| We have audited the accompanying financial statements of Mayukh
Dealtrade Limited, ("the Company"), which comprise the Balance Sheet as
at March 31, 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year ended, and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility for the Standalone 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 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.
Auditor's Responsibility
Our responsibility is to express a reasonable opinion on these
financial statements based on our audit. We conducted our audit in
accordance with the Standards on Auditing issued by the Institute of
Chartered Accountants of India. 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.
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.
An audit involves performing procedures to obtain audit evidence about
the amounts and 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 control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, 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.
Opinion
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
India of the state of affairs of the Company as at 31st March, 2015,
and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by Companies (Auditors Report) Order 2015 ('the order')
issued by Central Government of India in terms of subsection (11) of
section 143 of the Act, we enclose in the annexure a statement on the
matters specified in paragraphs 3 & 4 of the said order to the extent
applicable.
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 of our knowledge and belief were necessary for the purpose of our
audit;
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 of those
books.
c) The Balance Sheet, Statement of Profit and Loss and statement of
Cash Flow 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 31st 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 (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 position.
II. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
III. There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
Annexure to Auditors' Report
The Annexure referred to in our report to the members of Mayukh
Dealtrade Limited (the Company') for the year ended on 2015. We report
that:
(i) In respect of its fixed assets:
Based on our scrutiny of the Company's Book of Account and other
records and according to the information and explanations received by
us from the management, we are of the opinion that the question of
commenting on maintenance of proper records of fixed assets, physical
Verification of fixed assets and any substantial sale thereof does not
arise since the company had no fixed assets as on 31st March, 2015 nor
at any time during the Financial Period ended 31st March, 2015.
(ii) In respect of its inventories:
Physical verification of inventory has been conducted by the management
at reasonable intervals as required under clause 3(ii).
(iii) The Company has not granted loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013 and we are of the opinion
that the term and condition of such loans are not prejudicial to the
interests of the company, also reason able steps have been taken for
the recovery/repayment of overdue of such loans.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and nature of its business. During the
course of our Audit, no major material weakness has been noticed in
internal controls.
(v) In our opinion and according to information and explanations given
to us, the Company has not accepted any deposits from the public and
hence clause 4(v) of the said order is not applicable.
(vi) According to the information and explanations provided by the
management, the Company is not engaged in production, processing,
manufacturing or mining activities. Hence, the provisions of Section
148(1) of Company Act, 2013 do not apply to the Company. Hence, clause
4(vi) of the said order is not applicable.
(vii) According to the information and explanations given to us and on
the basis of our examination of the records of the company, amount
deducted/accrued in the books of account in respect of undisputed
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, duty of customs, value added tax, cess and other
material statutory dues have been regularly deposited during the year by
the company with the appropriate authorities. As explained to us, the
company did not have any dues on account of employee's state insurance
and duty of excise.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31st
March,2015 for a period of more than six months from the date they
became payable.
(viii) The Company does not have accumulated losses of more than 50% of
its net worth. The Company has not incurred any cash losses during the
financial year covered under audit.
(ix) The Company did not have any outstanding dues to Financial
Institutions, Banks or Debenture holders during the 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 other banks or financial institutions, hence clause (x)
of Para 4 of the Order is not applicable.
(xi) According to the records of the Company, the Company has not
obtained any term loans. Hence comments under the clause are not called
for.
(xii) Based on the audit procedures performed and informations and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our
audit.
For A. Saraogi & Associates
Chartered Accountants
FRN: - 322993E
Place: Kolkata
Date: 29th May 2015
Sd/-
Anneel Saraogi
Partner
Memership no.-057545
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