Mar 31, 2018
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone financial statements of Apollo Pipes Limited (formerly known as âAmulya Leasing and Finance Limited) (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2018, and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Ind AS Financial Statements
1. The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015(as amended) and other accounting principles generally accepted in India. 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 standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error
Auditorâs Responsibility
2. Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit.
3. In conducting our audit, we have taken into account the provisions of the Act and the rules made thereunder including 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 .
4. We conducted our audit of the standalone Ind AS financial statements 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 standalone Ind AS financial statements are free from material misstatement.
5. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the standalone Ind AS 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 Companyâs Directors, as well as evaluating the overall presentation of the standalone Ind AS financial statements.
6. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.
Opinion
7. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS 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 March 31, 2018, and its profit(including other comprehensive income),its cash flows and the changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
8. As required by the Companies (Auditorâs Report) 0rder2016,issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act (â the Orderâ), and on the basis such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give considered appropriate and according to the information and explanations given to us, we give in Annexure B a statement on the matters specified in paragraphs 3 and 4 of that Order
9. As required by Section 143(3) of the Act, based on our audit 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 standalone Ind AS Balance Sheet, the Statement of Profit and Loss (including other comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards prescribed under section 133 of the Act.
(e) On the basis of the written representations received from the directors of the Company as on March 31, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164(2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Aââ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companyâs internal financial controls over financial reporting.
(g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, 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,if any of pending litigations as at March 31,2018 on its financial position in its standalone Ind AS financial statements- Refer Note 34
ii. The Company has long term contracts as at March 31,2018 for which there were no material foreseeable losses. There are no long term derivative contracts as at March 31,2018.
iii. For the year ended 2017-18, no amount is required to be transferred to Investor Education and Protection Fund by the Company.
Report on the Internal Financial Controls under Clause (i) of Sub- section 3 of Section 143 of the Act
1. We have audited the internal financial controls over financial reporting of Apollo Pipes Limited (formerly known as â Amulya leasing and Finance Limitedâ) (âthe Companyâ) as of March 31, 2018 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
2. The Board of Directors of the Company is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India(ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditorsâ Responsibility
3. Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error
5. We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
6. A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of standalone Ind AS financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companyâs assets that could have a material effect on the standalone Ind AS financial statements.
Limitations of Internal Financial Controls Over Financial Reporting
7. Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
8. In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
i. (a) The company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets.
(b) The fixed assets are physically verified by the Management according to a phased programme designed to cover all the items over a period of three years which, in our opinion is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme , a portion of the fixed assets has been physically verified by the management during the year and no material discrepancies were noticed on such physical verification.
(c) The title deeds of immovable properties, as disclosed in Note 3 on fixed assets to the standalone Ind AS financial statements, are held in the name of the Company.
ii. As explained at us, the physical verification of inventory excluding stocks with third parties have been conducted at reasonable intervals by the management during the year and no material disceprancies were noticed on physical verification.
iii. The Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Act. Therefore, the provisions of Clause 3(iii), (iii)(a), (iii)(b) and (iii)(c) of the said Order are not applicable to the Company.
iv. In our opinion, and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Companies Act, 2013 in respect of the loans and investments made, and guarantees and security provided by it.
v. The Company has not accepted any deposits from the public within the meaning of Sections 73, 74, 75 and 76 of the Act and the Rules framed there under to the extent notified.
vi. Pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as specified under Section 148(1) of the Act in respect of its products.We have broadly reviewed the same, and are of the opinion that, prima facie,the prescribed accounts and records have been made and maintained. We have not made a detailed examination of the records with a a view to determine whether they are accurate or complete.
vii. (a) According to the information and explanations given to us and on the basis of our examination of the records of the company, there had been no delays in depositing undisputed statutory dues, including income tax, employeesâ state insurance , provident fund , sales tax , value added tax , service tax , duty of customs, duty of excise, cess and other material statutory dues, as applicable, with the appropriate authorities.
