To the Members of Narendra Properties Limited
Report on the Audit of the Financial Statements
We have audited the accompanying financial statements of NARENDRA PROPERTIES LIMITED("the Company") which comprises the Balance Sheet as at March 31 2018 theStatement of Profit and Loss statement of changes in equity and Cash Flow Statement forthe year then ended and notes to the financial statements including a summary ofsignificant accounting policies and other explanatory information.
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 of the state of affairs of the Company as at March31 2018 and its loss changes in equity and its Cash Flow for the year ended on thatdate.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.
Management's Responsibility for the Financial Statements
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 financial statements that give a true and fair view of the financial positionfinancial performance changes in equity and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate 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.
In preparing the financial statements management is responsible for assessing thecompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the company or to cease operations or has no realisticalternative but to do so.
Those Board Of Directors are also responsible for overseeing the Company's financialreporting process.
Auditor's Responsibility for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the "Annexure A" a statement on the mattersspecified in 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 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 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 written representations received from the directors as on March 312018 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2018 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 litigations which would impact its financialposition.
(ii) The Company did not have any provision to be made as required under theapplicable law or accounting standards formaterial foreseeable losses if any onlong-term contracts including derivative contracts and
(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.
| ||For A J DEORA & ASSOCIATES |
| ||Chartered Accountants |
| ||FRN:000711S |
|PLACE: Chennai ||JAINENDAR P |
|DATED: 21st May 2018 ||Partner |
| ||Membership Number: 239804 |
ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT
The annexure referred to in paragraph 1 under 'Report on Other Legal and RegulatoryRequirements' of our report of even date to the members of Narendra Properties Ltd on thefinancial statements for the year ended 31st March 2018 we report that:
i. a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
b. The company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner. In accordance with the programcertain fixed assets were verified during the year and no material discrepancies werenoticed on such verification.
c. According to the information and explanations given to us and on the basis ofexamination of the records of the company the title deeds of immovable properties areheld in the name of the company.
ii. In our opinion and according to the information and explanations given to usinventories have been physically verified by the management at reasonable intervals duringthe year. No material discrepancies were noticed on such verification.
iii. According to information and explanation given to us the company has not grantedany loans secured or unsecured to companies firms Limited Liability partnerships orother parties covered in the Register maintained under section 189 of the Act. Thus theprovisions of paragraph 3(iii)(a) to (c) of the Order are not applicable to the company.
iv. According to the information and explanations given to us the provisions ofsection 185 and 186 of the Companies Act 2013 are not applicable in respect ofinvestments during the year.
v. According to information and explanations given to us the Company has not acceptedany deposits from the public and hence the directives issued by the Reserve Bank of Indiaand the provisions of Sections 73 to 76 or any other relevant provisions of the Act andthe Companies (Acceptance of Deposit) Rules 2015 with regard to the deposits acceptedfrom the public are not applicable.
vi. In our opinion and according to the information given to us the requirement formaintenance of cost records pursuant to the Companies (Cost Records and Audit) Rules 2014specified by the Central Government of India under section 148 of the Companies Act 2013are not applicable to the company for the year under audit.
vii. a. According to information and explanations given to us and on the basis of ourexamination of the books of account and records the Company has been regularly depositedundisputed statutory dues including Income-Tax Sales tax Service Tax Value added TaxGoods & Services Tax cess and other material statutory dues with the appropriateauthorities.
b. According to the information and explanations given to us no undisputed amountspayable in respect of the Income-Tax Sales tax Service Tax Value added Tax Goods &Services Tax cess and other material statutory dues were in arrears as at March 31 2018for a period of more than six months from the date on when they become payable.
viii. The Company did not have any outstanding dues to financial institutions banks ordebenture holders during the year. Accordingly paragraph 3 (viii) of the Order is notapplicable.
ix. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not raised moneys by way of initial public offeror further public offer including debt instruments and term Loans. Accordingly theprovisions of paragraph 3 (ix) of the Order are not applicable to the Company.
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 course of our audit.
xi. Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act.
xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Therefore the provisions of paragraph 4 (xii) of theOrder are not applicable to the Company.
xiii. According to the information and explanations given to us all transactions withthe related parties are in compliance with section 177 and 188 of the Act and the detailshave been disclosed in the Financial Statements as required by the applicable accountingstandards.
xiv. According to the information and explanations given to us the company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review. Accordingly the provisions ofparagraph 3 (xiv) of the Order are not applicable to the Company.
xv. According to the information and explanations given to us by the management thecompany has not entered into any non-cash transactions with directors or persons connectedwith him. Accordingly paragraph 3(xv) of the order is not applicable to the company.
xvi. In our opinion the company is not required to be registered under section 45 IAof the Reserve Bank of India Act 1934.
| ||For A J DEORA & ASSOCIATES |
| ||Chartered Accountants |
|PLACE: Chennai ||FRN:000711S |
|DATED: 21st May 2018 ||JAINENDAR P |
| ||Partner |
| ||Membership Number: 239804 |