The Members of Shivkamal Impex Ltd.
Report on the Financial Statements
We have audited the accompanying financial statements of Shivkamal Impex Limited("the company") which comprise the Balance Sheet as at March 31 2017and the Statement of Profit and Loss and Cash Flow Statement for the year then ended anda summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesenancial statements that give a true and fair view of the nancial position nancialperformance and cash ows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards speci ed under Section 133of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibilityalso includes the maintenance of adequate accounting records in accordance with theprovision of the Act for safeguarding of the assets of the Company and for preventing anddetecting the frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of internal nancial control that were operating eectively for ensuring the accuracy and completeness of the accounting records relevant tothe preparation and presentation of the nancial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit.
We have taken into account the provisions 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 thereunder.
We conducted our audit in accordance with the Standards on Auditing speci ed 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 nancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the nancial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the nancialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal nancial control relevant to the Company's preparation of the nancialstatements that give true and fair view in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by Company's Directors as well as evaluating the overallpresentation of the nancial statements.
We believe that the audit evidence we have obtained is su cient and appropriate toprovide a basis for our audit opinion on the nancial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner 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 March31 2017; and
b) In the case of the Statement of Profit and Loss of the Profit for the yearended on that date.
c) In the case of Cash Flow Statement of the cash flows for the year ended on thatdate.
Report on the other Legal and regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2015 ("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 statement on the matters specified inparagraph 3 & 4 of the order.
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 purposes 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 the Statement of Pro t and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.
d) in our opinion the aforesaid nancial statements comply with the AccountingStandards speci ed 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 31stMarch 2017 taken on record by the Board of Directors none of the directors is disqualied as on 31st March 2017 from being appointed as a director in terms ofSection 164(2) of the Act.
f) With respect to the other matters included in the Auditor's Report and to our bestof our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its nancialposition.
ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.
iii. No amount is required to be transferred to the Investor Education and ProtectionFund by the Company as on 31 March 2017.
iv. The Company has provided requisite disclosure in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016. Based on audit procedure and relying on the managementrepresentation we report that the disclosures are in accordance with books of accountmaintained by the Company and produced to us by the management.
The Annexure referred to in paragraph 1 under the heading "Report on other legaland regulatory requirements" of the Our Report of even date to the members ofShivkamal Impex Limited on the accounts of the company for the year ended 31stMarch 2017.
On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:
(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of information available.
(b) As explained to us fixed assets have been physically verified by the management atreasonable intervals; no material discrepancies were noticed on such verification. (c)During the year the Company does not hold any immovable property in its name. Thereforereporting under this clause is not applicable. In our opinion and according to theinformation and explanations given to us no substantial part of fixed asset has beendisposed off during the year and therefore does not affect the going concern assumption.
(ii) (a) As explained to us the Stock-in-Trade (Securities) is kept in demat formhence the stock in trade are only reconciled/verified with the demat account statements bythe management at reasonable intervals. (b) In our opinion and according to theinformation and explanations given to us the procedure for verification of demat stockfollowed by the management is reasonable and adequate in relation to the size of theCompany and the nature of its business. (c) In our opinion and on the basis of ourexamination of the records the Company is generally maintaining proper records of itsstocks. No discrepancies have been noticed on verification of demat stocks statement ascompared to book records.
(iii) (a) According to the information and explanations given to us and on the basis ofour examination of the books of account the Company has not granted any loans secured orunsecured to companies firms or other parties covered in the register maintained underSection 189 of the Companies Act 2013. Consequently the provisions of clauses iii(a) andiii(b) of the Companies
(Auditor's Report) Order 2016 are not applicable to the Company.
(iv) In our opinion and according to the information and explanations given to usthere is generally an adequate internal control procedure commensurate with the size ofthe company and the nature of its business for the purchase of inventories & fixedassets and for the sale of goods and services. During the course of our audit no majorinstance of continuing failure to correct any weaknesses in the internal controls has beennoticed.
(v) In our opinion and according to the information and explanation given to us thecompany has not accepted any deposits; hence clause (v) is not applicable to the company.Accordingly directives issued by the Reserve Bank of India and the provisions of section73 to 76 or any other relevant provisions of the Companies Act and the rules framed thereunder are not applicable. The Board of Directors of the Company has passed a resolutionfor non- acceptance of public deposits by the Company.
(vi) The Company is not required to maintain cost records pursuant to the Rules made bythe Central Government for maintenance of cost records under sub-section (1) of section148 of the Act.
(vii) (a) According to the records of the Company undisputed statutory dues includingProvident Fund Employees' State Insurance Income-tax Sales-tax Wealth Tax ServiceTax Duty of Custom Duty of Excise Value added tax cess to the extent applicable andany other statutory dues have generally been regularly deposited with the appropriateauthorities. According to the information and explanations given to us there were nooutstanding statutory dues as on 31st of March 2017 for a period of more than six monthsfrom the date they became payable.
(b) According to the information and explanations given to us there is no amountspayable in respect of income tax sales tax wealth tax service tax duty of customsduty of excise or value added tax or cess which have not been deposited on account of anydisputes.
(c) Company does not have any amount required to be transferred to investor educationand protection fund in accordance with the relevant provisions of the Companies Act 1956(1 of 1956) and rules made there under.
(viii) The Company does not have any accumulated loss at the end of the financial yearand has not incurred cash losses in the financial year and in the financial yearimmediately preceding such financial year.
(ix) In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to a financial institution bank ordebenture holders.
(x) According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by other from bank or financial institutions.
(xi) According to the information and explanations given to us the Company has notraised any term loans during the year.
(xii) According to the information and explanations given to us no fraud on or by theCompany has been noticed or reported during the year.
(xiii) The Company is meeting its Net Owned Fund requirement as laid down in RBIDirections.
(xiv) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 4(xii) of the order are not applicable.
For Multi Associates
Firm Registration No.: 509955C
Anil Kumar Garg
Membership Number: 084003
Place: New Delhi
Date: May 23 2017