Mar 31, 2015
We have audited the accompanying financial statements of M/s. Tirupati
Fincorp Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 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 standalone 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 the Rule 7 of the
Companies (Accounts) Rule 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irreqularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design, effectively
for insuring 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 and opinion on these standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgement, 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 the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors. As well as
evaluating the overall preparation 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 standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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/ loss and its cash flows for the
year ended on that date.
Reports 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 Companies Act, 2015. 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
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 the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, non of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company does not have any pending litigations which would
impact its financial position.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
The Annexure referred to in paragraph 1 of Our Report on "Other Legal
and Regulatory Requirements".
We report that:
i. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its
fixed assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
ii. The Company is NBFC company, primarily rendering financial
services. Accordingly, it does not hold any physical inventories. Thus
Para 3(ii) of the Order is not applicable.
iii. The Company has granted loans to no parties covered in the
register maintained under section 189 of the Companies Act, 2013
wherein the balance receivable as at the year-end is Rs. Nil. The
maximum amount outstanding during the year was Rs. Nil.
According to the information and explanations given to us and on the
basis of our examination of the books of account, the Company has not
granted any loans, secured or unsecured, to companies, firms or other
parties listed in the register maintained under Section 189 of the
Companies Act, 2013. Consequently, the provisions of clauses iii (a)
and iii (b) of the order are not applicable to the Company.
iv. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size or the company and the nature of its
business, for the purchase of inventories & fixed assets and for sale
of goods and services. During the course of our audit, no major
instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
v. The Company has not accepted any deposits from the public covered
under sections 73 to 76 of the Companies Act, 2013.
vi. As per information & explanation given by the management,
maintenance of cost records has not been specified by the Central
Government under sub-section (1) of section 148 of the Companies Act,
2013.
vii. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-tax, Sales-tax, Sales-Tax, Wealth
Tax, Service Tax, Custom Duty, Excise Duty, value added tax, cess and
any other statutory dues to the extent applicable, have generally been
regularly deposited with the appropriate authorities. According to the
information and explanations given to us there were no outstanding
statutory dues as on 31st March, 2015 for a period of more than six
months from the date they became payable.
(b) According to the information and explanations given to us, there is
no amount payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty, excise duty, value added tax and cess
whichever applicable, which have not been deposited on account of any
disputes.
(c) The provision of clause (vii)(c) of the order is not applicable on
the company.
viii. The company does not have accumulated losses at the end of
financial year more than fifty percent of its net worth and has not
incurred cash loss during the financial year and in the immediately
proceding financial year.
ix. In our opinion and according to the information and explanations
given by the management, we are not of the opinion that, the Company
has not defaulted in repayment of dues to a financial institution, bank
or debenture holders, as applicable to the company.
x. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
xi. Based on our audit procedures and on the information given by the
management, the company has not taken any term loan during the year.
xii. According to the information and explanations given to us, we
report that no fraud on or by the Company has been noticed or reported
during the year, nor has we been informed of such case by the
management.
For SIVASWAY & KUMAR
(Chartered Accountants)
Sd/-
N.S. SIVASWAM Y
PARTNER
Place : Coimbatore Membership No. 204530
Date : 29.05.2015 Registration No. 0129295
Mar 31, 2013
1. We have audited the attached Balance Sheet of TIRUPATI FINCORP
LIMITED, as at 31st March, 2013 and also the Profit and Loss Account
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 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.
(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 accounts as required by law have
been kept by the company so far as appears from our examination of the
books of accounts;
(c) The Balance Sheet dealt with by this report are in agreement with
the books of accounts;
(d) In our opinion, the Balance Sheet of the company comply with the
Accounting Standards as referred in Sub-Section (3C) of Section 211 of
the Companies Act 1956, to the extent applicable;
(e) As per information and explanations given to us, none of the
directors of the company are disqualified from being appointed as a
director under clause (g) of Sub-Section (1) of Section 274 of the
Companies Act, 1956;
(f) In our opinion and to the best of our information and according to
explanations given to us, the said accounts, read together with
Significant Accounting Policies and Notes forming part of Accounts,
give the information required by the Companies Act. 1956 in the manner
so required, and give a true and fair view in conformity with the
accounting principles generally accepted in India,
(i) In case of Balance Sheet, of the state of the affairs of the
company as at 31st March 2013 (ii) In case of Profit and Loss Account,
of the Loss of the Company for the year ended on that
ANNEXURE TO THE AUDITORS'' REPORT
Referred to in our Report of even date:
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets
(b) All the assets have been physically verified by the management
during the year, there is a regular programme 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) No disposal of fixed assets of the Company has taken place during
the year
2. (a) As explained to us the Inventories has been physically verified
during the year by the management in our opinion, the frequency of
verification is reasonable.
