TO THE MEMBERS OF FUSION FITTINGS (I) LIMITED
Report on the Financial Statements
1. We have audited the accompanying financial statements of Fusion Fittings (I) Limited
("the Company"), which comprise the Balance Sheet as at March 31, 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.
2. The management and Board of Directors of the Company are responsible for the matters
stated 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 Companies (Accounts) Rules,
2014. This responsibility 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; design, implementation and maintenance of adequate internal financial controls,
that are 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
3 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 thereunder. 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.
4 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, 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 the Company’s management
and Board of Directors, as well as evaluating the overall presentation of the financial
statements
5 We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion
6. 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:-
i) in the case of the Balance Sheet, of the state of affairs of the company as at March
31,2015;
ii) in case of the Statement of Profit and Loss, of the loss for the year ended on that
date
iii) in case of the Cash Flow Statement, of the cash flows for the year ended on that
date
Report on Other Legal and Regulatory Requirements
7. 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
section143 of the Act, we give in the Annexure a statement on the matters Specified in
paragraphs 3 and 4 of the Order.
8. As required by section 143(3) of the Act, we further report that:
a. e 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, 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 financial statements comply with the applicable
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, and 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 Act
f. In our opinion and to the best of our information and according to the explanations
given to us, we report as under with respect to other matters to be included in the
Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014:
(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 derivative contracts;
as such the question of commenting on any material foreseeable losses thereon does not
arise
(iii) 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
delay in transferring such sums does not arise
For K. K. JAIN & CO.
Chartered Accountants Firm Registration No.002465N
|
(R.K. Mittal) |
| Place: Delhi |
Partner |
| Date: 02.09.2015 |
M. No.095459 |
Annexure referred to in paragraph 7 Our Report of even date to the members of M/s
FUSION FITTINGS (I) 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 company had no Inventory.
(iii) 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.
(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 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 73
to 76 of the
Companies Act, 2013.
(vi) As informed to us, the Central Government has not prescribed maintenance of cost
records under subsection (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 Provident Fund, , Employees’ State Insurance, Income-tax,
Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and other material statutory
dues, as applicable, with the appropriate authorities in India ;
(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, Wealth Tax, Service Tax,
Sales Tax, Customs Duty and Excise Duty 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.
(viii) The company had no accumulated losses as at 31.03.2015. The company has incurred
cash losses in the current financial year but not in the immediately preceding financial
year.
(ix) According to the records of the company examined by us and as per the information
and explanations given to us, the company has not availed of any loans from any financial
institution or banks and has not issued debentures.
(x) In our opinion and according to the information and explanation given to us, the
term and conditions on which the company has given guarantees for loans taken by others
from banks or financial institutions are not prejudicial to the interest of the company.
(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 K. K. JAIN & CO. |
|
Chartered Accountants |
|
Firm Registration No.002465N |
|
(R.K. Mittal) |
| Place: Delhi |
Partner |
| Date: 02.09.2015 |
M. No.095459 |
+91-9892691696
