To,
The Members,
Shri Mahalaxmi Agricultural Development Ltd
Ahmedabad
Report on Financial Statements
We have audited the accompanying financial statements of Shri Mahalaxmi Agricultural
Development Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2018, the Statement of Profit and Loss for the year then ended and a summary of
significant accounting policies and other explanatory information.
Managements 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 of the Company in
accordance with the accounting principles generally 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
obtainreasonableassuranceaboutwhetherthefinancialstatementsarefreefrommaterialmisstatements.
Auditors 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 misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statement s. The procedures selected depend on the auditors
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 Companys 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 th e 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 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 31,2018; (b) In the case of the Statement of Profit and Loss, of the Loss for the
year ended on that date;
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor s Report) Order, 2016 ("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-I", a statement on the matters specified in
paragraphs 3 and 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 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 Statement of Profit and Loss and the 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 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, 2018 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2018 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:
a. The Company does not have any pending litigations which would impact its financial
position;
b. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
c. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
|
FOR MULRAJ D GALA &CO |
|
CHARTEREDACCOUNTANTS |
|
(MULRAJ GALA) |
|
M.No.041206 |
| Place: Mumbai |
|
| Date:21/08/2018 |
|
Annexure to the Auditors Report for the Year Ended on 31-03-2018
(Referred to in paragraph (3) of our report of even date)
1. Reporting on maintaining and verifying and disposing of fixed assets a. The
Company does not have any fixed assets; hence relevant clause is not applicable to the
Company. b. The Company does not have any fixed assets; hence relevant clause is not
applicable to the Company. c. The Company does not have any immovable property; hence
relevant clause is not applicable to the Company.
2. Physical verification and Maintenance of records of inventories a. As
explained to us, the Company does not have Inventories hence relevant clause is not
applicable to the Company; b. As explained to us, the Company does not have Inventories
hence relevant clause is not applicable to the Company.
3. Loan given by the company
According to the information and explanations given to us and on the basis of our
examination of the books of account, the Company has given loans, secured or unsecured, to
companies, firms or other parties listed and have maintained the registers as required
under Section 189 of the Companies Act, 2013.
4. Loan to Director and Investment by the Company
According to the information and explanations given to us, the Company has given loans
and made investments, however guarantees and security are not provided, all the
transactions pursuant to the provision of section 185 and 186 are disclosed and reported
during the year.
5. Deposits
During the year under report, the company has not accepted any deposits as stated in
section 73 to 76. Hence clause 3 (v) of the report are not applicable to the company.
6. Cost Records
The Company is engaged in the business of trading activity hence the central government
has not specified maintenance of cost records.
7. Statutory Dues
a. According to the records of the Company and information and explanation given to us,
the company has been generally regular in depositing undisputed statutory dues including
provident fund, employees state insurance, sales tax, service tax, value added tax, duty
of custom, wealth tax, Income Tax and other statutory dues with the appropriate
authorities during the year. According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were outstanding as 31st March
2018for a period of more than six months from the date of becoming payable.
b. According to the records of the company and information and explanations given to
us, no disputed dues of provident fund, employees state insurance, sales tax, service tax,
value added tax, duty of custom, Income Tax and other statutory dues were payable during
the year
8. Default in repayment of dues
According to the information and explanations given to us, the company has not accepted
any loans from financial institution, bank, Government or dues to debenture holders.
9. Utilization of IPO and Further Public Offer
According to the information and explanations given to us, the company has not raised
any funds by way of Initial Public Offer (IPO) or further public offer (including debt
instruments) and terms loans hence the clause 3(xi) of the report are not applicable to
the Company. 10.
Reporting of Fraud
To the best of our knowledge and belief and according to the information and
explanations given to us, no fraud on or by the company has been noticed or reported
during the year.
11. Managerial Remuneration
According to the information and explanations given to us, the company and to the best
of our knowledge and belief the company has paid the managerial remuneration in accordance
with the requisite mandated by the provision of section 197 read with schedule V of the
Companies Act 2013.
12. Nidhi Company
This Clasue 3(xii) of the report are not applicable to the Company.
13. Related Party Transactions:
According to the information and explanation given the company has disclosed all the
transactions with the related parties in compliance with section 177 and 188 of the
Companies Act 2013 and the details have been disclosed in the financial statements as
required by the applicable accounting standards;
14. Private Placement or Preferential Issues
According to the information and explanations given to us, the company has not made any
preferential issues or made any private placement allotment during the period under review.
15. Non Cash Transaction
According to the information and explanations given to us, the company has not entered
into any non cash transactions with directors or persons connected with him.
16. Register with RBI Act 1934
According to the information and explanations given to us, the company is not required
to be registered u/s. 45 IA of the RBI Act 1934.
|
FOR MULRAJ D GALA & CO |
|
CHARTEREDACCOUNTANTS |
|
(MULRAJ GALA) |
|
M.No.041206 |
| Place: Mumbai |
|
| Date: 21/08/2018 |
|
+91-9892691696