(b) According to the information and explanations given to us, no undisputed amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty, Service Tax, Goods and Services Tax, Value Added Tax, Cess etc. were outstanding as at 31st March, 2018 for a period of more than six months from the date they became payable. The particulars of dues of income tax,sales tax, service tax, goods and services tax,duty of excise and value added tax as at March 31,2018 which have not been deposited on account of a dispute, are as follows:
Name of the Statute |
Nature of Dues |
Amount in Rs. |
Period to which dues Related |
Authority where the Dispute is Pending for Decision |
U.P. Vat Act,2008 |
Reversal of Input Tax Credit on consignment |
3,48,901 |
January 2008 to March 2008 |
Commercial Tax Tribunal- Ghaziabad |
Central Excise Act, 1944 |
Appropriation of Duty paid under proviso to Sec.11 A of Central Excise Act, 1944 on Account of duty paid on confiscated goods wt. 52,095 Kgs. |
3,40,076 |
February 2007 |
CESTAT, Allahabad |
Penalty under Rule 25 of Central Excise Rules 2002 read with section 11 AC of Central Excise Act, 1944 |
3,40,076 |
February 2007 |
||
Central Excise Act, 1944 |
Appropriation of Duty paid under proviso to section 11 A of Central Excise Act,1944 on Account of duty paid short during DEC-2004 to FEB-07. |
34,02,303 |
Dec 2004 to Feb. 2007 |
CESTAT, Allahabad |
Penalty under Rule 25 of Central Excise Rule,2002 read with section II AC of Central Excise Act,1944 |
34,02,303 |
Dec 2004 to Feb. 2007 |
||
UP Vat Act & Rules 2008 |
Reversal of Input Tax Credit & Purchase from unregistered dealer |
19,27,764 |
April 2008 to March 2009 |
Commercial Tax Tribunal- Ghaziabad |
UP Vat Act & Rules 2008 |
Reversal of input Tax credit on Stock Transfer /Consignment |
14,72,348 |
April2009 to March 2010 |
Commissioner Tax Tribunal-Ghaziabad |
UP Vat Act & Rules 2008 |
Reversal of input Tax credit on purchases from Unregistered Dealer and RITC on Stock Transfer /Consignment non submission of forms |
10,28,214 |
April 2010 to Mar 2011 |
Commissioner Tax Tribunal-Ghaziabad |
UP Vat Act & Rules 2008 |
Reversal of input Tax credit on Stock TFR/ Consignment for non submission of forms |
24,87,159 |
April 2011 to March 2012 |
Commissioner Tax Tribunal-Ghaziabad |
UP Vat Act & Rules 2008 |
Reversal of input Tax credit on DEPB License, Consumables, Capital Goods & non submission of forms |
16,54,226 |
April 2013 to Mar 2014 |
Additional Commissioner (Appeals) Bulandshahr |
UP Vat Act & Rules 2008 |
Reversal of input Tax credit on Stock TFR, DEPB License,Consignment & Enhancement of Turnover |
17,08,540 |
April 2014 to March 2015 |
Commissioner Tax Tribunal-Ghaziabad |
viii. According to the records of the Company examined by us and the information and explanation given to us, the company has not defaulted in repayment of loans or borrowings to any bank. Further, there were no dues payable to financial institution or Government or debenture holders as at Balance Sheet date.
ix. In our opinion, and according to the information and explanations given to us, the moneys raised by way of term loans have been applied for the purpose s for which they were obtained .The Company has not raised any money by way of initial public offer or further public offer(including debt instruments).
x. During the course 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 have neither come across any instance of material fraud by the Company or on the Company by its officers or employees, noticed or reported during the year, nor have we been informed of any such case by the Management. The Company has not given any guarantee for loans taken by others from bank or financial institutions.
xi. The Company has paid/ provided for managerial remuneration in accordance with provisions of Section 197 read with Schedule V to the Act.
xii. As the Company is not a Nidhi Company and the Nidhi Rules,2014 are not applicable to it, the provisions of Clause 3(xii) of the Order are not applicable to the Company.
xiii. The Company has entered into transactions with related parties in compliance with the provisions of Section 177 and 188 of the Act. The details of such related party transactions have been disclosed in the Standalone Ind AS Financial Statements as required under Indian Accounting Standard (Ind AS) 24, Related Party Disclosures specified under Section 133 of the Act, read with Rule 4 of the Companies (Indian Accounting Standards) Rules , 2015 ( as amended).
xiv. During the year ,the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting under clause (xiv) of CARO 2016 is not applicable to the Company.
xv. The Company has not entered into any non-cash transactions with its Directors or persons connected with him. Accordingly, the provisions of Clause 3(xv) of the Order are not applicable to the Company
xvi. The Company is not required to be registered under Section 45-1A of the Reserve Bank of India Act,1934. Accordingly, the provisions of Clause 3(xvi) of the Order are not applicable to the Company.
For VAPS & COMPANY
Chartered Accountants
ICAI Firm Registration No-003612N
Sd/-
Praveen Kumar Jain
Date: May 23, 2018 Partner
Place: Ghaziabad Membership Number: 082515
Mar 31, 2016
To
The Members,
Amulya Leasing & Finance Limited,
Delhi.
Report on the Financial Statements
We have audited the financial statements of M/s Amulya Leasing & Finance Limited ("The Companyâ) which comprise the Balance Sheet as at March 31, 2016, 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.
