To the Members of M/s O. P. Chains Limited
Report on the Financial Statements
We have audited the accompanying financial statements of M/s O. P. Chains Limited. (the Company ) which comprise the Balance Sheet as at March 31 2019 and the Statement ofProfit and Loss and Cash Flow Statement for the year then ended and 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: a) in the case of the Balance Sheet of the stateof affairs of the Company as at March 31 2019; b) in the case of the Profit and LossAccount of the profit for the year ended on that date; and c) in the case of the CashFlow Statement of the cash flows for the year ended on that date.
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 Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those 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 of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the Accounting Standardsreferred to in section 133 of the Companies Act 2013 ( the Act ). This responsibilityincludes the design implementation and maintenance of internal control 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
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 bythe Central Government of India in terms of sub-section (11) of section 143 of the Act wegive in the Annexure a statement on the matters specified in paragraphs 3 and 4 of theOrder to the extent applicable.
2.As required by section 143(3) of the Act we report that: a) We have obtained all theinformation and explanations which to the best of our knowledge and belief were necessaryfor the purpose of our audit; b) In our opinion proper books of account as required by lawhave been kept by the Company so far as appears from our examination of those books c) Inour opinion all the information and explanations with regard to branch which to the bestof our knowledge and belief were necessary for the purpose of our audit have been obtainedby us. There is no other Branch Auditor appointed by the Company. d) The Balance SheetStatement of Profit and Loss Statement of Changes in Equity and Cash Flow Statement dealtwith by this Report are in agreement with the books of account. e) In our opinion theBalance Sheet Statement of Profit and Loss Statement of Changes in Equity and Cash FlowStatement comply with the Accounting Standards referred to in section 133 of the CompaniesAct 2013; f) In our opinion there are no observations or comments on financialtransactions or matters which have any adverse effect on the functioning of the Company.g) On the basis of written representations received from the directors as on March 312019 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2019 from being appointed as a director in terms of sub-section (2) ofsection 164 of the Companies Act 2013. h) In our opinion there are no qualificationreservation or adverse remark relating to the maintenance of accounts and other mattersconnected therewith. i) In our opinion and according to the information and explanationsgiven to us there is generally an adequate internal control procedure by the managementcommensurate with the size of the company and the nature of its business for the purchaseof inventories & fixed assets and payment for expenses & for sale of goods. Duringthe course of our audit no major instance of continuing failure to correct any weaknessesin the internal controls has been noticed. That the Company has appointed InternalAuditor.
| ||For BPN & Company |
| ||Chartered Accountants |
| ||FRN: 013887C |
| ||SD/- |
|Place: Agra ||Nikhil Garg |
|Date: 22/05/2019 ||(Partner ) |
| ||Membership No. 407004 |