(b) In our opinion and according to the information and explanation
given to us. the procedure of physical verification of Inventories
followed by the management is reasonable and adequate in relation to
the size of the Company and the nature of its Business
(c) In our opinion and according to the information and explanation
given to us the Company has maintained proper records of its
Inventories. The discrepancies noticed on verification between the
physical stocks and the book records were not material.
3. In our opinion and according to the information and explanation
given to us, the Company has not granted or taken any loan secured or
unsecured to or from the Companies, Firms or other parties covered in
the register maintained under section 301 of the Companies Act, 1956.
4 The Company has adequate internal control procedure commensurate with
the size of the Company and nature of its Business with regard to
purchase of stores, raw materials including components, plant and
machinery, equipment and other assets, and for sale of goods. We have
not come across any major weakness in internal control.
5. (a) In our opinion and according to the information and
explanations given to us the transactions that need to be entered into
a register in pursuance of section 301 of the Companies Act, 1956 have
been so entered (b) In our opinion and according to the information and
explanations given to us the transactions made in pursuance of contract
or arrangements entered in the register maintained under section 301 of
the Companies Act 1956 and exceeding rupees five lakhs each have been
made at prices, which are reasonable having regard to prevailing market
prices at the relevant time
6 In our opinion and according to the information and explanations
given to us, the Company has not accepted / invited any deposits
falling within the preview of Section 58A / 58AA of the Companies Act,
1955 during the financial year
7 In our opinion, the Company has internal Audit system commensurate
with the size and nature of its Business
8 As informed to us the Central Govt has not prescribed the maintenance
of cost records by the Company under Section 209 (1) (d) of the
Companies Act 1956.
9 (A) According to the records of the Company, the Company is regular
In depositing with appropriate authorities undisputed Statutory dues
including Provident Fund Investor Education Protection Fund, Employees
State Insurance, Income Tax, Sales Tax Wealth Tax Custom Duty, Cass and
other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amount payable in respect of Income Tax, Wealth tax Sales
Tax, Customs Duty, Excise Duty and Cess were in arrears, as of 31st
March, 2013 for a period of more than six months from the date they
became payable.
(c) According to the information and explanation given to us, there are
no dues of Income Tax, Customs duty. Wealth Tax, Excise duty and Cess
(except Sales Tax) which have not deposited on Account of any dispute
10 The Company has accumulated losses of Rs. 43487398/- of previous
years. During the company gain profit after tax Rs. 187869 which is
transfer to set off accumulated losses of previous 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
financial Institutions. Banks or debenture holders.
12 In our opinion and according to the information and explanations
given to us, the Company has not granted any loans and advance on the
basis of security by way of pledge of shares, debentures and other
securities
13. In our opinion, the Company is not chit fund or a nidhi / Mutual
benefit fund / Society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order 2003 are not applicable to the
Company
14. In our opinion, the Company is not dealing in or trading in
Shares. Securities. Debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the Company
15. In our opinion and according to the information and explanations
given to us, the Company has not given guarantees for loans taken by
others from Bank or financial institutions.
16. The Company has not taken any term loan during the year therefore
the question of its application for the purpose for which they were
raised does not arise.
17 According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we report that
the no funds raised on short - term basis have been used for long-term
investment No long-term funds have been used to finance short-term
assets except permanent working Capital
18 The Company has not made any preferential allotment of shares during
the year 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 during the year and
therefore the question of creating security in respect thereof does not
arise.
20 The Company has not made any Public Issue during the year and
therefore the question of disclosing the end use of money does not
arise
21. According to the information and explanations given to us, based
upon the audit procedures performed and representations made by the
management, we report that no fraud on or by the Company has been
noticed or reported during the course of our Audit.
for R P S & ASSOCIATES
Chartered Accountants
R P SHARMA
G-2, RAGHURAJ ENCLAVE,
KRISHNA MARG, C-SCHEME,
JAIPUR-302001
RAJASTHAN
Place : JAIPUR
Date: 22/04/2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of SURYA GLOBEFJN LIMITED
its at 3lstMarch, 2012, the statement of Profit and Loss Account 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 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 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 in paragraph 3
above, we report that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit,
b) In our opinion, proper books of account, as required by the law, have
been kept by the company, so far as appears from our examination of
those books.
e) The Balance Sheet, the statement of Profit & Loss Account dealt with
by this report are in agreement with the books of account.
d) In our opinion, the Balance Sheet, the statement of Profit & Loss
Account 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.
c) In our opinion, and based on information and explanations given tous
none of Directors are disqualified as on 31st March, 2012 from being
appointed as directors in term of section 274(1 )(g) of The Companies
Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
significant Accounting Policies and other notes thereon give the
information required by the Companies Act, 1956, in the manner so
required, and present a true and fair view in conformity with the
accounting principles generally accepted in India:
(i) in so far as it is 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 & Loss Account, the
statement of profit of the company for the year ended on that date: and
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITOR'S REPORT ON THE
ACCOUNTS OF SURYA GLOBEFIN LIMITED FOR THE YEAR ENDING 21)12
As required by the Companies (Auditor's report) Order, 2003 issued by
the central Government of India in terms of section 227(4-A) of the
Companies Act, 1956, we report that:
1 In respect of fixed assets;
(A) 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, all the fixed assets have been physically
verified by the management during the year at reasonable intervals,
which in our opinion, is reasonable having regard to the size of the
company and the nature of assets. No material discrepancies were
noticed on such physical verification.
