Mar 31, 2018
Report on the Financial Statements
We have audited the accompanying financial statements of Baid Leasing and Finance Co. Ltd. CIN: L65910RJ1991 PLC006391 which comprise the Balance Sheet as at 31 st March, 2018, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) ofthe Companies Act, 2013 (âthe Actâ) with respect to the preparation of these financial statements that give a true and fair view of the financial position, and financial performance 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 in eludes 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 ofthe accounting records, relevantto 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.
In preparing the financial statements, management is responsible for assessing the Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Auditorâs Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into accountthe provision s of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) ofthe 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 auditorâs judgment, including the assessment of the risks of material misstatement ofthe financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation ofthe 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 reason ableness ofthe accounting estimates made by the Companyâs Directors, a swell as evaluating the overall presentation ofthe financial statements.
We believe thatthe 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, ofthe state of affairs ofthe Company as at 31 st March, 2018, and its profit 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 of India in terms of sub-Section (11) of Section 143 of the Companies Act, 2013, we give in the AnnexureAâ, a statement on the matters specified in para graphs 3 and 4 ofthe Order, to the extent applicable.
2. As required by Section 143 (3) ofthe Act, we re port that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and be lief 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, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 ofthe Companies (Accounts) Rules.2014.
e) On the basis of the written representations received from the directors as on 31st March, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31 st March ,8 from being appointed as a director in terms of Section 164(2) ofthe 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 Annexure B1.
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, 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.
ii. The Company did not have any long-term contracts including derivative contracts for which the re were any material foresee able losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
iv. The disclosures in the financial statements regarding holdings as well as dealings in specified bank notes during the period from 8th November 2016 to 30th December 2016 have not been made since they do not pertain to the financial year ended 31 March2018.
The Annexure referred to in Paragraph 1 of Our Report on âOther Legal and Regulatory Requirementsâ
1. We report that:
a. The company has maintained proper records showing full particulars, including quantitative details and situation of itsfixed assets.
b. As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.
c. The title deeds of immovable properties are held in the name ofthe company.
2. As explained to us, inventories have been physically verified during the year by the management at reasonable intervals. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.
3. The company has not granted any loans secured or unsecured to companies, firms, Limited Liability Partnership or other parlies covered in the register maintained under Section 189 of the CompaniesAct,2013
4. In respect of loans, investments, guarantees and security, provisions of Section 185 and 186 ofthe Companies Act, 2013 have been complied with.
5. The company has not accepted any deposits from the public covered under Sections 73 to 76 ofthe Companies Act, 2013.
6. As per information & explanation given by the management, maintenance of cost records has not been specified by the Central Government under sub-Section (1) of Section 148 of the CompaniesAct,2013.
7. According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employeesâ State Insurance, Sales-tax, Service-Tax, Custom Duty, Excise Duty, value added tax, cess and any other statutory dues to the extent applicable, have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31 st of March, 2018 for a period of more than six months from the date they became payable.
8. According to the information and explanations given to us, there is no amount payable in respect of, service tax, sales tax, customs duty, excise duty, value added tax and cess whichever applicable, which have not been deposited on account of any disputes.
9. In our opinion and according to the information and explanations given by the management, we are ofthe opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank, Government or debenture holders, as applicable to the company.
10. Based on our audit procedures and according to the information given by the management, Money raised by way of initial public offer or further public offer (including debt instruments) andtermloanshave been applied forth e purpose for which they were obtained.
11. According to the information and explanations given to us, we report that no fraud by the company or any fraud on the Company by its officers or employees has been noticed or reported during the year.
12. According to the information and explanations given to us, we report that managerial remuneration has been paid in accordance with the requisite approvals mandated by the provisions of Section 1 97 read with Schedule Vto the Companies Act.
13. The company is not a Nidhi Company. Therefore clause (xii) ofthe order is not applicable to the company.
14. According to the information and explanations given to us, all transactions with the related parties are in compliance with Sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc. as required by the applicable accounting standards.
15. According to the information and explanations given to usandbased on our examination of the records ofthe Company,the Company has not made any preferential allotment or private placement of shares orfully or partly convertible debentures during the year.
16. The company has not entered into non-cash transactions with directors or persons connected with him.
17. The company is required to be registered under Section 45-IAof the Reserve Bank of India Act, 1934 and it has obtained the registration.
