| We have audited the financial statements of VAS INFRASTRUCTURE 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
18 months then ended, and a summary of the 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 theCompanies Act, 2013 ("the Act") with respect to
the preparation 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.
AUDITORS' RESPONSJBILITY
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 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 financial
statements.
OPINION
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 31st March, 2015, and its profit and its cash flows for the 18
months ended on that date.
EMPHASIS OF MATTERS
The Ministry of corporate Affairs had on 01st April, 2014, vide its
General Circular No.7/2014, dissemination of information with regard to
the provision of the Companies Act, 2013 as Notified till date vis a
vis Corresponding Provision of the Companies Act, 1956 that would cease
/continue to have effect from 01st April, 2014.
According, in Terms of the aforesaid Circular, our Reporting in respect
of section 227(3) (f) of the Companies Act,1956, and clause (iii), (v)
(a) and (b), (viii), (xiv), (xviii) of the Companies (Auditor's Report)
order, 2003 (dealing with section 49, 58A, 58AA, 209(1 )(d) and 31 of
the Companies Act, 1956) is only for the period beginning from i.e. 1st
October, 2013 to 31st March, 2014 since as per the aforementioned MCA
Circular these section have ceased to have effect from 1st April,
2014". Our opinion is not modified in respect of these matters.
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 exercise of power
conferred by sub section (11) of the companies Act, 2013, We give in
the Annexture a statement on the matters specified in paragraph 3 and 4
of the order.
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 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 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 explanation given to us :
i. In our opinion, the Company has disclosed the impact for all pending
litigations on its financial position in its financial statements.
ii. In our opinion, the Company has made all provisions, as required by
law or accounting standards, for foreseeable losses on long term
contracts including derivative contracts.
iii. There were no amounts which were required to be transferred to the
investors Education And Protection Fund by the Company.
1. (a) The Company has maintained Proper Records showing Full
Particulars including Quantitative Details and situation of Fixed
Assets.
(b) All the assets have been physically verified by the Management
during the year and there is a Regular Program of Verification which,
in our opinion, is Reasonable having regard to the size of the Company
and the nature of its Fixed Assets. No material discrepancies were
noticed on such verification.
2. (a) The Inventory has been physically verified during the year by
the Management. In our opinion, the frequency of verification is
Reasonable.
(b) The procedures of Physical Verification of Inventories followed by
the Management are Reasonable and Adequate in relation to the size of
the Company and the Nature of its Business.
(c) The Company is maintaining Proper Records of Inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
3. The Company has granted Unsecured loans to parties covered in the
register maintained under section 189 of the Companies Act, 2013.
(a) There are no covenants, so we are not able to comment about
repayment, the rate of interest and other terms and conditions of loans
given by the company.
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 the Purchases of Inventory, Fixed Assets and
Sale of goods. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in Internal Controls
5. The Company has not accepted any deposits from the public.
6. Maintenance of Cost Records has not been specified by the central
government under sub section (1) of section 148 of the Companies Act,
2013.
7. (a) In our opinion, The Company is Regular in
depositing with Appropriate Authorities Undisputed Statutory Dues
except for few delays including Provident Fund, Investor Education
Protection Fund, Employees state Insurance, Income Tax, Sales Tax,
Wealth Tax, Custom Duty, Excise Duty, Cess and other Material Statutory
Dues applicable to it.
(b) According to the information and explanation given to us, no
undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales
Tax, Custom Duty, Excise Duty and Cess were in arrears, as at 31st
March 2015, for a period of more than 6 (Six) Months from the date they
became payable except for Service Tax payable of Rs.14,884/- (Paid as
on 18-04-2015).
(c) There is no amount required to be transferred to investor education
and protection fund.
8. As there are no Accumulated Losses, hence the prescribed provisions
are not applicable.
9. On the basis of the records examined by us and the information and
explanations given to us, the Company has not delayed in repayment of
dues to banks and financial institutions.
10. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
11. In our opinion, the Term Loans have been applied for the Purpose
for which they were obtained.
12. According to the information and explanation given to us, No Fraud
on or by the Company has been Noticed or Reported during the course of
our Audit.
For KAKARIA & ASSOCIATES
Chartered Accountants
FirmRegn. No.: 104558W
(Kakaria Ujwal K.)
Place : Mumbai Partner
Date : 12/05/2015 Membership No.: 35416 |