Mar 31, 2015
We have audited the accompanying financial statements of Ramchandra
Leasing and Finance Limited ("the Company"), which comprise the Balance
Sheet as at 31st March, 2015, the Statement of Profit and Loss, the
Cash Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the'Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under. We conducted our
audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements. We
believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 2015, and its profit and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order
to the extent applicable to the Company.
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.
(c) The Balance Sheet, the Statement of Pr bo 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 the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(f) With respect to the other matters to be included in the Auditors
Report in accordance with Rule 11 of 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 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 which were required to be transferred to
the Investor Education and Protection Fund by the company.
Annexure to the Auditor's Report
The Annexure referred to in the Auditor's Report to the Member of
Ramchandra Leasing and Financing Limited on the accounts for the year
ended 31st March, 2015; we report that:
(i) (A) the company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(B) These fixed assets have been physically verified by the management
at reasonable intervals; No any material discrepancies were noticed on
such verification and the same have been properly dealt with in the
books of account;
(ii) The Company does not have any inventory during the year.
Accordingly, the provision of Clause (ii) (a), (b) and (c) of the order
are not applicable to the Company.
(iii) The company has not granted or taken any loans, secured or
unsecured to companies, firms or other parties covered in the register
maintained under section 189 of the Companies Act, 2013. If so, then
(A) Receipt of the principal amount and interest are also regular; and
(B) If overdue amount is more than rupees one lakh, reasonable steps
have been taken by the company for recovery of the principal and
interest;
(iv)There should be an adequate internal control system commensurate
with the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. Moreover, there is no any major weakness has been noticed in
the Internal Control System.
(v) The company has not accepted any deposits as per the provisions of
sections 73 to 76 or any other relevant provisions of the Companies
Act, 2013 and the rules framed there under.
(vi) The maintenance of cost records have not been specified by the
Central Government under sub- section (1) of section 148 of the
Companies Act, 2013 for any kind of services rendered by the Company.
(vii) (A) According to the information and explanations given to us and
on the basis of our examinations of Books of Accounts of the Company,
The company has been regular in depositing undisputed statutory dues
including provident fund, employees' state insurance, income-tax,
sales-tax, wealth tax, service tax, duty of customs, duty of excise,
value added tax, cess and any other statutory dues with the appropriate
authorities and There are no undisputed dues payable for a period of
more than six months from the date they became payable on 31st March,
2015
(B) The Company has no disputed dues of income tax or sales tax or
wealth tax or service tax or duty of customs or duty of excise or value
added tax or cess as on the Balance Sheet date.
(C) There were no amounts which were required to be transferred to
Investor Education and Protection Fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made
there under.
(viii) The company does not have any accumulated losses at the end of
the financial year. The Company has not incurred any cash losses in
such financial year and in the immediately preceding financial year;
(ix) The company has not taken any loan from a financial institution or
bank or debenture holders during the year under review.
(x) The company has not granted any guarantee for loans taken by others
from bank or financial institutions, the terms and conditions thereof
is prejudicial to the interest of the company.
(xi) The Company has not obtained any Term loan during the year as the
Order is not applicable. (xii) No fraud on or by the company has been
noticed or reported during the year.
Place: Ahmedabad for Jayesh Patel & Co.
Date: 13th August, 2015 (Chartered Accountants)
SD/-
Jayesh Patel
Proprietor
Membership No. 034745
Mar 31, 2014
We have audited the accompanying financial statements of Ramchandra
Leasing and Financing Limited ("the Company"), which comprise the
Balance Sheet as at March 31, 2014, the Statement of Profit and Loss
and Cash Flow for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated 13thSeptember 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 Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order
to the extent applicable to the Company.
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 [and proper returns adequate for the purposes of our audit have
been received from branches not visited by us];
c. the Balance Sheet and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account [and with the
returns received from branches not visited by us];
d. in our opinion, the Balance Sheet and Statement of Profit and Loss
comply with the Accounting Standards referred to in sub-section (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 disqualified 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 and Section 164(2) of the
Companies Act, 2013
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 Auditor''s Report
The Annexure referred to in the Auditor''s Report to the Member of
Ramchandra Leasing and Financing Limited on the accounts for the year
ended 31st March, 2014, we report that:
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of Fixed
Assets.
