| We have audited the accompanying financial statements of M/s MAPRO
INDUSTRIES LIMITED ("the company"),which comprise the Balance Sheet
as at 31 March 2015, the Statement of Profit and Loss, the Cash Flow
Statement for the year 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
there under.
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. 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; of the state of affairs of the Company as
at 31st March, 2015 and its profit and its 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 and on the
basis of such checks of the books and records of the Company as we
considered appropriate and according to the information and explanation
given to us, we give in the Annexure a statement on the matters
specified in paragraphs 3 & 4 of the Order, to the extent applicable.
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) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the other matters included in the Auditor's Report
and to our 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
derivatives contracts for which there were any material foreseeable
losses.
iii. There were no amounts which required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING "REPORT ON
OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT TO THE MEMBERS
OF MAPRO INDUSTTIES LIMITED OF EVEN DATE
(i) The company does not possess any Fixed Assets during the year,
therefore provisions of Clause 3(i) of the Companies (Auditor's
Report) Order, 2015 are not applicable.
(ii) The company does not possess any Inventory during the year,
therefore provisions of Clause 3(ii) of the Companies (Auditor's
Report) Order, 2015 are not applicable.
(iii) According to the information and explanations given to us, the
company has not granted any loans, secured or unsecured to any
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act.
(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 with regard
to purchases of inventory and fixed assets and with regard to the sale
of goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
controls.
(v) The company has not accepted any deposits from the public.
(vi) In our opinion and according to information and explanations given
to us maintenance of cost records has not been prescribed by the
Central Government under sub-section (1) of section 148 of the
Companies Act, 2013.
(vii) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including
Provident Fund, Employees' State Insurance, Income Tax, Sales-tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Value Added tax,
cess and other statutory dues applicable to it.
(b) According to the 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
dispute.
(c) In our opinion, no amount is 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
thereunder.
(viii) The accumulated losses of the Company as at the end of the
current financial year does not exceed 50% of the net worth of the
company. The company has not incurred cash losses during the current
financial year and in the immediately preceding Financial Year.
(ix) The company has no dues to any bank, financial institution or
debenture holders.
(x) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xi) The company has not taken any term loans; therefore the provisions
of Clause 3(x) of the Companies (Auditor's Report) Order, 2015 are
not applicable to the company.
(xii) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
For Rajesh Mohan & Associates.
Firm Registration No. 323131E
Chartered Accountants
Place : Kolkata Sd/-
Date : The 27th day of May, 2015 [Rajesh Kumar Agrawal]
Partner
ICAI Membership No. 057271 |