Mar 31, 2015
We have audited the accompanying Financial Statements of S T Services
Limited ("The Company") which comprises 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 the significant accounting
policies and other explanatory information.
2. Management's Responsibility for the Financial Statements
The Company's Board of Directors are responsible for the matters in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
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 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 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 internal financial control, 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.
3. 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 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 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 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 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.
4. 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 accepted in India;
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2015;
b) In the case of the Statement of Profit and Loss, 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.
5. 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 a
statement on the matters specified in paragraph 3 & 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 appears from our examination of those
books.
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 written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the other matters included in the Auditor's Report
in accordance with Rule 11 of the Companies (Audit & Auditor's) Rules,
2014, in our opinion and to our 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 financial position.
ii) The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses.
iii) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
Annexure to the Independent Auditor's Report
The annexure referred to in our independent Auditor's Report to the
members of the Company on the standalone Financial Statements for the
year ended 31st March 2015, we report that :
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the fixed assets have been physically verified by the management
during the year. No material discrepancies were noticed on such
verification.
(ii) Stock in Trade is in the form of Shares, Debentures, etc. and as
per AS-2 of the Institute of Chartered Accountants of India; they are
not Inventories and hence, are not covered by clause 2 of CARO, 2015.
(iii) According to the information and explanations given to us, 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. Accordingly the sub clauses (a) and (b) are not
applicable to the Company.
(iv) In our opinion and according to the information and explanations
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 fixed assets and for the sale of goods and
services. During the course of our audit, no major weaknesses have been
noticed in the internal controls.
(v) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits in terms of
directives issued by Reserve Bank of India and the provision of section
73 to 76 or any other relevant provisions of the Companies Act and the
rules framed there under.
(vi) The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act in respect of the activities
carried out by the Company.
(vii) (a) According to the information and explanations given to us and
on the basis of our examination of records of the company, amounts
deducted/ accrued in the books of accounts in respect of undisputed
statutory dues including income-tax, sales-tax, wealth-tax, custom duty,
excised -duty, value added tax, cess and other statutory dues have been
regularly deposited during the year by the Company with the appropriate
authorities. We have been informed that there are no arrears of
outstanding dues as at the last day of the financial year under audit
for a period of more than six months from the date they become payable.
(b) According to the information and explanations given to us, there are
no material statutory dues of income tax or sales tax or value added tax
or cess, which have not been deposited on account of any dispute. (c)
There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
(viii) The Company does not have any accumulated losses as at the end
of the financial year and has not incurred any cash losses during the
current and immediately preceeding 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 so clause 3(ix) is not
applicable.
(x) According to the information and explanations 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 taken any term loans during the year.
(xii) Based upon the audit procedures performed and information and
explanations given by the management, we report that no material fraud
on or by the company has been noticed or reported during the year.
For S. Jaykishan
Chartered Accountants
SD/-
(Ritesh Agarwal)
Partner
(M. No: 062410)
Firm Registration No. 309005E
Place of Signature: Kolkata
Date: 28th May, 2015.