Mar 31, 2018
Report on the Financial Statements
We have audited the accompanying financial statements of INDIA HOME LOANLIMITED (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended and a summary of 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) of the 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, 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 and ensuring their operating effectivenessand 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.
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 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 disclosures in the financial statements. The procedures selected depend on the auditorsâ 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 the Companyâs 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/qualified audit opinion/adverse 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, 2018, its profit/loss and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditorsâ Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the âAnnexure 1â, a statement on the matters specified in paragraphs 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, 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 of the Companies (Accounts) Rules, 2014.
e. On the basis of written representations received from the directors as on March 31, 2018, and 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 2â.
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 which would impact its financial position;
(ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;
(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
ANNEXURE 1 TO THE INDEPENDENT AUDITORSâ REPORT
[Referred to in paragraph 1 under âReport on Other Legal and Regulatory Requirementsâ in the Independent Auditorâs Report of even date to the members of India Home Loan Limited on the financial statements for the year ended March 31, 2018]
1) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;
(b) Some of The Fixed Assets were physically verified during the year by the management in accordance with a program of verification, which in our opinion provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us no material discrepancies were noticed on such verification.
(c) The title deeds of immovable properties are held in the name of the company.
2) According to the information and explanations given to us, the nature of the Companyâs business is such that it is not required to hold any inventories.
3) 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. Accordingly, the provisions of clause 3 (iii) (a) to (C) of the Order are not applicable to the Company and hence not commented upon.
4) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 185 and I86 of the Companies Act, 2013 In respect of loans, investments, guarantees, and security.
5) The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.
6) The Company is not engaged in production, processing, manufacturing or mining activities therefore, the provisions of maintenance of cost records specified by the central government under sub section (1) of Section 148 of the Companies Act, 2013 mentioned in clause (vi) of paragraph 3 of the order are not applicable.
7) (a) According to information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Income-Tax, Service Tax,Goods and Service Tax, Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the above were in arrears as at March 31, 2018 for a period of more than six months from the date they become payable.
(b) According to the information and explanation given to us, there are no dues of income tax, service tax, outstanding on account of any dispute.
8) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to financial institutions, banks, government and debenture holders.
9) Based upon the audit procedures performed and the information and explanations given by the management, the company has not raised moneys by way of initial public offer or further public offer including debt instruments. To the best of our knowledge and belief and according to the information and explanations given to us, in our opinion, the term loans obtained during the year were, prima facie, applied by the company for the purpose for which they were obtained, other than temporary deployment pending application.
10) Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the company by its officers or employees has been noticed or reported during the year.
11) Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act;
12) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 4 (xii) of the Order are not applicable to the Company.
13) In our opinion, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.
14) Based upon the audit procedures performed and the information and explanations given by the management, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 3 (xiv) of the Order are not applicable to the Company and hence not commented upon.
15) Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.
16) In our opinion, the company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.
ANNEXURE 2 TO THE INDEPENDENT AUDITORâS REPORT
[Referred to in paragraph 2 under âReport on Other Legal and Regulatory Requirementsâ in the Independent Auditorâs Report of even date to the members of India Home Loan Limitedon the financial statements for the year ended March 31, 2018]
Report on the Internal Financial Controls over Financial Reporting under Clause (i) of Sub-section 3 ofSection 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of India Home Loan Limited (âthe Companyâ) as of March 31, 2018 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 Companyâs management is responsible for establishing and maintaining internal financial controls based on 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, 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 (theâGuidance Noteâ) and the Standards on Auditing, to the extent applicable to an audit of internal financial controls, 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 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.
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
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 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 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 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
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 as at March 31, 2018, based on 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).
For G. P. KAPADIA & Co.
Chartered Accountants
(Firm Registration No. 104768W)
Sd/-
Jinesh B. Shah
Partner
Membership No. 132240
Place: Mumbai
Date: 15th May, 2018
Mar 31, 2017
Report on the Financial Statements
We have audited the accompanying financial statements of INDIA HOME LOAN LIMITED (âthe Companyâ), which comprise the Balance sheet as at 31 March 2017, the Statement of profit and loss, 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 Financial Statements
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 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.
Auditorsâ 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 of 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 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 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 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 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 31 March 2017, its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
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 Act, we give in the âAnnexure Aâ, a statement on the matters specified in paragraphs 3 and 4 of the said 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, the Statement of profit and loss and the Statement of Cash flows dealt with by this report are in agreement with the books of account;
(d) In our opinion, the 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 31 March 2017 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2017 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 Bâ; and
(g) With respect to the other matters to be included in the Auditorsâ Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company does not have any pending litigations which would impact its financial position;
ii. The Company did not have any long-term contracts, including derivative contracts, for which there were any material foreseeable losses;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company; and
iv. The Company has provided requisite disclosures in the financial statements as to holdings as well as dealings in Specified Bank Notes in Notification S.O 3407 (E) dated November 8, 2016, of Ministry of Finance during the period from 8 November, 2016 to 30 December, 2016 and these are in accordance with the books of accounts maintained by the Company. Based on audit procedure performed and the representation provided to us by the management we report that the disclosure is in accordance with the relevant books of accounts maintained by the entities. Refer Note 28 to the financial statements.
