The Members of
M/s Naina Semiconductor Ltd Delhi
Report on the Financial Statement
1. We have audited the accompanying financial statements of Naina Semiconductor Ltd("the Company") which comprise the Balance Sheet as at 31 March 2017 and theStatement of Profit and Loss for the year then ended and a summary of significantaccounting policies and other explanatory information.
Management's Responsibility for the Financial Statement
2. The Companies management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position financial performanceof the Company in accordance with the Accounting Standards referred to in section 211(3C)of the Companies Act 1956 ("the Act") and in accordance with the accountingprinciples generally accepted in India. This responsibility includes the designimplementation and maintenance of internal control 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.
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 issued bythe Institute of Chartered Accountants of India. 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's 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.
6. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the 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 at 31March 2017;
b) in the case of the Profit and Loss Account of the profit for the year ended on thatdate.
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditor's Report) Order 2003 ("the Order")issued by the Central Government of India in terms of section 227(4A) of the Act theprovisions of aforesaid section are not applicable to this company
8. As required by section 227(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 it appears from our examination of those books.
c) the Balance Sheet Statement of Profit and Loss dealt with by this Report are inagreement with the books of account.
d) in our opinion the Balance Sheet the Statement of Profit and Loss comply with theAccounting Standards referred to in section 211(3C) of the Act.
e) on the basis of written representations received from the directors as on 31 March2017 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2017 from being appointed as a
f) director in terms of section 274 (1)(g) of the Act.
|Place: New Delhi ||FOR Vikram Salhotra |
|Date: 31.05.17 ||CHARTERED AOUNTANTS |
|(Vikram Salhotra) || |