Managementâs Responsibility for the Standalone Financial Statements
The Companyâs Board of Directors is responsible for the matters in Section 134(5) of the Companies Act, 2013 ("the actâ) with respect to 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) Rule, 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 the 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 control that were operating effectively for ensuring the accuracy and completeness of accounting records, relevant to the preparation and fair presentation of these financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs 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 and under Section 143 (11) of the Act.
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 auditorâs 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 Companyâs 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 accounting policies used and the reasonableness of the accounting estimates made by companyâs Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidences we have obtained are 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, subject to the note no.11 where we do not express any opinion, in conformity with the accounting principles generally accepted in India, of the state of Affairs of the Company as at March 31, 2016, 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 (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government in terms of Section 143(11) of the Act, we enclose "Annexure Aâ giving a Statement on the matters specified in Paragraphs 3 and 4 of the Order.
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 appears from our examination of those books.
c) The Balance Sheet, the 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 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors as on 31st March, 2016, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2016, from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the Internal Financial Controls over financial reporting of the Company and the operating effectiveness of such controls, we enclose "Annexure Bâ giving our separate report.
g) With respect to the other matters included in the Auditorâs Report 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.
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long term contracts including derivative contracts.
iii. There has been no amount required to be transferred, to the Investor Education and Protection Fund by the Company.
Re: Amulya Leasing & Finance Limited
Referred to in our report of even date
1. a) The company does not have any fixed assets and hence, is not required to maintain proper records showing full particulars including quantitative details and situation of fixed assets.
2. The company does not have any inventories and therefore, the management is not required to physically verify them at reasonable intervals.
3. The company has not granted any loans, secured or unsecured to any company, firm, Limited Liability Partnership or other Parties covered in the register maintained under section 189 of the companies Act, 2013.
4. In our opinion and according to the information and explanations given to us the company has not granted any loans, investments, guarantees, and security and the provisions of Section 185 and 186 of the Companies Act, 2013 have been complied with.
5. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits within the meaning of provisions of sections of 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under.
6. The company is not required to maintain books of account relating to materials, labour and other items of cost pursuant to the Rules made by the Central Government for the maintenance of cost records under section 148 (1) of the Companies Act, 2013.
7. a) According to the records of the company, the company is regular in depositing with
appropriate authorities undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Value Added Tax, Cess and other material statutory dues, as applicable, with the appropriate authorities.
b) There were no undisputed amounts payable in respect of Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise Duty, Service Tax, Value Added Tax, Cess and other material statutory dues in arrears as at 31st March 2016 for a period of more than six months from the date they became payable.
c) According to the information and explanation given to us and records of the company examined by us, there are no dues of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Excise Duty, Service Tax, Value Added Tax, Cess which have not been deposited on account of any dispute.
8. In our opinion and according to the information and explanations given by the management, we are of the opinion that the company has not defaulted in the repayment of dues to a financial institution, bank or debenture holders.
9. In our opinion, the moneys raised by term loans have been applied for the purpose for which they were raised.
10. 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 course of our audit.
11. According to the information given to us and based upon our audit procedures, the managerial remuneration has been paid in accordance with the provisions of Section 197 read with Schedule V of the Companies Act, 2013.
12. The company is not a Nidhi Company and hence, the company is not governed by Nidhi Rules, 2014.
13. In our opinion, the transactions with the related parties are in compliance with Sections 177 and 188 of the Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.
14. The company has not made any preferential allotment or private allotment of shares or fully or partly paid convertible debentures during the year under review.
15. On the basis of information provided to us, the company has not entered into any noncash transactions with directors or parties connected with him under Section 192 of the Companies Act, 2013.
16. The company is required to get registered under Section 45-IA of the Reserve Bank of India Act, 1934 and the said registration has been obtained.
(Report on the Internal Financial controls under clause (i) of section 143 (3) of the Companies Act, 2013)
We have audited the internal financial controls over financial reporting of Amulya Leasing & Finance Limited ("the Companyâ) as of 31 March, 2016 in conjunction with our audit of the financial statements of the company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal controls over financial reporting criteria established by the Company considering the essential components of internal controls stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India ("ICAI"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act 2013 ("the Act").
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Act to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal controls based on the assessed risk. 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial control system over financial reporting.
Meaning Of Internal Financial Controls Over Financial Reporting
A company''s internal financial controls over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial controls over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial controls over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial control system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2016, based on the internal controls over financial reporting criteria established by the Company considering the essential components of internal controls stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by ICAI.
For VAPS & Company
Chartered Accountants
Firm Regn. No. 003612N
(P.K. JAIN)
Partner
M. No. 082515
Place: New Delhi
Dated: 27-05-2016
Mar 31, 2015
We have audited the accompanying financial statements of AMULYA LEASING
& FINANCE LTD. ("The Company"), which comprise 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.