Annexure A to the Independent Auditorsâ Report
[Referred to in paragraph 1 under âReport on Other Legal and Regulatory Requirementsâ in the Independent Auditorâs Report of even date to the members of India Home Loan Limited on the financial statements for the year ended March 31,2017]
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of the fixed assets.
(b) Some of the Fixed Assets were physically verified during the year by the management in accordance with a program of verification, which in our opinion provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us no material discrepancies were noticed on such verification.
(c) The Company does not have immovable properties.
(ii) According to the information and explanations given to us, the nature of the Companyâs business is such that it is not required to hold any inventories.
(iii) In our opinion and according to information and explanations given to us, 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. Accordingly, paragraph 3(iii) of the Order is not applicable to the Company.
(iv) The Company has not granted any loans or provided any guarantees or security to the parties covered under Section 185 of the Act. The Company has complied with the provisions of Section 186 of the Act in respect of investments made or loans or guarantee or security provided to the parties covered under Section 186.
(v) In our opinion, and according to the information and explanations given to us, the Company has not accepted any deposits as per the directives issued by the Reserve Bank of India under the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under. Accordingly, paragraph 3(v) of the Order is not applicable to the Company.
(vi) The Company is not engaged in production, processing, manufacturing or mining activities therefore, the provisions of maintenance of cost records specified by the central government under sub section (1) of Section 148 of the Companies Act, 2013 mentioned in clause(vi) of paragraph 3 of the order are not applicable.
(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Provident fund, Employeesâ state insurance, Income tax, Value added tax, Sales tax, Service tax, duty of Customs, duty of Excise, Cess and other material statutory dues have regularly been deposited during the year by the Company with the appropriate authorities and no undisputed amounts payable in respect of Provident fund, Employeesâ state insurance, Income tax, Value added tax, Sales tax, Service tax, duty of Customs, duty of Excise, Cess and other material statutory dues were in arrears as at 31 March 2017 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 Income tax, sales tax, Value added tax, Service tax, duty of customs, duty of excise which have not been deposited with the appropriate authorities on account of any dispute.
(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings to financial institutions, banks and government. The Company has not issued any debentures.
(ix) In our opinion and according to the information and explanations given to us, money raised by way of term loans have been applied by the Company during the year for the purposes for which they were raised. The Company has not raised any moneys by way of initial public offer or further public offer (including debt instruments) during the year.
(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.
(xi) According to the information and explanations give to us and based on our examination of the records, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi company and the Nidhi Rules, 2014 are not applicable to it. Accordingly, the provisions of clause 4(xii) of the Order are not applicable to the Company.
(xiii) In our opinion and according to the information and explanations given to us, transactions with related parties are in compliance with the provisions of Sections 177 and 188 of the Act. The details of such related party transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.
(xiv) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has made preferential allotment or private placement of shares of 29,11,755 equity shares of the face value of Rs.10 each issued at Rs.41 per share during the year.
(xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him/her. Accordingly, paragraph 3(xv) of the Order is not applicable.
(xvi) In our opinion and according to the information and explanations given to us, the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, paragraph 3 (xvi) of the Order is not applicable.
For G. P. Kapadia & Co.
Chartered Accountants
Firmâs Registration No: 104768W
Atul B. Desai
Partner
Membership No: 30850
Place : Mumbai
Date : 29 May 2017
Mar 31, 2016
Report on the Financial Statements
We have audited the accompanying financial statements of INDIA HOME LOAN LIMITED (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss, the 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 (âthe Actâ) 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 and ensuring their operating effectiveness and 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 disclosures in the financial statements. The procedures selected depend on the auditors'' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of 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/qualified audit opinion/adverse 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, its profit/loss and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
(1) As required by the Companies (Auditors'' Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the âAnnexure 1â, a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
(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, 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 of the Companies (Accounts) Rules, 2014.
e. On the basis of written representations received from the directors as on March 31, 2016, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 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, refer to our separate Report in âAnnexure 2â.
g. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
(i) The Company does not have any pending litigations which would impact its financial position;
(ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;
(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
ANNEXURE 1 TO THE INDEPENDENT AUDITORS'' REPORT
[Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' in the Independent Auditor''s Report of even date to the members of India Home Loan Limited on the financial statements for the year ended March 31, 2016]
1) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;
(b) Some of The Fixed Assets were physically verified during the year by the management in accordance with a program of verification, which in our opinion provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us no material discrepancies were noticed on such verification.
(c) The title deeds of immovable properties are held in the name of the company.
2) According to the information and explanations given to us, the nature of the Company''s business is such that it is not required to hold any inventories.
