| We have audited the accompanying financial statements of Anand
Projects Limited ('the Company') which comprises the Balance Sheet as
at March 31, 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of significant
accouting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Compan'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 gie a true and
fair view of the financial position. financial performance and cash
flows of the Company in accordance with the accounting prinfciples
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
maintanence of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgments and estimatedthat are reasonable and prudent; and design,
implementation and maintanence of adequate internal financial
controls, thatwere 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 requires 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 Auiditing
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 financia;
statements are free from material mistatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedure 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 gives a
true and fair view in order to design audit procedured that te
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 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 statemnts 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 March 31, 2015, its profit and its cash flows for the year ended on
that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order, 2015 ("the
Order"), issued by the Central Governement 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 the paragraphs 3
and 4 of the Order, to the extent applicable.
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 behalf were necessary for the
purposes of our audit;
b. In out opinion, proper books of accounts as required by law have
been kept by the Company so fas 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 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 has disclosed the impact of pending litigations on its
financial position in its financial statements. Refer Note No. 20 to
the Financial Statements.
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 reffered to in paragraph 1 under the heading "Report on other
legal and regulatory requirements" of our report of even date
(i) (a) The Company has maintained proper records showing full
particulard, including quantitative details and situation of fixed
assets on the basis of available information.
b) As explained to us, all the fixed asssts have been physically
verified by the management in a phased periodical manner which in our
opinion is reasonable, having regards to the size of the Company and
nature of its assets. no material discrepancies were noticed on such
physical verification.
(ii) a) Physical verification of inventory has been condusted at
reasonable interval by the management.
b) In our opinion, the procedures of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the Company and nature of its business.
c) the Company is maintaining proper records of inventories and no
material discrepancies were noticed on physical verification.
(iii) According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured to the
companies, firms or other parties covered in the register maintained
under section 189 of the Act. Accordingly, the provisions of clause
3(iii) (a) to 3 (iii) (b) of the Order are not applicable to the
Company and hence not commented upon.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company 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
major weakness or continuing failure to correct any major weakness in
internal control system of the Company in respect of these areas.
(v) According to the information and explanations given to us, the
company has not accepted any deposit from the public within the
meaning of section 73 to 76 of the Act and the rule framed thereunder.
Therefore, the provision of clause 3(v) of the Order is not applicable
to the Company.
(vi) We have broadly reviewed the books of accounts maintained by the
Company pursuant to the Companies (Cost Accounting Record) Rules, 2013
made by the Central Government for the maintanence of cost records
under section 148(1) of the Act, related to the construction and
development of infrastructural projects and facilities as defined
under Schedule VI of the Act, and are of the opinion that prima facie,
the prescribed accounts and records have been made and maintained.
(vii) a) According to records of the Company, the Company is generally
regular in depositing with appropriate authorities undisputed
statutory dues including Inome-tax, sales tax, Wealth-tax,
Service-tax, Custom Duty, excise duty, value added tax, Cess and other
statutory dues to the extent applicable to it.
b) According to the information and explanation given to us, no
undisputed amounts payable in respect of income-tax, sales tax,
wealth-tax, service tax, customs duty, excise duty, value added tax,
Cess and other statutory dues to the extent applicable to it.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income-tax, sales tax,
wealth-tax, service tax, customs duty, excise duty, value added tax,
cess and other material statutory dues were outstanding, at the period
and, for a period of more than six months from the date they became
payable.
c) According to the information and explanations given to us, there
are no duse of income tax, sales tax, wealth-tax, service tax, customs
duty, excise duty, value added tax, Cess which have not been deposited
on account of any dispute except the cases mentioned below:
Name of Nature of Amount Period for Forum where
Statue the Dues (Rs.) which the the dispute
amount is pending
relates
Income Income tax 20,54,86,630/- A.Y.2012-13 CIT (A) Mutual
Tax Act, Demand
1961
d) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company under the
provision of Companies Act, 1956 and rules made thereunder.
(viii) The Company has no accumulated losses at the end of the
financial year and it has not incurred cash losses in the current and
immediately preceding financial year.
(ix) Based on documents and records produced to us, the Company has
not taken any loan from bank or financial institution and has not
obtained any borrowings by way of debentures. Accordingly, the
provision of clause 3(ix) of the Order is not applicable to the
Company and hence not commented upon.
(x) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xi) According to the information and explanation given to us and on
overall examination of balance sheet of the Company, we report that
the company did not have any term loan outstanding during the year.
(xii) Based upon the audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as
per the information and explanations given by the management, we
report that no fraud on or by the Company has been noticed or reported
during the year.
For R.S. Dani & Co.
Chartered Accountants
Firm Registration number: 000243C
Sd/-
C.P. Kothari
Partner
Place: Almer Membership No.: 072229
Date: May 29, 2015 |