| We have audited the accompanying standalone financial statements of
MONNET PROJECT DEVELOPERS LIMITED, ("the Company"), which comprise the
Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss,
the Cash Flow Statement for the year then 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 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.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
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. 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 standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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:
a) In case of the Balance Sheet, of the state of affairs of the Company
as at 31st March, 2015,
b) In case of Statement of Profit & Loss of profit of the company for
the year ended 31st March 2015of its loss for the year,
c) In case of Cash Flow Statement of cash flow of the company for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
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 Companies Act, 2015, 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 to the extent applicable.
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, and the 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 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 on31st 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 has disclosed impact of pending litigations on its
financial position as referred in Note no 20 and 26
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
There were no amount which were required to be transferred, to the
Investor Education and Protection Fund by the Company.
ANNEXURE REFERRED TO IN THE AUDITORS' REPORT ON ACCOUNTS FOR THE YEAR
ENDED 31st MARCH, 2015
1. a) The Company has maintained proper records to show full
particulars including quantitative details and situation of fixed
assets.
b) As explained to us, major fixed assets have been physically verified
by the management during the year. We have been informed that the
discrepancies noticed on such verification as compared to book record
were not material and have been properly dealt with in the books of
account. In our opinion the frequency of verification is reasonable.
2. a) Physical verification has been conducted by the management at
reasonable intervals in respect of stock of land and development cost
thereon.
b) In our opinion and according to the information and explanation
given to us, the procedure of physical verification of these stocks
followed by the management is 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. No discrepancies were noticed on such verification between
the physical stocks and book records.
3. According to the information and explanations given to us, the
Company has granted unsecured loan to a Company covered in the register
maintained under section 189 of the Companies Act 2013. As explained to
us the repayment terms with respect to repayment of principle and
interest are not stipulated and hence cannot be commented with regard
to overdue amount in the loan/interest.
4. In our opinion and according to the information and explanations
given to us there are adequate internal control procedures commensurate
with the size of the Company and the nature of its business with regard
to transactions of interest income during the year. During the course
of audit, no major weakness has been noticed in the underlying internal
controls.
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. a) As per information and explanations given to us the Company has
been regular in depositing the undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty,
Cess, Octroi, entry tax and other statutory dues with the appropriate
Authorities. There are no undisputed statutory dues at the yearend
outstanding for a period of more than six months from the date they
become payable.
b) We have been informed that following disputed demands have not been
deposited as appeals are pending with Appellate Authorities as detailed
below
S.
No. Nature of Demand Pending Amount Forum where appeal
(Rs. In Lacs) is pending
1. Excise Duty
(Capital Goods) 9.35 Allahabad High Cou
(including
penalty)
2 Excise Duty
(Capital Goods) 3.02 CESTAT, New Delhi
7 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 during the immediately preceding
financial year.
8. 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 course of our audit
for the year ended 31.03.2015.
9. Clauses in Paragraph no.3 (vi),(ix),(x)&(xi) of the order are not
applicable to the Company for the year under report.
For O.P. BAGLA & CO.
CHARTERED ACCOUNTANTS
Firm Regn. No. 000018N
Place : New Delhi (RAKESH KUMAR)
Date : 28.05.2015 Partner
M. No. 87537 |