3) 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. Accordingly, the provisions of clause 3 (iii) (a) to (C) of the Order are not applicable to the Company and hence not commented upon.
4) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 185 and I86 of the Companies Act, 2013 In respect of loans, investments, guarantees, and security.
5) The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.
6) The Company is not engaged in production, processing, manufacturing or mining activities therefore, the provisions of maintenance of cost records specified by the central government under sub section (1) of Section 148 of the Companies Act, 2013 mentioned in clause (vi) of paragraph 3 of the order are not applicable.
7) (a) According to information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Income-Tax, Service Tax, Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the above were in arrears as at March 31, 2016 for a period of more than six months from the date they become payable.
(b) According to the information and explanation given to us, there are no dues of income tax, service tax, outstanding on account of any dispute.
8) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to financial institutions, banks, government and debenture holders.
9) Based upon the audit procedures performed and the information and explanations given by the management, the company has not raised moneys by way of initial public offer or further public offer including debt instruments. To the best of our knowledge and belief and according to the information and explanations given to us, in our opinion, the term loans obtained during the year were, prima facie, applied by the company for the purpose for which they were obtained, other than temporary deployment pending application.
10) Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the company by its officers or employees has been noticed or reported during the year.
11) Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act;
12) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 4 (xii) of the Order are not applicable to the Company.
13) In our opinion, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.
14) Based upon the audit procedures performed and the information and explanations given by the management, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 3 (xiv) of the Order are not applicable to the Company and hence not commented upon.
15) Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.
16) In our opinion, the company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.
For G.P. Kapadia & Co.
Chartered Accountants
ICAI Firm Registration No.104768W
sd/-
Atul B. Desai
Partner
Membership No: 30850
Mumbai
24th May, 2016
Mar 31, 2014
We have audited the accompanying financial statements of INDIA HOME
LOAN LIMITED ("the Company"), which comprise the Balance Sheet as at
March 31, 2014, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s 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 notified under 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 September 13, 2013 of the Ministry of Corporate Affairs)
and in accordance with the accounting principles generally accepted in
India. 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 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 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 the accounting policies used and the
reasonableness of the accounting estimates made by the 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 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:
(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 in terms of Section 227(4A) 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 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 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 September 13, 2013 of the Ministry of Corporate Affairs).
(e) On the basis of the written representations received from the
directors as on March 31, 2014 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 terms of Section 274(1) (g) of
the Act.
Referred to in paragraph 6 of our report of even date,
1. In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified by the Management at
the end of the year. In our opinion, the frequency of verification is
reasonable having regard to the size of the company and the nature of
its fixed assets. According to the information and explanations given
to us, no material discrepancies were noticed on such verification.
(c) The company has not disposed off fixed assets which constitutes a
substantial part of the fixed assets of the company so as to affect the
going concern status of the company.
2. The company does not have any inventory as it is in service
industry and accordingly Para 4 (ii) of the order is not applicable to
the company.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/ from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
a) The Company has taken unsecured loan from two parties covered in the
register maintained u/s. 301 of the Companies Act, 1956. The maximum
amount involved during the year aggregate to Rs. 40,28,838 /- (Previous
year Rs. 1,32,75,000/-) and the year-end balance in respect of this loan
was Rs. Nil. (Previous year Rs. 7,50,000/- which was subscribed by Mr.
Anant Balotia towards proposed warrant but declined before the
allotment).
b) In our opinion and according to the information and explanations
given to us, the terms and conditions on which such loans have been
taken are not, prima facie prejudicial to the interest of the Company.
c) In respect of above loans taken by the Company, these are advance
against issue of convertible share warrants and therefore the question
of overdue amounts does not arise.
d) The Company has granted secured loan to the partnership firm covered
in the register maintained u/s. 301 of the Companies Act, 1956. The
maximum amount involved during the year aggregate to Rs. 76,13,017/-
(Previous year 75,03,629) and the year-end balance in respect of this
loan was Rs. 73,98,813/- (Previous year 75,03,629).
4. In our opinion and according to the information and explanation
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 acquisition of fixed assets and the sale of
services. During the course of our audit, we have not observed any
major weakness in such internal control system.
5. To the best of our knowledge and according to the information and
explanations given to us, company has entered the transaction that
needs to be entered in the register maintained in pursuance of Section
301 of the Companies Act, 1956.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public and
therefore provisions of section 58A and 58AA of the Companies Act, 1956
and Housing Finance Companies (NHB) Directions, 2010 the and the rules
framed there under are not applicable to the company.
7. In our opinion, the company has an internal audit system
commensurate with the size of the company and nature of its business.
8. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under section 209(1) (d) of the Companies Act 1956 to the company.
9. According to the information and explanations given to us in
respect of statutory dues: (a) The company has generally been regular
in depositing with appropriate authorities undisputed statutory dues
including income tax, wealth tax, custom duty, excuse duty, cess and
other statutory dues applicable to it.