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 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
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 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 March 31, 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 Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
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 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) 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 were no amounts which were required to be transferred, to
the Investor Education and Protection Fund by the Company.
The Annexure referred to in paragraph 1 of the Our Report on Other
Legal and Regulatory Requirements of even date to the members of Amulya
Leasing & Finance Ltd. on the accounts of the company for the year
ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. The company does not have any fixed assets, hence clause (i) (a)
and (b) of the order are not applicable to the company.
2. The company does not have any inventory during the year.
Accordingly, the provision of Clause (ii) (a), (b), and (c) of the
Order are not applicable to the company.
3. The Company has not granted any loan, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 189 of the Companies Act, 2013.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedure commensurate
with the size of the company and the nature of its business, for the
purchase of inventories & fixed assets and for sale of goods &
services. During the course of our audit, we have not observed any
major weaknesses in the internal controls.
5. The Company has not accepted any deposits from the public covered
under section 73 to 76 or any other relevant provisions of the
Companies Act, 2013 and rules made there under.
6. We have been informed that the Central Government has not
prescribed for the maintenance of cost records under section 148(l) of
the Companies Act, 2013.
7. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Employees' State Insurance, Income-tax,
Sales-tax, Wealth Tax, Service Tax, Duty of Custom, Duty of Excise,
Value Added Tax, Cess and any other statutory dues to the extent
applicable have been regularly deposited with the appropriate
authorities. According to the information and explanations given to us
no undisputed amount payable in respect of aforesaid dues were
outstanding as at 31st of 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 dues of Sales Tax, income tax, wealth tax, service tax, Duty of
customs and Duty of excise which have not been deposited on account of
any disputes.
(c) There were no amounts which were required to be transferred to
investor education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made there
under.
8. The Company does not have any accumulated loss. The company has not
incurred cash loss during the financial year covered by our audit as
well as in the immediately preceding financial year.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not taken any loan from a financial institution, bank and
also not issued any debenture.
10. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
11. Based on the information explanation given to us by the
management, we report that the company has not raised any term loans
during the year.
12. According to the information and explanations given to us, we
report that no fraud on or by the Company has been noticed or reported
during the year.
For R. Mahajan & Associates
Chartered Accountants
FRN: 011348N
Place : New Delhi
Date : 30.05.2015
(Akashdeep Chopra)
Partner
M. No:508817
Mar 31, 2014
We have audited the accompanying financial statements of Amulya Leasing
& Finance Ltd. (''the company'') which comprise the Balance Sheet as at
March 31, 2014, 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
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") (which continue to be applicable
in respect of section 133 of the Companies Act, 2013 in terms of
General Circular 15/2013 dated 13 September, 2013 of the Ministry of
Corporate Affairs). 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.
AUDITOR''S 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 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 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, but not for the
purpose of expressing an opinion on the effectiveness of the company''s
internal control. 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.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
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, 2014
(b) in the case of the Statement of Profit and Loss, of the profit of
the company 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
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in annexure a
statement of 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, 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 Balance Sheet, the Statement of Profit and Loss
and the Cash Flow statement comply with the Accounting Standards
notified under the Act (which continue to be applicable in respect of
section 133 of the Companies Act, 2013 in terms of General Circular
15/2013 dated 13 September, 2013 of the Ministry of Corporate Affairs).
e. on the basis of written representations from the directors as on
31st March,2014 and taken on record by the Board of directors, none of
the directors is disqualified as on 31st March, 2014 from being
appointed as a director in terms of 274(1)(g) of the Act.
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
Companies Act, 1956 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.
For R Mahajan & Associates
Chartered Accountants
FRN: 011348N
(Akashdeep Chopra)
Partner
M. No: 508817
Place : New Delhi
Date : 28.05.2014
Mar 31, 2013
We have audited the accompanying financial statements of M/s. AMULYA
LEASING AND FINANCE LIMITED (''the company'') which comprise the Balance
Sheet as at March 31, 2013 and the Statement of Profit & Loss and Cash
Flow Statementfor theyear then ended, and a summary ofsigmficant
accounting policies and other explanatory information.
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 Principles generally accepted in India including
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.
AUDITOR''S 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 Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
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 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 accountmgpohcies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation ofthe financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinon.
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 inconformity 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 31,2013;
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 Cash Flow Statement, of the cash flows of the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order 2003, (as
amended) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
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 accounts 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 & Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.
d. in our opinion, the Balance Sheet, Statement of Profit & Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section(3C) of Section 211 of the Companies Act, 1956;
e. on the basis of the written representations received from the
directors as on March 31, 2013, and taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2013,
from being appointed as a director interms of clause(g)of
sub-section(l) of section 274 of the Compames Act, 1956.
