We have audited the accompanying financial statements of IND AGIV
COMMERCE LTD., which comprise the Balance Sheet as at March 31,2015 and
the Statement of Profit and Loss for the year then ended, and a 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 stated
in Section 134 (5) of the Companies Act, 2013 (the Act) with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance 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.
AUDITORS RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on 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 thereunder. 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 is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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 India, of the state of affairs of the Company as
at 31 st March 2015, and its profit 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 issued
by the Central Government of India in terms of Sub-section (11) of
Section 143 of the Act (hereinafter referred to as the Order), and on
the basis of such checks of the books and records of the Company as we
considered appropriate and according to the information and
explanations given to us, 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 sought and obtained all the information and explanations
which to the best of 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 the Company so far as it appears from our examination of
those books.
c. The Balance Sheet, the Statement of Profit and Loss, dealt with by
this Report are in agreement with the books of account.
d. In our opinion, the aforesaid financial statements comply with the
Accounting Standards 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 31 st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March,
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 Act (Audit and
Auditors) Rules,2015, 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 on its financial
position in its financial statements.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There has been an occasion in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
1. a) The Company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) As explained to us, the fixed assets are physically verified by the
Management according to a phased program designed to coverall the items
over a period of two years which, in our opinion, is reasonable having
regard to the size of the Company and the nature of its assets.
Pursuant to the program, a portion of the fixed assets has been
physically verified by the Management during the year and no material
discrepancies have been noticed on such verification.
2. a) ; Physical verification of inventories has been conducted by the
management at reasonable intervals during the year,
b) In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion, the Company is maintaining proper records of
Inventories. The discrepancies noticed on such verification between the
physical stocks and book records were not material and the same have
been properly dealt with in the books of account.
3. As informed to us the Company has granted loans, secured or
unsecured, to companies, firms or other parties covered in the register
maintained under section 189 of the Companies Act, 2013.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control system
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods and services; however the same are required to be further
improved & strengthened. According to the information and explanations
given to us, we have not observed any continuing failure to correct
major weakness in internal control system.
5. According to the information and explanations given to us the
Company has not accepted any deposits, in terms of the directives
issued by the Reserve Bank of India and the provisions of sections 73
to 76 or any other relevant provisions of the Companies Act, 2013 and
the rules framed there under.
6. In respect of business activities of the Company, we are informed
that maintenance of cost records have not been specified by the Central
Government under sub-section (I) of section 148 of the Companies Act,
2013.
7. a) As per information and explanations given to us, the Company is
regular in depositing undisputed statutory dues including provident
fund, employee''s state insurance, income tax, value added tax, wealth
tax, service tax, duty of customs, duty of excise, value added tax,
cess and any other statutory dues with the appropriate authorities.
There are no outstanding statutory dues as at the last day of the
financial year under audit for a period of more than six months from
the date they became payable.
b) According to the information and explanations given to us, there are
no dues of value added tax, income tax, custom duty, wealth tax,
service tax, excise duty and cess which have not been deposited on
account of any dispute.
c) There is no amount required to be transferred to Investor Education
and Protection Fund has been transferred within the stipulated time in
accordance with the provisions of the Companies Act, 1956 and the rules
made thereunder.
8. There are no accumulated losses of the Company as at the end of the
year. The Company has not incurred cash losses during the financial
year covered by our audit and in the immediately preceding financial
year.
9. Based on our audit procedures and on the basis of information and
explanations given to us by the management, we are of the opinion that
the Company has not defaulted in repayment of dues to the financial
institution, and banks.
10. According to information and explanations given to us company has
not given any guarantee to any other entities.
11. In our opinion and according to the information and explanations
given to us, the company has not obtained any term loan
12. Based upon the audit procedures performed and information and
explanations given by the management, we report that, no fraud on or by
the Company has been noticed or reported during the year.
For M/s. Shah A Bhosale
Chartered Accountants
(M. S. Bhosale)
Place: Mumbai Partner
Date30th May, 2015 Membership No. 040226