9. According to the information and explanations given to us in
respect of statutory dues:
(a) The company has generally been regular in depositing with
appropriate authorities undisputed statutory dues including income tax,
wealth tax, custom duty, excuse duty, cess and other statutory dues
applicable to it.
(b) There were no undisputed amounts payable in respect of income tax,
wealth tax, sales tax, custom duty, excise duty & cess in arrears, as
at March 31, 2014 for a period of more than six months from the date
they became payable.
(c) According to the records of the Company, there are no disputed
statutory dues outstanding as on March 31, 2014.
10. In our opinion, the accumulated loss of the Company at the end of
the financial year is less than 50% of its net worth. The Company has
not incurred cash losses during the current and the immediately
preceding financial year.
11. In our opinion and according to the information and explanations
given to us and records examined by us, the company has not defaulted
in repayment of dues to financial institutions, banks and debenture
holders.
12. In our opinion and according to the information and explanations
given to us and records examined by us, the company has not granted any
loans on the basis of security by way of pledge of shares, debentures
or other security.
13. In our opinion and according to the information and explanations
given to us, the nature of the activities of the company does not
attract any special status applicable to the chit fund/ nidhi / mutual
benefit fund and society.
14. In our opinion and according to the information and explanations
given to us and books and records examined by us, the company is
dealing or trading in shares and securities and proper records have
been maintained of transactions and contracts and timely entries have
been made therein. Also, shares and securities have been held by the
company in its own name.
15. In our opinion and according to the information and explanation
given to us and records examined by us, during the year the company has
not given any guarantee for loans taken by others from banks or
financial institutions.
16. To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion and records
examined by us, the term loans availed by the company were, applied by
the company during the year for the purposes for which they were
obtained, other than temporary deployment pending application.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet, the Cash Flow Statement
and other records examined by us, we report that, the company has not
utilized any funds raised on short-term basis for long-term
investments.
18. According to the information and explanations given to us and the
records examined by us, during the year, the Company has not made
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, during the period covered by our audit report,
the Company has not issued any debentures.
20. During the year, the Company has not raised money by way of public
issues.
21. 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
fraud on or by the Company, noticed or reported during the year nor
have we been informed of such case by the management.
For G.P. KAPADIA & CO.
Chartered Accountants
(FRN 104768W)
Atul B. Desai
Partner
Membership No: 30850
Mumbai
Date: 7th May, 2014
Mar 31, 2013
Report on the Financial Statements
1. We have audited the accompanying financial Statements of INDIA HOME
LOAN LIMITED ("the Company") which comprises the Balance Sheet as at
March 31st, 2013 and the Statement of Profit and Loss and Cash Flow
Statement for the year ended on March 31s'', 2013 and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
2. Management is responsible for the preparation of these financial
statements that give a true & fair view of the financial position,
financial performance 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 gives
a true and fair view and are free from material misstatement, whether
due to fraud or error.
Auditor''s Responsibility
3. We have conducted our audit in accordance with the auditing
standards generally accepted in India. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit 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.
4. Our responsibility is to express an opinion on these financial
statements based on 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 from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedure
selected depends on the auditor''s judgment, including the assessment of
the risk 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
presentation of the financial statements in order to design audit
procedure that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the accounting estimates made by the 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
5. 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;
i) In case of the Balance Sheet, of the statement of affairs of the
Company as at March 31st, 2013. and
ii) In the case of the Statement of Profit and Loss, of the Profit for
the year ended on that date and
iii) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Report on other Legal and Regulatory Requirements
6. As required by section 227(3) of the Act and 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.
7. 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 it appears from our examination of
those books;
c. The Balance Sheet and Statement of Profit and 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 and Statement of Profit and Loss
comply with Accounting Standards referred toin subsection (3C)of
section 211 oftheCompaniesAct, 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 director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT
Referred to in paragraph 6 of our report of even date,
1. In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified by the Management at
the end of the year. In our opinion, the frequency of verification is
reasonable having regard to the size of the company and the nature of
its fixed assets. According to the information and explanations given
to us, no material discrepancies were noticed on such verification.
(c) The company has not disposed off fixed assets which constitutes a
substantial part of the fixed assets of the company so as to affect the
going concern status of the company.
2. The company does not have any inventory as it is in service
industry and accordingly Para 4 (ii) of the order is not applicable to
the company.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/ from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
a) The Company has taken unsecured loan from five paries covered in the
register maintained u/s. 301 of the Companies Act, 1956. The maximum
amount involved during the year aggregate to Rs. 1,32,75,000/- (Previous
yearRs.. 83,75,000/-) and the year-end balance in respect of this loan
was Rs. 7,50,000/- (Previous yearRs.. 83,75,000/-)
b) In our opinion and according to the information and explanations
given to us, the terms and conditions on which such loans have been
taken are not, prima facie prejudicial to the interest of the Company.
c) In respect of above loans taken by the Company, these are advance
against issue of convertible share warrants and therefore the question
of overdue amounts does not arise.
d) The Company has granted secured loan to the partnership firm covered
in the register maintained u/s. 301 of the Companies Act, 1956. The
maximum amount involved during the year aggregate to Rs. 75,03,629/-
(Previous year Nil) and the year-end balance in respect of this loan
was Rs. 75,03,629/- (Previous year Nil).