Report on the Internal Financial Controls under Clause ffl of Sub-Section 3 of Section 143 of theCompan ies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Baid Leasing and Finance Co. Ltd. (âThe Companyâ) as of March 31 , 2018 in conjunction with our audit of the financial statements ofthe Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management 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. These responsibilities include the design, implementation and maintenance of adequate interna I financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs 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.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs 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 âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(10) ofthe Companies Act, 2013, 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 Institute of Chartered Accountants of India. 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 a bout 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 auditorâsjudgment, in eluding the assessment ofthe risks of material misstatement ofthe financial statements, whet her 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 Companyâs internaI financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
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 ofthe assets ofthe 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 ofthe company; and
3. Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companyâs assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because ofthe inherent limitations of interna I 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 ofcompliance with the policies or procedures may deteriorate.
Opinion
In our opinion, 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 a sat March 31,8, 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.
For Khilnani & Associates
Chartered Accountants
Sd/-
K.K. Khilnani
(Partner)
Place: Jaipur M. No.: 072736
Date: 29.05.2018 FRN.005776C
Mar 31, 2016
Independent Auditor''s Report
To the Members of
Baid Leasing and Finance Co. Ltd.
"Baid House", llnd Floor, 1,
Tara Nagar, Ajmer Road,
Jaipur-302006
Report on the Financial Statements
We have audited the accompanying financial statements of Baid Leasing and Finance Co. Ltd. CIN: L65910RJ1991PLC006391 which comprise the Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss forthe year then ended, Cash Flow Statement and a summary of the significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, and financial performance of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
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 31st March, 2016, and its profit for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditorâs 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 the paragraph 3 and 4 of the Order, to the extent applicable.
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 and the Statement of Profit and Loss 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, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016from 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 other than those disclosed in Note No. 1 of the Significant Accounting Policies and Notes on Accounts 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.
Annexure to the Auditors Report
The Annexure referred to in our report to the members of BAID LEASING AND FINANCE CO. LTD. (''The Company'') for the year ended 31-03-2016.We report that
(i) |
Fixed Assets (a) whether the company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets; (b) whether these fixed assets have been physically verified by the management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so, whether the same have been property dealt with in the books of account; (c) Whether title deeds of immovable properties are held in the name of the company. If not, provide details thereof. |
YES YES YES |
(ii) |
Inventory |
|
(a) whether physical verification or inventory has been conducted at reasonable intervals by the management; (b) are the procedures of physical verification of inventory followed by the |
YES |
|
management reasonable and adequate in relation to the size of the company and the nature of its business If not, the inadequacies in such procedures should be reported; (c) whether the company is maintaining proper records of inventory and |
YES |
|
whether any material discrepancies were noticed on physical verification and if so, whether the same have been properly dealt with in the books of account; |
YES |
|
(iii) |
Loan given by Company |
|
whether the company has granted any loans, secured or unsecured to companies, firms or other partes covered in the register maintained under section 189 of the Companies Act. If so, |
NO |
|
(a) whether receipt or the principal amount and interest are also regular; and |
NOT APPLICABLE |
|
(b) if overdue amount is more than rupees one lakh, whether reasonable steps have been taken by the company for recovery of the principal and interest; |
NOT APPLICABLE |
|
(iv) |
Internal Control System (a) is there an adequate internal control system commensurate with the side |
|
of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. |
YES |
|
(b) Whether there is a continuing failure to correct major weaknesses in internal control system. |
NO |
|
(v) |
Deposits |
in case the company has accepted deposits, whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under, where applicable, have been complied with? if not, the nature of contraventions should be stated; If an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal, whether the same has been complied with or not? |
COMPANY HAS NOT ACCEPTED DEPOSITS FROM PUBLIC |
|
(Vi) |
Cost Records where maintenance of cost records has been specified by the Central Government under sub-section (1) of section 148 of the Companies Act, whether such accounts and records have been made and maintained |
NOT SPECIFIED BY THE CENTRAL GOVERNMENT |
(vii) |
Statutory Dues (a) is the company regular in depositing undisputed statutory dues including provident fund, employeesâ state insurance, income-tax, sales-Tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities and if not, the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable, shall be indicated by the auditor |
YES EXCEPT INCOME TAX(TDS) WHERETHERE HAVE BEEN SOME DELAYS BUT SUCH DELAYS HAVE NOT BEEN MATERIAL IN OUR OPINION. >6 MONTHS OUTSTANDING: NIL |
(b) in case dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of any dispute, then the amounts involved and the forum where dispute is pending shall be mentioned. {A mere representation to the concerned Department shall not constitute a dispute). |
NOT APPLICABLE |
|
