Sie sind auf Seite 1von 17

JLIIUILIBJIN

COMMERCI,fiL

IJMITED

Regd Office:6/45,Old Anand Nagar, OffWestern Express Highway, Santacruz (East), Mumbai-400055

Date:30/05/2016
BSE LIMITEI)

25, PJ Towers Dalal Street,


Mumbai,4O0O01.

Dear Sir/Madam,
Ref. Scrip Code: 512355

Sub: Revised Proceeding of Outcome of Board Meeting held on.Monday, 30e May, 2016.

Due to some clerical error we hereby submitted the revised report of the Outcome of Board
Meeting pursuant to Regulation 3O of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 20 1 5.
The changes are done on Notes to Financial Statements: Note 3

Kindly accept the same and acknowledge for our records.


Yours Faithfully,
Thanking You,

Commerclal tnterprlses Llnlted

SHAH

DIRECTOR

Share Capital.

ANUI(ARAN COMMERCIAL ENTERPRISES LIMITED


CIN: 151 1O3MH1 985P1Co36664
BALANCE SHEET AS AT 31ST MARCH, 2016

(in INR)
Note No

Particulars

31.03.2015

31 .03.201 6
Rs

l. rEQUlw AND LlABlLlTlEs

('l) Shareholder's Funds


(a) Share Capitat

(b) Reserves and Surptus


(c) Money received against share warrants
(2) Share application money pending

93,680,000

93,680,000

(29,372,299\

i.9,214,812)

atlotment
(3) Non-Current Liabilities
(a) Long'term borrowings
(b) Deferred tax tiabitities (Net)
(c) Other Lonc term tiabitities
(d) Long teim provisions

370,000

6,708,457

157,323

1,538,233

164,835,424

192.,711,478

'(4)

Current Liabilities

(a) Short-term borrowings


(b) Trade payabtes
(c) Other current tiabilities
(d) 5hort-term provisions

Total
|,{'

ll.Assets
(1

),Non-current assets

(a) Fixed assets

(i) Tangibte assets


(ii) lntangibte assets
(iii) Capitat work-in-progress
(iv) lntangibte assets under devetopment
(b) Non-current investments
(c) Deferred tax assets (net)
(d) Long term toans and advances
(e) Other non-current assets

164,535,476

(2) Current assets


(a) Current investments
(b) lnventories
(c) Trade receivabtes
(d) Cash and cash equivatents
(e) short-term [oans and advances
(f) other current assets

84, 1 75,080

7,771,571

299,548

761,877

64,835,024

192,711,478

Total

For NPV & ASSOCIATES


CHARTERED ACCOUNTANTS

Firm No, : 129408W

wvz?

5uchita Gaglani
Partner
Mem No. : 138473

Kf{%
fl+f"ry*\
S/

\CT'
SUCHTTA \CT,,

* {r. eRonntl*

sx%#
G(.-g
I

Ptace: Mumbai
Dated : 30th May,2016

ffiP
DIN:00434't24

DIN;0651 8905

Ptace : Mumbai

Dated : 30th MaY,2016

ENTERPRISES LIMITED
ANUKARAN COMMERCIAL
CIN: 151 103MH1985P1C036664
u,,!.
2016
EhIDED 31ST MARCH,
AND LOSS FOR THE YEAR
PROFIT
OF

Lr

STATEMENT

(in INR)
31.03.2015

31 .03.201 6

Rs

(42,395,862.00)
10,61 3,572.00

l. Revenue from oPerations

ll. Other
lY.

lncome

lll' Total Revenue (l +ll)

i6let l, szz'oo

Exoenses:

4,658,908 ' 00

E7,zle,e5e'oo)

(40,108,864 00)

Gt

or materiats consumedl
Purchase of Stock-in'Trade
goods' work'in-progress and Stockin inventories of finished

Changes

526,483.00

in-Trade
EmptoYee

3,31 2,1 20.00

benefit expense

expense
Depreciation and amortizSion
Other exPenses

8,897,013'00

Total ExPenses

items and tax (lll ' lv)


v. profit bef&e exceptionat and extraordinary

sAit,qso.oo

1,190,076,00

3,420,361.00

(91,326,393.00)

t'

5,639,429.00

I
i
I
I

Vl. ExcFptionat ltems'