4. In our opinion and according to the information and explanation
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 acquisition of fixed assets and the sale of
services. During the course of our audit, we have not observed any
major weakness in such internal control system.
5. To the best of our knowledge and according to the information and
explanations given to us, company has entered the transaction that
needs to be entered in the register maintained in pursuance of Section
301 of the Companies Act, 1956.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public and
therefore provisions of section 58A and 58AA of the Companies Act, 1956
and Housing Finance Companies (NHB) Directions, 2010 the and the rules
framed there under are not applicable to the company.
7. In our opinion, the company has an internal audit system
commensurate with the size of the company and nature of its business.
8. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under section 209(1) (d) of the Companies Act 1956 to the company.
9. According to the information and explanations given to us in
respect of statutory dues:
(a) The company has generally been regular in depositing with
appropriate authorities undisputed statutory dues including income tax,
wealth tax, custom duty, excuse duty, cess and other statutory dues
applicable to it.
(b) There were no undisputed amounts payable in respect of income tax,
wealth tax, sales tax, custom duty, excise duty & cess in arrears, as
at March 31, 2013 for a period of more than six months from the date
they became payable.
c) According to the records of the Company, there are no disputed
statutory dues outstanding as on March 31,2013.
10. In our opinion, the accumulated loss of the Company at the end of
the financial year is less than 50% of its net worth. The Company has
not incurred cash losses during the current and the immediately
preceding financial year.
11. In our opinion and according to the information and explanations
given to us and records examined by us, the company has not defaulted
in repayment of dues to financial institutions, banks and debenture
holders.
12. In our opinion and according to the information and explanations
given to us and records examined by us, the company has not granted any
loans on the basis of security by way of pledge of shares, debentures
or other security.
13. In our opinion and according to the information and explanations
given to us, the nature of the activities of the company does not
attract any special status applicable to the chit fund/ nidhi / mutual
benefit fund and society.
14. In our opinion and according to the information and explanations
given to us and books and records examined by us, the company is
dealing or trading in shares and securities and proper records have
been maintained of transactions and contracts and timely entries have
been made therein. Also, shares and securities have been held by the
company in its own name.
15. In our opinion and according to the information and explanation
given to us and records examined by us, during the year the company has
not given any guarantee for loans taken by others from banks or
financial institutions.
16. To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion and records
examined by us, the term loans availed by the company were, applied by
the company during the year for the purposes for which they were
obtained, other than temporary deployment pending application.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet, the Cash Flow Statement
and other records examined by us, we report that, the company has not
utilized any funds raised on short-term basis for long-term
investments.
18. According to the information and explanations given to us and the
records examined by us, during the year, the Company has not made
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, during the period covered by our audit report,
the Company has not issued any debentures.
20. During the year, the Company has not raised money by way of public
issues.
21. 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
fraud on or by the Company, noticed or reported during the year nor
have we been informed of such case by the management.
For G.P. KAPADIA & CO.
Chartered Accountants (FRN104768W)
Atul B. Desai
Partner
Membership No: 30850
Mumbai
Date: 28th May, 2013
Mar 31, 2012
We have audited the attached Balance Sheet of M/s India Home Loans
Limited as at 31st March, 2012 and also the Profit and loss Account and
the Cash Flow Statement 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 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.
2. 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 a
statement on the matters specified in paragraph 4 and 5 of the said
Order.
3. Further to our comments in the Annexure referred to in paragraph 2
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 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, 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 Statements dealt with by this report comply with the mandatory
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956 except for Accounting Standard 15 "Accounting
for Employee Benefits" in respect of Gratuity and leave encashment
liability not provided as explained in note 8;.
e) On the basis of written representations received from the directors,
and taken on record by the Board of Directors, in our opinion none of
the director is disqualified as on 31st March, 2012 from being
appointed as director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act 1956 as on that date,
f) In our opinion and to the best of our information and according to
the explanations given to us, subject to our comments in para 3(d)
above the said accounts read together with the Significant Accounting
Policies and Notes thereon, give the information required by the
Companies Act, 1956, in the manner so required, and present 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, 2012;
ii. in so far as it relates to the Profit and Loss Account, of the
Profit of the Company for the year ended on that date;
iii. in case of cash flow statement of the cash flows of the company
for the year ended 31st March, 2012.
