| We have audited the accompanying financial statements of INDIA
E-COMMERCE LIMITED ( "the Company") which comprise the Balance
Sheet as at 31st March 2015, the statement of Profit & 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 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 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, 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 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
operating effectiveness of such controls. 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 standalone 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 Act, we give in the Annexure
I a statement on the matters specified in paragraphs 3 and 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 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 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 has disclosed the impact, if any, of pending
litigations as at 31st March,2015, on its financial position in its
financial statements;
ii. The Company has not entered into any long-term contracts including
derivative contracts requiring provision under the applicable law or
accounting standards, for material foreseeable losses;
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure I to the Independent Auditors Report
(The Annexure referred to in para 1 under the heading " Report on
Other Legal and Regulatory Requirements" of our report of even date
to the Members of India E-Commerce Limited for the year ended 31st
March,2015)
1. The Company does not have any fixed assets.
2. The Company has no inventory.
3. According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured, to or from
companies, firms or other parties covered in the register required to
be maintained under Section 189 of the Act. Accordingly, paragraph 3
(iii) of the Order 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 with
regard to purchase of inventories and fixed assets and with regard to
sale of goods and services. We have not observed any major weakness in
the internal control system during the course of the audit.
5. The Company has not accepted any deposits from the public in
accordance with the provisions of Sections 73 to 76 of the Act and
rules framed thereunder.
6. To the best of our knowledge and as explained, the Central
Government has not prescribed maintenance of cost records under
section 148(1) of the Act.
7. (a) According to the information and explanations given to us and
on the basis of our examination of the records of the Company, amounts
deducted/accrued in the books of account in respect of undisputed
statutory dues including Provident Fund, Employees' State Insurance,
Income Tax, Sales Tax/ Value Added Tax, Wealth Tax, Service Tax,
Customs Duty, Excise Duty and material statutory dues have generally
been regularly deposited during the year by the Company with the
appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Employees'
State Insurance, Income Tax, Sales Tax/ Value Added Tax, Wealth Tax,
Service Tax, Customs Duty, Excise Duty 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.
(b) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, there are
no dues that have not been deposited by the Company on account of
disputes.
(C) According to the information and explanations given to us, there
are no amounts which were required to be transferred to the investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules there
under.
8. The Company has accumulated losses at the end of financial year,
not less than fifty percent of its net worth and the Company has
incurred cash losses in the financial year and in the financial year
immediately preceding financial year also.
9. Based on our audit procedures, information and explanations given
to us, in our opinion the Company has not defaulted in repayment of
dues to financial institutions and banks. The Company does not have
any outstanding debentures during the year.
10. 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.
11. According to the information and explanations given to us, the
Company has not taken any term loan during the year.
12. According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported
during the course of our audit.
For K. R. TIWARI & Co.
CHARTERED ACCOUNTANTS
FIRM REGISTRATION NO. 111003W
Sd/-
K.R. TIWARI
Proprietor
MEMBERSHIP NO. 043003
Place: Chennai
Date: 30-05-2014 | 