(c) whether the amount required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 2013and rules made there under has been transferred to such fund within time. |
NOT APPLICABLE |
|
(viii) |
Cash and Accumulated losses whether in case of a company which has been registered for a period not less than five years, its accumulated losses at the end of the financial year are not less than fifty per cent of its net worth and whether it has incurred cash losses in such financial year and in the immediately preceding financial year; |
NOT APPLICABLE |
(ix) |
Repayment of Dues whether the company has defaulted in repayment of dues to a financial institution or bank or debenture holders? If yes, the period and amount of default to be reported; |
NO |
(X) |
Guarantee for Loans whether the company has given any guarantee for toans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the company; |
NO |
(Xi) |
Usage of Terra Loan whether term loans were applied for the purpose for which the loans were |
YES |
obtained; |
||
(xii) |
Reporting of Fraud whether any fraud on or by the company has been noticed or reported during the year; If yes, the nature and the amount involved is to be indicated. |
No fraud noticed |
FOR KHILNANI for ASSOCIATES
Chartered Accountants
Sd/-
K.K.KHILNANI
Place: Jaipur
Partner
Date: 07-05-2016
M. No. 07 2736
FUN. 005774C
Mar 31, 2015
Report on the Financial Statements
We have audited the accompanying financial statements of Baid Leasing
and Finance Co. Ltd. which comprise the Balance Sheet as at 31st March,
2015, the Statement of Profit and Loss for the year then ended, and a
summary of the significant accounting policies and other explanatory
information.
Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, and financial performance of the
Company in accordance with the accounting principles generally accepted
in India, including the Accounting Standards specified under Section
133 of the Act, read with Rule 7 of the Companies (Accounts) Rules,
2014. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for
safeguarding the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation and maintenance
of adequate internal financial controls, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
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 thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company''s preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company''s Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 2015, and its profit for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order 2015 ("the
order") issued by the Central Government 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 the paragraph 3 and 4 of the
Order, to the extent applicable although relevant notification is yet
to be published in the official gazette up to the date of signing this
report.
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 and the Statement of Profit and Loss 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 other than those
disclosed in Note No. 1 of the Significant Accounting Policies and
Notes on Accounts 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.
Annexure to the Auditors Report
The Annexure referred to in our report to the members of BAID LEASING
AND FINANCE CO. LTD. (''The Company'') for the year ended 31-03-2015. We
report that:
(i) (a) whether the company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets;
YES
(b) whether these fixed assets have been physically verified by the
management at reasonable intervals; whether any material discrepancies
were noticed on such verification and if so, whether the same have been
properly dealt with in the books of account;
YES
(ii) (a) whether physical verification or inventory has been conducted
at reasonable intervals by the management;
YES
(b) are the procedures of physical verification of inventory followed
by the management reasonable and adequate in relation to the size
of the company and the nature of its business If not, the inadequacies
in such procedures should be reported;
YES
(c) whether the company is maintaining proper record s of inventory
and whether any material discrepancies were noticed on physical
verification and if so, whether the same have been properly dealt with
in the books of account;
YES
(iii) whether the company has granted any loans, secured or unsecured
to companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act. If so,
YES
(a) whether receipt or the principal amount and interest are also
regular; and
NO SUCH REPAYMENT SCHEDULE IS STIPULATED
(b) if overdue amount is more than rupees one lakh, whether
reasonable steps have been taken by the company for recovery of the
principal and interest;
NOT APPLICABLE
(iv) is there an adequate internal control system commensurate with the
size of the company and the nature of its business, for the purchase of
inventory and fixed assets and for the sale of goods and services.
Whether there is a continuing failure to correct major weaknesses in
internal control system.
YES
(v) in case the company has accepted deposits, whether the directives
issued by the Reserve Bank of India and the provisions of sections 73
to 76 or any other relevant provisions of the Companies Act and the
rules framed there under, where applicable, have been complied with if
not, the nature of contraventions should be stated; If an order has
been passed by Company Law Board or National Company Law Tribunal or
Reserve Bank of India or any court or any other tribunal, whether the
same has been complied with or not
COMPANY HAS NOT ACCEPTED DEPOSITS FROM PUBLIC
(vi) where maintenance of cost records has been specified by the
Central Government under sub-section (1) of section 148 of the
Companies Act, whether such accounts and records have been made and
maintained
NOT SPECIFIED BY THE CENTRAL GOVERNMENT
(vii) (a) is the company regular in depositing undisputed statutory
dues including provident fund, employees state insurance, income-tax,
sales-Lax, wealth tax, service tax, duty of customs, duty of excise,
value added tax, cess and any other statutory dues with the appropriate
delays authorities and if not, the extent of the arrears of outstanding
statutory dues as at the last day of the financial year concerned for a
period of more than six months from the date they became payable, shall
be indicated by the auditor
YES EXCEPT INCOME TAX WHERE THERE HAVE BEEN SOME
DELAYS BUT SUCH DELAYS HAVE NOT BEEN MATERIAL IN OUR
OPINION. > 6 MONTHS OUTSTANDING:
NIL
(b) in case dues of income tax or sales tax or wealth tax or service
tax or duty of customs or duty of excise or value added tax or cess
have not been deposited on account of any dispute, then the amounts
involved and the forum where dispute is pending shall be mentioned.