Based upon the information and explanations furnished to us, and the
books and records examined by us in the normal course of our audit, we
report that to the best of our knowledge and belief:
1. In respect of its fixed assets:
a) As explained to us, the company has maintained proper records
showing full particulars including quantitative details and situation
of fixed assets on the basis of available information.
b) As explained to us, the fixed assets have been physically verified
at the year-end, which in our opinion is reasonable, having regard to
the size of the company and nature of its assets. No material
discrepancies have been reported on such verification as compared to
book records.
c) In our opinion and according to the information and explanations
given to us, the Company has not disposed of substantial part of fixed
assets during the year and the going concern status of the Company is
not affected.
2. As explained to us by the management, the company is in the service
industry and does not have any inventories.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/ from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
a) The Company has taken unsecured loans from seven parties covered in
the register maintained u/s. 301 of the Companies Act, 1956. The
maximum amount involved during the year aggregate to Rs. 83,75,000/- and
the year- end balance in respect of these loans was Rs. 83,75,000/-.
b) In our opinion and according to the information and explanations
given to us, the terms and conditions on which such loans have been
taken are not, prima facie prejudicial to the interest of the Company.
c) In respect of above loans taken by the Company, these are repayable
on demand and therefore the question of overdue amounts does not arise.
d) The Company has not granted any unsecured loans to companies, firms
or other parties covered in the register maintained u/s. 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 fixed assets and for the sale of
investments. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
5. To the best of our knowledge and belief and according to the
information and explanations given to us, the particulars of contracts
or arrangements that need to be entered into the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
According to the information and explanations given to us, there were
no transactions in pursuance of contracts or arrangements entered in
the register maintained under section 301 of the Companies Act, 1956,
aggregating during the year to Rs. 5,00,000/- (Rupees five lacs) or more
in respect of any party.
6. In our opinion, the Company has not accepted any deposits from the
public as explained in the directives issued by the Housing Finance
Companies (NHB) Directions, 2010 and within the provisions of section
58A and section 58AA or other relevant provisions of the of the
Companies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975
with regard to acceptance of deposits from the public..
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. According to information and explanations give to us, Central
Government has not prescribed maintenance of Cost Records under Section
209(1)(d) of the Companies Act, 1956 in respect of business activities
of the Company.
9. In respect of statutory dues:
a) According to the records of the Company, and according to the
information and explanations given to us, the company is generally
regular in depositing undisputed statutory dues including Investor
Education & Protection Fund, Income-Tax, and other material statutory
dues applicable to the company with the appropriate authorities during
the year.
b) 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.
c) According to the records of the Company, and as per information and
explanations given to us there are no disputed statutory dues
outstanding during the year.
10. In our opinion, the accumulated loss of the Company at the end of
the financial year is less than 50% of its net worth. The Company has
not incurred cash losses during the current and the immediately
preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks and financial institutions. The company has not obtained any
borrowings by issue of debentures.
12. According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund/society.
14. As per information and explanation given to us and books and
records produced before us, the company is dealing and trading in
shares and securities and proper records have been maintained of
transactions and contracts and timely entries have been made therein.
Also, shares and securities have been held by the company in its own
name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions.
16. In our opinion and according to the information and explanations
given to us, the Company has not raised any term loans during the year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, funds
raised on short-term basis during the year have not been used for
long-term investments.
18. According to the information and explanations given to us, 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. The Company has not issued any debentures.
20. The Company has not raised any money by way of public issue during
the year covered by our audit report.
21. In our opinion based on the audit procedures applied and according
to the information and explanations given to us by the management, no
fraud on or by the Company has been noticed or reported during the year
that causes the financial statements to be materially misstated.
For Tushar Parekh & Associates
Chartered Accountants
(FRN 117307W)
CA Tushar Parekh
Proprietor
Place: Mumbai Membership No: 103230
Date: 29th June, 2012
Mar 31, 2011
We have audited the attached Balance Sheet of M/s India Home Loans
Limited as at 31st March, 2011 and also the Profit and loss Account and
the Cash Flow Statement 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 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 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.
2. 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 a
statement on the matters specified in paragraph 4 and 5 of the said
Order.
3. Further to our comments in the Annexure referred to in paragraph 2
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 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, 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 Statements dealt with by this report comply with the mandatory
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956 except for Accounting Standard 15 "Accounting
for Employee Benefits" in respect of Gratuity liability not provided as
explained in note 8 of Schedule-15;.
e) On the basis of written representations received from the directors,
and taken on record by the Board of Directors, in our opinion none of
the director is disqualified as on 31st March, 2011 from being
appointed as director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act 1956 as on that date,
f) In our opinion and to the best of our information and according to
the explanations given to us, subject to our comments in para 3(d)
above the said accounts read together with the Significant Accounting
Policies and Notes thereon, give the information required by the
Companies Act, 1956, in the manner so required, and present 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, 2011;
ii. in so far as it relates to the Profit and Loss Account, of the
Profit of the Company for the year ended on that date;
iii. in case of cash flow statement of the cash flows of the company
for the year ended 31st March, 2011.
