| We have audited the accompanying financial statements of ELCID
INVESTMENTS LTD ("the Company") which comprise the Balance Sheet
as at March 31, 2015, and the Statements 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 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
provision of the Act for safeguarding of 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 control, 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
thereunder.
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 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 financial control relevant
to the Company's preparation of the financial statements that give
true and fair view in order to design audit procedures that are
appropriate in the circumstances but an audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness
of the accounting estimates made by 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:
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2015
ii) In the case of the Statement of Profit and Loss, of the Profit of
the Company for the year ended on that date; and
iii) 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, 2015 ("the
Order") issued by the Central Government 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 paragraph 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 appears from our examination of those
books
c) the Balance Sheet, the 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 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) There are no material observations or comments, which may have an
adverse effect on the functioning of the company.
Annexure to Independent Auditor's Report
Referred to in Paragraph 1 under the heading of "Report on other
Legal & Regulatory Requirements" of our Report of even date
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of
our audit, we report that:
1. (a) The Company has maintained proper records to show full
particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management during the year, no material discrepancies were noticed
on such verification.
(c) In our opinion, the company has not disposed off a substantial
part of its fixed assets during the year and therefore does not affect
the going concern assumption.
2. The Company's nature of operation and business does not require to
hold any inventories, hence this clause is not applicable.
3. (a) The Company has not granted loan covered in the register
maintained under section 189 of the Companies Act.
(b) The company has not taken any secured or unsecured loan from any
party covered in the register maintained under section 189 of the
Companies Act, 2013. Hence, reporting under this clause is not
applicable.
4. 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
purchases of investments, fixed assets and payment for expenses.
During the course of our audit, we have not observed any continuing
failure to correct major weaknesses in system of internal control.
5. According to the information and explanations given to us, the
company has not accepted any deposit from the public as defined under
the provisions of section 73 of the Companies Act, 2013
6. No maintenance of cost record has been prescribed by the Central
Government under of sub section (1) of section 148 of the Act, and
hence this clause is not applicable.
7. (a) According to the records of the Company, undisputed statutory
dues including
Income-tax, Wealth-tax, Service tax and any other statutory dues have
generally been deposited on time during the year with the appropriate
authorities. There are no arrears of the aforesaid dues as on the date
of the Balance Sheet outstanding for more than six months from the
date they became payable.
(b) According to the records of the Company, and according to
information and explanations given to us there are no dues of
Income-tax/ Sales-tax/ Wealth-tax/ Service-tax/ Custom-duty/
Excise-duty/ Cess which have not been deposited on account of any
disputes.
(c) The amount required to be transferred to Investor Education and
Protection Fund, if any, in accordance with Companies Act,1956 and
rules made thereunder has been transferred to such fund within time.
8. The Company has no accumulated losses at the end of the current
financial year. The company has not incurred cash losses during the
financial year immediately preceding financial year.
9. According to the records of the company, and as per the information
and explanations given to us there was no default in repayment of dues
to financial institution or bank.
10. According to the records of the company, and as per the
information and explanations given to us the Company has not given
guarantees for loans taken by others from banks and financial
Institutions.
11. According to the records of the Company, and as per the
information and explanations given to us, the Company has not taken
the term loan and hence provision of the order is not applicable.
12. According to the records of the Company, and as per the
information and explanations given to us no fraud on or by the Company
has been noticed or reported during the year.
For Deepak Shah & Co.
Chartered Accountants
(Registration No. 102249W)
D.N.SHAH
Proprietor
Membership No.030566
Mumbai: May 29, 2015 |