and according to the information and explanations given to us on anoverall basis the term loans have been applied for the purpose for which they were raised.The company has not raised any money by initial public offer or further public offer.
x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe year.
xi. According to the information and explanations given to us No remuneration is paidor provided. Accordingly paragraph 3(xi) of the order is not applicable.
xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.
xiii. In our opinion and according to the information given to us all transactions withrelated parties are in compliance with sections 177 and 188 of the Companies Act whereapplicable and the details of such transactions have been disclosed 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.
xv. To the best of our knowledge and according to the information and explanationsgiven to us the Company has not entered into any non-cash transactions with the directorsor the persons connected to him. Accordingly paragraph 3(xv) of the Order is notapplicable.
xvi. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.
FOR SUNDERJI GOSAR & CO.
Firm Reg. No 115543W
M. NO: 047828
DATE : 30/05/2017
PLACE : MUMBAI