Mar 31, 2015
We have audited the accompanying financial statements of Nalin Lease
Finance Limited ("the Com- pany"), which comprise the Balance Sheet as
at March 31, 2015, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibilities for the Financial Statement
The Company''s Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate ac- counting 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 pru- dent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, rel- evant to the preparation
and presentation of the financial statements that give a true and fair
view and are free from material misstatement, whether due to fraud or
error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclo- sures in the financial statements. The
procedures selected depend on the auditor''s judgment, includ- ing the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company''s preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the ac- counting estimates made by the Company''s Directors, as well
as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the effects of non provision of
Diferred Tax as per "Significant Accounting Policy - Notes 1(VI)", the
financial statements give the information required by the Act in the
manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) in the case of the Profit and Loss Account, of the profits for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal & Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, based on information and
explanations given to us , we give in the Annexure 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
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 it appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) except for the effects of non provision of Differed Tax as per
"Significant Accounting Policy - Notes 1(VI) in our opinion, the
Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement
comply with the Accounting Standards referred to in section 133 of the
Companies 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, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of section 164 (2) of the Act; and
f) With respect to the other matters to be included in 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 litigation which would impact
its financial positions.
(ii) The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
(iii) There were no amounts that were required to be transferred to the
Investor Education and Protection Fund by the Company.
Annexure to the Independent Auditors'' Report
The Annexure referred to in our Independent Auditors'' Report to the
members of the Company on the financial statements for the year ended 31
March 2015, we report that:
3 (i) (a) The Company has maintained proper records showing full
particulars, including quan- titative details and situation of fixed
assets.
3 (i) (b) The Company has a regular programme of physical verification
of its fixed assets by which fixed assets are verified in a phased
manner over a period of three years. In accordance with this programme,
certain fixed assets were verified during the year and no material
discrepancies were noticed on such verification. In our opin- ion, this
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its assets.
3 (ii) The Company is a finance company and it does not hold any
physical inventories except stationery. Hence paragraph 3(ii) of the
Order is not applicable
3 (iii) The Company has not granted loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013 (''the Act''). Hence we do
not have any comments under this para.
3 (iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of Its business with regard
to purchase of fixed assets and financing busi- ness. The activities of
the Company do not involve purchase of inventory and the sale of goods.
We have not observed any major weakness in the internal control system
during the course of the audit.
3 (v) The Company has not accepted any deposits from the public.
3 (vi) The Central Government has not prescribed the maintenance of cost
records under section 148(1) of the Act.
3 (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, income tax, sales
tax, wealth tax, service tax, duty of customs, value added tax, cess
and other material statutory dues ( Whichever is applicable) have been
regularly de- posited during the year by the Company with the
appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, income tax,
sales tax, wealth tax, service tax, duty of customs, value added tax,
cess and other material statutory dues were in ar- rears as at 31 March
2015 for a period of more than six months from the date they became
payable.
3 (vii)(b) According to the information and explanations given to us,
there are no material dues of wealth tax, duty of customs and cess,
income tax , sales tax , service tax and vat which have not been
deposited with the appropriate authorities on account of any dispute.
3 (vii)(c) According to the information and explanations given to us
there is no amount which were required to be transferred to the
investor education and protection fund in accor dance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made there
under.
3 (viii) The Company has neither incurred cash losses nor does have
accumulated losses ex- ceeding 50% of net worth at the end of the
financial year.
3 (ix) The Company did not have any outstanding dues to financial
institutions, banks or debenture holders during the year.
3 (x) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
3 (xi) The Company has availed O.D. required to be reduced every year
which may be con- sidered term loan. The said loan is applied for the
purpose for which it was sanctioned.
