| We have audited the accompanying financial statements of SHUKRA
JEWELLERY LIMITED ("the Company"), which comprises the Balance Sheet as
at March 31, 2015, and the Statement of Profit and Loss, the cash flow
statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
MANAGEMENT RESPONSIBILITY FOR FINANCIAL STATEMENTS
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Company in accordance with the Accounting
Standards notified under the Companies Act, 2013 ("the Act") read with
General Circular 15/2013 dated 13th September, 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of Companies Act, 2013.
This responsibility includes the design, implementation and maintenance
of internal control 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 conducted our audit in accordance
with the Standards on Auditing specified u/s 143(10) of The Companies
Act, 2013. 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 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;
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date;
c) 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, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order,
the said order is not applicable the Company.
2. As required by section 227(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 and 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 Balance Sheet and Statement of Profit and Loss
and Cash Flow Statement comply with the Accounting Standards specified
u/s 133 of The Companies Act, 2013 read with rule 7of the Companies
(Accounts) Rule,2014 notified under the Act read with General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs
in respect of Section 133 of Companies Act, 2013 subject to the
qualification in our report above and point no. 1.10 and 1.11 of
Accounting policies and Notes of accounts forming a part of audited
accounts.
e) On the basis of written representations received from the directors
as on March 31, 2015, and 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 sub-section (2) of section 164 of
the Companies Act, 2013.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF THE AUDITOR'S REPORT ON THE
ACCOUNTS OF SHUKRA JEWELLERY LIMITED FOR THE YEAR ENDING 2015
As required by the Companies (Auditor's report) Order, 2015 issued by
the central Government of India in terms of Section 143(11) of the
Companies Act, 2013, we report that:
1 In respect of fixed assets:
(A) The company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets on the
basis of available information.
(B) As explained to us, all the fixed assets have been physically
verified by the management during the year at reasonable intervals,
which in our opinion, is reasonable having regard to the size of the
company and the nature of assets. No material discrepancies were
noticed on such physical verification.
2 In respect of its inventories:
(A) As explained to us, the inventory has been physically verified by
the management at regular intervals during the year.
(B) In our opinion and according to the information and explanations
given to us, the procedures followed by the management for physical
verification of inventory are reasonable and adequate in relation to
size of the company and nature of its business.
(C) In our opinion and according to the information and explanations
given to us and on the basis of our examination of the records of
inventory, the Company has maintained proper records of inventory. And
there were no material discrepancies noticed on physical verification
of inventory as compared to the book records.
3 In respect of loans granted by the company, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under Section 189 of the Companies Act 2013:
(a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 189 of
the Companies Act, 2013. Consequently, the provisions of clauses iii
(a), iii (b) of the order are not applicable to the Company.
4 In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and nature of its business
with regard to purchase of inventory, fixed assets and for the sale of
goods and services. During the course of audit, no major weakness has
been noticed in the internal control.
5 In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public and
therefore, the provisions of Section 73 to 76 of the Companies Act and
Rules framed thereunder are not applicable to the company.
6 To the best of our knowledge the Central Government has not
prescribed the maintenance of cost records U/s 148(1) of the Companies
Act, 2013 for any of the products of the company.
7 In respect of statutory dues:
(a) According to the information and explanations given to us, the
company was generally regular in depositing undisputed statutory dues
within six months from the date they become payable including Employees
Provident Fund, Employees State Insurance Fund, Income Tax, Sales Tax,
Wealth Tax, Service tax, Customs Duty, Excise Duty, Cess and other
statutory dues with the appropriate authority during the year.
(b) According to the records examined by us and the information and
explanations given to us, there are No disputed amounts due in respect
of wealth tax, sales tax, service tax, excise duty, Employees provident
fund, Employee state insurance fund and other statutory dues at the end
of the year.
(c) According to the records examined by us, no amount was 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.
8 The Company does not have accumulated losses as at the end of the
year are not less than Fifty percent of the net-worth and the Company
has not incurred cash losses during current and the immediately
preceding financial year.
9 In our opinion and according to information and explanation given to
us, the company has not defaulted in repayment of dues to a financial
institution or bank or debenture holders.
10 As per information and explanation given to us, the company has not
given any guarantee for loans taken by others from bank or financial
institutions, terms and conditions whereof are prejudicial to the
interest of the company.
11 As per the records of the company and according to the information
and explanation given to us, the company has not availed of any term
loans during the year. There were no term loans outstanding at the
beginning and at the end of the year.
12 In our opinion and 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, S. K. Jha & Co.
(Chartered Accountants)
FRN: 126173W
Satyendra K. Jha
Place: - Ahmedabad (Partner)
Date:-22nd May 2015 M. No.: 100106
|