Mar 31, 2015
We have audited the accompanying standalone financial statements of
Fruition Venture Limited (Formerly known as Indo Websec Limited) ("the
Company"), which comprise the Balance Sheet as at March 31, 2015, and
the Profit and Loss Statement and Cash Flow Statement for the year then
ended, and a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for the Standalone 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 standalone 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
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding 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 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 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, but not for the
purpose of expressing an opinion on whether the company has in place an
adequate internal financial control system over financial reporting and
the 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 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 standalone
financial statement.
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 March31, 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 sectionl43 of the Act, we give in the Annexure, a
statement on the matters Specified in paragraphs 3 and 4 of the Order.
2, As required by section 143(3) of the Companies Act, 2013, 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
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, the Profit and Loss Statement, and 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 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 Companies
Act,2013.
Annexure referred in Our Report of even date to the members of Fruition
Venture Limited (Formerly known as Indo Websec Limited) on the accounts
of the company for the year ended 31st March, 2015
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets ;
(b) As explained to us, fixed assets have been physically verified by
the management at regular intervals; as informed to us no material
discrepancies were noticed on such verification;
(ii) The nature of business of the Company does not require it to have
any inventory. Hence, the requirement of clause (ii) of paragraph 3 of
the said Order is not applicable to the Company
(iii) The company has not granted any loans, secured or unsecured
to/from companies, firms or other parties covered in the register
maintained under section 189 of the Act,
(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and for the sale of goods and services.
Further, on the basis of our examination of the books and records of
the Company and according to the information and explanations given to
us, no major weakness has not been noticed or reported.
(v) The Company has not accepted any deposits from the public covered
under Section 73to 76 of the Companies Act, 2013
(vi) As informed to us, the Central Government has not prescribed
maintenance of cost records under sub- section (1) of Section 148 of
the Act
(vii) (a) According to the information and explanations given to us and
based on the records of the company examined by us, the company, is
regular in depositing the undisputed statutory dues, including
Income-tax with the appropriate authorities in India ; However
Provident Fund, Investor Education and Protection Fund, Employees State
Insurance and Sales Tax are not applicable to the company during the
year.
(b) According to the information and explanations given to us and based
on the records of the company examined by us, there are no dues of
Income Tax which have not been deposited on account of any disputes
(c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of reporting delay in transferring such
sums does not arise as at 31st March, 2015
(viii) The accumulated losses of the company as at 31st March 2015 are
less than fifty percent of its net worth. The company has not incurred
cash loss during the current financial year covered by the audit and in
the immediately preceding financial year.
(ix) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders,
(x) In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loan taken by
others from. a bank or financial institution during the year
(xi) In our opinion, and according to the information and explanations
given to us, the company has not raised any term loans during the year.
(xii) During the course of our examination of the books and records of
the company, carried in accordance with the auditing standards
generally accepted in India, we have neither come across any instance
of fraud on or by the Company noticed or reported during the course of
our audit nor have we been informed of any such instance by the
Management.
For P. Aggarwal & Associates
Chartered Accountants
FRN:03086N
Sd/
Pradeep Aggarwal
Partner
Membership No. s 081984
Place: New Delhi
Date:12.05.2015
Mar 31, 2014
We have audited the accompanying financial statements of Fruition
Venture Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2014, and the Statement of Profit and Loss and 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
Management is responsible for 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 Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with General Circular
15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs
in respect of Section 133 of the 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 issued by the Institute of Chartered
Accountants of India. 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, 2014;
b) In the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
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") as amended, 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.
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, 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, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956; read
with General Circular 15/2013 dated 13th September 2013 of the Ministry
of Corporate Affairs in respect of Section 133 of the Companies Act,
2013.
e. on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
The Annexure referred to the Our Report of even date to the members of
Fruition Venture Limited on the accounts of the company for the year
ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) fixed assets have been physically verified by the management at
reasonable intervals; no material discrepancies were noticed on such
verification.
(c) As per information and explanations given to us, no fixed asset has
been disposed during the year and therefore does not affect the going
concern assumption.
2. (a) The company does not have any stock of raw materials, stores,
spare parts, finished goods thus clause 2(a), (b), (c) of the order are
not applicable.
3. According to the information and explanations given to us , the
Company has neither granted nor taken any loans secured/ unsecured
to/from companies, firms or other parties covered in the register
maintained under Section 301 of the Companies Act, 1956. Accordingly,
the provisions of clauses iii (a) to iii (g) of the order are not
applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods and services. In our opinion and
according to the information and explanations given to us. there is no
continuing failure to correct major weaknesses in the internal controls
system.
5. a) As per our prima facie examination of the register maintained
under section 301 of the Act, we are of the opinion that the
transactions that need to be entered in the register in pursuance of
Section 301 of the Act have been so entered.
b) In our opinion, each of these transactions has been made at prices
which are reasonable having regard to the prevailing market prices at
the relevant time.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. The Company has an internal audit system by its own staff, which in
our opinion is commensurate with the size and nature of its business.
8. According to the information & explanation given by the management,
The Central Government has not prescribed maintenance of cost records
under clause (d) of sub-section (1) of section 209 of the Act, in
respect of activities carried on by the Company.
9. In respect of Statutory dues:-
(a) According to the information and explanations given to us by the
Management and on the basis of the examination of the books of account
carried out by us, the Company has been regular in depositing
undisputed statutory dues including Income Tax, with the appropriate
authorities, However Provident Fund, Investor Education and Protection
Fund. Employees State Insurance and Sales Tax are not applicable to
the company during the year. There were no undisputed arrears of
statutory dues outstanding as at 31st March, 2014 for a period of more
than six months from the date they became payable. However, the Company
has not made any provisions towards cess payable u/s 441A of the
Companies Act, 1956, since the required notification has not been
issued by the Central Government in this regard.
(b) According to the information and explanations given to us by the
management and the records of the company examined by us there were no
statutory dues which have not been deposited as at 31st March 2014 on
account of dispute.
10. The accumulated losses of the company as at 31st March 2014 are
less than 50% of its net worth. The company has not incurred cash loss
during the current financial year covered by the audit and in the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi /mutual
benefit fund/society. Therefore, the provision of this clause of the
Companies (Auditor''s Report) Order, 2003 (as amended) is not applicable
to the Company.
14. In our opinion the company has maintained proper records of
transactions and contracts in respect of dealing and trading shares,
securities, debentures and other investments during the year and timely
entries have been generally made there in. Shares, debentures and other
investments have been held by the company in its own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. As per the books and records of the company examined by us the
company has not taken any term loans.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the information and explanations given to us by the
management, we report that the Company has not made any preferential
allotment of shares during the year.
19. The company has not issued any debentures during the year and
therefore paragraph 4(19) of the Order is not applicable.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year.
For P. Aggarwal & associates
Chartered Accountants
FRN:03086N
Sd/
Pradeep Aggarwal
(Partner)
Membership No. : 081984
Place: New Delhi
Date: 29/05/2014
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