SunorY Bhances written off

20,000,000,00
958,230.00

Long Term CaPitat Loss


(1

items and tax (V


Vll. Profit before extraordinary

'Vl)

9,768,1 54.00)

Vlll. Extraordinary ltems


iTs,zog,t sq.oo)

lX. Profit before

tar<

(Vll

14,109,4?7 .00

33,288,830.00
(4',l

,758,828.00)

GT,zls,szs'oot

'Vlll)

X. Tax exPense:
) Current tax
(2) Deferred tax

(1

(Vll-Vlll)
perid from continuing operations
Xl. Profit(Loss) from the

(20,138,154'00)

(43,1 38,828.00)

operations
Xll. Profit/(Loss) from discontinuing
operations
Xlll. Tax expense of discounting

xlv.

operations (Xll - Xlll)


Profit/(Loss) from Discontinuing

(Xl + XIV)
)U. Profit/(Loss) for the period

(20,1 38,1 54'00)

Jie,t ll.og

(43,1 38,828.

Gi, t 3g,aza.oo)

XVl. Earning Per equitY share:

(0.22

(0.22

(1) Basic

FOr NPV & ASSOCIATES


CHARTERED ACCOUNTANTS

Firm No. : 129408W

Q'AP

Director

suchita cugttuf
I

,I

Partner
Mem No. :138473
Ptace : Mumbai
Dated : 30th MaY,2016

DIN:00434124

DIN;0651 8905

Ptace : Mumbai
Dated

: 30th

MaY,2016

:i-f ::?=t!liJ

Long Teim Provisions


Provision for taxes

370,000

Sundry Creditors for Goods


Outstanding more than a Year
Shubhalaksmi Potyesters Limited

1,793,270

4,914,187

4,914,787
370.000

NOTE 6

l::!=i

6,708,0 s7

OTHER CURRENT LIAEILITIES

Statutorv Dues

28'814
1

Salary PaYabte

157.321

Professiona[ Fees PaYabte


1

,350,000
159'419

1.538,233

57.323

-*4$
NOTE 7 -

toNmERM

LOAryS AND ADVANCES


'i
l:

,l

Unsecured, considered good

Others
ld;rxlmaa SYstems Limited
KhettYa Mercantite Pvt Ltd
Haresh Hirani

;1t
'
"'

Vilas Kothari
Novastar Containers ComPanY
0C Speciatitiei Private Limited
Redstone Reattors
Ronak MatPani

Akhitesh Chaudhary
Ambika EnterPrises
Pawan EnterPrlses

Tycpon Commosate Pvt Ltd


Weatth4u Hospitatity Consuitancy Private Limited

5,000,000
6,sdo,000

5,000,000

t,500,000
2,496,210
65,237,716

2,770,000
1

04,778,601

3,486,000

3,124,000

6,676,751

6,024,471
1

177,551

'I'
i

,500,000

r,812,26i
ir:

il:

1,000,000

,1,

5,500,000
5,ooo,ooo
20,000,000
7,000,000

7,000,000

Capital Advanc6i.':
Aasman Trading Pvt Ltd

27,000,000

Aniruddha Builders &. Developers Private Limited


Firoz Enterprise ,
The aboye advances are given'towards purchase of property.

18,400,000

f5,500,000
7,500.000

55,400,000

Tax Deducted at Spurce - A,Y, 2A16-17


Tax Deducted at Source - A.Y. 20U-16
Tax Deducted at Source . A.Y. 2014-15

z3,oo0,0oo

1,061,208
1,397,176
1,069,s67
1

,061

208

164,535,476

2,466,7 43

184,176,080

NOTE E - TTRADE R$CEIVABLES

Uhsecured and considered good

/ 7lt,')/1

0ver Six Months


.i*qiN+

" .#.
NOTE 9

: CA$I.E

Batances

with

771 521

CASH EQUIVALENTS

269,80t

Banks

Cash on hand

,,:1,

761,214

2,661

2s.747

.299,546

"

*5*NOTE

763,877

10 - REVENUE rRolrt OPRATIONS


Traded Goods :Fabrics

':

Traded Goods

. Fabrics - Return

(4?,395,862)
(4 ?,395, E6 2)