(A mere representation to the concerned Department shall not
constitute a dispute).
NOT APPLICABLE
(c) whether the amount 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 thereunder has been
transferred to such fund within time.
NOT APPLICABLE
(viii) whether in case of a company which has been registered for a
period not less than five years, its accumulated losses at the end of
the financial year are not less than fifty per cent of its net worth
and whether it has incurred cash losses in such financial year and in
the immediately preceding financial year;
NOT APPLICABLE
(ix) whether the company has defaulted in repayment of dues to a
financial institution or bank or debenture holders If yes, the period
and amount of default to be reported;
NO
(x) whether the company has given any guarantee for loans taken by
others from bank or financial institutions, the terms and conditions
whereof are prejudicial to the interest of the company;
NO
(xi) whether term loans were applied for the purpose for which the
loans were obtained;
YES
(xii) whether any fraud on or by the company has been noticed or
reported during the year; If yes, the nature and the amount involved
is to be indicated.
NO
Place: Jaipur FOR SHARMA NARESH & ASSOCIATES
Date: 16-05-2015 Chartered Accountants
(NARESH SHARMA)
Proprietor
M. No.071485
Mar 31, 2014
We have audited the accompanying financial statements of BAID LEASING
AND FINANCE COMPANY LTD., 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 forthe Financial Statements
Management is responsible forthe 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.
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. 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 ouraudit 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 Profit and Loss Account, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows forthe
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 the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of theAct, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary forthe 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 Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in term s of clause (g) of sub-section (1) of
section 274 of the Companies 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 cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITOR''S REPORT Referred to in paragraph 5 of our
report of even date,
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As per the information and explanation given to us the Management
has physically verified company''s assets. The programme of verification
in our opinion, was reasonable having regard to the size of the company
and the nature of its assets. As reported no material discrepancies
were noticed on such verification.
(c) The company has not disposed off any plant and machinery affecting
its going concern status.
(ii) (a) The inventory has been physically verified during the year by
the management at intervals which in our opinion is reasonable.
(b) In our opinion and according to the explanation given to us, the
procedures of physical verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) In our opinion the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records were not material having regard to
the nature of company''s business.
(iii) (a) The company has transacted with 7 parties covered in the
register maintained under section301 of the Companies Act, 1956. The
transactions are by and large of the nature of current account and
payment of expenses like lease rent, interest, advertisement etc. Sum
total of the year-end balances of the accounts is 49.94 lac (credit) In
ouropinion,therateof interest and other terms and conditions on which
loans have been taken from/granted to the companies listed in the
register maintained under section 301 of the Companies Act, 1956 are
not, prima facie, prejudicial to the interest of the company.
(b) The amounts advanced by the company or taken by the company are of
the nature of long term loans, wherein no fixed repayment schedule has
been stipulated. Clause (iii) (c), to the extent it pertains to
repayment of principle, is therefore inapplicable. The said parties
however, have been by and large regular in the payment of interest.
(c) In the light of the above, there is no overdue amount of loans
taken from or granted to companies, firms or other parties listed in
the register maintained under section 301 of the CompaniesAct, 1956.
(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 to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(v) (a) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
the transactions that need to be entered into the register maintained
under section 301 of the CompaniesAct, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the CompaniesAct, 1956 and exceeding the value of rupees five lac. in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vi) Company has not accepted deposits from public within the meaning
assigned to the term under sections 58A and 58AA of the CompaniesAct,
1956 and the Companies (Acceptance of Deposits) Rules, 1975. To the
best of our knowledge no order has been passed, against the company,
underthe aforesaid sections, by the Company Law Board.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) To the best of our information no cost records have been
prescribed for the company by the Central Government under Rules made
for the maintenance of cost records under section 209 (1) (d) of the
CompaniesAct, 1956.