Annexure to the Auditors Report
(Referred to in Paragraph 3 of our report of even date)
Based upon the information and explanations furnished to us, and the
books and records examined by us in the normal course of our audit, we
report that to the best of our knowledge and belief:
1. In respect of its fixed assets:
a) As explained to us, the company has maintained proper records
showing full particulars including quantitative details and situation
of fixed assets on the basis of available information.
b) As explained to us, the fixed assets have been physically verified
at the year-end, which in our opinion is reasonable, having regard to
the size of the company and nature of its assets. No material
discrepancies have been reported on such verification as compared to
book records.
c) In our opinion and according to the information and explanations
given to us, the Company has not disposed of substantial part of fixed
assets during the year and the going concern status of the Company is
not affected.
2. As explained to us, the company is in the service industry and does
not have any inventories.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/ from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
The Company has not granted/taken any unsecured loans to/from
companies, firms or other parties covered in the register maintained
u/s. 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 fixed assets and for the sale of
investments. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
5. To the best of our knowledge and belief and according to the
information and explanations given to us, the particulars of contracts
or arrangements that need to be entered into the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
According to the information and explanations given to us, there are no
transactions in pursuance of contracts or arrangements entered in the
register maintained under section 301 of the Companies Act, 1956,
aggregating during the year to Rs 5,00,000/- (Rupees five lacs) or more
in respect of any party.
6. In our opinion, the Company has not accepted any deposits from the
public as explained in the directives issued by the Housing Finance
Companies (NHB) Directions, 2010 and within the provisions of section
58A and section 58AA or other relevant provisions of the of the
Companies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975
with regard to acceptance of deposits from the public..
7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
8. According to information and explanations give to us, Central
Government has not prescribed maintenance of Cost Records under Section
209(1)(d) of the Companies Act, 1956 in respect of business activities
of the Company.
9. In respect of statutory dues:
a) According to the records of the Company, and according to the
information and explanations given to us, the company is generally
regular in depositing undisputed statutory dues including Investor
Education & Protec- tion Fund, Income-Tax, and other material statutory
dues applicable to the company with the appropriate authorities during
the year.
b) 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, 2011 for a period of more than six months
from the date of becoming payable.
c) According to the records of the Company, and as per information and
explanations given to us there are no disputed statutory dues
outstanding during the year.
10. In our opinion, the accumulated loss of the Company at the end of
the financial year is less than 50% of its net worth. The Company has
not incurred cash losses during the current and the immediately
preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks and financial institutions. The company has not obtained any
borrowings by issue of debentures.
12. According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund/society.
14. As per information and explanation given to us and books and
records produced before us, the company is dealing and trading in
shares and securities and proper records have been maintained of
transactions and contracts and timely entries have been made therein.
Also, shares and securities have been held by the company in its own
name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions.
16. In our opinion and according to the information and explanations
given to us, the Company has not raised any term loans during the year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, funds
raised on short-term basis during the year have not been used for
long-term investments.
18. According to the information and explanations given to us, during
the year, the Company has made a preferential allotment of 33,00,000
equity shares of Rs 10/- each fully paid up out of the 59,42,500 equity
shares of Rs 10/- each fully paid up to parties and companies covered in
the Register maintained under Section 301 of the Companies Act, 1956,
as explained in note 2 of Schedule 15.
19. The Company has not issued any debentures.
20. The Company has not raised any money by way of public issue during
the year covered by our audit report.
21. In our opinion based on the audit procedures applied and according
to the information and explanations given to us by the management, no
fraud on or by the Company has been noticed or reported during the year
that causes the financial statements to be materially misstated.
For Tushar Parekh & Associates
Chartered Accountants
(FRN 117307W)
CA Tushar Parekh
Proprietor
Membership No: 103230
Place: Mumbai
Date: 27th May, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of M/s India Home Loans
Limited as at 31st March, 2010 and also the Profit and loss Account and
the Cash Flow Statement 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 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 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.
2. 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 a
statement on the matters specified in paragraph 4 and 5 of the said
Order.
3. Further to our comments in the Annexure referred to in paragraph 2
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 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, 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 Statements dealt with by this report comply with the mandatory
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956 except for Accounting Standard 15 "Accounting
for Employee Benefits " as explained in note 6 of Schedule-15 and
recognition of deferred tax asset of Rs.40,03,591/- as explained in
Note 16 of Schedule 15 on carried forward loss for which according to
us, there is no virtual certainty of absorption of the loss in the
foreseeable future as envisaged by the company;.
e) On the basis of written representations received from the directors,
and taken on record by the Board of Directors, in our opinion none of
the director is disqualified as on 31st March, 2010 from being
appointed as director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act 1956 as on that date,
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 Notes thereon, give the information
required by the Companies Act, 1956, in the manner so required, and
present 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, 2010;
ii. in so far as it relates to the Profit and Loss Account, of the
Profit of the Company for the year ended on that date;
iii. in case of cash flow statement of the cash flows of the company
for the year ended 31st March, 2010.
