| We have audited the accompanying financial statements of Mehta
Integrated Finance LIMITTD ("the Company"), which comprise the Balance
Sheet as at 31st August 2014, the Statement of Profit and Loss and 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 management is responsible for 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 notified under sub-section (3C) of
section 211 of the Companies Act, 1956 ("the Act"), read with general
circular No. 15/2013 dated 13.09.2013, issued by the Ministry of
Corporate Affairs, in respect of section 133 of the Companies Act,
2013. This responsibility includes the design, implementation and
maintenance of internal control 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 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 the effectiveness of Company's internal control. 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 31st August 2014;
b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) In the case of the Cash Flow Statement, of the 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, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 143 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, 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 Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards notified under
subsection (3C) of section 211 of the Act, read with general circular
No. 15/2013 dated 13.09.2013, issued by the Ministry of Corporate
Affairs, in respect of section 133 of the Companies Act, 2013.
e) On the basis of written representations received from the directors
as on 31st August , 2014 and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st August, 2014, from
being appointed as a Director in terms of clause (g) of sub-section of
section 164 of the Companies Act 2013.
f) The company has adequate internal financial control in place and are
operating effectively.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
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.
b) As explained to us, major portion of Fixed Assets have been
physically verified during the year by the management. In our opinion,
the frequency of physical verification is reasonable having regard to
the size of the company and the nature of its business and assets. As
informed to us, no material discrepancies have been noticed on such
physical verification.
c) No substantial (or major) parts of the Fixed Assets have been
disposed off during the year.
2. The Company is a consulting and merchant-banking outfit with an
investment activity and does not have any inventory. Therefore, the
provisions of clause 4(ii) of the Companies (Auditor's Report) Order,
2003 are not applicable to the Company.
3. In respect of the loans, secured or unsecured, granted or taken by
the Company to or from companies, firms or other parties covered in the
register maintained under Section 189 of the Companies Act, 2013,
according to the information and explanations given to us, the Company
has not granted/taken any such loan during the year, except in normal
course of business.
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.
5. In respect of transactions entered in the register maintained in
pursuance of Section 189 of the Companies Act, 2013:
a) To the best of our knowledge and belief and according to the
information and explanations given to us, transactions that needed to
be entered have been so entered.
b) To the best of our knowledge and belief and according to the
information and explanations given to us, such transactions aggregating
during the year to Rs. 5,00,000/- or more in respect to each party have
been made at market prices which are reasonable having regard to the
prevailing market prices at the relevant time.
6. The Company has not accepted any deposit from the public during the
year.
7. In our opinion, the internal audit is commensurate with the size of
the Company and the nature of its business.
8. The Company is not required to maintain the books of account
pursuant to the rules made by the Central Government for the
maintenance of cost records under section 128 of the Companies Act,
2013.
9. Statutory & Other Dues:
a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
accordance with the generally accepted auditing practices in India, the
Company is regular in depositing undisputed statutory dues including
provident fund, investor education and protection fund, employees state
insurance, income tax, sales tax, excise duty, custom duty, cess and
other statutory dues as applicable with the appropriate authorities.
b) According to the information and explanations given to us, no
disputed amounts payable in respect of above dues were in arrears, as
at 31st August 2014 for a period of more than six months from the date
they became payable.
10. In our opinion, the Company does have accumulated losses. The
company has not incurred cash losses during the financial year covered
by our audit and the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in the repayment of dues to financial
institutions and banks.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to chit fund are
not applicable to the company.
14. There are no guarantees given by the Company for loans taken by
others from banks and financial institutions.
15. According to the information and explanations given to us, no term
loans have been raised by the Company during the year and hence, the
provisions of clause (xvi) of the Companies (Auditor's Report) Order,
2003 are not applicable to the Company.
16. As per the information and explanations given to us, on an overall
basis, funds raised on short term basis have, prima facie, not been
used during the year for long term purposes.
17. The Company has not made preferential allotment of shares to
parties and companies covered in the Register maintained under Section
189 of the Companies Act, 2013.
18. In our opinion and according to the information and explanations
given to us, the Company has not issued any secured debentures during
the period covered by our report. Accordingly, the provisions of clause
(XIX) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
19. The Company has not raised any money by way of public issues
during the year.
20. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
21. The Company is dealing or trading in shares, securities,
debentures and other investments. All Shares, Debentures or Other
securities have been held by the company in its own name except to the
extent of the exemption granted u/s.187 of The Companies Act, 2013.
Place: Ahmedabad, For Dinesh K. Shah & Co.
Date: 05th December, 2014 Chartered Accountants
Firm Reg. No. 102602W
Dinesh K. Shah (Partner)
Membership No.: 010477 |