Satya Miners & Transporters Ltd Auditors Report.
To the Members of SATYA MINERS & TRANSPORTERS LIMITED
Report on the Financial Statements for the F.Y. 2016-17
We have audited the accompanying financial statements of Satya Miners & Transporters Limited ("the Company") which comprise the Balance Sheet as at March 31, 2017 and the Statement of Profit and Loss for the year then ended and Cash Flow Statement, 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 and presentation 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 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, 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.
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 the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with the 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 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 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.
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, 2017; and
b) in the case of the Profit and Loss Account, of the profit for the year ended on March 31, 2017;
c) In the case of the Cash Flow Statement for the year ended 31st March 2017.
EMPHASIS OF MATTERS
We draw attention to the following matters in the Notes to the financial statements:
a) As certified by the management and relied upon by us in the matter that no lawsuits filed against the company.
b) That the Company has accumulated losses at the end of the financial year however its net worth has not been eroded. However, the Companys current liabilities do not exceed its current assets as at the balance sheet date.
Our opinion is not modified in respect of these matters.
Report on Other Legal and Regulatory Requirements
As required by Companies (Auditors Report) Order 2016 (the order) issued by Central Government of India in terms of subsection (11) of section 143 of the Act, we enclose in the annexure a statement on the matters specified in paragraphs 3 & 4 of the said order to the extent applicable.
As required by section 143(3) of the Act, we report that:
a) We have 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 Standalone Balance Sheet, Standalone Statement of Profit and Loss and Standalone Statement of Cash Flow dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid Standalone 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, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2017 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 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:
1. The Company does not have any pending litigations which would impact its financial position.
2. The Company do not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
3. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
|For S.R.AGARWALA & ASSOCIATES|
|FRN No.:- 309065E|
|Dated: 30/05/2017||Mem. No: - 015986|
The Annexure referred to in paragraph of the Our Report of even date to the members of Satya Miners & Transporters Limited on the accounts of the company for the year ended 31st March, 2017.
1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
b) All the fixed assets have been physically verified by the management during the year which, in our opinion, is reasonable having regard to the size of the company and the nature of its business. As informed no material discrepancies were notices on such verification.
2. The company had not any inventory during the year, hence this clause is not applicable to it.
3. The company has not granted any secured/unsecured loans to parties covered in the Register maintained under section 189 of the companies Act. Accordingly this clause is not applicable.
4. In our opinion and according to the information and explanations given to us, there in an adequate internal control system commensurate with the size of the company and the nature of its business.
Further on the basis of our examinations and according to the information and explanations given to us we have neither come across not have we been informed of any instance of major weakness in the aforesaid internal control systems.
5. The Company has not accepted any deposits from the public. In our opinion and according to the information and explanations given to us the, directives issued by the Reserve Bank of India and the provisions of Section 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under, to the extent applicable have been complied with.
6. According to the information and explanations given to us, the company is not required for the maintenance of cost records which has been prescribed by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013. Hence this clause is not applicable to it.
7. a) According to the records examined by us, the company is regular in depositing undisputed statutory dues with appropriate authorities including Income Tax, Wealth Tax, Service Tax, Cess and any other Statutory dues applicable to it.
As informed to us provisions relating to Provident Fund, Employees State Insurance, Sales Tax, Custom Duty, Value Added Tax and Excise Duty are not applicable to it.
Further there were no outstanding dues at the yearend for a period of more than Six Months from the date they become payable.
b) According to the information and explanations given to us, no disputed amount is pending before any forum of the above mentioned statutory dues.
c) According to the information and explanation given to us, the company is not required to transfer any amount to the investor education protection fund in accordance with the relevant provisions of the Companies Act, and rules made there under has been transferred to such fund within time.
8. The Company has accumulated loss at the end of the financial year which is not more than fifty percent of its net worth and it has not incurred cash loss during the current financial year and in the immediately preceding financial year.
9. Based on our audit procedures and as per the information and explanations given by the management, the company has not defaulted in repayment of dues to financial institution or bank or debenture holders.
10. According to the information and explanations given to us by the management, the company has not given any guarantee for loans taken by others from bank or financial institution.
11. The Company has not obtained any term loans. Accordingly this clause of the Order is not applicable.
12. Based upon audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanation given by the management, we report that no fraud on or by the company has been noticed or reported by the management during the year under audit.
|For S.R.AGARWALA & ASSOCIATES|
|FRN No: - 309065E|
|Dated: 30/05/2017||Mem No: - 015986|