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
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cessis to be paid,no cessis due
and payable by the Company
The Annexure referred to in paragraph 1 under the heading of "Report on
other Legal and Regulatory Requirements" of Onr Report of even date to
the members of Amnlya Leasing and Finance Limited on the acconnts of
the company for the year ended March31,2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of out
audit.we report that:
1. The Company does not have any fixed assets, hence clause 1 (a) to
(c) of paragraph 4 of the order are not applicable to the company.
2. a. The management has conducted physical verification of inventory
of shares held as stock-in-trade at reasonable intervals.
b. The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
c. The Company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
3. a. The company has not granted any loans secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section301 oftheCompamesAct, 1956. However the year
endbalanceforthe unsecured loan granted in the previous year to one
company is Rs 483 Lacs and maximum amount outstanding during the year
is Rs.901.45Lacs.
b. In our opnion the rate of interest and other conditions of loans
given by the company are prima facie not prejudicial to the interest of
the Company
c. The receipt of principal amount and interest was regular
d. There is no over due amount of the loan given to the company
e. The Company has not taken any loans secured or unsecured from the
companies,firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956 and accordingly paragraphs
(m) (f) and (g) of the Order are not applicable.
4. 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 for the purchase of inventory, fixed assets and also for the
sale of goods & services. During the course of our audit, we have not
observed any major weaknesses internal controls.
5. a) Based on the audit procedures performed by us and according to
the information, explanations and representation given to us, we are of
the opinion that the particulars of the contracts or arrangement
referred to in section 301 of the Act,have been entered in the register
required to be maintained under that section.
b) In our opinion and according to the information and explanations
given to us, the transaction made in pursuance of such contract or
arrangement have been made at prices which are reasonable having regard
to the prevailing market prices at the relevant time.
6. The company has not accepted any deposits during the year from the
public within the meaning of the provisions of Section 58 A, 58 AA or
any other relevant provision of the Companies Act, 1956 and rules made
there under. Hence, the clause(vi)oftheordensnotapplicable.
7. In our opinion the Company does not have a formal intenal audit
system which commensurate with its sizes and nature of its business.
8. We have been informed that the Central government has not
prescribed maintenance of cost records under section 209(l)(d)ofthe
Companies Act, 1956.
9. a. According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess and any other statutory dues to
the extent applicable have been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as at March 31, 2013 for a period of more than
six months from the date of becoming payable.
b. According to the information and explanation given to us, there are
no dues of Sales Tax, Custom Duty, Wealth Tax, cess which have not been
deposited on account of any dispute.
10. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during the financial
year and in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to banks. Company has not taken any
loans from financial institutions and also not issued any
debenture.Hence question of default does not arise.
12. According to the information and explanations given to us, the
company has not given any loans and advances on the basis of security
by way ofpledge of shares, debentures and other securities and
accordingly paragraph 4 (xu) of the order isnotapphcable
13. In our opinion,considering the nature of activities carried on by
the company during the year,the provisions of any special statute
applicable to chit fund/Nidhi/mutual benefit fund/societies are not
applicable to the company.
14. According to them formation and explanations given to us,proper
records have been maintained inrespect of transaction and contracts in
respect of shares, securities, debentures and other investments and
timely entries have been made therein. The shares and other investment
have been held by the company in its ownn ame.
15. As explained by the management,company has not given any guarantee
for loans taken by other from banks or financial institutions.
16. Based on information and explanations given to us by the
management,the company has not obtained any term loans.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the company we report
that no funds raised on short-term basis have been used for long-term
investment.
18. During the year, the company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained undersection501 of the Companies Act, 1956.
19. According to the information and explanations given to us and the
records examined by us, the company has not issued any
debentures.Accordingly,the provisions of clause4(xix)issued are not
applicable to the company.
20. The company has not raised any money by public issues during the
year.
21. According to them formation and explanations giventous.we report
that no fraud on or by the company has been noticed or reported during
the course of our audit.
For R.Mahajan & Associates
Chartered Accountants
F.R.N.011348 N
Akashdeep Chopra
Partner
M. No. 508817
Place: New Delhi
Date : May 25,2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s. AMULYA LEASING
AND FINANCE LIMITED as at 31st March 2012 and also the Statement of
Profit & Loss and Cash Flow Statement of the company for the period on
that date. The financial statement is the responsibility of the
Company's management. Our responsibility is to express an opinion on
the financial statement 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 misstatement. An audit
includes, examining on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes the
accounting principles used and significant estimates made by
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, (as
amended) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, We enclose
in the annexure a statement on the matters specified in paragraphs 4
and 5 of the said Order.
