To the Members of
Has Lifestyle Limited
Report on the Financial Statements
1. We have audited the accompanying financial statements of Has Lifestyle Limitedwhich comprise the Balance Sheet as on March 31 2017 and the Statement of Profitand Loss for the year ended and a summary of significant accounting policies and otherexplanatory information.
Management's Responsibility for the Financial Statements
2. The Company's board of Directors is responsible for the matters in section 134(5) ofthe Companies act 2013 with respect to the preparation of these financial statements thatgive a true and fair view of the financial position financial performance and cash flowsof the Company in accordance with the Accounting Principles generally accepted in Indiaincluding the Accounting Standards specified under Section 133 of the Companies Act 2013read with rule 7 of the companies (Accounts) Rules 2014. This responsibility alsoincludes the maintenance of adequate accounting records in accordance with the provisionof the Act for safeguarding of the asset of the company and for preventing and detectingthe frauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are responsible and prudent; and designimplementation and maintenance of internal financial control that were operatingeffectively for ensuring the adequacy and completeness of the accounting records relevantto the preparation and presentation of the financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.
3. Our responsibility is to express an opinion on these financial statements based onour audit. We conducted our audit in accordance with the Standards on Auditing specifiedunder section 143(10) of the Companies Act 2013. Those Standards require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.
4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal control relevant to the Company preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion / qualified audit opinion / adverse audit opinion.
6. In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the Basis for QualifiedOpinion paragraph the financial statements give the information required by the Act inthe manner 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 atMarch 31 2017;
(b) in the case of the Statement of Profit and Loss of the profit for the year endedon that date; and
(c) in the case of Cash Flow Statement of the cash flow for the year ended on thatdate.
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditor's Report) Order 2015 issued by the Company LawBoard in term Section 143(11) of the Companies Act 2013 we give in the Annexure astatement on the matter specified in paragraphs 3 and 4 of the Order.
8. As required by section 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 Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account.
d. In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards under Section 133 of the Companies Act2013 read with rule 7 of the Companies (Accounts) Rules 2014.
e. On the basis of written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms Section 164(2) of theCompanies Act 2013.
FOR S.V. NIPHADKAR & CO.
HAS LIFESTYLE LIMITED ANNEXURE TO THE AUDITORS REPORT
(Referred to in Paragraph 7 of the Auditors report of even date to the members of HasLifestyle Limited on the financial statement for the year ended 31stMarch 2017.)
i) (a) The Company is maintaining proper records to show full particulars includingquantitative details and situation of Fixed Assets.
(b) The fixed assets of the company are physically verified by the management duringthe period. No material discrepancies were notified by the management on suchverification.
ii) (a) The inventory of the Company is physically verified by the management atreasonable intervals.
(b) In our opinion and according to the information and explanation given to us theprocedure of verification of the inventory followed by the management is reasonable andadequate in relation to the size of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. In our opinion the recordsystem is adequate.
iii) The Company has not granted any loans secured or unsecured to companies firm orother parties covered in the registered maintained under section 189 of the Companies Act2013.
iv) There is an adequate internal control procedure commensurate with the size of theCompany and the nature of its business for the purchase of fixed assets raw material andsale of goods & services. There is no continuing failure to correct major weaknessesin internal control system.
v) The Company has not accepted any deposits from the public within the meaning of thedirectives issued by the Reserve Bank of India and the provisions of sections 73 to 76 orany other relevant provisions of the Companies Act and the rules framed thereunder.
vi) According to information and explanation given to us the maintenance of cost recordhas not been prescribed by the Central Government under section 148(1) of the CompaniesAct 2013.
vii) (a) The company is generally regular in depositing undisputed statutory duesincluding provident fund employee's state insurance income tax sales tax and servicetax. The undisputed statutory dues as at the last day of the financial period concernedoutstanding for the period of more than six month from the date they became payable isNil.
(b) There is no dispute for payment of any statutory dues mentioned above.
(c) There is no requirement to transfer any amount to Investor Education and ProtectionFund.
viii) The Company did not have any outstanding loans and borrowings dues in respect offinancial Institutions or bank or to government or to debenture holders during the year.
ix) According to the information and explanations given by the management the Companyhas not raised any money by way of intial public offer/further public offer/debtinstruments and term loans hence reporting ;under clause (ix) is not applicable to theCompany and hence not commented upon.
x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationgiven by the management we report that no fraud by the Company or no fraud on the Companyby the officers and employees of the Company has been noticed or reported during the year.
xi) According to the information and explanations given by the management themanagerial remuneration has been paid/provided in accordance with the requisite approvalsmandated by the provisions of Section 197 read Schedule V to the Companies Act 2013.
xii) In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xii) of the order are not applicable to the Company and hence not commented upon.
xiii) According to the information and explanations given by the managementtransactions with the related parties are in compliance with Section 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the notes tothe financial statements as required by the applicable accounting standards.
xiv) According to information and explanation given to us and on overall examination ofthe balance sheet the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debenture during The year under thereview and hence reporting requirement under clause 3(xiv) are not applicable to theCompany and not commented upon.
xv) According to information and explanation given by management the Company has notentered into any non-cash transaction with directors or persons connected with him asreferred to in section 192 of Companies Act 2013.
xvi) According to the information and explanations given to us the provisions ofSection 45-I A of the Reserve Bank of India
Act 1934 are not applicable to the Company.
FOR S.V. NIPHADKAR & CO.