The members of Woodsvilla Limited
Report on the Financial Statements
1. We have audited the accompanying financial statements of Woodsvilla Limited whichcomprises the Balance Sheet as at March 31 2018 and the Statement of Profit andLoss(including other comprehensive income) the Cash Flow Statement and the statement ofchanges in equity for the year then ended and a summary of significant accountingpolicies and other explanatory information.
Management's Responsibility for the standalone Ind AS Financial Statements
2. 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 including other comprehensive income cash flows and changes inequity of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards (Ind AS) specified under Section 133 ofthe Act read with Companies (Indian Accounting Standards ) Rules 2015 as amended andother accounting principles generally accepted in India.
3. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
4. Our responsibility is to express an opinion on these Ind AS financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under and the order issued undersection 143(11) of the Act.
We conducted our audit of Ind AS Financial Statements in accordance with the Standardson Auditing specified under Section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the Ind AS financial statements are free from materialmisstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the Ind AS financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.
5. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid IndAS financial statements give the information required by theAct in the manner so required and give a true and fair view in conformity with the Ind ASand other accounting principles generally accepted in India of the state of affairs of theCompany as at 31-Mar-2018 and its Profit for the year ended on that date.
Report on Other Legal and Regulatory Requirements
6. As required by the Companies (Auditor's Report) Order 2016 (the Order) issued bythe Central Government in terms of Section 143 (11) of the Act we enclose in the annexurea statement on matters specified in paragraph 3 & 4 of the said order.
7. 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 and the Statement of Profit and Loss dealt with by this Reportare in agreement with the books of account.
(d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act.
(e) In our opinion there are no observations or comments on the financial transactionswhich may have an adverse effect on the functioning of the Company.
(f) On the basis of the written representations received from the directors as on31-Mar-2018 and taken on record by the Board of Directors we report that none of thedirectors is disqualified as on 31-Mar-2018 from being appointed as a director in terms ofsection 164(2) of the Act.
(g) Report on the Internal Financial Controls under Clause (i) of Sub-section 3 ofSection 143 of the Companies Act 2013 ("the Act")- is enclosed as annexure tothis report.
(h) 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. As informed to us the Company does not have any pending litigations which wouldimpact its financial position.
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTSOF Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of WOODSVILLALIMITED in conjunction with our audit of the IndAS financial statements of the Company forthe year ended on that date.
Management's Responsibility for Internal Financial Controls
The Company's management is responsible for establishing and maintaining internalfinancial controls. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information 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 Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance 168 Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.
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 31-Mar-2018 based on "thecriteria for Internal financial control over financial reporting established by theCompany considering the essential components of Internal control stated in the guidancenote on Audit of Internal financial control over financial reporting issued by theInstitutes of Chartered Accountants of India".
Annexure to Independent Auditor's Report
Referred to in our report of even date
In terms of the information and explanations sought by us and given by the company andthe books and records examined by us in the normal course of audit and to the best of ourknowledge and belief we state that: -
1.a) The company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant & equipments.
1.b) As explained to us all the Property Plant & equipments have not beenphysically verified by the management during the year but there is a regular programme ofverification which in our opinion is reasonable having regard to the size of the companyand the nature of its Property Plant & equipments. No material discrepancies werenoticed on such verification.
1.c) The title deeds of immovable properties are held in the name of the company.
2. As explained to us the inventory has been physically verified at reasonableintervals during the year by the management. In our opinion the frequency of verificationis reasonable. The discrepancies noticed on verification between the physical stocks andthe book records are not material.
3. As explained to us the company had not granted any loans secured or unsecured toany companies firms limited liability partnership or other parties covered in theregister maintained under section 189 of the Act.
4. The company has not given any loans investment guarantees and security.
5. In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits in contravention of directives issued by ReserveBank of India and the provisions of section 73 to 76 or any other relevant provisions ofthe Act and the rules framed there under where applicable. No order has been passed bythe Company Law Tribunal or National Company Law Tribunal or Reserve Bank of India or anycourt or any other tribunal.
6. It has been explained to us that the maintenance of cost records has not beenprescribed under section 148(1) of the Act.
7 a) According to the records of the company the company is generally regular indepositing with appropriate authorities the undisputed statutory dues including providentfund investor education and protection fund employees state insurance income tax salestax wealth tax service tax custom duty excise duty cess and other material statutorydues applicable to it.
According to the information and explanations given to us no disputed amounts payablein respect of income tax wealth tax service tax custom duty excise duty goods &service tax and cess were in arrears and other material statutory dues in arrears as at31st March 2018 for a period of more than six months from the date when they becomepayable.
7 b) According to the information and explanations given to us there are no dues ofsales tax Goods & Service Tax income tax custom duty wealth tax excise duty andcess which have not been deposited on account of any dispute.
8. Based upon the audit procedures and according to the information and explanationsgiven to us we are of the opinion the company has not defaulted in repayment of dues toa financial institution bank government or dues to debenture holders.
9. The company has not raised moneys by way of initial public offers or further publicoffer (including debt instrument) and term loans.
10. Based upon the audit procedures performed and according to the information andexplanations given to us no fraud by the company or any fraud on the company by itsofficers or employees has been noticed or reported during the course of our audit thatcauses the financial statements to be materially misstated.
11. No managerial remuneration has been paid or provided.
12. The company is not a Nidhi Company hence this clause is not applicable.
13. Based upon the audit procedures performed and according to the information andexplanations given to us all the transactions with related parties are in compliance withsection 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the financial statements etc. as required by the applicable accountingstandards.
14. The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review.
15. The company has not entered into any non- cash transactions with directors orpersons connected with him.
16. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934
| ||For MANV & ASSOCIATES |
| ||CHARTERED ACCOUNTANTS |
| ||FRN -007351N |
|Place: New Delhi ||N.K. GUPTA |
|Date: May 30 2018 ||PARTNER |
| ||MEMBERSHIP NO.085713 |