(ix) (a) The undisputed statutory dues including provident fund,
investor education protection fund, employees'' state insurance, sales
tax, wealth tax, custom duty, excise duty, cess and other material
statutory dues as applicable to the company, have been generally
regularly deposited with appropriate authorities subject to income-tax
where there have been delays indeposit. Such delays however, in
ouropinion have not been serious.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at for a
period of more than six months from the date they became payable.
(x) The company has no accumulated losses. As reflected in the cash
flow statement the company has not incurred cash losses during the
financial year covered by our audit as well as in its preceding
financial year.
(xi) According to the information and explanations given to us, the
company has not defaulted in repayment of dues to the financial
institution, bank or debenture holders.
(xii) To the best of our information and the company has not granted
loans and advances on the basis of security by way of pledge of shares,
debentures and other such securities.
(xiii) The company is not a chit fund or a nidhi mutual benefit fund
society. Therefore, the provisions of clause 4(xiii) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
(xiv) In our opinion proper records have been maintained of the
transactions and contracts entered in to with reference to company''s
dealings in shares and securities and timely entries have been made
therein. The securities in possession of company have been held either
in company''s name or are held with blank transfer forms.
(xv) Company has provided a corporate guarantee to ICICI Bank. Ltd.
against Rs. 4.75 Cr. financed by said bank, to Baid Finance a
proprietorship concern of Mahendra Kumar Baid (HUF).
(xvi) To the best of our information the company has applied the term
loan for the purpose for which it was obtained.
(xvii) 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 no funds raised on short-term basis have been used for
long-term investment. No long-term funds have been used to finance
short-term assets except permanent working capital.
(xviii) The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
(xix) The company has not made any debenture issue.
(xx) The company has not made any public issue during the period under
review.
(xxi) According to the information and explanation given to us no fraud
on or by the company has been noticed or reported during the course of
our audit.
Place : Jaipur For Sharma Naresh & Associates
Date : 24-05-2014 Chartered Accountants
Firm''s Registration Number: 02984C
Naresh Sharma
(Proprietor)
Membership No. : 071485
Mar 31, 2013
We have audited the accompanying financial statements of BAID LEASING
AND FINANCE COMPANY LTD., which comprise the Balance Sheet as at March
31,2013, 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 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.
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.
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.
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 31,2013;
b) in the case of the Profit and Loss Account, of the profit forthe
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.
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 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, 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 Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of 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 in terms of clause (g) of sub-section (1) of
section 274 of the Companies 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 cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITOR''S REPORT
Referred to in paragraph 3 of our report of even date,
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As per the information and explanation given to us the Management
has physically verified company''s assets. The programme of verification
in our opinion, was reasonable having regard to the size of the company
and the nature of its assets. As reported no material discrepancies
were noticed on such verification.
(c) The company has not disposed off any plant and machinery affecting
its going concern status.
(ii) (a) The inventory has been physically verified during the year by
the management at intervals which in ouropinion is reasonable.
(b) In our opinion and according to the explanation given to us, the
procedures of physical verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) In our opinion the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records were not material having regard to
the nature of company''s business.
(iii) (a) The company has transacted with 10 parties covered in the
register maintained under section 301 of the Companies Act, 1956. The
transactions are by and large of the nature of current account and
payment of lease rent, commission, interest etc. Sum total of the
year-end balances of the accounts of all such parties, taken together
is Rs. 8.57 lac. (Cr.) and Rs.0.40 lac (Dr.) respectively.
(b) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from/granted from the companies listed
in the register maintained under section 301 of the Companies Act, 1956
are not, prima facie, prejudicial to the interest of the company.
(c) The amounts advanced by the company or taken - the company are of
the nature of long term loans, wherein no fixed repayment schedule has
been stipulated. Clause (iii) (c), to the extent it pertains to
repayment of principle, is therefore inapplicable. The said parties
however, have been by and large regular in the payment of interest.
(d) In the light of the above, there is no overdue amount of loans
taken from or granted to companies, firms or other parties listed in
the register maintained under section 301 of the Companies Act, 1956.
(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 to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(v) (a) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
the transactions that need to be entered into the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lac. in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vi) In our opinion and according to the information and explanations
given to us, the company has complied with the provisions of sections
58A and 58AA of the Companies Act, 1956 and the Companies (Acceptance
of Deposits) Rules, 1975 with regard to the deposits accepted from the
public. To the best of our knowledge no order has been passed, against
the company, under the aforesaid sections, by the Company Law Board.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) To the best of our information no cost records have been
prescribed for the company by the Central Government under Rules made
for the maintenance of cost records under section 209 (1) (d) of the
Companies Act, 1956.