3 (xii) According to the information and explanations given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
Place : Himatnagar
Date : 16/05/2015
Mar 31, 2014
We have audited the accompanying financial statements of Nalin Lease
Finance Limited ("the Company"), which comprise the Balance Sheet as
at March 31, 2014, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibilities for the Financial Statement
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs
in respect of Section 133 of the Companies Act, 2013. 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 Char- tered
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 disclo- sures in the financial statements. The
procedures selected depend on the auditor''s judgment, includ- ing 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 opin- ion on
the effectiveness of the entity''s internal control. An audit also
includes evaluating the appro- priateness of accounting policies used
and the reasonableness of the accounting estimates made by management,
as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the effects of non provision of
Diferred Tax as per "Significant Accounting Policy  Notes 1(VI)", the
financial statements give the information required by the Act in the
manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal & Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) except for the effects of non provision of Differed Tax as per
"Significant Accounting Policy  Notes 1(VI) in our opinion, the
Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement
comply with the Accounting Standards referred to in subsec tion (3C) of
section 211 of the Companies Act, 1956 read with the General Circular
15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs
in respect of Section 133 of the Companies Act, 2013;
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is dis- qualified as on March 31, 2014, from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITORS'' REPORT (Referred to in paragraph 3 of our
report of even date)
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Majority of the assets has been physically verified by the
management during the year and there is a regular program of
verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. No material discrep
ancies were noticed on such verification.
(c) During the year, the company has not disposed off any major part of
the Fixed Assets.
(ii) (a) There are no Companies, firms and parties covered in the
register maintained un- der Section 301 of the Companies Act, 1956 to
whom the Company has granted unsecured loans. Hence the provision of
this clause (a), (b), (c), and (d) is not applicable.
(b) The Company had taken unsecured loans from two companies covered in
the registermaintained under Section 301 of the Companies Act, 1956.
The maximum amount involved during the year as Rs.63,91,392/- and the
year end balance of loans taken from such parties was Rs. NIL
(c) In our opinion, the rate of interest and the other terms and
conditions on which loans have been taken from parties listed in the
register maintained under section 301 of the companies Act,1956 are
not, prima facie, prejudicial to the interest of the company.
(d) We have been informed that the said loans are repayable on demand.
.
(iii) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of equipments and fixed assets and
with regard to the loans and advances made. During the course of our
audit, no major weak nesses have been noticed in the internal controls.
(iv) (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are of
the opinion that the transactions that need to be entered into the
register maintained under Section 301 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contract or
arrangement have been made at rates which are reasonable having regard
to prevailing market rates at the relevant time.
(v) In our opinion and according to the information and explanations
given to us, the company has taken loans and has complied with the
provisions of Sections 58A and 58AA and other relevant provisions of
the Companies Act, 1956 and the Companies (Acceptance of De- posits)
Rules, 1975 with regard to the deposits accepted by filing necessary
returns with R.B.I. only. No order has been passed by the Company Law
Board or National Company Law Tribunal or Reserve Bank of India or any
Court or any other Tribunal.
(vi) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(vii) (a) According to the records of the company, the company is
generally regular in depositing with appropriate authorities undisputed
statutory dues which may be applicable out of Provident Fund, Employees
State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service tax, Custom
Duty, Excise Duty, Cess and other Statutory Duties.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Sales Tax, Income Tax, Custom
Duty, Wealth Tax, Service tax, Ex- cise Duty , and Cess were
outstanding, as at 31st March, 2014 for a period of more than six
months from the date they become payable.
(c) According to the information and explanations given to us, there
are no dues of income tax, sales tax, wealth tax, service tax, customs
duty and excise duty which have not been deposited on account of any
dispute.
(viii) The company does not have any accumulated losses. The company
has not incurred cash losses during the financial year covered by our
audit and the immediately preceding finan cial year.
(ix) Based on our audit procedures and on the information and
explanations given by the man agement, we are of the opinion that the
company has not defaulted in repayment of dues to the banks.
(x) The company has not granted any loans against security by way of
pledge of shares, deben tures and other securities.
(xi) The company is not a chit fund or a Nidhi mutual benefit fund /
society. Therefore, the provisions of this clause of the Companies
(Auditor''s Report) Order, 2003 are not appli- cable to the company.
(xii) The company is not dealing in or trading in shares, securities,
debentures and other invest ments. Accordingly, the provisions of this
clause of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company.
(xiii) According to the information & explanation given to us, the
company has not given any guarantee hence we do not have any comment
under this para.
(xiv) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no significant funds raised on short- term basis have been used
for long-term investment by the company.
(xv) According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
(xvi) The company has not raised money by public issue hence any
specific comments up on the disclosure of end use is not applicable to
the company.