NOTE 11 - OTHER INCOTE

lnterest rtceived on advances

10,6',t1,572

10,613,572
NOTE 12

PUREHASE OT STOCK

4,658,908

14,658,908

. IN . TRADE

Traded Goods - Fabrics - Return

(40,108,864)

t40,10E,864)
NOTE 13

. EMPIOYEE BENEF|TS

Sataries

Bonus

392,200

2,990,000

66,360

250,200

b7,921
525,483

3,312,1?0

'

Staff Conveyance .
SQff Wetfare

5,000
'

{fr,
!
t,{

":,

66,920

:-5::i:.5+a+5
.. :.i:rli:i:1j!altii:+:i

:iri

NOTE 14 - OTHER EXPENSES

Professiohat Fees

99,852

30,000

Audit Fees
Advertisement Expenses

53,932
117,475

57,323
1

8,393

179,7t6

Annuat Listing fees


Other Expenses

370,33

'

1,0s2.486

110,000

Marketing Expenses

40u1. i

120,000

Travettlng Expenses

al

2.]6, 700

78,200

Tetephone Expenses

55,000

Repairs & Maintenenace

Etectricity eharges

270,000

Petiot'and Fue[ Expenses

151,245
7,771 ,521

Bad Depts

8,897,013

5,000

68,000

3,420,361

Payment to Auditors

Particulari,

-rrrns

.*1

Statutory Audlt
Tax Audit

50,000

50,000

50,000

50,000

other Company Matters

37,000

17,000

37,000

137.000

rTn*ll

For NPV & ASSOCIATES


ii.5CHARTERED ACC0UNTANTS
Firm No. : 12940EW

Partner
Mem No.

:llaezl

ANUKAMN COMIIERCIAL ENTERPBISES LIMITEO

ffi
*

Suchita Gaglani

FOT

.1.

';*i

eRculrl *

w#
{

."s,ljrr: i:.1;.q/

/uot'-'""*.i $N

"*\l i*
la4
/g/

Director
01Nr00434124

DIN:06518905

Ptace : Mumbai

Ptace ; Mumbai

Oated : 30th May,201 6

Dated :

l0th

May,201
i,
lr

il
ll
ir

li

i
I

k
I

ANUKARAN COMMERCIAL ENTERPRISES LIMITED


CIN: 151 1 03MHl 985P1C036664
ENDED MARCH 3'I
CASH FLOW STATEMENT FOR THE PERIOD

'

3 1

201 6

(in INR)
.03.201 6

(1

9,768,1 54)

31.03,2015

(41,758,828)

Adiustments for:
and Other Assets
llrrcrease;/Decrease in Trade Receivabtes
& Advances (exct Taxes)
Loans
term
Long
in
Decrease
(lncieaseli

19,640,604

(lncrease)l Decrease in Other non-current assets


(lncrease)/ Decrease in Other Current Assets
(lncrease)/ Decrease in Trade Receivables
(lncrease)/ Decrease in Short Term Loans & Advances
Liabitities
lncrease/(Decrease) in Trade Payabtes and Other

147 915,767)

,771 ,571

40,608, I

t (Dedidase) in Trade payables


tricrea$ / (Decrease) in Other current tiabitities
lncrease / (Decrease) in Other Long Term tiabitities
lncrease / (Decrease) in Long Term Provisions
lncrease / (Decrease) in Short Term Provisions

lncrease

Cash Generated/(used)

l6

(1,429,862

(1 ,417,770],

(41,825,836

from Operations
(38e,333)

; Taxes Paid (Net)

(43,205,836)

Net Cash from Operating Activities

ie, r lz,0oo
38, 1 47,060

Generated/(used) from lnvesting Activities

of

Shares

'b"n".ut"d/1rt"d) from Financing Activities

Nfi

INCREASE

(A+B+C)
(DECREASE) IN CASH AND CASH EqUNALENTS

OFTHE PERIOD
AND CASH EQUIVALENTS ATTHE BEGINNING
PERIOD
THE
OF
END
THE
AT
CA5H
EQUIVALENTS
AND

(464,3291
763,877

629,861

of Cash And Cash Equivatents at the end of the Period


763,877

i1

rl

Notes:

1
Z
3

(A5) 3:
method as set out in Accounting Standard
ftow statement has been prepared under the indirect
2013'
Act'
Companies
statements" as prescribed under section 133 of the