(ix) (a) The undisputed statutory dues including provident fund,
investor education protection fund, employees'' state insurance, sales
tax, wealth tax, custom duty, excise duty, cess and other material
statutory dues as applicable to the company, have been generally
regularly deposited with appropriate authorities subject to income-tax
where there have been delays in deposit. Such delays however, in our
opinion have not been serious.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at for a
period of more than six months from the date they became payable.
(x) The company has no accumulated losses. As reflected in the cash
flow statement the company has not incurred cash losses during the
financial year covered by our audit as well as in its preceding
financial year.
(xi) According to the information and explanations given to us, the
company has not defaulted in repayment of dues to the financial
institution, bank or debenture holders.
(xii) To the best of our information and the company has not granted
loans and advances on the basis of security by way of pledge of shares,
debentures and other such securities.
(xiii) The company is not a chit fund or a nidhi mutual benefit fund
society. Therefore, the provisions of clause 4(xiii) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
(xiv) In our opinion proper records have been maintained of the
transactions and contracts entered in to with reference to company''s
dealings in shares and securities and timely entries have been made
therein. The securities in possession of company have been held either
in company''s name or are held with blank transfer forms.
(xv) Company has provided a corporate guarantee to ICICI Bank Ltd.
against Rs. 4.75 Cr. financed by said bank to Baid Finance a
proprietorship concern of a related party - Mahendra Kumar Baid(HUF).
(xvi) To the best of our information the company has applied the term
loan for the purpose for which it was obtained.
(xvii) 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 no funds raised on short-term basis have been used for
long-term investment. No long-term funds have been used to finance
short-term assets except permanent working capital.
(xviii) The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
(xix) The company has not made any debenture issue.
(xx) The company has not made any public issue during the period under
review.
(xxi) According to the information and explanation given to us no fraud
on or by the company has been noticed or reported during the course of
our audit.
Date : 29.05.2013 For Sharma Naresh & Associates
Place : Jaipur Chartered Accoutants
Sd/-
Naresh Sharma (Proprietor)
M.No. 71485
Mar 31, 2012
We have audited the Balance Sheet of BAID LEASING AND FINANCE COMPANY
LTD. as on 31sl March 2012 and also the Profit & Loss account of the
Company for the year ended on that date annexed thereto. 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.
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 misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing 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.
As required by the Companies (Auditor's Report) order, 2003 issued by
the Central Government of India under subsection (4A) of Sec. 227 of
the Companies Act, 1956, we enclose a statement on the matters
specified in paragraph 4 and 5 of the said order as applicable.
Further to our comments in the annexure referred to above, we report
that:
a) We have obtained all the information and explanation 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 these
books; -
c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
d) In our opinion the Balance Sheet and Profit and Loss Account comply
with the Accounting Standards referred to the sub-section (3C) of
Section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors,
as on 31" March 2012, and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31" March 2012
from being appointed as a director in terms of section 274(1 )(g) of
the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanation given to us, the accounts read with the notes thereon
give the information required by the Companies Act, 1956 in manner so
required and give a true and fair view:
(i) In the case of the Balance Sheet of the state of affairs of the
Company as at 31" March 2012. And
(ii) In the case of the Profit and Loss Account of the Profit for the
year ended on that date.
(iii) In the case of the Cash Flow Statement of the cash flows of the
company for the year ended on that date
ANNEXURE TO THE AUDITOR'S REPORT
Referred to in paragraph 3 of our report of even date,
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As per the information and explanation given to us the Management
has physically verified company's assets. The programme of
verification in our opinion, was reasonable having regard to the size
of the company and the nature of its assets. To the best of our
knowledge no material discrepancies were noticed on such verification.
(c) The Company has not disposed off any plant and machinery affecting
its going concern status.
(ii) (a) The inventory has been physically verified during the year by
the management at intervals which in our opinion is reasonable.
(b) In our opinion and according to the explanation given to us, the
procedures of physical verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) In our opinion the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records were not material having regard to
the nature of company's business.
(iii) (a) The company has transacted with 13 parties covered in the
register maintained under section 301 of the Companies Act, 1956. The
transactions are by and large of the nature of current account and
payment of lease rent, commission, interest etc. Sum total of the year
end balances of the accounts of all such parties, taken together is
Rs. 141.27 lac (Cr.) and Rs. 13.24 lac (Dr.) respectively.
(b) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from/granted from the companies listed
in the register maintained under section 301 of the Companies Act, 1956
are not, prima facie, prejudicial to the interest of the company.
