Mangalam Ventures Ltd Auditor Reports

TO,

THE MEMBERS OF,

MANGALAM VENTURES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of M/s Mangalam Ventures Limited (‘the Company) which comprise the Balance Sheet as at 31^st March, 2017, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Managements Responsibility for the Financial Statements

The Companys Board of Directors is 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 of the assets of the Company and for preventing and detecting the 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.

Auditors 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 Standard 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 auditors judgments, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risks assessments, the auditor considers internal financial control relevant to the Companys preparation of the financial statements that give 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 Companys 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.

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 accounting principles generally accepted in India, of the state of affairs of the Company as at 31^st March, 2017, its Profit and its cash flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

(I) As required by the Companies (Auditors Report) Order 2016 issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act ( hereinafter referred to as the Order), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the  information and explanations given to us, we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order, as may be applicable.

(II) 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 bes{ 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 & 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 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^st March, 2017, taken on record by the Board of Directors, none of the directors is disqualified as on 31^st March, 2017 from being appointed as a director in terms of Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in ‘Annexure B . Our Report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls over financial reporting.

g) With respect to the other matters to be included in the Independent Auditors 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;

(i) There were no pending litigation which would impact the financial position of the Company in its financial statements.

(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.

(iv) The Company has provided requisite disclosures in the financial statements as regards its holdings and dealings in specified Bank Notes as defined in the Notification S.0.3407(E) dated 8^lhNovember, 2016 of the Ministry of Finance, during the period from 08/11/2016 to 30/12/2016. Based on audit procedures performed and the representations provided to us by the management, we report that disclosures are in accordance with books of account maintained by the Company and as produced to us by the management./ Refer Note 32).

	For BANSAL & ASSOCIATES
	Chartered Accountants
	(Firm Registration No. 100985 W)
Place : Faridabad	S.K. BANSAL
Dated: 5th August, 2017	(Proprietor)
	Membership No. 012288

ANNEXURE ‘A TO THE INDEPENDENT AUDITORS REPORT

The Annexure referred to in paragraph (I) under our Independent Auditors Report to the members of M/s Mangalam Ventures Limited on the financial statements for the year ended 31^st March, 2017, we report that:

1. a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

b) The fixed assets are physically verified by the management during the year, which in our opinion, is reasonable having regard to size of the Company and the nature of its assets and no material discrepancies have been noticed on such verification.

c) The title deeds of the all immovable properties of the Company are held in the name of the Company.

2. The physical verification of inventory has been conducted at reasonable intervals by the management. No material discrepancies were noticed on such verification.

3. 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 Companies Act, 2013.

4. In respect of loans, investments, guarantees and security, provisions of Section 185 and 186 of the Companies Act, 2013 have been complied with. The Company has not given any guarantee or security during the year. The provisions of section 185 are not applicable to the Company.

5. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the Public covered under Section 73 to 76 of the Companies Act, 2013 and the rules made thereunder as notified.

6. As per information and explanations given to us, the Central Government has not prescribed maintenance of cost records under section 148(1) of the Act.

7 According to the information and explanation given to us and the records of the Company examined by us, in our opinion, the Company is regular in depositing undisputed statutory dues including Provident fund, Employees State Insurance, Income- tax, Sales-tax, Service tax, duty of customs, duty of excise, cess and other statutory dues as applicable with the appropriate authorities. There were no arrears outstanding as at the last day of the financial year for a period of more than six months from the date of they became payable.

According to the information and explanations given to us and the records of the Company examined by us, there are no dues of Income tax, Sales tax, Service tax, duty of customs or value added tax which have not been deposited on account of any dispute.

8. According to the records of the Company examined by us and as per the information and explanations given to us, the Company has not defaulted in repayment of dues to Bank. There were no borrowings from the Government, financial institutions and debenture holders during the year.

9. In our opinion and according to the information and explanations given to us, the Company has not raised any moneys by way of initial public offer or further public offer (including debt instruments) and the term loans were applied for the purposes for which those were raised.

10. 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 by the Company or any fraud on the Company by its officers / employees has been noticed or reported during the course of our audit nor have we been informed of any such instance by the management during the year.

11. The managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of Section 197 read with. Schedule V to the Companies Act, 2013.

12. As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it; the provisions of Clause 3 (xii) of the Order are not applicable to the Company.

13. All the transactions with related parties are in compliance with Section 177 and 188 of the Companies Act, 2013 where applicable and the details have been disclosed in the financial statements etc. as requiredby the applicable accounting standards.

14. The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review and hence requirements of compliance with Section 42 of the Companies Act, 2013 are not applicable during the year.

15. The Company has not entered into any non-cash transactions with directors or persons connected with him and hence compliance of Section 192 of the Companies Act, 2013 are not applicable during the year.

16. The Company is not required to be registered under Section 45 - IA of the Reserve Bank of India Act, 1934 and hence relevant registration is not applicable during the year.

	For BANSAL & ASSOCIATES
	Chartered Accountants
	(Firm Registration No. 100985 W)
Place : Faridabad	S.K. BANSAL
Dated : 5th August, 2017	(Proprietor)
	Membership No. 012288

ANNEXURE ‘B TO THE AUDITORS REPORT

(Annexure ‘B referred to in Paragraph (ll)(f) under ‘Report on Other Legal and Regulatory Requirements section of our report of even date)

Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section 143 of the Companies Act, 2013 ( ‘the Act)

We have audited the internal financial controls over financial reporting of M/s Mangalam Ventures Limited ( the Company) as of 31^st March, 2017 in conjunction with our audit of financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the Guidance Note) and the standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013 to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting were established and maintained and if such controls operated effectively in all material respects

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.

Meaning of internal financial controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of the management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31^st March 2017, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

	For BANSAL & ASSOCIATES
	Chartered Accountants
	(Firm Registration No. 100985 W)
Place : Faridabad	S.K. BANSAL
Dated : 5th August, 2017	(Proprietor)
	Membership No. 012288