"Cash

ftow

Cash

Figures in the brackets indicates Cash outftow


previors years figures nuru Uuun

'"g'opu"Olffi

For l{PV & A550C[ATE5


CHARTERED ACCOUNTANTs

Firm No. : 129408W


)

u$e?
Suchita Gagtani
Partner
Mem No. : 138473

ffi
7y^-:*-/.rt..
d$eaAcc%

DIN:0651 8905

Ptace : Mumbai
Place : Mumbai
Dated : 30th Mav,2016

Dated : 30th MaY,2016

NPV House, D-Wing, Chanakya CHSL,

Mahavir Nagar Link Road, Kandivali-West, Mumbai - 400067


+ 9 t-22-29 67 823 L-38
Email: npv@npvca.in

Tel :

An ISO 9001: 2008 Certified

lndependent Auditor,s Report


To the Members of Anukaran commerciar Enterprises
Limited

.ngpotl on fi'e Standalone Financial Statements


we have audited the accompanying standatone financiat statements
of Anukaran
com.mercial Enterprises Limited('tne company'),
which comprise the batance sneet as ai
31 March 2016, the statement oi profit ana tosi
and the cash ftow statement for the year
and a summary of significant a..ounitng -[oucies uno
otnui expranatory

IliJrT?j,|

Management's Responsibility for the standalone


Financial statements

The company's Board of Directors is responsibte


for the matters stated in section 134(5) of
the

companies Act,. 2013. (."the Act") with rurju.i to


in. pr.paration and presentation of
these standatone financial statements that give a
true
and fair view of the financiat
position, financial' performance and cash
ftoiv or tne-iompany in accordance with the
accounting principtes generatl.y accepted in lndia,
inciuoing ihe Accornting standards
specified under Section 133 of the Act, read witlr
Rute 7 of the Companies (Accounts)
Rutes, 2014' This responsibitity atso inctudes
maintenance of adequate accounting records
in accordance with the provisions of the Act for safeguarding
the assets of the company
and for preventing and
frauds and other irre-gutaritibs; setection and apptication
.detecting
of appropriate accounting poticies; making judgments"ind estimates
that are reasonable
and prudent; and design, imptementation ind maintenance
of adequate internat financiat
controts, that were operating effectivety for ensuring
ir'"-u.auracy and
the accounting records, retevant to the preparatiori and presentation compteteness of
of the financia[
statements that give a true and fair view and are free
from materiat misstatement,
whether due to fraud or error.

Auditor's Responsibility
our responsibitity is to express an opinion on these standatone financial
statements based
on our audit.

we have taken into--u.:o.rlt the provisions of the Act, the accounting


and auditing
, standards and matters which_are required to be inctudei in the audit
reiort under the
provisions of the Act and the Rutes made
thereunder.

We coMucted our audit in accordance with the


Standards on Auditing specified under
section'143(10) of 'the Act. Those itandards require
that we compty with ethicat
rqcuilemqnts and plan' and perform the audit to 'obtain
reasonabte
- assurance about
whether the financial statements are free from materiat
misstate;fi.
An audit invotves performing procedures to obtain audit
evidence about the amounts and
the disctosures in the financiat statements. The procadures setected
depend on the
auditor's judgment, inctuding the assessmen[ of the risks
of material misstatement of the

w
ffi,m

* { ;. cneMrut}*

risk assessments' the


financiat staiements, whether due to fraud or error. ln making those
to the companv's preparatjon of the
;;ii;;";;;ria"ri tnturnat financiat contiot retevant
audit procedures that
financiat statements-ir..'ii glre a true and fair view in order to design
the
are appropriate in th; circumstances. An audit atso inctudesofevatuating
accounting
the
ipprop?iut.iness of the accounting poticies used and the reasonabteness
the overat[ presentation
estimates made by tt'.,eCompany'i Directors, as wetl as evatuating
of the financiaI statements.

and appropriate to
We betieve that the audit evidence we have obtained is sufficient
prouia",u basis for our opinion on the standatone financia[ statements'
:

Opinion
the.exptanations given
ln our opinion and to the best of our information and according to
information required by the
l;;;, ifi; afgresaid standatone financiat statements givefalr"theview
in conformity with the
Act ir6;the manner so required and give a true ani
affairs of the Company as
...rrfiti.e principl,es geneial,l,y accepted in lndia, of the state ofyear
ended on that date;
at 31 March 2016 and-its profit/toss and its caih ftow for the
subject toSecurities Exchange
We have been informed by the management of the Company that
of June 2015' in trading
Board of lndia (SEBI) initiated an investigation, during the month
information for
activity of few entitiei in the equity shafus of the company and had sought
altotment of
the period 31.3.2011 to 31 .3.ZO14inter atia in the context of the Preferentiat
of the entities who
equity shares maOe by the Company and information rel'ated to few
that lhe
confirmed,
preferentiat
attotment, Management
were the aflottees in tfre
desired
the
provided
has
Company is futty cooperating in the iaid investigation and
company
the
matter
information to SEB|. ftfrnug.,ri,.nt also informed us that in the same
of lncome
Department
lntettigence,
of
Revenue
Directorate
;;;; ;;rrrnii.tion from
and
reptied
has
Tax, Mumbal seef<ing infot*ition on the matter and that the Company
the
in
that
Management is of the view
provided the sought information
-'ir to the Directorate. case
its
or
against the company
no prima facie
said investigation- i6.iu
promoters/ management.

given to

the management, the Company is recovering loans and advances


to cash system for
various parties. There is a change in uccouiiting pol'icy fromhercantjte
we have obtained
interest income which are doubtfut of ieceiva-bie. Wherever required,
understanding of
better
for
exptanations from the management/ authorized persons

As informed by

transactions.
Report on 0ther Legat and Regutatory Requirements

("the Order") issued by


1. As required by the Companies (Auditor's Report) Order,2016
(11) of section 143 of ,the Act' we
the Central, Government of lndia in terms of sub'section
the paragraph 3 and 4 of
give in the Annexure A, a statement on in" matters specified in
the order,

7.

,.

As required by Section 143 (3)

of the Act, we report that:

(a)wehavesoughtandobtainedatttheinformationandexptanationswhichtothe

purposes of our audit'


best of our knowtedf,e and betief were necessary for.the

kePt
in our opinion proper books of account as required PY]3Y have been
boo6
IJrpunV io ruilr ii uipe.ts from oUr examinatign of those

(b)

&ffi^s
* i;.
*
cncu\rur I

eb!#"Up

bY the

"l

(c) the balance sheet, the statement of profit and loss and the cash ftow statement
deatt with by this Report are in agreement with the'books of account;
(d). in our opinion, the aforesaid standatone financiat statements compty with the
Accounting Standards specified under Section 133 of the Act, read with Rute 7 of the
Companies (Accounts) Rutes, 2014;
(e)

on the bdsis of the written representations received from the directors as on 31


the directors is
Directors, none
March 2016 taken on record by the Board
disquatified as on 31 March 2016 from being appointed as a director in terms of Sectron
164 l2l of the Act;

of

of

(f) with respect to the adequacy of the internal financial controls over financiaI
reporting of ttae Company and the operating effectiveness of such controls, refer to our
separat$ report in "Annexure B"; and
"*
r...

(g) with respect to other matters to be inctuded in the Auditor's Report in accordance
with Rute 11 of the Companies (Audit and Auditors) Rutes, 2014, in our opinion and to the
best of our information and according to the exptanations given to us:
i.

There are no pending titigations which may adversety affect its financiat
Position

ii. ' The Company did not have any [ong term contract inctuding derivative
contracts for which there were any materiat foreseeable losses.

iii.

There are no amounts pending which are required to be transferred to the


lnvestor Education and Protection Fund by the Company.

For NPV & Associates


Chartered Accountants
Firm Registration No.: 129408W

\$,,
Suchita Gagtani
Membership No.: 138473
Place: Mumbai.
Dated: 30th May,2016.

ffi^s
*

{ L.

cRomrutl*

ww

\_

Annexure - A to the Auditors' RePort

of the Company
The Annexure referred to in lndependent Auditors' Report to the members
report that:
we
2016,
March
31
year
ended
the
for
on the standalone financiat statements
l.

order is not
The company do not have any fixed asset. Thus, paragraph 3(i) of the
appticabte to the ComPanY.

