| We have audited the accompanying financial statements of Swasti
Vinayaka Art And Heritage Corporation Limited ("the Company"), which
comprises of the Balance Sheet as at March 31, 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 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 fows 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 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 there under. We conducted our
audit in accordance with the Standards on Auditing specifed 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, 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 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 fow 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 Act, we give in the Annexure a
statement on the matters specifed 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 and the Statement of Profit and Loss 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) 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 explanations given to us:
i. The Company does not have any pending litigations which would impact
its 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 that were required to be transferred to the
Investor Education and Protection Fund by the Company during the year.
Referred to in paragraph 1 on Report on Other Legal and Regulatory
Requirements in our report of even date to the members of SWASTI
VINAYAKA ART AND HERITAGE CORPORATION LIMITED on the financial
statement for the year ended on March 31, 2015, we report that:
(i) (a) The company has a maintained proper record showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has a regular programme of physical Verification of its
fixed assets by which fixed assets are verified in a phased manner over
a period of one year. In accordance with this programme, certain fixed
assets were verified during the year and no material discrepancies were
noticed on such Verification. In our opinion, this periodicity of
physical Verification is reasonable having regard to the size of the
Company and the nature of its assets.
(ii) (a) The inventories have been physically verified during the year
by the management. In our opinion, the frequency of physical
Verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures for physical Verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion, the Company has maintained proper records of
inventory. The discrepancies between the physical stocks and the book
stocks were not material and have been properly dealt with in the books
of account.
(iii) The company has not granted any secured or unsecured loans to any
party covered in the register maintained under section 189 of the
Companies Act, 2013. Therefore the requirements of sub-clause (a) and
(b) of clause (iii) of Paragraph 3 are not applicable to the Company.
(iv) There is an adequate internal control system commensurate with the
size of the company and the nature of its business for the sale of
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
(v) The Company has not accepted any deposits from public in terms of
section 73 of the Companies Act, 2013. We are informed that no order
has been passed by Company Law Board or National Company Law Tribunal
or Reserve Bank of India or Court or any other tribunal. Accordingly,
the Company has complied with the provisions of section 73 to 76 of the
Companies Act, 2013.
(vi) Central Government has not prescribed/specified the maintenance of
cost records under sub-section (l) of section 148 of the Companies Act,
2013, hence clause (vi) of Paragraph 3 is not applicable to the
company.
(vii) (a) According to the information and explanations given to us,
the Company is generally regular in depositing undisputed statutory
dues including provident fund, employees' state insurance, income-tax,
service tax and any other statutory dues with the appropriate
authorities.
(b) According to the information and explanations given to us, there
are no dues of income-tax, service tax, wealth tax, which have not been
deposited on account of any dispute.
(c) There is no amount required to be transferred to investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made there under.
(viii) The Company does not have any accumulated losses at the end of
the financial year and has not incurred cash losses in the financial
year and in the immediately preceding financial year.
(ix) Based on our audit procedures and on the information and
explanation give to us by the management, we are of the opinion that
the company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
(x) In our opinion and according to the information and explanation
give to us, the company has not given any guarantee for loans taken by
others from banks or financial institutes.
xi) In our opinion and according to the information and explanation
give to us, the company has not obtained any term loans during the year
hence clause (xi) of Paragraph 3 is not applicable to the company.
(xii) 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 course of our audit.
For SANJAY RAJA JAIN & CO.
Chartered Accountants
FRN No. 120132W
SANJAY RAJA JAIN
Partner
M. No. 108521
Place : Mumbai
Date: May 30, 2015
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