(C) In our opinion the Company has not disposed off any
subslautial/major part of fixed assets during the year and the going
concern status of the company is not affected.
2 In respect of its inventories:
(A) As explained to us, the inventory has been physically verified by
the management at regular intervals during the year.
(B) In our opinion and according to the information and explanations
given to us and on the basis of our examination of the records of
inventory, the Company has maintained proper records of inventory. And
there were no material discrepancies noticed on physical verification
of inventory as compared to the book records.
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 granted Loans to krishan kant. At the year end the
outstanding balance of such loans granted was Rs.22,39,229 and the
maximum amount involved during the year was Rs.39,41,315.
(B) In our opinion and according to the information and explanations
given to us, the rate of interest, wherever applicable and other the
terms and conditions are not prima-facie prejudicial to the interest of
the company.
(C) In respect of loans taken and granted by the company, the interest
payment & receipt is regular and the principal amount is repayable on
demand.
(D) Since the loans taken and granted by the company are repayable on
demand, no question of overdue amounts arises.
4 In our opinion and according to the information and explanations given
to us there are adequate internal control procedure commensurate with
the size of the company and nature of
its business with regard to purchase of inventory and fixed assets and
with regard for the sale of goods and services. During the course of
audit, no major weakness has been noticed in the internal control.
5 In respect of contracts or arrangements entered in the register
maintained in pursuance of Section 301 of the Companies Act, 1956-
(A) In our opinion and according to the information and explanation
given to us, the transactions made in pursuance of contracts or
arrangements, that needed to be entered in the register maintained
under section 301 of the Companies Act 1956 have been so entered.
(B) In our opinion and explanation given to us, the transactions
exceeding the value of 5 lakh in respect of any party during the year
have been made at prices which are pritna-facie reasonable having
regard to prevailing market prices at the relevant time where such
prices are available,
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, the provisions of Section 58A and 58AA of the Companies Act,
1956 and Rules made there under arc not applicable to the Company.
7 In our opinion, the company has an internal audit system commensurate
with its size and nature of its business.
8 To the best of our knowledge the Central Government has not
prescribed the maintenance of cost records U/s 209(1) (d) of the
company act, 1956 for any of the products of the company.
9 In respect of statutory' dues:
(A) According to the information and explanations given to us, the
company was generally regular in depositing dues in respect of
Employees Provident Fund, Employees State Insurance Fund, Income Tax,
and other statutory dues with the appropriate authority during the year
if applicable,
(B) According to the records examined by us and the information and
explanations given to us, there are no disputed amounts due in respect
of income tax, wealth tax, sales tax, excise duty, Employees provident
fund, Employee state insurance fund and other statutory dues at the end
of the year.
10 The Company does not have accumulated tosses as at the end of the
year and the Company has not incurred cash losses during current and
the immediately preceding financial year.
11 Based on our audit procedures and on the basis of information and
explanations given by the management, the Company has not defaulted in
the repayment of dues to banks, financial institutions and Debentures
holders during the year.
12 in our opinion and according to information and explanation given to
us, no loans and advances have been granted by the company on the basis
of security by way of pledge of shares, debentures and other security,
13 In our opinion the company is not. a Chit Fund, Nidhi or Mutual
Benefit Fund/Socicty. Therefore, the provisions of clause 4(XIII) of
the CARO,2003 are not applicable to the company,
14 The company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of clause
4(xiv) of the order are not applicable.
15 In our opinion, company has not given guarantees for loans taken by
other from banks and financial institutions.
16 In our opinion and according to information and explanation given to
us, the Company has not availed of any term loans during the year.
There were no term loans outstanding as at the beginning and as at end
of the year,
17 According to the information and explanations given to us and on
examination of balance sheet, funds raised on short term basis have,
prima facie, not been used during the year for long term investment and
vice versa.
18 The company has made any preferential allotment to parties and
companies covered under register maintained under Section 301 of the
Companies Act, 1956, during the year. The price at which the shares
have been issued is not prejudicial to the interest of the Company.
19 The Clause 13 of the order is not applicable, as the company has not
issued any debentures during the year.
20 The Company has not raised money by any public issues during the
year and hence the question of disclosure and verification of end use
of such money does not arise.
21 In our opinion and according to the information and explanations
given to us 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 R P S & ASSOCIATES
Chartered Accountants
Place:- JAIPUR (RP. SHARMA)
PARTNER
Date: -16/08/2012 Membership No. 072742
Registration No, 003906C
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