II.

physicat
The nature of business of the Company is such that it does not hotd any
inr"ntori"i. ihrr, paragraph 3(ii) of the order is not appticabte to the Company'

iii.

The company has not granted any [oans to bodies covered in the register
('the Act')' Thus,
maintained under section 189 of the Companies Act, 2013
parag;1ph 3(iii) of the order is not appticabte to the company.

tr
lv.

given to us' the


ln our opinion and according to the information and expianations
186 of the Acl'
Company has not comptied iUtn tf," provisions of section 185 and
with respect to the loans and investments made'
The Company has not accepted any deposits from the pubtic'

vi.

under
The Central Government has not prescribed the maintenance of cost records
Company'
the
by
section 148(1) of the Act, for any of the services rendered
basjs
According to the information and exptanations given to us and.on the
in
accrued
of our examination of the records of the Company, amounts deducted/
provident
inctuding
the books of account in respect of undisputed statutory dues
cess
fund, income-tax, sates tax, val.ue added tax, duty of customs, service tax,
year
by
and other mater:ial statutory dues have been regutarty deposited during-the
did
the Company with the appropriate authorities. As explained to us, the Company
excise'
of
and
duty
insurance
state
not have any dues on account of emptoyees'

vii. (a)
-

amounts payabte
According to the information and expl,anations given to us, no undisputed
of customs'
duty
tax,
prov'ident fund, income tax, satis tax, vatue added
7016 f or
March
as at 31
service tax, cess and other materiat statutory dues were in arrears
a period of more than six months from the date they became payable'

i;;;$;.i-of

ii

dues
(b) According to the information and exptanations given to us, there are no materiat on
of duty of customs which have not been deposited with the appropriate authorities

account of any disPute.

viii.

The Company does not have any [oans or borrowings from any financial institution,
paragraph
banks, government or debenture holders during the year, Accordingty,
3(viii) of the Order is not appticabte.

ix.

further
The compar.ry did not raise any money by way of initiat pubtic offer or
year'
pubtic oifer"(inctuding debt instruments) and term loans during the
iccordingty, paragraphl (tx) ot the Order is npt appticabte.

x.

fraud by the
According to the information and exptanations given to us, no materiat
has been noticed or
Company or on the Company;by iis officers or emptoyees
reported during the course of our audit.

ffi

{ r.

cncinrutl'*

rl
l1

:l
rl

I
xl.

Xii.

According to the information and explanations give to us and based on our


examination of the records of the Company, the Company has not paidi provided
for managerial remuneration in accordance with the requisite approvats mandated
by the provisions of section 197 read with Schedu[e V to the Act.
ln our opinion and according to the information and exptanations given to us, the
of the 0rder is noI

Company is not a nidhi company. Accordingty, paragraph 3(xii)


appticabte.

xiii.

According to the information and exptanations given to us and based on our


examination of the records of the Company, transactions with retated parties are in
comptiance with sections 177 and '188 of the Act wherever appticabte and detaits of
'such transactions have been disctosed in the financial statements as required by
the apgticabte accounting standards.

xiv.

tt'

xv,

According to the information and exptanations given to us and based on our


examination of the records of the Company, the Company has not entered into
non-cash transactions with directors or persons connected with him. Accordingty,
pmagraph 3(xv) of the Order is not appticabte.

xvi.

The Company is not required to be registered under section 45-lA of the Reserve
Bank of lndia Act 1934,

According to the information and exptanations give to us and based on our


examination of the records of the Company, the Company has not made any
preferential atlotment or private ptacement of shares or futty or partty convertibte
debentures during the year.

For NPV & Associates

Chartered Accountants
Firm Registration No.: 129408W

\Yz
Suchita Gagtani
Membership No.: 1 38473
Place: Mumbai.
Dated: 30th May,2016.

ffi

w
* {r. cnemut}*

l
i

Annexure - B to the Auditors' Report


Report on the Internat Financiat Controts under Ctause (i) of Sub-section 3 of Section 143
of the Companies Act, 2013 ("the Act")