(c) The amounts advanced by the company or taken by the company are of
the nature of long term loans, wherein no fixed repayment schedule has
been stipulated. Clause (iii)(c), to the extent it pertains to
repayment of principle, is therefore inapplicable. The said parties
however, have been by and large regular in the payment of interest.
- (d) In the light of above fact, there is no overdue amount of loans
taken from or granted to Companies, firms or other parties listed in
the register maintained under section 301 of the Companies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us, there are ad- equate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(v) (a) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
the transactions that need to be entered into the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs,
in respect of any party during the year have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
(vi) The company has made arrangement with fellow concerns in similar
business for parking of short-term cash surpluses, at prevailing
interest. There has been occasional credit balances in the accounts of
such concerns.
Subject to the above in our opinion and according to the information
and explanation given to us, the company has complied with the
provisions of sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public. To the best of our knowledge no
order has been passed, against the company, under the aforesaid
sections, by the Company Law Board.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) To the best of our information no cost records have been
prescribed for the company by the Central Government under Rules made
for the maintenance of cost records under section 209 (1) (d) of the
Companies Act, 1956.
(ix) (a) The undisputed statutory dues including provident fund,
investor education protection fund, employees' state insurance, income
tax, sales tax, wealth tax, custom duty, excise duty, cess and other
material statutory dues as applicable to the Company, have been
generally regularly deposited with appropriate authorities subject to
income-tax where there have been delays in deposit. Such delay however,
in our opinion have not been serious.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at for a
period of more than six months from the date they became payable .
(x) The company has no accumulated losses. As reflected in the cash
flow statement the company has not incurred cash losses during the
financial year covered by our audit as well as in its preceding
financial year.
(xi) According to the information and explanations given to us, the
company has not obtained term loans from the financial institution,
bank or debenture holders. In our opinion and according to the
information and explanations given to us, the company has not defaulted
in repayment of dues with regard to the working capital finance it has
obtained from its banker.
(xii) To the best of our information the company has not granted loans
and advances on the basis of security by way of pledge of shares,
debentures and other such securities.
(xiii) The company is not a chit fund or a nidhi mutual benefit fund
society. Therefore, the provisions of clause 4(xiii) of the Companies
(Auditor's Report) Order, 2003 are not applicable to the company.
(xiv) In our opinion proper records have been maintained of the
transactions and contracts entered in to with reference to company's
dealings in shares and securities and timely entries have been made
therein. The securities in possession of company have been held either
in company' name or are held with blank transfer forms.
(xv) Company has provided a corporate guarantee to Bank of Baroda
against term loan and CC facility of Rs. 1 Cr. and Rs. 5 Cr.
respectively, provided by said bank to Baid Motors Pvt. Ltd.
(xvi) To the best of our information the company has not taken 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, we report
that the no funds raised on short-term basis have been used for
long-term investment. No long-term funds have been used to finance
short-term as sets except permanent working capital.
(xviii) The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
(xix) The company has not made any debenture issue.
(xx) The company has not made any public issue during the period under
review.
(xxi) According to the information and explanation given to us no fraud
on or by the company has been noticed or reported during the course of
our audit.
For SHARMA NARESH & ASSOCIATES
Chartered Accountants
Place: JAIPUR
Sd/-
Date : 19/05/2012 (NARESH SHARMA)
PROPRIETOR
Membership No. 71485
Mar 31, 2010
We have audited the Balance Sheet of BAID LEASING AND FINANCE COMPANY
LTD. as on 31st March 2010 and also the Profit & Loss account of the
Company for the year ended on that date annexed thereto. These
financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those stan- dards 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
assessing 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.
As required by the Companies (Auditors Report) order, 2003 issued by
the Central Government of India under subsection (4A) of Sec. 227 of
the Companies Act, 1956, we enclose a statement on the matters
specified in paragraph 4 and 5 of the said order as applicable.
Further to our comments in the annexure referred to above, we report
that:
a) We have obtained all the information and explanation 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 these
books;
c) The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
d) In our opinion the Balance Sheet and Profit and Loss Account comply
with the Accounting Standards referred to the sub-section (3C) of
Section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors,
as on 31st March 2010, 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 section 274(1 )(g)
of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanation given to us, the accounts read with the notes thereon
give the information required by the Companies Act, 1956 in manner so
required and give a true and fair view:
(i) In the case of the Balance Sheet of the state of affairs of the
Company as at 31st March 2010. And
(ii) In the case of the Profit and Loss Account of the Profit for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Referred tain paragraph 3 of our report of even date,
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As per the information and explanation given to us the Management
has physically verified companys assets. The programme of verification
in our opinion, was reasonable having re- gard to the size of the
company and the nature of its assets. To the best of our knowledge no
material discrepancies were noticed on such verification.