4. Further to our comments in the annexure referred in paragraph 3
above: -
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 accounts as required by law have
been kept by the company so far as appears from our examination of the
books of accounts.
c. The Balance Sheet, Statement of Profit & Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.
d. In our opinion, the Balance Sheet, Statement of Profit & Loss and
Cash Flow Statement complied with the requirements of the accounting
standards referred to in sub-section (3C)of Section 211 of the
Companies Act,
e. On the basis of the written representations received from the
directors, and taken on record by the Board of Directors, we report
that none of the directors is disqualified as on 31st March 2012 from
being appointed as a director in terms of clause (g) of sub-section (1)
of Section 274 of the Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us the said accounts read with notes thereon,
give the information as required by the Companies Act, 1956 in the
manner so required and also give a true and fair view: -
(i) In the case of Balance Sheet of the State of affairs of the company
as at 31st March 2012.
(ii) In the case of Statement of Profit & Loss of the Profit for the
year ended on that date.
(iii) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
(Annexure Referred to in paragraph (3) of our Audit Report of even date
on the Accounts of Amulya Leasing and Finance Ltd. for the year ended
31st March 2012)
1. a. The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
b. As explained to us, the fixed assets have been physically verified
by the management during the year, which in our opinion is reasonable,
having regard to the size of the company and nature of its assets. No
material discrepancies were noticed on such physical verification.
c. During the year the only fixed asset has been written off. How ever
it has not affected the going concern status of the company.
2. a. The management has conducted physical verification of inventory
of shares held as stock-in-trade at reasonable intervals.
b. The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
c. The Company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
3. a. The company has not granted any loans secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956. However the year end
balance for the unsecured loan granted in the previous year to one
company is Rs 874.76 Lacs and maximum amount outstanding during the
year is Rs. 879 Lacs.
b. In our opinion the rate of interest and other conditions of loans
given by the company are prima facie not prejudicial to the interest of
the Company
c. The receipt of principal amount and interest was regular
d. There is no overdue amount of the loan given to the company
e. The Company has not taken any loans secured or unsecured from the
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956 and accordingly paragraphs
(iii) (f) and (g) of the Order are not applicable.
4. 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 for the purchase of inventory, fixed assets and also for the
sale of goods & services. During the course of our audit, we have not
observed any major weaknesses in internal controls.
5. a) Based on the audit procedures performed by us and according to
the information, explanations and representation given to us, we are of
the opinion that the particulars of the contracts or arrangement
referred to in section 301 of the Act, have been entered in the
register required to be maintained under that section,
b) In our opinion and according to the information and explanations
given to us, the transaction made in pursuance of such contract or
arrangement have been made at prices which are reasonable having regard
to the prevailing market prices at the relevant time.
6. The company has not accepted any deposits during the year from the
public within the meaning of the provisions of Section 58 A, 58 AA or
any other relevant provision of the Companies Act, 1956 and rules made
there under. Hence, the clause (vi) of the order is not applicable.
7. In our opinion the Company does not have a formal internal audit
system which commensurate with its sizes and nature of its business.
8. We have been informed that the Central government has not
prescribed maintenance of cost records under section 209(l)(d)of the
Companies Act, 1956.
9. a. According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess and any other statutory dues to
the extent applicable have been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as at 31st March, 2012 for a period of more than
six months from the date of becoming payable.
b. According to the information and explanation given to us, there are
no dues of Sales Tax, Custom Duty, Wealth Tax, cess which have not been
deposited on account of any dispute.
10. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during the financial
year and in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to banks. Company has not taken any
loans from financial institutions and also not issued any debenture.
Hence question of default does not arise.
12. According to the information and explanations given to us, the
company has not given any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities and
accordingly paragraph 4 (xii) of the order is not applicable
13. In our opinion, considering the nature of activities carried on by
the company during the year, the provisions of any special statute
applicable to chit fund/Nidhi/mutual benefit fund/societies are not
applicable to the company.
14. According to the information and explanations given to us, proper
records have been maintained in respect of transaction and contracts in
respect of shares, securities, debentures and other investments and
timely entries have been made therein. The shares and other investment
have been held by the company in its own name.
15. As explained by the management, company has not given guarantee
for loans taken by other from banks or financial institutions.
16. Based on information and explanations given to us by the
management, the company has not obtained any term loans.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
18. During the year, the company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19. According to the information and explanations given to us and the
records examined by us, the company has not issued any debentures.
Accordingly, the provisions of clause 4 (xix) issued are not applicable
to the company.
20. The company has not raised any money by public issues during the
year.
21. According to the information and explanations given to us, we
report that no fraud on or by the company has been noticed or reported
during the course of our audit.
