To the Members of HANMAN FIT LTD
Report on the Financial Statements
We have audited the accompanying financial statements of Hanman Fit Ltd ("the
Company"), which comprise of the Balance Sheet as at March 31,2021. the Statement of
Profit and Loss, 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 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 t ie 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 maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding of 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 adequate internal financial controls and
ensuring their operating effectiveness and 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 mater 4 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 i e Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under
Section143(10) of the Act. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance as to 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
judgment, including e 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 Companys 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 the purpose of expressing n 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 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 the accounting
principles generally accepted in India, of the state of affairs of the Company as at March
31, 2021, its loss and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
(1) As required by the Companies (Auditors 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, 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 out- 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 it 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 written representations received from the directors as on 31st
March, 2021 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2021 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"; and
g. With respect to the other matters to be included in the Auditors Report in
accordance with R ile 1 I of the Companies (Audit and Auditors) Rules, 2014. in our and to
the best of opinion our information and according to the explanations given to us/
(i) The Company has no pending litigations on its financial position in its financial
statements
(ii) The Company did not have any long-term contracts including derivative contracts.
Hence, the question making any provision for any material foreseeable losses does not
arise;
(iii) There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
| For Jain Anil & Associates |
| Chartered Accountants |
| ICAI Firm Registration No. 0115987W |
| Anil Jain |
| Proprietor |
| Membership No. 039803 |
| Mumbai |
ANNEXURE A TO INDEPENDENT AUDITORS REPORT
[Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory
Requirements ii the Independent Auditors Report of even date to the members of Hanman
Fit Ltd on the financial statements for the year ended March 31, 2021]
(i) (a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets.
(b) During the year, fixed assets have been physically verified by the management as pt
the regular programme of verification which, in our opinion, is reasonable having regard i
the size of the Company and the nature of its assets. As informed, no material
discrepancies vere noticed on such verification.
(ii) As per information & explanation given to us physical verification of the
stock was conducted by the management during the year at reasonable interval and no ma
rial discrepancies were found.
(iii) As infonned, the Company has not granted any loans, secured or unsecured to Comp
lies, Firms or other parties covered in the register maintained under Section 189 of the
Act. Accordingly, the provisions stated in paragraph 3 (iii)(a) and 3 (iii)(b) of the
Order arc not applicable.
(iv) The company has not given any loans, or made investments or issued any guarantee
or provided any security covered under section 185 and 186 of the Act, hence our comments
on the compliance are not given.
(v) In our opinion and according to the information and explanations given to us, the
Company has not accepted any deposits from the public within the provisions of Sections 73
to 76 of the Act and the rules framed there under.
(vi) The Central Government of India has prescribed the maintenance of cost records ft
the products of the Company under sub-section (1) of Section 148 of the Act and the rules
framed there under. However, at present the Company does not fall under the criteria for
which such records are required to be made and maintained.
(vii) (a) The Company is generally regular in depositing with appropriate authorities,
undisputed statutory dues including provident fund, employees" state insurance,
income tax. service tax, value added tax, cess and any other material statutory dues
applicable to it. Further , as explained to us, the provisions relating to sales tax,
customs duty, wealth tax and excise duty are presently not applicable to the Company.
(viii) According to the records of the Company examined by us and the information and
explanations given to us, the Company has not defaulted in repayment of dues to banks
during the year. In respective of home take from a bank equated installment of principal
amount of loan and interest is payable only after possession is given. Pre-EMI interest is
being paid regularly. The company has not taken any loans from Government / financial
instil lion or by way of issue of debentures.
(ix) hi our opinion on an overall basis and according to the information and
explanations given us, the term loans were applied for the purpose for which the same were
obtained. The Company has not raised any money by way of initial public offer or further
public offer (including debt instruments) during the year.
(x) To the best of our knowledge and belief, and according to the information given to
us, no fraud by the Company or on the Company-by its officers and employees was noticed or
reported during the year.
(xi) According to the records of the Company examined by us and the infonnation and
explan ions given to us, managerial remuneration has been paid / provided by the Company
in accordance with the requisite approvals mandated by the provisions of section 197 read
with Schedule V to the Companies Act.
(xii) The Company is not a Nidhi Company hence our comments as required under clause
3(xii) of the Order are not given.
(xiii) According to the infonnation and explanations given to us, all transactions with
the related parties are in compliance with sections 177 and 188 of Companies Act, 2013
where ever applicable and the details whereof have been stated in the Financial Statements
etc , as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us, the company has not
mad any preferential allotment or private placement of shares or fully or partly
convertible debentures during the year under review.
(xv) According to the records of the Company examined by us and the information and
explan ions given to us, the Company has not entered into any non- cash transactions
referred to in section 192 of the Act with directors of the Company or persons connected
with them during the car.
(xvi) According to the information and explanations given to us, the Company is not
required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
| For Jain Anil & Associates |
| Chartered Accountants |
| ICAI Finn Registration No. 0115987W |
| Anil Jain |
| Proprietor |
| Membership No. 039803 |
| Mumbai |
Annexure - B to the Auditors Report
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 Hanman Fit
Ltd ("the Company") as of 31 March 2021 in conjunction with our audit of the
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 Charterd Accountants of India (TCAT). 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 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 Act.
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") a .1 the Standards on Auditing, issued by ICAI and deemed
to be prescribed under section 143(10) f the Act to the extent applicable to an audit of
internal financial controls, both applicable to n audit of Internal Financial Controls
and, both issued by the ICAI. 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 was
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 fra d or error.
We believe that the audit evidence we have obtained is sufticrent 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 financial statements for external purposes in accordance with generally
accepted accoounting: 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, accurate 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
expenditure of the Company are being made only in accordance with authorisations
management and directors of the Company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised 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 m. 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 March 2021, 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 ICAI.
| For Jain Anil & Associates |
| Chartered Accountants |
| ICAI Firm Registration No.0115987W |
| Anil Jain |
| Proprietor |
| Membership No. 039803 |
| Mumbai |
+91-9892691696