(xvii) To the best of our Knowledge and belief, and according to the
information and explanation given to us, no frauds on or by the company
was noticed or reported during the year.
Item nos. 4 ii, viii, and xvi of the said order are not applicable in
the case of the company for the year under audit.
For DEEPAK R SONI & CO.
Chartered Accountants
Place : Himatnagar (DEEPAK SONI)
Date : 21.05.2014 Proprietor
Mem.No. 35177
Mar 31, 2013
Report on Financial Statement
We have audited the accompanying financial statements of Nalin Lease
Finance Limited ("the Company"), which comprise the Balance Sheet as
at March 31, 2013, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibilities for the Financial Statement
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of ac- counting policies used
and the reasonableness of the accounting estimates made by management,
as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the effects of non provision of
Diferred Tax as per "Significant Accounting Policy  Notes 1(VI)Â, the
financial statements give the information required by the Act in the
manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal & Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
OrderÂ) issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowl- edge and belief were necessary for the purpose of
our audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) except for the effects of non provision of Differed Tax as per
"Significant Account- ing Policy  Notes 1(VI) in our opinion, the
Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement
comply with the Accounting Standards referred to in subsection (3C) of
section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is dis- qualified as on March 31, 2013, from
being appointed as a director in terms of clause (g) of sub-section (1)
of section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITORS'' REPORT
(Referred to in paragraph 3 of our report of even date)
(i) (a) The company has maintained proper records showing full
particulars including quan- titative details and situation of fixed
assets.
(b) Majority of the assets has been physically verified by the
management during the year and there is a regular program of
verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. No material
discrepan- cies were noticed on such verification.
(c) During the year, the company has not disposed off any major part of
the Fixed Assets.
(ii) (a) There are no Companies, firms and parties covered in the
register maintained under
Section 301 of the Companies Act, 1956 to whom the Company has granted
unsecured loans. Hence the provision of this clause (a), (b), (c), and
(d) is not applicable.
(b) The Company had taken unsecured loans from two companies covered in
the regis- ter maintained under Section 301 of the Companies Act, 1956.
The maximum amount in- volved during the year as Rs.69,93,240/- and the
year end balance of loans taken from such parties was Rs. 69,93,240/-
(c) In our opinion, the rate of interest and the other terms and
conditions on which loans have been taken from parties listed in the
register maintained under section 301 of the com- panies Act,1956 are
not, prima facie, prejudicial to the interest of the company.
(d) We have been informed that the said loans are repayable on demand.
.
(iii) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of equipments and fixed assets and
with regard to the loans and advances made. During the course of our
audit, no major weaknesses have been noticed in the internal controls.
(iv) (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are of
the opinion that the transactions that need to be entered into the
register maintained under Section 301 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contract or
arrangement have been made at rates which are reasonable having regard
to prevailing market rates at the relevant time.
(v) In our opinion and according to the information and explanations
given to us, the company has taken loans and has complied with the
provisions of Sections 58A and 58AA and other relevant provisions of
the Companies Act, 1956 and the Companies (Acceptance of Depos- its)
Rules, 1975 with regard to the deposits accepted by filing necessary
returns with R.B.I. only. No order has been passed by the Company Law
Board or National Company Law Tribunal or Reserve Bank of India or any
Court or any other Tribunal.
(vi) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(vii) (a) According to the records of the company, the company is
generally regular in depos-
iting with appropriate authorities undisputed statutory dues which may
be applicable out of Provident Fund, Employees State Insurance,
Income-Tax, Sales Tax, Wealth Tax, Service tax, Custom Duty, Excise
Duty, Cess and other Statutory Duties.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Sales Tax, Income Tax, Custom
Duty, Wealth Tax, Service tax, Excise Duty , and Cess were outstanding,
as at 31st March, 2013 for a period of more than six months from the
date they become payable.
(c) According to the information and explanations given to us, there
are no dues of income tax, sales tax, wealth tax, service tax, customs
duty and excise duty which have not been deposited on account of any
dispute.
(viii) The company does not have any accumulated losses. The company
has not incurred cash losses during the financial year covered by our
audit and the immediately preceding financial year.
