We have audited the accompanying financial statements of VASUNDHARA
RASAYANS LIMITED, ("the company") which comprise the Balance Sheet as
at March 31,2015, the Statement of Profit and Loss for the year then
ended, Cash Flow Statement 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 finanical position, financial performance and cash
flows of the Company accordance with 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 responsibilities also includes maintenance of
adequate accounting records in accordance with the provisions of the
Act for safeguarding of assets of the Company and for preventing and
detecting frauds and other irregularities; making judgements 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, relevent to the preparation 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 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 rules made
thereunder.
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.
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 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 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:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2015;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date.
c) in the case of the Cash Flow Statement, of its 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 of India in terms of
sub-section (11) of section 143 of the Companies Act 2015, we give in
the Annexure a statement on the matters specified in paragraphs 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 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, and the Statement of Profit and Loss and 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 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 Companies
Act, 2013.
f) In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014::
(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; as such the question of commenting on any
material foreseeable losses thereon does not arise.
(iii) there are no amounts that are due to be transferred to the
Investor Education and Protection Fund by the Company.
The Annexure referred to in our Independent Audit Report to the members
of VASUNDHARA RASAYANS LIMITED on the financial statement for the year
ended 31st March, 2015, we report that :
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
(i) In respect of Fixed Assets :
(a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No. material discrepancies were noticed on such
physical verification.
(ii) In respect of Inventories :
(a) The inventories have been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of company and the nature of its business.
(c) The company has maintained proper records of inventories. As per
the information and explanation given to us no material discrepancies
were noticed on physical verification.
(iii) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013.
(iv) In our opinion and according to the information and explanations
given to us, the Company has an adequate internal control system
commensurate with its size and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our Audit, we have not observed any
continuing failure to correct major weaknesses in such internal control
system.
(v) According to the information and explanations given to us, the
Company has not accepted any deposit from the public. Therefore, the
provisions of Clause (v) of paragraph 3 of the CARO 2015 are not
applicable to the Company.
(vi) We have broadly reviewed the cost records maintaned by the Company
pursuant to the Companies (Cost Records and Audit) Rules, 2014
prescribed by the Central Government under Section 148(1)(d) of the
Companies Act, 2013 and are of the opinion that, prima facie, the
prescribed accounts and records have been made and maintained. We have,
however, not made a detailed examination of the records with a view to
determining whether they are accurate or complete.
(vii) (a) According to the information and explanations given to us and
records examined by us, the company is generally depositing with
appropriate authorities undisputed statutory dues including provident
fund, investors education and protection fund, employees' state
insurance, income tax, sales tax, service tax, custom duty, excise
duty, cess and other statutory dues wherever applicable. According to
the information and explanations given to us, no undisputed arrears of
statutory dues were outstanding as at 31st March, 2015 for a period of
more than six months from the date they became payable;
(b) According to the records of the Company, there are no amounts that
are due 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 made thereunder.
(viii) The Company has no accumulated losses at the end of the
financial year and it has not incurred any cash losses in the current
and immediately preceding financial year.
(ix) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the company has not defaulted in repayment of dues to any
Finanacial Institution or Bank.
(x) According to the information and explanations given to us, the
company has not given any guarantee for loans taken, by its holding
company, fellow subsidiaries, associates and others from bank or
fiancial institution.
(xi) Based on information and explanations given to us by the
management, term loans were applied for the purpose for which the loans
were obtained.
(xii) In our opinion and according to the information and explanations
given to us, no fraud by the Company and no material fraud on the
Company has been noticed or reported during the year.
For AGARWAL GUPTA NOKARI &
RUSTAGI ASSOCIATES
Chartered Accountants
Firm Reg. No-310041E
Bhai Chandra Khaitan
(Partner)
Membership No. 017387
Place : Kolkata
Dated : 15th day of July, 2015
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