The Members of SWASTI VINAYAKA ART AND HERITAGE CORPORATION LIMITED.
Report on Financial Statements
We have audited the accompanying financial statements of Swasti Vinayaka Art AndHeritage Corporation Limited ("the Company") which comprises of the BalanceSheet as at March 31 2015 and the Statement of Profit and Loss and Cash Flow Statementfor the year then ended and a summary of significant accounting policies and otherexplanatory information.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditors judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Companyspreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Companys Directors aswell as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2015 and its profit and its cash flow for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inparagraphs 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 bestof 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 theCompany so far as it appears from our examination of those books.
(c) The Balance Sheet and the Statement of Profit and Loss dealt with by this Reportare in agreement with the books of account.
(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.
(e) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.
(f) With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the 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 financialstatements.
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
iii. There were no amounts that were required to be transferred to the InvestorEducation and Protection Fund by the Company during the year.
| ||For SANJAY RAJA JAIN & CO. |
| ||CHARTERED ACCOUNTANTS |
| ||Firm Reg. No. 120132W |
| ||SANJAY RAJA JAIN |
|Place : Mumbai. ||(PARTNER) |
|Date : May 30 2015 ||Membership No. 108513 |
ANNEXURE TO INDEPENDENT AUDITORS REPORT
(Referred to in Paragraph 1 under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date)
Referred to in paragraph 1 on Report on Other Legal and Regulatory Requirements in ourreport of even date to the members of SWASTI VINAYAKA ART AND HERITAGE CORPORATION LIMITEDon the financial statement for the year ended on March 31 2015 we report that:
(i) (a) The company has a maintained proper record showing full particulars includingquantitative details and situation of fixed assets.
(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of one year. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets.
(ii) (a) The inventories have been physically verified during the year by themanagement. In our opinion the frequency of physical verification is reasonable.
(b) In our opinion and according to the information and explanations given to us theprocedures for physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.
(c) In our opinion the Company has maintained proper records of inventory. Thediscrepancies between the physical stocks and the book stocks were not material and havebeen properly dealt with in the books of account.
(iii) The company has not granted any secured or unsecured loans to any party coveredin the register maintained under section 189 of the Companies Act 2013. Therefore therequirements of sub-clause (a) and (b) of clause (iii) of Paragraph 3 are not applicableto the Company.
(iv) There is an adequate internal control system commensurate with the size of thecompany and the nature of its business for the sale of services. During the course of ouraudit we have not observed any continuing failure to correct major weaknesses in internalcontrol system.
(v) The Company has not accepted any deposits from public in terms of section 73 of theCompanies Act 2013. We are informed that no order has been passed by Company Law Board orNational Company Law Tribunal or Reserve Bank of India or Court or any other tribunal.Accordingly the Company has complied with the provisions of section 73 to 76 of theCompanies Act 2013.
(vii) (a) According to the information and explanations given to us the Company isgenerally regular in depositing undisputed statutory dues including provident fundemployees state insurance income-tax service tax and any other statutory dues withthe appropriate authorities.
(b) According to the information and explanations given to us there are no dues ofincome-tax service tax wealth tax which have not been deposited on account of anydispute.
(c) There is no amount required to be transferred to investor education and protectionfund in accordance with the relevant provisions of the Companies Act 1956 (1 of 1956) andrules made there under.
(viii) The Company does not have any accumulated losses at the end of the financialyear and has not incurred cash losses in the financial year and in the immediatelypreceding financial year.
(ix) Based on our audit procedures and on the information and explanation give to us bythe management we are of the opinion that the company has not defaulted in repayment ofdues to a financial institution bank or debenture holders.
(x) In our opinion and according to the information and explanation give to us thecompany has not given any guarantee for loans taken by others from banks or financialinstitutes.
xi) In our opinion and according to the information and explanation give to us thecompany has not obtained any term loans during the year hence clause (xi) of Paragraph 3is not applicable to the company.
(xii) To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the Company was noticed or reported during thecourse of our audit.
|For SANJAY RAJA JAIN & CO. |
|Chartered Accountants |
|FRN No. 120132W |
|SANJAY RAJA JAIN |
|M. No. 108521 |
|Place : Mumbai |
|Date: May 30 2015 |