REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of Yash
Management & Satellite Limited ('the Company'), which comprise the
Balance Sheet as at March 31, 2015, the Profit and Loss Statement, the
Cash Flow Statement for the year then ended 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 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 the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting the 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 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' 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
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 misstatements.
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 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, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls systems 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 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 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 Section
143(11) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 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 Profit and Loss Statement, and the 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 the written representations received from the
directors as on March 31, 2015, 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
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 required to be transferred, to the
Investor Education and Protection Fund by the Company.
(Referred to in paragraph 1 under "Report on Other Legal and Regulatory
Requirements" section of our report of even date on the financial
statements of Yash Management & Satellite Ltd for the Year ended March
31, 2015)
1. In respect of its 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, 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.
2. In respect of its inventories:
a) The Inventories to the extent not dematerialized have been
physically verified during the year by the management. In our opinion,
the frequency of verification is reasonable. For stocks lying in
dematerialized form, have been verified from the relevant statement
received from the depositories.
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 the 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 verification.
3. (a) 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. Accordingly the
provisions of clause 3 (iii) (a) and 3 (iii) (b) of the order are not
applicable to the Company.
4. 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 and
continuing failure to correct major weaknesses in such internal control
system.
5. According to the information and explanations given to us, the
Company has not accepted any deposits from the public. Therefore, the
provisions of Clause (v) of paragraph 3 of the CARO 2015 are not
applicable to the Company.
6. Maintenance of cost records as prescribed by the Central Government
under sub-section (1) of section 148 of the Act are not applicable to
the company.
7. In respect of statutory dues:
(a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Employees' State Insurance, Income Tax, Sales
Tax, Wealth Tax, Service Tax, duty of Customs, Duty of Excise, Value
Added Tax, Cess and other material 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 the aforesaid dues were outstanding as at March 31, 2015
for a period of more than six months from the date of becoming payable.
(b) No Dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, duty of
Customs, Duty of Excise, Value Added Tax, and Cess are pending to be
paid as on March 31, 2015.
8. The company has accumulated losses as per the Balance Sheet as at
the end of the financial year. The company has not incurred any cash
losses during the financial year however company has incurred cash
losses in the immediately preceding financial year.
9. The Company avails of overdraft facility against the lien of its
own fixed deposits with banks. The Company has not defaulted in
repayment of its dues in this regard.
10. The Company has not given guarantees for loans taken by others
from banks and financial institutions.
11. The Company has not raised any term loans during the year and
hence clause 4(xvi) is not applicable to the Company.
12. In our opinion and according to the information and explanations
given to us, no fraud by the Company and material fraud on the Company
has been noticed or reported during the year.
For Bansal Bansal & Co.
Chartered Accountants
(Registration No: 100986W)
Jatin Bansal
Partner
Membership No.:135399
Mumbai
Date: May 18, 2015
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