The Members of
INDO PACIFIC PROJECTS LIMITED
Report on the Standalone Financial Statements
1. We have audited the accompanying standalone financial statements of Indo PacificProjects Limited (the company') which comprise the Balance Sheet as at 31stMarch 2017 the Statement of Profit and Loss and the Statement of Cash Flows for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation (hereinafter referred to as standalone financial statements').
Management's Responsibility for the Standalone Financial Statements
2. 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 preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provision of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone financial statements that give a true and fair view and are free frommaterials misstatement whether due to fraud or error.
3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.
We have taken into account the provision 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 there under and the order under section 143(11)of the Act.
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 standalone financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedure selected depends onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error. In making those riskassessment the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the
appropriateness of the accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of the standalone financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.
4. 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 financial position of the Companyas at 31st March 2017 and its financial performance and cash flows for theyear ended on that date.
Report on Other Legal and Regulatory Requirements
5. As required by the Companies (Auditor's Report) Order 2017 (the Order) issued bythe Central Government in terms of Section 143 (11) of the Act we enclosed in theannexure a statement on matters specified in paragraph 3 & 4 of the said order.
6. 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 and the Statement of Profit and Loss dealt with by this Report arein 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) With respect to the adequacy of the Internal Financial Controls over financialreporting of the Company and operating effectiveness of such controls refer to ourseparate Report in "Annexure A". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internal financialcontrols over financial reporting.
f) On the basis of the written representations received from the directors as on 31stMarch 2017 and taken on record by the Board of Directors we report that none of thedirectors is disqualified as on 31st March 2017 from being appointed as adirector in terms of section 164(2) of the Act.
g) Report on the Internal Financial Controls under Clause (1) of Sub-section 3 ofsection 143 of the companies Act 2013 ("the Act") is enclosed as an annexure tothis report.
h) 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. As informed to us the Company does not have any pending litigations which wouldimpact its financial position.
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
iv. In terms of Rule 11 (d) of the Companies (Audit and Auditors) Amendment Rules 2017company has made requisite disclosures of Specified Bank Notes deposited during the period8th November 2016 to 30tU December 2016 in its financial Reportand there are no discrepancies.
7. As required by the Companies (Auditors Report) Order 2017 ("the Order) issuedby the Central Government in terms of Section 143(11) of the Act we give in "AnnexureB" a statement on the matters specified in paragraphs 3 and 4 of the Order.
| ||For Sanjay S. Agrawal & Co. |
| ||Chartered Accountants |
| ||F.R.No. 116200W |
|Place: Nagpur || |
|Date: 30/05/2017 ||Dhiraj M. Moryani |
| ||Partner |
| ||M.No. 129877 |