Mar 31, 2015
We have audited the accompanying financial statements of ABIRAMI
FINANCIAL SERVICES (INDIA) LIMITED ("The Company"), which comprises the
Balance Sheet as at March 31, 2015, 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.
2. 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 standalone 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 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.
3. 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
issued by the Institute of Chartered Accountants of India. 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. 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.
4. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
(b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. Emphasis of Matters
(a) The company has surrendered its NBFC license during April 2014 and
hence it has discontinued its operations as a Non Banking Finance Loan
Company during the year under review.
(b) The company has a proposal to demerge. The necessary procedures are
being carried out subject to the approval of the regulatory
authorities.
6. Report on Other Legal and Regulatory Requirements
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 appears from our examination of those
books;
(c) The Balance Sheet, Statement of Profit and Loss and 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 13 3 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 st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 st March,
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 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 did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
III. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE REFERRED TO IN PARAGRAPH 5(1) OF OUR REPORT OF EVEN DATE TO
THE SHAREHOLDERS OF ABIRAMI FINANCIAL SERVICES (INDIA) LTD
(b) a) The company has maintained requisite records showing required
particulars including quantitative details and situation of its fixed
assets.
b) According to the information and explanation given to us by the
management of the company, most of the fixed assets of the company have
been physically verified by the management during the year and the
intervals of such verification had also been reasonable.
(c) a) in respect of Inventories: the Company, being Non Banking
Financial Company, does not have any inventory.
(d) (a) Based on our scrutiny and as per information and explanations
provided to us by the management, the company has not granted loans to
persons covered in the registers maintained under section 189 of the
Companies Act, 2013 ('theAct').
(b) In our opinion, the rate of interest and other terms and conditions
of such loans are not, prima facie, prejudicial to the interest of the
company
(c) The parties have repaid the principal amounts as stipulated and
have also been regular in the payment of interest to the company
(d) There is no overdue amount in excess of Rs. 1 lakh in respect of
loans granted to companies, firms or other parties listed in the
register maintained under section 189 of the Companies Act, 2013
('theAct').
(e) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and its nature of business
with regard to purchases, fixed assets and sales. During our course of
audit, no major weakness was noticed by us in the existing internal
control system in vogue.
(f) a) The company has not accepted any deposits from the Public.
b) The company has not received any order passed by Company Law Board
or National Company Law Tribunal or Reserve Bank of India or any court
or any other tribunal (h) We have been informed by the management that
the maintenance of cost records has not been prescribed by the Central
Govt, under section (1) of section 148 of the Companies Act, 2013.
(I) a) According to the books and records as produced and examined by
us in accordance with Generally Accepted Auditing Practices in India
and also based on management representations, undisputed statutory dues
in respect of provident fund, employee state insurance, income tax,
wealth tax, service tax, sales tax, value added tax, excise duty, cess
and other material statutory dues have generally been regularly
deposited by the company subject to certain exceptions during the year
with the appropriate authorities in India.
b) According to information and explanations given to us, no undisputed
amounts payable in respect of income tax, service tax and excise duty
were outstanding as on 31 st March, 2015 for a period more than six
months from the date the same became payable.
c) The company does not have any such fund that is required to be
transferred to investor education and protection fund in accordance
with the relevant provisions of the CompaniesAct, 1956(1 of 1956) and
rules during the year under audit.
(j) The Company does not have accumulated losses; hence our comments as
regards erosion of net worth of the company are not applicable.
(k) The Company did not have any outstanding dues to financial
institutions, Banks or Debenture holders during the year under audit.
(l) As per the information and explanations given to us, the company
has not given any guarantee for loans taken by others from any bank or
financial institutions. Hence, reporting on terms and conditions of any
such guarantee is irrelevant to our reporting.
(m) The Company did not have any term loans outstanding during the
year.
(n) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the year under audit
and even upto the date of our audit.
For R. BHASKAR & Co.,
Chartered Accountants
F.NO:008860S
Place: Chennai R.BHASKAR
Date: 27.05.2015 PROPRIETOR
M.NO:026584
Mar 31, 2013
Report on the Financial Statements
1. We have audited the accompanying financial statements of M /S
Abirami Financial Services (India) Limited, (''the company"), which
comprises the Balance Sheet as at 31st March 2013, and Cash Flow
Statement for the year then ended, and Significant Accounting
Policies and other explanatory information.
2. Management''s Responsibility for the Financial Statements
Management is responsible for 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 Standards referred to in sub- section (3C) of section
211 of the Companies Act, 1956 ("the Act"). This responsibility
includes the design, implementation and maintenance of internal control
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.
3. Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on A uditing issued by the Institute of Chartered
Accountants of India. 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.