(ix) Based on our audit procedures and on the information and
explanations given by the manage- ment, we are of the opinion that the
company has not defaulted in repayment of dues to the banks.
(x) The company has not granted any loans against security by way of
pledge of shares, deben- tures and other securities.
(xi) The company is not a chit fund or a Nidhi mutual benefit
fund/society. Therefore, the provi- sions of this clause of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
(xii) The company is not dealing in or trading in shares, securities,
debentures and other invest- ments. Accordingly, the provisions of this
clause of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the Company.
(xiii) According to the information & explanation given to us, the
company has not given any guarantee hence we do not have any comment
under this para.
(xiv) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no significant funds raised on short-term basis have been used for
long-term investment by the company.
(xv) According to the information and explanations given to us, the
company has not made preferen- tial allotment of shares to parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
(xvi) The company has not raised money by public issue hence any
specific comments up on the disclosure of end use is not applicable to
the company.
(xvii) To the best of our Knowledge and belief, and according to the
information and explanation given to us, no frauds on or by the company
was noticed or reported during the year.
Item nos. 4 ii, viii, and xvi of the said order are not applicable in
the case of the company for the year under audit.
For DEEPAK R SONI & CO.
Chartered Accountants
Place : Himatnagar (DEEPAK SONI)
Date : 27.05.2013 Proprietor
Mem.No. 35177
Mar 31, 2012
1. We have audited the attached Balance Sheet of NALIN LEASE FINANCE
LIMITED as at 31st March 2012, the Profit and Loss Account and also the
Cash Flow Statement 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.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
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.
3. As required by the Companies (Auditor's Report) Order, 2003 and
Companies (Auditors Report) (Amendment) order 2004 thereon issued by
the Central Government of India in terms of sub-section (4A) of Section
227 of the Companies Act, 1956, we enclose in the Annexure, a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to above, we
report that;
i. 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.
ii. In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books;
iii. The Balance Sheet and Profit and Loss Account and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
iv. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with this Report comply with the Accounting
Standards referred to in Sub-section (3C) of Section 211 of the
Companies Act, 1956;
v. On the basis of written representations received from the
Directors, as on 31st March, 2012 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March, 2012 from being appointed as a Director in terms of Clause
(g) of Sub-Section (1) of Section 274 of the Companies Act, 1956;
vi. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with significant
accounting policies and other notes thereon, give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view.
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012.
(b) In the case of the Profit and Loss Account, of the profit for the
year ended on that date.
(c) In the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 3 of our report of even date)
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Majority of the assets has been physically verified by the
management during the year and there is a regular program of
verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. No material
discrepancies were noticed on such verification.
(c) During the year, the company has not disposed off any major part of
the Fixed Assets.
(ii) (a) There are no Companies, firms and parties covered in the
register maintained under Section 301 of the Companies Act, 1956 to
whom the Company has granted unsecured loans. Hence the provision of
this clause (a), (b), (c), and (d) is not applicable.
(b) The Company had taken unsecured loans from two companies covered in
the register maintained under Section 301 of the Companies Act, 1956.
The maximum amount involved during the year as Rs.63,80,113/- and the
year end balance of loans taken from such parties was Rs. 63,11,588/-
(c) In our opinion, the rate of interest and the other terms and
conditions on which loans have been taken from parties listed in the
register maintained under section 301 of the companies Act,1956 are
not, prima facie, prejudicial to the interest of the company.
(d) We have been informed that the said loans are repayable on demand.
(iii) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of equipments and fixed assets and
with regard to the loans and advances made. During the course of our
audit, no major weaknesses have been noticed in the internal controls.
(iv) (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are of
the opinion that the transactions that need to be entered into the
register maintained under Section 301 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contract or
arrangement have been made at rates which are reasonable having regard
to prevailing market rates at the relevant time.
(v) In our opinion and according to the information and explanations
given to us, the company has taken loans and has complied with the
provisions of Sections 58A and 58AA and other relevant provisions of
the Companies Act, 1956 and the Companies (Acceptance of Deposits)
Rules, 1975 with regard to the deposits accepted by filing necessary
returns with R.B.I. only. No order has been passed by the Company Law
Board or National Company Law Tribunal or Reserve Bank of India or any
Court or any other Tribunal.
