Mar 31, 2015
We have audited the accompanying financial statements of Virat Leasing
Limited ('the Company') which comprise the Balance Sheet as at March
31, 2015, the Statement of Profit and Loss, the Cash Flow Statement for
the year then ended and a summary of the significant accounting
policies and other explanatory information.
Management's Responsibility for the Standalone 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 Section 133 of the Companies
Act, 2013 ("the Act") read with Rule 7 of the Companies (Accounts)
Rules, 2014. 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, 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.
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 (hereinafter referred to as the Order)
and on the basis 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 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
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 Company's Balance Sheet, Statement of Profit and Loss, and Cash
Flow Statement dealt with in 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
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 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 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 explanation given to us:
i. In our opinion and as per the information and explanation provided
to us, the Company has no impact to be disclosed on pending litigations
on its financial position in its financial statement;
ii. In our opinion and as per the information and explanation provided
to us, the Company has not entered into any long term contracts
including derivative contracts, requiring provision under applicable
laws 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 TO THE INDEPENDENT AUDITORS' REPORT
1. Based on our scrutiny of the Company's Books of Accounts and other
records and according to the information and explanations received by
us from the Management, we are of the opinion that the question of
commenting on the maintenance of proper records of fixed assets,
physical verification of fixed assets and any substantial sale thereof
does not arise since the Company had no fixed assets as on 31.03.2015.
2. (a) Physical Verification has been conducted by the management at
reasonable intervals in respect of stock & securities.
(b) In our opinion the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion the Company is maintaining proper records of
inventories and no material discrepancy was noticed on physical
verification of stocks by the management as compared to book records.
3. As informed to us the Company has not granted any loans, secured or
unsecured, to companies, firms or other parties listed in the register
maintained under Section 189 of the Companies Act, 2013. Therefore
Clauses 3(iii), (iii)(a) and (iii)(b) of the said 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 with regards to the purchase of fixed assets and with
regards to sale of services. The activities of the Company do not
involve purchase of inventory and sale of goods. We have not observed
any major weakness in the internal control system during the course of
our audit.
5. The Company has not accepted any deposits from the public covered
under section 73 to 76 of the Companies Act, 2013.
6. The Central Government has not prescribed the maintenance of cost
records Section 148(1) of the Act for any of the services rendered by
the company.
7. In respect of statutory dues :
(a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Employees' State Insurance, Income Tax,
Sales Tax, Wealth Tax, Service Tax, duty of Customs, Duty of Excise,
Value Added Tax, Cess and other material statutory dues have been
generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31, 2015 for a period of more than six months
from the date of becoming payable.
(b) According to the information and explanations given to us, there
are no material dues of income tax or sales tax or wealth tax or
service tax or duty of customs or duty of excise or value added tax or
cess which have not been de- posited with the appropriate authorities
on account of dispute under the provisions of Clause (vii) (b) of
paragraph 3 of the CARO 2015 are not applicable to the Company.
(c) According to the information and explanations given to us, no
amount was required to be transferred to Investor Education &
Protection Fund in accordance with the relevant provisions of the Act.
8. The Company does not have any accumulated loss at the end of the
financial year and has not incurred cash loss during the financial year
covered by our audit and in the immediately preceding financial year.
9. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repay- ment of dues to
its Bankers, Financial Institutions or Debenture holders.
10. 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.
11. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
12. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit
For S. K. Rungta & Co.
Chartered Accountants
FRN: 308081E
S. K. Rungta
Place: Kolkata (Proprietor)
Date : 30/05/2015 Membership No. 013860