4. 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 control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
6. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 March 2013;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
7. Report on Other Legal and Regulatory Requirements
1) As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (4 A) of section 227 of the Act, and on the basis of our
examination of the books and records of the Company carried out in
accordance with the generally accepted auditing practices in India and
according to the information and explanations given to us, we give in
the Annexure a statement on the matters specified in paragraphs 4 and 5
of the Order.
2) As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the
Company so far as appears from our examination of those books;
c) The Balance Sheet, and Cash Flow Statement dealt with by this report
are in agreement with the books of account;
d) In our opinion, the Balance Sheet, and Cash Flow Statement comply
with the Accounting Standards referred to in sub-section (3C) of
section 211 of the Act;
e) Disclosure in terms of clause (g) of sub-section (1) of Section 274
of the Act is not required for Government Companies as per Notification
No. GSR 829(E) dated October 21,2003 issued by the Department of
Company Affairs.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the Act
nor has it issued any Rules under the said section, prescribing the
manner in which such cess is to be paid, no cess is due and payable by
the Company.
Annexure to the Auditors'' Report
(Referred to in paragraph 7.1 of our report to the members of Abirami
Financial Services (India) Limited (''the Company'') for the year ended
31 st March 2013.
i. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b) In accordance with a program of verification, which in our opinion
provides for physical verification for all the fixed assets at
reasonable intervals, a portion of the fixed assets were physically
verified during the year by the management. According to the
information and explanations given to us, no material discrepancies
were noticed on such verification.
c) In our opinion and according to the information and explanations
given to us, during the year, the Company has not disposed off a major
part of the fixed assets.
ii) In respect of its inventories:
(a) The company, being Non-Banking Financial Company, does not have any
inventory.
iii. (a) The company has in its normal course of business granted loans
to a company listed in the register maintained under section 301 of the
Companies Act, 1956.
(b) In our opinion, the rate of interest and other terms and conditions
of such loans are not, prima facie, prejudicial to the interest of the
company.
(c) The parties have repaid the principal amounts as stipulated and
have also been regular in the payment of interest to the company.
(d) There is no overdue amount in excess of Rs. 1 lakh in respect of
loans granted to companies, firms or other parties listed in the
register maintained under section 301 of the Companies Act, 1956.
b) According to the information and explanations given to us and on the
basis of our examination of the books of account, the Company has not
taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard for purchase of inventory, fixed assets. During
the course of our audit, we have not observed any continuing failure to
correct major weaknesses, if any, in the internal control system.
v. a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangements referred to
in section 301 of the Act that need to be entered into the register
maintained under section 301 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements exceeding value Rs. 5 lakhs have been entered into during
the financial year at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
vi. The Company has not accepted any deposits from the public covered
under section 58A and 5 8AAofthe Companies Act, 1956.
vii. In our opinion, the Company has an internal audit system which is
commensurate with the size and nature of its business.
viii. According to the information and explanations given to us
maintenance of cost records are not applicable to the company.
ix. a) According to the records of the Company, Provident fund,
Investor Education and Protection Fund, Employees'' State Insurance,
Income tax, Sales tax, Wealth tax, Customs Duty, Cess and other
material statutory dues applicable to it have been generally regularly
deposited during the year with the appropriate authorities.
b) According to the information and explanations given to us, no
undisputed amount payable in respect of above were in arrears, as at
March 31, 2013 for a period of more than six months from the date on
which they became payable.
x. The company has neither accumulated losses at end of the financial
year nor has it incurred cash losses during the current financial year
and in the immediately preceding financial year.
xi. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions, banks and debenture holders.
xii. The company has granted loans or advances on the basis of security
of shares and proper records of the same are maintained.
xiii. The provisions of special statute applicable to chit fund and
nidhi/mutual benefit fund/society are not applicable to the Company.
xiv. The Company is dealing in or trading in shares and securities and
proper records have been maintained of the transactions and contracts
and timely entries have been made therein. The investments have been
held by the company in its own name.
xv. The company has not given any guarantees during the year for loans
taken by others from banks or financial institutions.
xvi. In our opinion and according to the information and explanations
given to us, the company has not availed any term loan.
xvii. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, funds
raised on short term basis have prima facie, not been used during the
year for long term investment.
xviii. The Company has not made preferential allotment of shares to
companies, firms and parties covered in the register maintained under
section 301 of the Act.
xix. The Company has not issued any debentures during the year. Hence
paragraph (xix) of the Order is not applicable.
xx. The Company has not raised any money by way of public issue during
the year. Hence paragraph 4(xx) of the Order is not applicable.
xxxi.According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For R.BHASKAR & Co.