(vi) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(vii) (a) According to the records of the company, the company is
generally regular in depositing with appropriate authorities undisputed
statutory dues which may be applicable out of Provident Fund, Employees
State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service tax, Custom
Duty, Excise Duty, Cess and other Statutory Duties.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Sales Tax, Income Tax, Custom
Duty, Wealth Tax, Service tax, Excise Duty , and Cess were outstanding,
as at 31st March, 2012 for a period of more than six months from the
date they become payable.
(c) According to the information and explanations given to us, there
are no dues of income tax, sales tax, wealth tax, service tax, customs
duty and excise duty which have not been deposited on account of any
dispute.
(viii) The company does not have any accumulated losses. The company
has not incurred cash losses during the financial year covered by our
audit and the immediately preceding financial year.
(ix) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to the banks.
(x) The company has not granted any loans against security by way of
pledge of shares, debentures and other securities.
(xi) The company is not a chit fund or a Nidhi mutual benefit
fund/society. Therefore, the provisions of this clause of the Companies
(Auditor's Report) Order, 2003 are not applicable to the company.
(xii) The company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of this
clause of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
(xiii) According to the information & explanation given to us, the
company has not given any guarantee hence we do not have any comment
under this para.
(xiv) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no significant funds raised on short-term basis have been used for
long-term investment by the company.
(xv) According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
(xvi) The company has not raised money by public issue hence any
specific comments up on the disclosure of end use is not applicable to
the company.
(xvii) To the best of our Knowledge and belief, and according to the
information and explanation given to us, no frauds on or by the company
was noticed or reported during the year.
Item no. 4 ii, viii, and xvi of the said order are not applicable in
the case of the company for the year under audit.
For DEEPAK R SONI & CO.
Chartered Accountants
Place : Himatnagar (DEEPAK SONI)
Date : 02.06.2012 Proprietor
Mem.No. 35177
Mar 31, 2011
1. We have audited the attached Balance Sheet of NALIN LEASE FINANCE
LIMITED as at 31st March 2011, the Profit and Loss Account and also the
Cash Flow Statement 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.
2. We conducted cur audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
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.
3. As required by the Companies (Auditor's Report) Order, 2003 and
Companies (Auditors Report) (Amendment) order 2004 thereon issued by
the Central Government of India in terms of sub-section (4A) of Section
227 of the Companies Act, 1956, we enclose in the Annexure, a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to above, we
report that;
i. 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.
ii. In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books;
iii. The Balance Sheet and Profit and Loss Account and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
iv. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with this Report comply with the Accounting
Standards referred to in Sub-section (3C) of Section 211 of the
Companies Act, 1956;
v. On the basis of written representations received from the Directors,
as on 31 st March, -2011 and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st March,
2011 from being appointed as a Director in terms of Clause (g) of
Sub-Section (1) of Section 274 of the Companies Act, 1956;
(vi); In our opinion and to the best of our information and according
to the explanations given to us, the said accounts read with
significant accounting policies and other notes thereon, give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view.
(a) In the case of the Balance Sheet, of- the state of affairs of the
Company as at 31st March, 2011.
(b) In the case of the Profit and Loss Account, of the profit for the
year ended on that date.
(c) In the case of the Cash Flow Statement,. of the cash flow for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 3 of our report of even date)
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Majority of the assets have been physically verified by the
management during the year and there is a regular program of
verification which, in our opinion, is reason able having regard .to
the size of the Company and the nature of its assets. No . material
discrepancies were noticed on such verification.
(c) During the year, the company has not-disposed off any major part of
the Fixed Assets.
(ii) (a) There are no Companies, firms and parties covered in the
register maintained under Seption 301 of the Companies Act, 1956 to
whom the Company has grahted . unsecured loans. Hence the provision of
this clause (a), (b), (c),and (d) is not applicable.
(b) The Company had taken unsecured loans f rom four companies covered
in the register maintained under Section 301 of the Companies Act,
1956. The maximum amount involved during the year as Rs. 56,94,857/-
and the year-end balance of loans taken from such parties was
Rs-56,94,857/-
(c) In our opinion, the rate of interest and the" other terms and
conditions on which . loans have been taken from parties listed in the
register maintained under section 301 of he companiesAct, 1956'are not,
prima facie, prejudicial to the interest of the company.
