| We have audited the accompanying standalone financial statements of
SANJIVANI PARANTERAL LIMITED, ("the Company"), which comprise the
Balance Sheet as at 31st March, 2015, and the Statement of Profit and
Loss and Cash Flow Statement for the year then ended, and a summary of
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 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
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 accounting policies used and
the reasonableness of the accounting estimates made by 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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, of the state of affairs of the Company as
at 31 st March, 2015, and its loss and 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 2013, 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 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 appears from our examination of those
books.
c) the Balance Sheet, 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 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) 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 REFERRED TO IN OUR REPORT OF EVEN DATE
1. In respect of fixed assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, these fixed assets have been physically verified
by the management at reasonable intervals. No material discrepancies
were noticed on such physical verification.
2. In respect of its inventories:
a) As explained to us. Inventories have been physically verified by the
management at reasonable intervals during the year.
b) In our opinion and according to the information and explanations
given to us, the procedure of physical verification of inventories
followed by the management is reasonable and adequate in relation to
the size of the company and the nature of its business.
c) The Company has maintained'prdper records of inventories. As
explained to us, there were no material discrepancies noticed on
physjcai verification of inventory as compared to the book records.
3. 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 Act. Accordingly, clause 3(a) & 3 (b) are not
applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate control systems commensurate with the
size of the company and the nature of its business for the purchase of
inventory, fixed assets and also for the sale of goods and services.
During the course of our audit, we have not observed any major
weaknesses in internal control system.
5. The company has not accepted any deposits from the public.
6. The Central Government has prescribed maintenance of cost records
under Section 148(1) of the companies Act, 2013. We have been informed
that the said records are under preparation.
7. In respect of statutory dues:
a) According to the records of the company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employee's State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been
generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of aforesaid dues were
outstanding as at the balance sheet date for a period of more than 6
months from the date of becoming payable.
b) There are no disputed dues which have not been deposited by the
company in respect of Sales Tax/I ncome Tax/Custom Tax/Wealth
Tax/Excise Duty or Cess.
c) In our Opinion and records available with the company, no amount is
required to be transferred to Investor education and protection fund in
accordance with relevant provisions of the Companies Act 1956.
8. The company has no accumulated losses and has incurred cash losses
during the financial year covered by our audit but not in the
immediately preceding financial year.
9. Based on our audit procedures, information and explanations given
to us, in our opinion the company has not defaulted in repayment of
dues to financial institutions and banks. The Company does not have any
outstanding debentures during the year.
10. According to the records of the company and as per information &
explanations given to us, the Company has not given any guarantee for
loans taken by others from bank or financial institutions.
11. In our opinion, the term loans raised by the company during the
year has been applied for the purpose for which it was raised.
12. In our opinion and according to the information and explanations
given to us, no fraud on or by the Company has been noticed or reported
during the year, that causes the financial statements to be materially
misstated.
For MILIND MEHTA & CO.
Chartered Accountants
Firm Registration No: 129664W
(MILIND MEHTA)
Place : Mumbai PROPRIETOR
Date : 30th May, 2015 Membership No. 047739
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