Chartered Accountants
F.N0.OO886OS
R. BHASKAR,
Place: Chennai Proprietor
Date: 02-05-2013. M.No.026584
Mar 31, 2012
1. We have examined the attached Balance Sheet of ABIRAMI FINANCIAL
SERVICES (INDIA) LIMITED as at 31 st March 2012 and the annexed Profit
and Loss Account for the year ended on that date. These financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies Auditor's Report Order, 2003 issued by
the Company Law Board in terms of Section 227(4A) of the Companies Act,
1956, we enclose in the annexure a statement on the matters specified
in the said order.
4. Further to the comments in the annexure referred to paragraph 3
above, we report that:
(a) We have 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, the Company has kept proper books of account as
required by law so far as it appears from our examination of such
books.
(c) The Balance Sheet and the Profit and Loss Account dealt with by
this report are in agreement with the books of account.
(d) As per the information and explanations given to us and on the
basis of the written representation received from Directors, we report
that none of the directors of the company are prima facie disqualified
from being appointed as directors of the Company as at 31st March 2012,
in terms of clause (g) of sub section (1) of section 274 of the
Companies Act, 1956.
(e) The said profit and loss account and the balance sheet comply with
the Accounting Standards referred to in Section 211 (3C) of the
Companies Act, 1956.
(f) In our opinion and to the best of our information and according to
the explanations furnished to us, the accounts read with the notes
thereon give the information required by the Companies Act, 1956 in the
manner so required, give a true and fair view in conformity with the
accounting principles generally accepted in India.
(i) In the case of the Balance Sheet of the state of affairs of the
Company as at 3 f March 2012; and
(ii) In the case of the Profit and Loss Account of the PROFIT for the
year ended on that date.
ANNEXURE TO PARA 3 OF THE COMPANIES AUDITOR'S REPORT ORDER, 2003
I. (a) The Company has maintained proper records of fixed assets
showing full particulars including quantitative details and location.
(b) The Company has a regular programme of physical verification of its
fixed assets which, in our opinion, is reasonable having regard to the
size of the company and the nature of its assets. In accordance with
this programme, fixed assets have been physically verified by the
management during the year and no material discrepancies have been
identified on such verification.
(c) The Company has not during the year disposed off a substantial part
of its Fixed Assets.
II. (a) The Company, being Non-Banking Financial Company, does not
have any inventory
III. (a) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties listed in the register maintained
under section 301 of the Act.
IV. In our opinion, the company has an 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.
V. a) The particulars of contracts or arrangements referred to in
section 301 of the Act have been entered in the register required and
these transactions have been entered in the prevailing market rates.
VI. The company has not accepted any deposits from the public during
the year of audit to which provisions of section 58A and 58 AA of The
Companies Act, 1956 are applicable.
VII. The company has an internal audit system commensurate with its
size and the nature of its business.
VIII. According to the information and explanation given to us
maintenance of cost records arc not applicable to the company.
IX. (a) According to the information and explanation given to us the
company is regular in depositing undisputed statutory dues including
income tax, Sales tax, etc to the appropriate authorities.
X. As the Company has not incurred any cash loss this clause is not
applicable to the company.
XI. According to the information and explanations given to us and to
the extent of our examination of the records of the company it has not
defaulted on repayment of dues to the financial institution or bank.
XII. The company has granted loans on the basis of any security and
proper records of the same are maintained.
XIII. The company is not a Chit Fund, and hence this clause is not
applicable to the company.
XIV. As the company is dealing in shares, securities and proper records
have been maintained of the transactions and contracts and timely
entries have been made therein. The investments have been held by the
company, in its own name.
XV. As the company has not given any guarantee and hence this clause
is not applicable to the company.
XVI. The company has not availed any term loan except corporate
borrowings.
XVII. In so far as our examination of the books of accounts the
company has not applied Short Term Funds for Long Term purposes.
XVIII. The company has not made any preferential allotment of shares.
XIX. Debentures have not been issued by the company.
XX. No public money has been raised during the year of audit.
XXI. There is no fraud on or by the company has been noticed or
reported during the year.
XXII. We further report that the company is engaged in the business of
Non Banking Financial Institution and it has obtained a Certificate of
Registration.
XXIII. Company has fulfilled the norms in terms of Assets/Income
pattern as on 31st March 2012.
XXIV. Based on the criteria set forth by RBI, the company is not an
AFC.
XXV. The Board of Directors have passed a resolution for Non-acceptance
of any public deposits and the company has not accepted the same during
the financial year ended 31st March 2012.
XXVI. The company has complied with the prudential norms relating to
income recognition, accounting standards, asset classification and
provisioning for bad and doubtful debts as applicable to it in terms of
Non-Banking Financial (Non- Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007.
For R. BHASKAR & Co.
Chartered Accountants
F.N0.OO886OS
R. BHASKAR,
Place : Chennai Proprietor
Date: 03-05-2012. M.No.026584