For R.MAHAJAN & ASSOCIATES
Chartered Accountants
F.R. N. 011348N
Place: New Delhi
Date: 30.05.2012
[AKASHDEEP CHOPRA]
Partner
M.No. 508817
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/s. AMULYA LEASING &
FINANCE LIMITED as at 31st March 2010 and also the Profit & Loss
Account and Cash Flow Statement of the company for the period on that
date. The financial statement is the responsibility of the CompanyÃs
management. Our responsibility is to express an opinion on the
financial statement 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 misstatement. An audit
includes, examining on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes the
accounting principles used and significant estimates made by
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 (AuditorÃs Report) Order 2003, (as
amended) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Companies Act, 1956, We enclose
in the annexure a statement on the matters specified in paragraphs 4
and 5 of the said Order.
4. Further to our comments in the annexure referred in paragraph 3
above: -
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 accounts as required by law have
been kept by the company so far as appears from our examination of the
books of accounts.
c. The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
d. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement complied with the requirements of the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956 except AS-15 on Employee Benefits as the company
has not provided the liability of gratuity since no employee has put in
the qualified period of service.
e. On the basis of the written representations received from the
directors, and taken on record by the Board of Directors, we report
that none of the directors is disqualified as on 31st March 2010 from
being appointed as a director in terms of clause (g) of sub- section
(1) of Section 274 of the Companies Act, 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us the accounts read with notes thereon, give
the information as required by the Companies Act, 1956 in the manner so
required and also give a true and fair view: -
(i) In the case of Balance Sheet of the State of affairs of the company
as at 31st March 2010.
(ii) In the case of Profit & Loss Account of the Profit for the year
ended on that date.
(iii) In the case of Cash Flow Statement, of the cash flows for the
year ended on that date.
(Annexure Referred to in paragraph (3) of our Audit Report of even date
on the Accounts of Amulya Leasing & Finance Ltd. for the year ended
31st March 2010)
1. a. The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets. b. As explained to us, the fixed assets have been physically
verified by the management during the year, which in our opinion is
reasonable, having regard to the size of the company and nature of its
assets. No material discrepancies were noticed on such physical
verification. c. There was substantial disposal of fixed assets during
the year but the going concern status of the company has not been
affected.
2. a. The management has conducted physical verification of inventory
of shares held as stock-in-trade at reasonable intervals.
b. The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
c. The Company is maintaining proper records of inventory and no
material discrepancies were noticed on physical verification.
3. a. The company has not granted any loans secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956 and accordingly paragraphs
(iii) (b), (c), and (d) of the Order are not applicable. b. The
Company has not taken any loans secured or unsecured from the
companies, firms or other parties covered in the register maintained
under Section 301 of the Companies Act, 1956.
4. 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 for the purchase of inventory, fixed assets and also for the
sale of goods & services. During the course of our audit, we have not
observed any major weaknesses in internal controls.
5. a) Based on the audit procedures performed by us and according to
the information, explanations and representation given to us, we are of
the opinion that the particulars of the contracts or arrangement
referred to in section 301 of the Act, have been entered in the
register required to be maintained under that section.
b) In our opinion and according to the information and explanations
given to us, the transaction made in pursuance of such contract or
arrangement have been made at prices which are reasonable having regard
to the prevailing market prices at the relevant time.
6. The company has not accepted any deposits during the year from the
public within the meaning of the provisions of Section 58 A, 58 AA or
any other relevant provision of the Companies Act, 1956 and rules made
there under. Hence, the clause (vi) of the order is not applicable.
7. In our opinion the Company does not have a formal internal audit
system which commensurate with its sizes and nature of its business.
8. We have been informed that the Central government has not
prescribed maintenance of cost records under section 209(1)(d) of the
Companies Act, 1956.
9. a. According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employeesà State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess and any other statutory dues to
the extent applicable have been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of the aforesaid
dues were outstanding as at 31st March, 2010 for a period of more than
six months from the date of becoming payable. b. According to the
information and explanation given to us, there are no dues of Sales
Tax, Custom Duty, Wealth Tax, cess which have not been deposited on
account of any dispute.
10. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during the financial
year and in the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to banks. Company has not taken any
loans from financial institutions and also not issued any debenture.
Hence question of default does not arise.
12. According to the information and explanations given to us, the
company has not given any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities and
accordingly paragraph 4 (xii) of the order is not applicable
13. In our opinion, considering the nature of activities carried on by
the company during the year, the provisions of any special statute
applicable to chit fund/ Nidhi/mutual benefit fund/societies are not
applicable to the company.
14. According to the information and explanations given to us, proper
records have been maintained in respect of transaction and contracts in
respect of shares, securities, debentures and other investments and
timely entries have been made therein. The shares and other investment
have been held by the company in its own name.
15. As explained by the management, company has not given guarantee
for loans taken by other from banks or financial institutions.
16. Based on information and explanations given to us by the
management, the company has not obtained any term loans.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
18. During the year, the company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19. According to the information and explanations given to us and the
records examined by us, the company has not issued any debentures.
