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Updated:22 Jan, 2021, 15:14 PM IST

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Updated:22 Jan, 2021, 15:22 PM IST

INDEPENDENT AUDITOR’S REPORT

TO

THE MEMBERS OF ALBERT DAVID LTD.

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of Albert David Limited ("the Company"), which comprise the Balance Sheet as at 31 March 2015, and the Statement of Profit and Loss and 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 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 accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of 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 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 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 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. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by 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 standalone 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 31st March, 2015, and its profit and its cash flows 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 Companies Act, 2013, we give in the Annexure 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 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, 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 31st March'2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March'2015 from being appointed as a director in terms of Section 164(2) of the Act.

f. In our opinion, the Company has reasonably adequate internal financial control system in place providing operating effectiveness of such controls.

g. 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 has disclosed the impact of pending litigations on its financial position in its financial statements – Refer Note No.26.1(I)(A) of Notes to the financial statements.

II. The Company did not have any long–term contract including derivative contract which may lead to any foreseeable loss.

III. There has been no delay in transferring amounts, required to be transferred to the Investor Education and Protection Fund by the company.

ANNEXURE TO THE AUDITORS' REPORT AS REFERRED TO IN PARA 1

OF THE SAID REPORT OF EVEN DATE.

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

b. The fixed assets have been physically verified by the Management at reasonable intervals. No material discrepancies between book records and the physical inventories have been noticed on such verification.

2 a. The inventories have been physically verified at reasonable intervals by the management.

b. The procedures of physical verification of inventories followed by management are reasonable and adequate in relation to the size of the company and the nature of its business.

c. On the basis of our examination of the records of inventory, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and book records were not material and have been properly dealt with in the books of accounts.

3. The Company has given unsecured loans of Rs.300 Lacs to a Company covered in the register maintained under section 189 of the Companies Act, 2013. The amount of principal and interest thereon has been fully recovered during the year.

4. 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 purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit no major weakness has been noticed in the internal controls. We have not observed any failure on the part of the company to correct major weakness in internal control system.

5. The company has not accepted any deposits under the provisions of section 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under and as such the question of compliance under the Companies

Act or any other directives or orders does not arise.

6. On the basis of records produced we are of the opinion that prima facie cost records and accounts prescribed by the

Central Government under sub section (1) of section 148 of the Companies Act, 2013 in respect of products of 'the company' covered under the rules under said section have been made and maintained. However we are neither required to carry out nor have carried out any detailed examination of such accounts and records.

7 a. According to information and explanations given to us, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty,value added tax, cess and any other statutory dues to the extent applicable to it.

We have been informed that there are no undisputed statutory dues as at the year end outstanding for a period of more than six months from the date they became payable.

b. According to the information and explanations given to us, the following dues of Sales Tax, Income Tax, Excise Duty and Cess have not been deposited on account of pending dispute :–

c. The company does not have any due for transfer to investor education and protection fund in accordance with the provision of the Companies Act and the Rules made thereunder.

8. The company does not have Accumulated losses at the end of the financial year. The company has not incurred any cash loss in the current financial or in the immediately preceding financial year.

9. Based on our audit procedures and the information and explanations given by the management, the company has not defaulted on repayment of dues to a financial institution or any Bank.

10. According to information and explanation given to us, the company has given a guarantee to bank in respect of a loan taken by another Company. In our opinion, the terms and conditions of such guarantee are not prejudicial to the interest of the Company.

11. Term Loans have been applied for the purpose they were obtained.

12. According to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

For G. Basu & Co.

Chartered Accountants

(Registration No.301174E)

T. K. Batabyal

Partner

(Membership No.008033)

Place : Kolkata

Date : 28th May, 2015

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