(c) The Company has not disposed off any plant and machinery affecting
its going concern status.
(ii) (a) The inventory has been physically verified during the year by
the management at intervals which in our opinion is reasonable.
(b) In our opinion and according to the explanation given to us, the
procedures of physical verifica- tion of inventories followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) In our opinion the company is maintaining proper records of
inventory. The discrepancies noticed on verification between the
physical stocks and the book records were not material having regard to
the nature of companys business.
(iii) (a) The company has transacted with 5 parties covered in the
register maintained under section 301 of the Companies Act, 1956. The
transactions are by and large of the nature of current account and
purchase/sale of shares. The year-end balance of the accounts of all
such parties, taken together was Rs. 1,63,910/- (Dr.).
(b) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from/granted from the companies listed
in the register maintained under section 301 of the Companies Act, 1956
are not, prima facie, prejudicial to the interest of the company.
(c) The amounts advanced by the company or taken by the company are of
the nature of current account transactions, wherein no fixed repayment
schedule has been stipulated. Clause (iii)(c), to the extent it
pertains to repayment of principle, is therefore inapplicable. The said
parties however, have been regular in the payment of interest.
(d) In the light of above fact, there is no overdue amount, of loans
taken from or granted to compa- nies, firms or other parties listed in
the register maintained under section 301 of the Compa- nies Act, 1956.
(iv) In our opinion and according to the information and explanations
given to us, there are ad- equate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal controls.
(v) (a) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
the transactions that need to be entered into the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of rupees five lakhs,
in respect of any party during the year have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
(vi) The company has made arrangement with fellow concerns in similar
business for parking of short-term cash surpluses, at prevailing
interest. There has been occasional credit balances in the accounts of
such concerns.
Subject to the above in our opinion and according to the information
and explanation given to us, the company has complied with the
provisions of sections 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 with regard to the
deposits accepted from the public. To the best of our knowledge no
order has been passed, against the company, under the aforesaid
sections, by the Company Law Board.
(vii) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) To the best of our information no cost records have been
prescribed for the company by the Central Government under Rules made
for the maintenance of cost records under section 209 (1) (d) of the
Companies Act, 1956.
(ix) (a) The undisputed statutory dues including provident fund,
investor education protection fund, employees state insurance, income
tax, sales tax, wealth tax, custom duty, excise duty, cess and other
material statutory dues as applicable to it, have not generally been
regularly depos- ited with appropriate authorities though delays in
deposit have not been serious.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty, excise duty and cess were in arrears, as at for a
period of more than six months from the date they became payable .
(x) The company has no accumulated losses. As reflected in the cash
flow statement the company has not incurred cash losses during the
financial year covered by our audit as well as in its preceding
financial year.
(xi) According to the information and explanations given to us, the
company has not obtained term loans from the financial institution,
bank or debenture holders. In our opinion and according to the
information and explanations given to us, the company has not defaulted
in repayment of dues with regard to the working capital finance it has
obtained from its banker.
(xii) To the best of our information the company has not granted loans
and advances on the basis of security by way of pledge of shares,
debentures and other such securities.
(xiii) The company is not a chit fund or a nidhi mutual benefit fund
society. Therefore, the provisions of clause 4(xiii) of the Companies
(Auditors Report) Order, 2003 are not applicable to the company.
(xiv) In our opinion proper records have been maintained of the
transactions and contracts entered in to with reference to companys
dealings in shares and securities and timely entries have been made
therein. The securities in possession of company have been held either
in companys name or are held with blank transfer forms.
(xv) We have been informed that the company has not given guarantees
for loans taken by others from banks or financial institutions.
(xvi) To the best of our information the company has not taken 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, we report
that the no funds raised on short-term basis have been used for
long-term investment. No long-term funds have been used to finance
short-term as- sets except permanent working capital.
(xviii) The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act.
(xix) The company has not made any debenture issue.
(xx) The company has not made any public issue during the period under
review.
(xxi) According to the information and explanation given to us no fraud
on or by the company has been noticed or reported during the course of
our audit.
For SH ARM A NARESH & ASSOCIATES
Chartered Accountants
Place: JAIPUR
Sd/-
Date : 15-04-2010 (NARESH SHARMA)
PROPRIETOR
Membership No. 71485