We have audited the accompanying financial statements of ADHARSHILA
CAPTIAL SERVICES LIMITED which comprise the Balance Sheet as at March
31, 2015, the Profit and Loss Statement and the Cash Flow Statement for
the year then ended and a summary of significant accounting policies
and other explanatory information.
Management Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 (the Act) with respect
to the preparation of these standalone financial statements that give a
true and Fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these standalone
financial statements based in our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company''s preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company''s Directors, as well as
evaluating the overall presentation of the financial Statements.
We believe that the audit evidence we have obtained in sufficient and
appropriate to provide a basis for our audit opinion on the standalone
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
a. In the case of Balance Sheet, of the state of affairs of the Company
as at March 31, 2015;
b. In the case of Profit and Loss Statement, of the Profit for the year
ended on that date; and
c. In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2015 (the
Order) issued by the Central Government in terms of section 143(11) of
the Companies Act, 2013, we give in the Annexure a statement on the
matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best our knowledge and belief were necessary for the purpose of our
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination to those
c. The Balance Sheet, Profit and Loss Statement and Cash Flow Statement
dealt with by this Report are in agreement with the books of account.
d. In our opinion, the aforesaid standalone financial statements comply
with the Accounting Standards referred to in section 133 of the
Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules,
e. On the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015 from being
appointed as a director in terms of section 164(2) of the Act.
f. With respect to the other matters to be included in the Auditor''s
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and 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 financial positions
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
iii. There were no amounts, which were required to be transferred to
the Investor Education and Protection Fund by the Company.
3. Further, as required by ''Non Banking Financial Companies Auditor''s
Report (Reserve Bank) Direction, 1988, we further stat that we have
submitted a separate report to the Board of Directors of the Company on
the matter specified in said directions as under :-
a) The company applied for registration as provided in section 451A of
the Reserve Bank of India Act, 1934 and has obtained certificate of
registration from the Reserve Bank of India.
b) The Company is entitled to continue to hold the Certificate of
Registration in terms of its asset/ income pattern as on 31st March,
c) The Board of Directors of the company has passed a resolution for
non- acceptance of any public deposit.
d) The company has not accepted any public deposit during the year
e) The Company has complied with the prudential norms relating to
income recognition, accounting standards, assets classification and
provisioning of bed and doubtful debts as applicable to it in terms of
Non-Banking Financial (Non-Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007.
(Referred to in paragraph (1) of our Report on other Legal and
Regulatory requirements section of our report of even date)
1. a. The Company has maintained proper records to show full
particulars including quantitative details and situation of its
b. The fixed assets of the company have been physically verified during
the year by the management at reasonable intervals and no material
discrepancies between the book records and the physical inventory have
been noticed on such verification.
2. Since the company does not have any inventory information required
under para 2(ii) (a) to (c) is not being given.
3. According to the information made available to us, the company has
not granted any loan, secured or unsecured to companies, firm or other
parties covered in the register maintained under section 189 of the
Act, accordingly Para 2(iii)(a) of the Order are not applicable to the
4. In our opinion and according to the information and explanation
given to us, there are adequate internal procedures commensurate with
the size of the company and nature of its business, for purchase of
inventory and fixed assets and for the sale of goods and service.
Further on the basis of our examination and according the information
and explanations given to us, we have not observed any continuing
failure to correct major weaknesses in internal control procedures.
5. On the basis of information and explanations given to us and our
scrutiny of company''s records, in our opinion, the company has not
accepted any public deposits.
6. To the best of our knowledge and belief and according to
information given to us, Central Government has not prescribed the
maintenance of cost records under sub-section (1) of section 148 of the
Companies Act, 2013 for the products of the Company.
7. (a)According to the information and explanation given to us the
company is generally regular in depositing with appropriate authorities
the undisputed statutory dues including income-tax, Wealth-tax,
Sales-tax, Service Tax Custom Duty, Excise Duty and any other statutory
dues applicable to it. Further, there was no arrears of undisputed
statutory dues outstanding as at 31st March, 2015 for a period of more
than six month from the date they became payable.
(b)According to the information and explanations given to us, there are
no tax dues of Income Tax, Wealth-tax, Sales-tax, Service tax Custom
Duty, Excise Duty, Value added tax or cess which have not been
deposited on account of any dispute.
8. The Company does not have accumulated losses. The company has not
incurred cash losses during the financial year and in the immediately
preceding financial year the company has incurred cash losses of Rs.
9. Based on our examination and according to the information and
explanation given us, the company has not borrowed from any financial
intuitions, banks or issued any debentures.
10. According to the records of the company and the information and
explanations given to us, the company has not given any guarantee for
loans taken by other from bank or financial intuitions.
11. In our opinion and on the basis of information and explanations
given to us and on overall basis, no term loans have been availed by
12. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the course of our audit for the
year ended 31 March, 2015.
FOR B.K. KAPUR AND CO.,
Firm Registration No. 000852C
Place : Ghaziabad
Date : 27.05.2015
(M.S. KAPUR) F.C.A