Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying financial statements of SANASA TECH FEB LIMITED which comprise the Balance Sheet as at 31st March, 2015 , 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
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 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.
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 there under.
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 the 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 a true and fair view 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 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.
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 31bt March, 2015, and its profit/loss and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
l. As required by the Companies (Auditor's Report) Order, 2015("the order") issued by the Central Government in terms of Sub-Section (11) of section 143 of the Act, we give in annexure hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order.
As required by section 143(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; (and proper returns adequate for the purposes of our audit have been received from the branches not visited by us)
(c) The Balance Sheet, the 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 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.
The Annexure referred to in paragraph 1 of the heading "Report on Other Legal and Rega1atory Requirements of our Report of even date to the members of SANASA TECH FEB LIMITED on the accounts of the company for the year ended 31st March, 2015
i) (a) The Company has maintained reasonable records showing full particulars including quantitative details and situation of fixed assets.
(b) All the fixed assets have been physically verified by management during the year & programmed of verification is reasonable having regard to the size of the company & nature of its assets. No material discrepancies were noticed on such verification.
ii. (a) As per information & explanation given to me physical verification of the stock was conducted by the management during the year at reasonable interval.
(b) The procedure of physical verification of inventory followed by management is reasonable and adequate in relation to the size of the company and nature of its business.
(c) The company has maintained proper records of inventory and no material discrepancies in relation to physical verification of inventory were found.
iii. Company has granted not unsecured loans to the companies, firms, or other parties covered in the register maintained u/s. 189 of the Act. Hence iii(a) and (b) are not applicable.
iv. In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of audit, no major weakness has been noticed in these internal controls.
v. The Company has not accepted any deposits during the year. Accordingly, the provisions of clause 4(v) of the Companies (Auditor's Report) Order 2015 is not applicable to the company.
vi. The Central Government has not prescribed the maintenance of cost records by the Company under section 148(1) of the Companies Act, 2013 for any if its products.
vii. (a) The company is generally regular in depositing undisputed statutory dues in respect of Income tax , Service tax , Provident Fund , Employees' State Insurance. The provisions of payment of Excise duty, Custom Duty, cess and any other statutory dues are not applicable to the Company.
(a) There is no disputed amount of Income tax / Custom Duty / Excise Duty / Wealth tax / Service tax / cess.
(b) Company is not required to transfer any amount to Investor Education and Protection fund during the year.
viii. The company has been registered for period less than 5years.hence clause (viii) is not applicable.
ix. Company has not borrowed any amount from bank and financial institution during the year.
x. According to information & explanation given to us the company has not given any guarantee for loans taken by others from bank or financial institutions.
xi. The company has not borrowed any term loan during the year.
xii. Based upon the audit procedures performed and information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.
For JAIN ANIL AND ASSOCIATES PLACE : MUMBAI (ANIL JAIN)
DATED : 24/08/2015 Proprietor N