(b)We have been informed that the fixed assets of the Company are
physically verified by the Management according to a phased program
designed to cover all the items over a period of two years, which in
our opinion, is reasonable having regards to the size of the Company
and the nature of its assets. Pursuant to the program, physical
verification was carried out during the year and no material
discrepancies were noticed.
(c) During the year, the Company has not disposed of substantial part
of fixed assets.
(ii) (a) The Inventory has been physically verified by management
during the current year. In our opinion, the frequency of such
verification is reasonable.
(b) The procedures for the physical verification of inventory followed
by management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The company has maintained proper records of inventory. No material
discrepancies were noticed on physical verification of inventory.
(iii) (a) According to the information and explanations given to us,
the Company has not Granted any loans, secured or unsecured to
Companies, firms or other parties Covered in the register maintained
under section 301 of the Companies Act 1956.
(b) According to the information and explanations given to us, The
Company has not taken any loans, secured or unsecured from Companies,
firms or other parties covered in the register maintained under section
301 of the Companies Act 1956 have been so entered.
(iv) In our opinion, and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with
regards to the purchases of inventory, fixed assets and for the sale of
goods & services and trading activity . In our opinion, and according
to the information and explanations given to us, there is no major
weakness has been noticed in internal control system.
(v) (a) In our opinion, and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in section 301 of the Act have been entered in the register
required to be maintained under that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements entered in the register maintained under section 301 of
the Companies Act, 1956 such transaction have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time..
(vi) According to the information and explanations given to us, the
company has not accepted deposits from the public within meaning of
section 58A and 58AA of the Act and the rules framed there under and
accordingly company has passed the Board resolution.
(vii) In our opinion, the company has internal audit system. However,
there is scope of increasing the coverage, so as to be commensurate
with its size and the nature of its business.
(viii) We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the Company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under Section 209 (1) (d) of the Companies
Act, 1956 and we are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained. However, we have
not made a detailed examination of the records for determining whether
they are accurate or complete.
(ix) (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has been generally regular in depositing undisputed statutory dues
including Provident Fund, Employees'' State Insurance, Investor
Education and Protection Fund, Income Tax, Sales Tax, VAT, Wealth Tax,
service tax, Custom Duty, Excise Duty, Cess and any other dues during
the year with the appropriate authorities. There are no undisputed dues
payable for a period of more than six months from the date they became
payable on 31-03-2014.
According to the information and explanations given to us, the company
has no disputed dues of Sales Tax, Income Tax, Custom duty, Wealth Tax,
Service Tax, VAT, Excise duty, Cess as on the balance sheet date.
(x) The Company does not have any accumulated losses at the end of the
financial year. he Company has not incurred Cash losses in the
financial year and immediately preceding such financial year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to a
financial institution, bank or Debenture holders.
(xii) According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) The Company is not a chit fund / nidhi / mutual benefit fund /
societies. Hence, the provisions of sub clauses (a), (b), (c) and (d)
are not applicable.
(xiv) According to the information and explanations given, the company
deals/trades in shares, bonds, debentures, securities, and other
investments and proper records have been maintained of the transactions
and contracts wherein timely entries have been made, and the shares,
bonds, debentures securities and other investments are held by the
company in its name. Further the company has been holding certificate
of registration issued by the Reserve Bank of India relating to NBFC.
(xv) According to information and explanations given to us, the Company
has not given any guarantee for loans taken by others from Banks or
Financial Institutions.
(xvi) The Company has not obtained any term loan, accordingly, Para 4
(xvi) of the Order is not applicable.
(xvii) According to the information and explanation given to us, and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short-term basis have been used for long term
investment.
(xviii) During the year the company has not made any preferential
allotment of shares to parties & companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
(xix) The Company did not have outstanding debentures during the year.
Accordingly, no securities or charge have been created.
(xx) The Company has not raised any money by public issues during the
year.
(xxi) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
year.
Chartered Accountants
CA. Jayesh Patel
Place: Visnagar Proprietor
Date: 30th August, 2014
Membership No: 34745