We have audited the internat financial, controts over financiat reporting of Anukaran
Commercial Enterprises Limited ("the Company") as of 31 March 2016 in conjunction with
our audit of the standatone financiat statements of the Company for the year ended on
that date.
Management's Responsibility for Internal Financial Controls

is responsibte for estabtishing and maintaining internaI


financiat controts based on the internat control over financiat reporting criteria estabtished
by the Company considering the essential components of internat control slaterl in thc
Guidantb Note-on Audit of lnternal Financial Controts over Financial Reportinq rssued by
the lnstitute of Chartered Accountants of lndia ('lCAt'). These responsibiti[ies inctude lhe
design, imptementation and maintenance of adequate jnternat financial controts [hat were
operating effectively for ensuring the orderty and efficient conduct of jts business,
,+, inctuding adherence to company's poticies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and compteteness of the accounting
records, and the timety preparation of retiabte financiat information, as required under
,. the Companies Act, 2013.
The Company's management

Auditors' Responsibi lity


Qur responsibitity is to express an opinion on the Company's internal financiat controls over
financial reporting based on our audit. We conducted our audit in accordance wjth the
Guidance Note on Audit of lnternal Financiat Controts over Financial Reporting (the

"Gqidance Note") and the Standards on Auditing, issued by lCAl and deemed to be
prescribed under section 143(10) of the Companies Act, 2013, to the extent appticable to
an audit of internaI financiat controtsi both appticabte to an audit of lnternat FinanciaI
Controts and, both issued by the lnstitute of Chartered Accountants of lndia. Those
Standards and the Guidance Note require that we compl.y wjth ethical requirements and
ptan and perform the audit to obtain reasonabte assurance about whether adequate
internat financiat controts over financiat reporting was estabtished and mainlained and if
such controts operated effectivety in atl material respects
Our audit invotves performing procedures to obtain audit evidence about the adequacy of
the internal financiat contiots system over financiaI reporting and their operating
effectiveness. 0ur audit of internal financiaI controts over financia[ reporting inctuded
obtaining an understanding of internal financiat controts over financial reporting, assessing

the risk that a materiat weakness exists, and testing and evatuating the design and
operating effectiveness of internal control based on the assessed risk. The procedures
,'setected-depend
on the auditor's judgment, inctuding the assessment of the risks of
materiat misstatement of the financia[ statements, whether due to fraud or error'

We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our. opinion on the Company's internal financial controts system over
financiat reporting.
Meaning of lnternal Financial Controls over Financial neportlng

A company's internat fjnanciat contro('over financiat reporting is a process designed lo

I
I
i

provide reasonabte assurance regarding the retiabitity of financiaI reporting and the
preparation of financiat statements for external purposes in accordance wtth generalty
accepted accounting principtes. A company's internaI financiat controt over fjnanciaI
reporting inctudes those poticies and procedures that
(1) pertain to the mainfenance of records that, in reasonabte detait, accuratety and farrly
reftect the transactions and dispositions of the assets of the company;

(2) provide reasbnabte assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generatty accepted accounting
principtes, and that receipts and expenditures of the company are being made onty in
accordance with authorisations of management and directors of the company; and
reasonabte assurance regarding prevention or timety detection of
unauthorised-acquisition, use, or disposition of the company's assets that coutd have a
materi& effeclon the financiat statements.

(3) provide

lnherent Limjtations of lnternal Financial Controls Over Financiat Reporting

of the inherent limitations of internat financiat controts over financial reporting,


the possibitity of cottusion or improper management override of controts,
material misstatements due to error or fraud may occur and not be detected, Atso,
projections of any evatuation of the internat financiat controts over fjnanciat reporting to
iuture peiriods aie subject to the risk that the internat financiat control over financjat
repor"ting may become inadequate because of changes in conditions, or that the degree of
comptiance with the poticies or procedures may deteriorate.
Because

incl.uding

Opinion

ln riur opinion, the Company has, in atI materiat respects, an adequate internat financiat
controts system over financial reporting and such interna[ financiat controls over financiat
reporting were operating effectivety as at 31 March 2016, based on the internaI control
over financiat reporting criteria estabtished by the Company considering the essentjal
components of internal control stated in the Guidance Note on Audit of lnternal Financial
Controts Over Financiat Reporting issued by the lnstitute
lndia.
For NPV & Associates
Chartered Accountants
Firm Registration No,: 129408W

Suchita Gagtani
Membefship No.: 138473
Place: Mumbai.
Dated: 30th May,2016.

of Chartered Accountants of