(d) We have been informed that the said loans are repayable on demand..
(iii) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of equipments and fixed assets and
with regard to the loans and advances made. During the course of. our
audit, no major weaknesses have been noticed in the internal controls.
(iv) (a) Based on the audit procedures applied by us and according to
the information and explanations provided by .the management, we are of
the opinion that the transac tions that need to be entered into the
register maintained under Section 301 have been so entered.-
(b) In our opinion and according to the information and explanations
given to us, the transactions ma.de in pursuance of such contract Or
arrangement have been made at rates which are reasonable having regard
to prevailing* market rates at the releyant time.
(v) In our opinion and according to the information and explanations
given to us, the company has taken loans and has complied with the
provisions of Sections 58A and 58AA and other relevantproviSjons of
the Companies Act, 1956 and the Companies (Acceptance of Deposits).
Rules,. 1975 with regard to the deposits accepted by filing necessary
returns With R.B.I, only. No order has been passed by the Company Law
Board or National Company Law Tribunal or Reserve Bank of India or
any-Court or any other Tribunal
(vi) In our opinion, the company, has an internal audit system
commensurate with the size and nature of its business.
(vii) (a) According to the records of the company, the company is
generally regular in depositing with appropriate authorities undisputed
statutory dues which may be ap plicable out of Provident Fund,
Employees State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service
tax, Custom Duty, Excise Duty, Cess and other Statutory Duties.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Sales Tax, Income Tax, Custom
Duty, Wealth Tax, Service tax, Excise Duty, and Cess were outstanding,
as at 31st March, 2011 for a period of more than six months from the
date they become payable.
(c) According to the information and explanations given to us, there
are no dues of income tax, sales tax, wealth tax, service tax, customs
duty and excise duty which have not been deposited on account of any
dispute.
(viii) The company does not have any accumulated losses. The company
has not incurred cash losses during the financial year covered by our
audit and the immediately preceding financial year.
(ix) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to the banks.
(x) The company has not granted any loans against security by way of
pledge of shares, debentures and other securities.
(xi) The company is not a chit fund or a Nidhi mutual benefit
fund/society. Therefore, the provisions of this clause of the Companies
(Auditor's Report) Order, 2003 are not appli cable to the company.
(xii) The company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of this
clause of the Companies (Auditor's Report) Order, 2003 are not
applicable to the Company.
(xiii) According to the information & explanation given to us , the
company has not given any guarantee hence we do not have any comment
under this para.
(xiv) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no significant funds raised on short-term basis have been used for
long-term investment by the company.
(xv) According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
(xvi) The company has not raised money by public issue hence any
specific comments up on the disclosure of end use is not applicable to
the company.
(xvii)To the best of our Knowledge and belief, and according to the
information and explanation given to us, no frauds on or by the company
was noticed or reported during the year. Item nos. 4 ii, viii, and xvi
of the said order are not applicable in the case of the company for the
year under audit.
For Deepak R. Soni & Co.
F.R.N. 102245W
Chartered Accountants
D. R.Soni
Sole Proprietor
Mem. No.;: 35177
Place : HIMMATNAGAR
Date : 16th June, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of NALIN LEASE FINANCE
LIMITED as at 31st March 2010, the Profit and Loss Account and also the
Cash Flow Statement 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.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit alsb 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.
3. As required by the Companies (Auditors Report) Order, 2003 and
Companies (Auditors Report) (Amendment) order 2004 thereon issued by
the Central Government of India in terms of sub-section (4A) of Section
227 of the Companies Act, 1956, we enclose in the Annexure, a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the Annexure referred to above, we
report that;
i. 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.
ii. In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books;
iii. The Balance Sheet and Profit and Loss Account and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
iv. In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with this Report comply with the Accounting
Standards referred to in Sub-section (3C) of Section 211 of the
Companies Act, 1956;
v. On the basis of written representations received from the Directors,
as on 31 st March, 2010 and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st March,
2010 from being appointed as a Director in terms of Clause (g) of
Sub-Section (1) of Section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with significant
accounting policies and other notes thereon, give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view.
