| We have audited the accompanying standalone financial statements of Ace
Men Engg Works Limited, ("the Company") which comprise 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 the
significant accounting policies and other explanatory information.
Management's Responsibility for the standalone 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 and presentation of these standalone 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. The respective Board of
Directors of the companies included in the Group and its subsidiary are
responsible for 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.
Auditor's Responsibility
Our responsibility is to express a reasonable opinion on these
standalone financial statements based on our audit. We have taken our
audit in to 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 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.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditors 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. 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 March 31,2015;and
b) in the case of the profit and loss Account and the statement of
cash flow for the year ended on March 31,2015;
Report on Other Legal and Regulatory Requirements
1 As required by Companies {Auditors Report) Order 2015 ('the order)
issued by Central Government of India in terms of subsection (11) of
section 143 of the Act, we enclose in the annexure a statement on the
matters specified in paragraphs 3 & 4 of the said order to the extent
applicable.
2. As required by section 143(3) 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 statement of
Cash Flow 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 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 were required to be transferred to
the Investor Education and Protection Fund by the Company.
Annexure to Auditors' Report
The Annexure referred to in our report to the members of Ace Men Engg
Works Limited ("the Company") for the year ended on 2015. We report
that.
(i) The company is not having fixed assets and therefore provision of
clause 3(i) is not applicable to the company.
(ii) Based on our scrutiny of the Company's Book of Account and other
records and according to the information and explanations received by
us from the management, we are of the opinion that the company has
resumed its operation this Financial year having no inventory and hence
no physical verification at reasonable intervals by the management is
required under the provision of Clause 3(ii)
(iii) The company has granted loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
189 of the Companies Act, 2013 and therefore provisions of clause
3(iii) is not applicable to the company.
iv) The company is not having fixed assets and inventories and
therefore provision of clause 3 (iv) is not applicable to the company.
In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and nature of its business. During the
course of our Audit, no major material weakness has been noticed in
internal controls.
(v) In our opinion and according to information and explanations given
to us, the Company has not accepted any deposits from the public
(vi) According to the information & explanations given to us the
Company is not engaged in production, processing, manufacturing or
mining activities. Hence, the provisions of Section 148(1) of Company
Act, do not apply to the Company. Hence, clause 3(vi) of the said order
is not applicable.
(vii) According to the information and explanations given to us and on
the basis of our examination of the records of the company, amount
deducted/accrued in the books of account in respect of undisputed
statutory dues including provident fund, income tax, sales tax, wealth
tax, service tax, duty of customs, value added tax, cess and other
material statutory dues have been regularly deposited during the year
by the company with the appropriate authorities. As explained to us,
the company did not have any dues on account of employee's state
insurance and duty of excise.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31st
March,2015 for a period of more than six months from the date they
became payable.
(viii) The Company does not have accumulated losses of more than 50% of
its net worth. The company has not incurred any cash losses during the
financial year covered under audit.
(ix) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
Loans taken by other from banks or financial institutions hence clause
(x) of para 3 of the order is not is not applicable.
(xi) According to the records of the company, the company has not
obtained any term loans. Hence, comments under the clause are not
called for.
(xii) Based on the audit procedures performed and information's and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For P.D. Randar & Co
Chartered Accountants
Place: Kolkata Firm Registration Number: -319295E
Date: 28,h May 2015
Sd/
Shakti Anchalia
Partner
Membership no.-301692 |