To,
The Members of TARANG PROJECTS AND CONSULTANT LIMITED
Report on the Financial Statements
1. We have audited the accompanying financial statements of M/s. TARANG PROJECTS AND
CONSULTANT LIMITED ("the Company"), which comprise the Balance Sheet as at
March 31, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year
then ended, and a summary of the significant accounting policies and other explanatory
information.
Management’s Responsibility for the Financial Statements
2. The Company’s 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 to 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.
Auditor’s Responsibility
3. Our responsibility is to express an opinion on these financial statements based on
our audit.
4. We have taken into account the provisions of the Act and the Rules made thereunder
including the accounting standards and matters which are required to be included in the
audit report.
5. We conducted our audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act and other applicable authoritative pronouncements issued by the
Institute of Chartered Accountants of India. Those Standards and pronouncements 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.
6. An audit involves performing procedures to obtain audit evidence about the amounts
and the 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 the accounting policies used and
the reasonableness of the accounting estimates made by the Company’s Directors, as
well as evaluating the overall presentation of the financial statements.
7. 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
8. 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, 2015, and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
9. As required by ‘the Companies (Auditor’s Report) Order, 2015’, 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 statement on the
matters specified in paragraphs 3 and 4 of the Order.
10. 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 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, except that the back up
of the books of accounts and other books and papers maintained in electronic mode has not
been maintained on servers physically located in India.
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 March
31, 2015 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. 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 knowledge and belief and according to the information and
explanations given to us:
1. The Company has disclosed the impact, if any, of pending litigations as at March 31,
2015 on its financial position in its financial statements .
2. The Company did 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 R Agrawal & Associates |
|
Chartered Accountants |
|
Firm Regn. No. 026544N |
|
Rakesh Kumar Agrawal |
| Place: Ghaziabad |
Proprietor |
| Date : May 29, 2015 |
Membership No. 065309 |
ANNEXURE TO AUDITORS REPORT
i. a) The company has maintained proper records to show full particulars and situation
of its fixed assets.
b) The fixed assets have been physically verified by the management during the year as
per their regular programme of verification which, in our opinion, is reasonable having
regard to the size of the company and the nature of the assets. No material discrepancies
were noticed on such verification.
ii. The Company does not have stock or inventory.
iii. According to the information and explanations given to us, 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. Accordingly, the
provisions of clause 3(iii)(a) and (b) of the Order are not applicable to the Company and
hence not commented upon.
iv. In our opinion and according to the information and explanations given to us, there
is an adequate internal control system commensurate with the size of the Company and the
nature of its business, for the purchase of inventory and fixed assets and for the sale of
goods and services. During the course of our audit, we have not observed any major
weakness or continuing failure to correct any major weakness in the internal control
system of the Company in respect of these areas.
v. The Company has not accepted any deposits from the public.
vi. Cost Audit is not applicable to the company.
vii. A. The company is generally regular in depositing appropriate authorities
statutory dues including Provident Fund, ESI, Income Tax, Sales Tax, Wealth Tax, Custom
Duty, Excise Duty, Cess and any other statutory dues to the extent applicable to it.
B. According to the information and explanation given to us, no undisputed amount is
payable in respect of income tax, wealth tax, sales tax, custom duty, and cess were in
arrears as at 31st March, 2015 for a period more than 6 months from the date
they become payable.
C. According to the information and explanations given to us, there are no dues of
sales tax, wealth tax, excise duty and cess to the extent which have not been deposited on
account of any dispute.
D. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company in accordance with the relevant provisions of
the Companies Act, 1956 (1 of 1956) and rules made thereunder. viii. The Company has no
accumulated losses at the end of the financial year and it has not incurred cash losses in
the current and immediately preceding financial year. The company has profit at the end of
the financial year.
ix. According to the information and explanation given to us, the company has not taken
any loan from any financial institution, bank or debenture holders.
x. According to the information and explanation given to us, the company has not
granted loans and advances on the basis of security by way of pledge of shares, debenture
and other security.
xi. The company is not a chit fund or Nidhi or Mutual Benefit Funds/ Society.
xii. a) According to the information and explanation given to us, the company is
maintaining proper records regarding transaction and contracts with timely entries.
b) The shares, securities, debentures and other securities, where ever applicable, have
been held by the company, in its own name except to the extent of the exemption, if any,
granted under the act.
xiii. According to the information and explanation given to us, and on overall
examination of the Balance Sheet of the company, we report that the company has not
borrowed Term Loan during the year nor there were any outstanding as on 31-03-2015.
xiv. According to the information and explanation given to us, and on overall
examination of the Balance Sheet of the company, we report that no funds raised on the
short term is used for long term basis and no long term funds are used for short term
basis.
xv. According to the information and explanation given to us, we report that no
debentures or shares allotted during the year by the company.
xvi. The company has not raised any money by public issues during the year.
xvii. Based on the audit procedures applied by us and according to the information and
explanation given to us, we report that no fraud on or by the company has been noticed or
reported during the course of our audit.
|
For R Agrawal & Associates |
|
Chartered Accountants |
|
Firm Regn. No. 026544N |
|
Rakesh Kumar Agrawal |
| Place: Ghaziabad |
Proprietor |
| Date : May 29, 2015 |
Membership No. 065309. |
+91-9892691696