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010.
(b) In the case of the Profit and Loss Account, of the profit for the
year ended on that date.
(c) In the case of the Cash Flow Statement, of the cash flow for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 3 of our report of even date)
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) Majority of the assets have been physically verified by the
management during the year and there is a regular program of
verification which, in our opinion, is reason able having regard to the
size of the Company and the nature of its assets. No material
discrepancies were noticed on such verification.
(c) During the year, the company has not disposed off any major part of
the Fixed Assets.
(ii) (a) There are no Companies, firms and parties covered in the
register maintained under Section 301 of the Companies Act, 1956 to
whom the Company has granted unsecured loans. Hence the provision of
this clause (a), (b), (c),and (d) is not applicable.
(b) The Company had taken unsecured loans f rom four companies covered
in the register maintained under Section 301 of the Companies Act,
1956. The maximum amount involved during the year as Rs. 53,37,520/-
and the year end balance of loans taken from such parties was Rs
53,37,520/-
(c) In our opinion, the rate of interest and the other terms and
conditions on which loans have been taken from parties listed in the
register maintained under section 301 of he companies Act, 1956 are
not, prima facie, prejudicial to the interest of the company.
(d) We have been informed that the said loans are repayable on demand..
(iii) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchase of equipments and fixed assets and
with regard to the loans and advances made. During the course of our
audit, no major weaknesses have been noticed in the internal controls.
(iv) (a) Based on the audit procedures applied by us and according to
the information and explanations provided by the management, we are of
the opinion that the transac tions that need to be entered into the
register maintained under Section 301 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contract or
arrangement have been made at rates which are reasonable having regard
to prevailing market rates at the relevant time.
(v) In our opinion and according to the information and explanations
given to us, the company has taken loans and has complied with the
provisions of Sections 58A and 58AA and other relevant provisions of
the Companies Act, 1956 and the Companies (Acceptance of Deposits)
Rules, 1975 with regard to the deposits accepted by filing necessary
returns with R.B.I, only. No order has been passed by the Company Law
Board or National Company Law Tribunal or Reserve Bank of India or any
Court or any other Tribunal.
(vi) In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(vii) (a) According to the records of the company, the company is
generally regular in depositing with appropriate authorities undisputed
statutory dues which may be ap plicable out of Provident Fund,
Employees State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service
tax, Custom Duty, Excise Duty, Cess and other Statutory Duties.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Sales Tax, Income Tax, Custom
Duty, Wealth Tax, Service tax, Excise Duty, and Cess were outstanding,
as at 31st March, 2010 for a period of more than six months from the
date they become payable.
(c) According to the information and explanations given to us, there
are no dues of income tax, sales tax, wealth tax, service tax, customs
duty and excise duty which have not been deposited on account of any
dispute.
(viii) The company does not have any accumulated losses. The company
has not incurred cash losses during the financial year covered by our
audit and the immediately preceding financial year.
(ix) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to the banks.
(x) The company has not granted any loans against security by way of
pledge of shares, debentures and other securities.
(xi) The company is not a chit fund or a Nidhi mutual benefit
fund/society. Therefore, the provisions of this clause of the Companies
(Auditors Report) Order, 2003 are not appli cable to the company.
(xii) The company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of this
clause of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
(xiii) According to the information & explanation given to us, the
company has not given any guarantee hence we do not have any comment
under this para.
(xiv) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no significant funds raised on short-term basis have been used for
long-term investment by the company.
(xv) According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties
covered in the register maintained under section 301 of the Companies
Act, 1956.
(xvi) The company has not raised money by public issue hence any
specific comments up on the disclosure of end use is not applicable to
the company.
(xvii)To the best of our Knowledge and belief, and according to the
information and explanation given to us, no frauds on or by the company
was noticed or reported during the year. Item nos. 4 ii, viii, and xvi
of the said order are not applicable in the case of the company for the
year under audit.
Place : HIMMATNAGAR For Deepak R. Soni & Co.
Date : 18th June, 2010 Chartered Accountants
D. R. Soni
Sole Proprietor
Mem. No.: 35177