Annexure to the Auditors Report (Referred to in Paragraph 3 of our
report of even date)
Based upon the information and explanations furnished to us, and the
books and records examined by us in the normal course of our audit, we
report that to the best of our knowledge and belief:
1. In respect of its fixed assets:
a) As explained to us, the company is in the process of maintaining
proper records showing full particulars including quantitative details
and situation of fixed assets on the basis of available information.
b) As explained to us, the fixed assets have been physically verified
at the year-end, which in our opinion is reasonable, having regard to
the size of the company and nature of its assets. No material
discrepancies have been reported on such verification as compared to
book records.
c) In our opinion and according to the information and explanations
given to us, the Company has not disposed of substantial part of fixed
assets during the year and the going concern status of the Company is
not affected.
2. As explained to us, the company is in the service industry and does
not have any inventories.
3. In respect of loans, secured or unsecured, granted or taken by the
Company to/from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
a) The Company has not granted any unsecured loans to companies covered
in the register maintained u/s. 301 of the Companies Act, 1956.
The Company had not taken any unsecured loans to any 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 fixed assets and for the sale of
investments. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal controls.
5. To the best of our knowledge and belief and according to the
information and explanations given to us, the particulars of contracts
or arrangements that need to be entered into the register maintained
under section 301 of the Companies Act, 1956 have been so entered.
According to the information and explanations given to us, there are no
transactions in pursuance of contracts or arrangements entered in the
register maintained under section 301 of the Companies Act, 1956,
aggregating during the year to Rs. 5,00,000/- (Rupees five lacs) or
more in respect of any party..
6. In our opinion, the Company has not accepted any deposits from the
public as explained in the directives issued by the Housing Finance
Companies (NHB) Directions, 1989 and within the provisions of section
58A and section 58AA or other relevant provisions of the of the
Companies Act, 1956 and Companies (Acceptance of Deposits) Rules, 1975
with regard to acceptance of deposits from the public.
7. There is no internal audit system prevalent in the Company.
8. According to information and explanations give to us, Central
Government has not prescribed maintenance of Cost Records under Section
209(1 )(d) of the Companies Act, 1956 in respect of business activities
of the Company.
9. In respect of statutory dues:
a) According to the records of the Company, and according to the
information and explanations given to us, the company is generally
regular in depositing undisputed statutory dues including Investor
Education & Protection Fund, Income-Tax, and other material statutory
dues applicable to the company with the appropriate authorities during
the year.
b) 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.
c) According to the records of the Company, and as per information and
explanations given to us there are no disputed statutory dues
outstanding during the year except the following:
Nature of
Statute Nature of Dues Amount in Period to
which it Forum where
the dispute!
Rupees relates is pending
Income
Tax Act, Unexplained
expenditure,
unexplained Assessment
year Reference by
the Income tax
1961 money, false
claim u/s
section 36(1
(viii) and 2,01,26,187/- 1996-97 Department to
the High Court,
unexplained
share capital Mumbai
Income
TaxAct, Unexplained
expenditure,
unexplained Assessment Year Reference by
the Income tax
1961 money and false
claim u/s
section 36(1
(viii) 22,65,786/- 1997-98 Department to
the High Court,
Mumbai
Income
TaxAct, Unexplained
expenditure,
unexplained Assessment Year Reference by
the Income tax
1961 money and false
claim u/s
section 36(1
(viii) 12,37,106/- 2001-02 Department to
the High Court,
Mumbai
10. In our opinion, the accumulated loss of the Company at the end of
the financial year is less than 50% of its net worth. The Company has
not incurred cash losses during the current and the immediately
preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
banks and financial institutions. The company has not obtained any
borrowings by issue of debentures.
12. According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund/society.
14. As per information and explanation given to us and books and
records produced before us, the company is dealing and trading in
shares and securities and proper records have been maintained of
transactions and contracts and timely entries have been made therein.
Also, shares and securities have been held by the company in its own
name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks or financial institutions.
16. In our opinion and according to the information and explanations
given to us, the Company has not raised any term loans during the year.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, funds
raised on short-term basts during the year have not been used for
long-term investments.
18. According to the information and explanations given to us, 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. However, the company has issued
preferential warrants to parties covered in the Register maintained
under Section 301 of the Companies Act, 1956 as explained in note 2 of
Schedule 15.
19. The Company has not issued any debentures.
20. The Company has not raised any money by way of public issue during
the year covered by our audit report.
21. In our opinion based on the audit procedures applied and according
to the information and explanations given to us by the management, no
fraud on or by the Company has been noticed or reported during the year
that causes the financial statements to be materially misstated.
For Tushar Parekh & Associates
Chartered Accountants
(FRN117307W)
CA Tushar Parekh
Proprietor
Place: Mumbai Membership No: 103230
Date: 30th June, 2010