The Members of
VORA CONSTRUCTIONS LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of VORA CONSTRUCTIONS LIMITED("the Company") which comprise the Balance Sheet as at 31st March 2018 andthe Statement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.
Management s Responsibility for the Financial Statements
Management is responsible for the matters stated in Section 134(5) of the CompaniesAct 2013 ("the Act") with respect to the preparation and presentation of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
Auditor s Responsibility
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We conducted our audit in accordance with the Standards on Auditingissued by the Institute of Chartered Accountants of India. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company s preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the 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.
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 2018;
b) in the case of the Profit and Loss Account of the profit for the year ended on thatdate; and
c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.
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 Act we give in the "Annexure A" statement on the matters specifiedin the paragraph 3 and 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 it appears from our examination of those books;
c. the Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby 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 the written representations received from the directors as on 31March 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 from being appointed as a director in terms of Section164 (2) of the Act;
f. With respect to adequacy of the internal financial controls over financial reportingof the Company and the operating effectiveness of such controls refer to our separateReport in "Annexure B".
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 has disclosed the impact if any of pending litigations on itsfinancial position in its financial statements.
ii) The Company has made provision as required under the applicable law or AccountingStandards for material foreseeable losses if any on long term contracts includingderivatives contracts.
iii) There were no amounts which were required to be transferred to the investorEducation and Protection Fund by the Company.
| ||For NGST & ASSOCIATES |
| ||Chartered Accountants |
| ||Firm Regn. No. 135159W |
| ||Navratan S. Bohra |
|Place : Mumbai ||Partner |
|Dated : 30th May 2018 ||Membership No: 150783 |
ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT
(Referred to in Paragraph 1 under the heading "Report on Other Legal andRegulatory Requirements" of our Report of even date)
(i) a) On the basis of information available the company has maintained proper recordsshowing full particulars including quantitative details and situation of its fixed assets;
b) The Fixed assets were physically verified during the year by the Management inaccordance with a regular program of verification which in our opinion providesverification of the fixed assets at reasonable intervals. As per information andexplanation provided to us no materials discrepancies were noticed on such verifications;
c) The Company does not hold any Immovable Property. Therefore reporting under this subclause is not applicable.
(ii) a) The Inventory of shares has been held in dematerialized form and verified withdemat account statements at reasonable intervals during the year and no materialdiscrepancies noticed during the year under review;
b) In our opinion and according to the information and explanations given to us theprocedure of physical verification of inventory followed by the management is reasonableand adequate in relation to the size of the company and nature of business.
c) In our opinion company has maintained proper records of inventory. As perinformation available the discrepancies noticed on verification between physical stockand book record were not materials in relation to the operation of the company and thesame have been properly dealt with in the books of account.
(iii) During the year the company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 189 ofthe Act.
(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Companies Act2013.
(v) The Company has not accepted any deposits from the public within the meaning ofSection 73 to 76 of the Companies Act 2013 & the rules framed under to the extentnotified.
(vi) Based on Information available the Cost records are applicable as per notificationissued by the Central Govt. under the provisions of Companies Act and as per explanationgiven to us the Company has maintained the cost records as per the requirement. Howeverwe have not made a detailed examination of the records with a view to determine whetherthey are accurate or complete.
(vii) a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion the Company has generally been regular indepositing undisputed statutory dues including Provident Fund Investor Education andProtection Fund Employees State Insurance Income Tax Sales Tax Customs Duty ExciseDuty cess and any other statutory dues with the appropriate authorities.
(viii) In our opinion and information and explanations given to us the company did nothave any outstanding dues to the financial institutions banks and debenture holders ifany and accordingly the Company has not made any default in repayment of dues to thefinancial institutions and banks.
(ix) In our opinion and information and explanations given to us the Company has notraised any moneys by way of initial public offer or further public offer. The Company hasnot taken any term loan during the year.
(x) During the course of our examination of the books & records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information & explanation given to us we have neither come acrossany instances of material fraud by the Company or on the Company by its officers oremployees noticed or reported during the year nor we have been informed of any such caseby the management.
(xi) In our opinion and according to the information and explanation given to us themanagerial remuneration has been paid or provided in accordance with the requisiteapproval mandated by the provisions of Section 197 read with Schedule V to the CompaniesAct 2013.
(xii) In our opinion and according to the information and explanation given to us thecompany is not a Nidhi Company. Accordingly provision of 3(xii) of the Order is notapplicable to the Company.
(xiii) The Company has entered into transactions with related parties in compliancewith the provisions of Sec 177 and 188 of the Companies Act 2013. The details of suchrelated party transactions have been disclosed in the standalone financial statements asrequired under Accounting Standard -18 "Related Party Disclosure".
(xiv) In our opinion and according to the information and explanation given to us thecompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year under review.
(xv) In our opinion and according to the information and explanation given to us thecompany has not entered into any non-cash transactions with directors or persons connectedwith directors. Accordingly the provision of clause 3(xv) of the order is not applicableto the Company
(xvi) The Company is registered under Section 45-IA of the Reserve Bank of India Act1934.
ANNEXURE B TO THE INDEPENDENT AUDITOR S REPORT
(Referred to in Paragraph 2(f) under the heading "Report on Other Legal andRegulatory Requirements" of our Report of even date)
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 ofSection 143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of VORACONSTRUCTIONS LIMITED ("the Company") as of 31 March 2018 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.
Management s Responsibility for Internal Financial Controls
The Company s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India ("ICAI"). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company s policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.
Our responsibility is to express an opinion on the Company s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the ICAI and the Standards on Auditing issued by ICAI and deemed to beprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls. Those Standards and the above mentioned Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.
Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor s judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company s internal financial controls system overfinancial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company s internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company s internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.
In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2018 in materialaspects based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.
| ||For NGST & ASSOCIATES |
| ||Chartered Accountants |
| ||Firm Regn. No. 135159W |
| ||Navratan S Bohra |
|Date: 30 May 2018 ||(Partner) |
|Place: Mumbai ||Membership No: 150783 |