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Updated:16 Aug, 2019, 15:59 PM IST

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Updated:16 Aug, 2019, 16:01 PM IST

Disclosure in auditor’s report explanatory

INDEPENDENT AUDITORS’ REPORT   

TO THE MEMBERS OF KHADIM INDIA LIMTED

Report on the Financial Statements

We have audited the accompanying financial statements of KHADIM INDIA LIMITED ("the Company"), which comprise the Balance Sheet as at 31st March, 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

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 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.

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 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 31st March, 2015, and its loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

·         As required by the Companies (Auditor’s Report) Order, 2015 (“the Order”) issued by the Central Government in terms of Section 143(11) of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

·         As required by Section 143 (3) of the Act, we report that:

·                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.

·                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.

·                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.

·                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.

·                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.

·                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:

·            The Company has disclosed the impact of pending litigations on its financial position in its financial statements in accordance with the generally accepted accounting practice – also refer Note 13.1 and Note 31 to the financial statements.

·              The Company did not have any long–term contracts including derivative contracts for which there were any material foreseeable losses.

·                There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

For DELOITTE HASKINS & SELLS

Chartered Accountants

(Firm’s Registration No. 302009E)

                                        

A. Bhattacharya

Partner

(Membership No. 054110)

KOLKATA, 31st July, 2015

Disclosure in auditors report relating to fixed assets

· In respect of its fixed assets: · The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

Disclosure relating to quantitative details of fixed assets

· In respect of its fixed assets: · The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

Disclosure relating to physical verification and material discrepancies of fixed assets

· The fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verification.

Disclosure in auditors report relating to inventories

· In respect of its inventories: · As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals. · In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business. · In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

Disclosure of physical verification of inventories at fixed intervals

As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals

Disclosure of procedure followed for physical verification of inventories

· In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the Management were reasonable and adequate in relation to the size of the Company and the nature of its business.

Disclosure about maintenance of inventory records and material discrepancies

· In our opinion and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification.

Disclosure in auditors report relating to loans

· 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.

Disclosure in auditors report relating to internal control system

· In our opinion and according to the information and explanations given to us, there are adequate internal control systems 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. During the course of our audit, we have not observed any major weaknesses in such internal control system. The Company does not have any sale of services during the year.

Disclosure in auditors report relating to accumulated losses

· The Company does not have accumulated losses at the end of the financial year and the Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

Disclosure in auditors report relating to default in repayment of financial dues

· According to the information and explanations given to us, the Company has not defaulted in the repayment of dues to any financial institutions, banks or to debenture holders during the year.

Disclosure in auditors report relating to guarantee given

· According to the information and explanations given to us, the Company has not given guarantees for loans taken by others from banks and financial institutions.

Disclosure in auditors report relating to term loans used for purpose other than for purpose they were raised

In our opinion and according to the information and explanations given to us, the term loans have been applied by the Company during the year for the purposes for which they were obtained

Disclosure in auditors report relating to any material fraud reported during period

· To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

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