We have audited the accompanying Financial Statements of M/s. Stampede
Capital Limited (''the Company''), which comprise the Balance Sheet as at
31 March 2015, the statement of Profit and Loss and the Cash Flow
Statement 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 and presentation of these 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 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 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 there under.
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, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. 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
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 March 2015 and its Profit and its Cash Flows for the year ended on
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 of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
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
(c) The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement 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 March 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
(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 has disclosed the impact of 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
iii. There are no amounts required to be transferred to the Investor
Education and Protection Fund by the Company.
Annexure to the Independent Auditors'' Report
The Annexure referred to in our Independent Auditors'' Report to the
members of the Company on the financial statements for the year ended 31
March 2015, we report that:
(i) (a) The Company has maintained Softcopies of records showing full
particulars, including quantitative details and situation of fixed
(b) As per the information and explained given to us, the management
has carried out physical verification of fixed assets at the year end,
which is considered reasonable and as informed to us, no material
discrepancies were noticed on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its business.
(ii) As per the information and explained given to us , as the
company''s business does not involve maintenance of inventories Viz.
Finished, Stores, Spare Parts, Goods in Process and Raw materials, the
provisions of Clause 3(ii)(a) to Clause 3(ii) (c) of the Order are not
applicable to the Company for the Current Year.
(iii) According to the information and explanation given to us, the
company has granted unsecured loans to One body corporate covered under
the register maintained under section 189 of the Companies Act 2013
which has since been received back.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of fixed assets and providing of Services. We have not
observed any major weakness in the internal control system during the
course of the audit.
(v) The Company has not accepted any deposits from the public in
accordance with the provisions of section 73 to 76 of the act and rules
framed there under.
(vi) The Central Government has not prescribed the maintenance of cost
records under section 148 of the Companies Act 2013.
(vii) (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, there
are no dues in respect of amounts deducted/ accrued in the books of
account in respect of undisputed statutory dues including provident
fund, sales tax, wealth tax, service tax, duty of customs, value added
tax, Cess with the appropriate authorities during the year and other
material statutory dues applicable to the Company except that of income
tax ( both regular Tax as well as in th nature of TDS)where in there
are certain delays and in respect of this dues, there are no
outstanding dues as on 31.03.2015 which are outstanding more than six
months from the date they became payable.
(b) According to the information and explanations given to us, there
are no material dues of wealth tax, duty of customs and cess which have
not been deposited with the appropriate authorities on account of any
c) According to the information and explanations given to us there are
no amounts which were required to be transferred to the investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules there
(viii) The Company does not have any accumulated losses at the end of
the financial year and has not incurred cash losses in the financial year
and in the immediately preceding financial year.
(ix) In our opinion and according to the information and explanation
given to us , the company did not avail any loans from the
Banks/financial institutions or issued any debentures during the year
under review., Accordingly the provisions of Clause 3(ix) of the Order
are not applicable to the Company for the Current Year .
(x) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
(xi) The Company did not avail any term loans during the year.
(xii) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
For Sarath & Associates
P Sarath Kumar
M. No. 021755
Date : 29.05.2015