| We have audited the accompanying financial statements of Aris
International Limited ('the Company'), which comprise the balance
sheet as at 31 March 2015, 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.
Management's responsibility for the financial statements
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 and presentation 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 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 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
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 thereunder.
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 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 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.
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 31 March 2015 and its 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, 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
statement on the matters specified in the paragraph 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
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 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 31 March 2015 taken on record by the Board of
Directors, none of the director is disqualified as on 31 March 2015
from being appointed as a director in terms of Section 164 (2) of the
Act; and
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:
i. the Company does not have any pending litigations which would
impact its financial position;
ii. the Company does not have any long term contracts including
derivative contracts; as such the question of commenting on any
material foreseeable losses thereon does not arise; and
iii. There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of delay in transferring such sums as
such does not arise.
Annexure referred to in our Independent Auditors' Report to the
members of the company on the financial statements for the year ended
31 March 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we report that:
i) The Company does not have any fixed assets. Hence the requirement
of clause (i)(a) and (i)(b) of para 3 of the said Order are not
applicable to the company.
ii) The Company is a service company that does not require it to hold
any inventory. Accordingly, the requirement of clause (ii) of para 3
of the said Order is not applicable.
iii) The Company has not granted loans secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013 ('the Act'). Accordingly,
the requirement of clause (iii) of para 3 of the said Order is not
applicable.
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 with
regard to purchase of fixed assets and sale of services. The
activities of the Company do not involve purchase of inventory and the
sale of goods. Further, on the basis of our examination of the books
and records of the Company and according to the information and
explanations given to us, we have not observed any major weakness in
the internal control system during the course of the audit.
v) The Company has not accepted any deposits from the public covered
under Section 73 to 76 of the act. Accordingly, the requirement of
clause (v) of para 3 of the said Order is not applicable.
vi) As informed to us, the Central Government has not prescribed the
maintenance of cost records under subsection (1) of section 148 of the
Act, for any of the services rendered by the Company. Accordingly, the
requirement of clause (vi) of para 3 of the said Order is not
applicable.
vii) (a) According to the information and explanations given to us and
based on the records of the Company examined by us, amounts deducted/
accrued in the books of account in respect of undisputed statutory
dues including Provident Fund, Employees' State Insurance, Income tax,
Sales tax, Wealth tax, Service tax, Duty of Customs, Duty of Excise,
Value added tax, cess and other material statutory dues as applicable
have been regularly deposited during the year by the Company with the
appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Employees'
State Insurance, Income tax, Sales tax, Wealth tax, Service tax, Duty
of Customs, Duty of Excise, Value added tax, cess and other material
statutory dues were in arrears as at 31 March 2015 for a period of
more than six months from the date they became payable.
(b) According to the information and explanations given to us, there
are no material dues of Income tax, Sales tax, Wealth tax, Service
tax, Duty of Customs, Duty of Excise, Value added tax or cess which
have not been deposited with the appropriate authorities on account of
any dispute.
(c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. Accordingly, the requirement of clause (vii)(c) of
para 3 of the said Order is not applicable.
viii) . The Company has accumulated losses at the end of the financial
year which are not less than fifty per cent of its net worth. The
Company has not incurred cash losses in the financial year but has
incurred cash loss in the immediately preceding financial year.
ix) . The Company did not have any outstanding dues to financial
institutions, banks or debenture holders during the year. Accordingly,
the requirement of clause (viii) of para 3 of the said Order is not
applicable.
x) . In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
Accordingly, the requirement of clause
(x) of para 3 of the said Order is not applicable.
xi) . The Company did not have any term loans outstanding during the
year. Accordingly, the requirement of clause
(xi) of para 3 of the said Order is not applicable.
xii) . According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported
during the course of our audit.
For K.M.Tapuriah & Co.
Chartered Accountants
Firm's registration number: 314043E
Sd/-
CA Naveen Mohata
Partner
Membership number: 048111
Mumbai, 30th May 2015 |