| We have audited the accompanying financial statements of Sita
Enterprises 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 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 financial statements to 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
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 an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act and the Rules made there under including the
accounting standards and matters which are required to be included in
the audit report.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act and other applicable
authoritative pronouncements issued by the Institute of Chartered
Accountants of India. Those Standards and pronouncements 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
Report on Other Legal and Regulatory Requirements
As required by 'the Companies (Auditor's Report) Order, 2015', issued
by the Central Government of India in terms of sub-section (11) of
section 143 of the Act (hereinafter referred to as the "Order"), 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
explanations given to us, we give in the annexure a statement on the
matters specified in paragraphs 3 and 4 of the Order.
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, the Statement of Profit and Loss, and the 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 the written representations received from the
directors as on March 31, 2015 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 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 knowledge and belief
and according to the information and explanations given to us:
i. The Company does not have any pending litigations which would
impact on its financial position.
ii. The Company did not have any long term contracts including
derivative contracts that require provision under any law or accounting
standards for which there were any material foreseeable losses.
iii. There was no amount required to be transferred to the Investor
Education and Protection Fund by the Company.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
Referred to in the Independent Auditors' Report of even date to the
members of Sita Enterprises Limited on the financial statements as of
and for the year ended March 31, 2015.
1. (a)The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b)The fixed assets of the company have been physically verified by the
management during the year and no discrepancies between the book
records and the physical inventory have been noticed.
2. The company has not been engaged in sale or purchase of goods.
There was no balance of inventory at the beginning of the year, during
the year and at the end of the year.
3. The company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under Section 189 of the Act. Therefore the provision of clause 3(iii),
(iii) (a) and (iii) (b) of the said order are not applicable to the
Company.
4. There was no purchase of inventory and fixed assets and sale of
goods during the year.
5. The company has not accepted any deposits from the public within
the meaning of Sections 73, 74, 75 and 76 of the act and the rules
framed there under to the extent notified.
6. The Central Government has not prescribed the maintenance of cost
records under sub-section (1) of section 148 of the Companies Act, 2013
and the Companies (cost records and audit) Rules 2014.
7. As per the records verified by us and as explained to us, the
Company has been regular in depositing undisputed statutory Income-tax
dues with the appropriate authorities and there were no arrears under
the above head which were due for more than six months from the date
they became payable as at the close of the year. The statutes relating
to Employees State Insurance, Provident Fund, Sales tax, Wealth Tax,
Custom Duty, Investor Education and Protection Fund, Service tax,
Excise Duty, Cess and other statutory dues are not applicable to the
Company during the year.
8. The company does not have accumulated losses at the end of the
financial year and it has not incurred cash losses during the financial
year covered by the audit and in the immediately preceding financial
year.
9. The company has not raised loans from Financial Institutions or
Banks or by issue of debentures and hence the provisions of Clause (ix)
of paragraph 3 of the Order are not applicable to the Company.
10. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from Banks or Financial Institutions during the year. Therefore,
the provisions of clause (x) of paragraph 3 of the Order are not
applicable to the Company.
11. The Company has not raised any term loan during the year.
Therefore, the provisions of clause (xi) of paragraph 3 of the Order
are not applicable to the Company.
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 Mittal & Mittal
Firm Registration No.106457W
Chartered Accountants
Rishikesh Agrawal
Membership No.113844
Mumbai, 29th May 2015 Partner
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