Accordingly, the provisions of clause 4 (xix) issued are not applicable
to the company.
20. The company has not raised any money by public issues during the
year.
21. According to the information and explanations given to us, we
report that no fraud on or by the company has been noticed or reported
during the course of our audit.
For R.MAHAJAN & ASSOCIATES
Chartered Accountants
F. R. N. 011348N
Place: New Delhi
Dated: 28.05.2010 [AKASHDEEP CHOPRA]
Partner
M.No. 508817
Mar 31, 2009
1. We have audited the attached Balance Sheet of Amulya Leasing &
Finance Limited as at 31st March, 2009 and the Profit and Loss Account
for the year ended on that date annexed thereto and Cash Flow Statement
for the year ended on that date. These financial statements are the
responsibility of the Companys management. Our responsibility is to
express and opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with 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 financial statements. An audit also 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 (Auditors Report Order 2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the annexure hereto a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the annexure referred to in 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, 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, Profit Loss Account and Cash Flow Statement dealt
with by this report are in agreement with the books of account;
d) In our opinion the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the mandatory
Accounting Standards, referred in sub-section (3C) of section 211 of
the Companies Act, 1956.
e) On the basis of the written representations received for the
directors, and taken on record by the Board of Directors, we report
that none of the directors is disqualified as a director in terms of
clause (g) of sub-section (1) of section 274 of the companies Act,
1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956, in the manner so
required, and give a true and fair view in conformity with the
accounting principles generally accepted in India:
(i) In so far as it relates to Balance Sheet, of the state of affairs
of the company as at 31st March, 2009;
(ii) In so far as it relates to the Profit and Loss Account, of the
Loss of the Company for year ended on that date; and
(iii) In so far as it relates to the Cash flow Statement, of the cash
flows of the company for the year ended on that date.]
Annexure to the Auditors Report Referred to in Paragraph 3 of our
report of even date
1. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
2. The management at all location at reasonable intervals has
physically verified the fixed assets. No material discrepancies between
book records and the physical inventories have been noticed on such
verification.
3. The Inventories has been physically verified at reasonable
intervals by the management. The inventories are in the shape of Loans
given to various parties and the company is maintaining proper records
of inventory. All the Loans given by the company are unsecured and does
not have any security except the personal guarantee of the directors of
the company or the owner of the firms.
4. (a) The company has not taken unsecured loans during the year from
any companies, firms and other parties covered in the Register
maintained under section 301 of the Companies Act, 1956.
(b) The Company has granted unsecured loan to company covered in the
register maintained under section 301 of the Companies Act, 1956.
5. In our opinion and according to the information and explanations
given to us, there is an adequate internal control commensurate in the
size of the company and the nature of its business for purchase of
inventory and fixed assets and on the sale of goods. 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.
6. (a) Based on audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transaction that needs to be entered into the register
maintained under section 301 of Companies Act, 1956 have been so
entered.
(b) According to information and explanation given to us, the
transactions made in pursuance of contacts or arrangements entered in
the registers maintained under section 301 and exceeding the value of
five lakh rupees in respect of any party during the year have been made
at prices which are reasonable having regard to prevailing market
prices at relevant time.
7. In our opinion and according to information and explanations given
to us the Company has complied with the provisions of section 58A and
58AA of the Companies Act, 1956 and rules framed there under.
8. In our opinion the Company has an internal audit system
commensurate with the size and nature of its business.
9. According to information and explanations given to us the Company
is depositing with appropriate authorities, undisputed statutory dues
including provident fund, investor education fund, employees state
insurance, income tax, sales tax, wealth tax, customs duty, excise
duty, Cess and other statutory dues to the extent applicable to it.
10. Based on the audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to any financial
institution, bank or debenture holder.
11. Based on our examination of the records and evaluations of the
related internal control, we are of the opinion that there is no such
transaction and contracts relating to shares, securities and other
investment dealt in by the Company in relation to which proper records
are required to be maintained.
12. The Company has not given any guarantee for loans taken by others
from banks or financial institutions, the terms and conditions there of
are no prima facie prejudicial to the interest of the Company.
13. No term loans have been taken by the Company.
14. According to the information and explanations given to us, and on
an overall examination of the Balance Sheet of the Company we report
that the company has not utilized funds raised on short-term basis for
long-term investment.
15. The company has not made any preferential allotment of shares to
the parties and companies covered in the register maintained under
section 301 of the Companies Act, 1956 during the year.
16. Based on 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 course of our
audit.
17. Other clauses of the Order are not applicable to the Company.
For R.K.Batra & Co.
Chartered Accountants
Place: Delhi
Dated 30/06/2009 SD/-
(Partner)
Membership No.094318