Mar 31, 2015
We have audited the accompanying standalone financial statements of
CAPFIN INDIA 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 significant
accounting policies and other explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company's Board of Directors are 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 Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
AUDITORS' RESPONSIBILITY
Our responsibility is to express an 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
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. 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 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:
(a) In the case of the Balance Sheet, of the state of affairs of the
company as at 31st March, 2015;
(b) In the case of the Statement of Profit and Loss, of the profit of
the company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the
company for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order"), issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act, 2013, we give in
the 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 standalone financial statements comply
with the Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014.
e. On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
f With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
(i) The Company does not have any pending litigations which would
impact its financial position.
(ii) The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
(iii) There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
ANNEXURE TO INDEPENDENT AUDITORS' REPORT
[Referred to in Paragraph 5 under the heading of "report on other legal
and regulatory requirements" of our report of even date]
CAPFIN INDIA LIMITED
YEAR ENDED 31st MARCH, 2015
Para Sub Particulars
No. Para
No.
(i) (a) The company has maintained proper records showing full
particulars,including quantitative details and situation of
fixed assets.
(b) As explained to us, these fixed assets have been physically
verified by the management at reasonable intervals; no any
material discrepancies were noticed on such verification.
(ii) (a) As explained to us, physical verification of inventory has
been conducted at reasonable intervals by the management.
(b) In our opinion and according to the information and
explanations given to us, the procedures of physical
verification of inventory followed by the management
reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) In our opinion and on the basis of our examination of the
records, the company is generally maintaining proper
records of inventory and no any material discrepancies
were noticed on physical verification of stocks by the
management as compared to book records.
(iii) 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 of
the company and the nature of its business, for the
purchase of inventories & fixed assets and payment for
expenses & for sale of goods. 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 section 73 to 76 or any other relevant
provisions of the Companies Act and the rules framed there
under.
(vi) As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the
Central Government under sub-section (1) of section 148 of
the Act.
(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, Wealth Tax, Service Tax, Custom
Duty, Excise Duty, cess to the extent ap plicable and any
other statutory dues have generally been regularly
deposited with the appropriate authorities. According to
the information and explanations given to us there were
no outstanding statutory dues as on 31 st of March, 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 were no undisputed amounts payable in respect of
Income-tax, Wealth Tax, Custom Duty, Excise Duty, sales
tax, VAT, Cess and other material statutory dues in
arrears /were outstanding as at 31st March, 2015 for a
period of more than six months from the date they became
payable.
(c) There has not been an occasion in case of the Company during
the year under report to transfer any sums to the Investor
Education and Protection Fund. The question of reporting
delay in transferring such sum does not arise as at 31st
March, 2015, the Compa ny has been registered for less than
5 years; hence, clause 3(vii)(c) of the Order is not
applicable to it.
(viii) The company has been registered for a period not less than
five years. The Company does not have any accumulated
loss and has not incurred cash loss during the financial
year covered by our audit and in the immediately
preceding financial year.
(ix) In our opinion and according to the information and
explanations given by the management, we are of the o
pinion 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) According to the information and explanations given to us,
no term loans have been raised by the company.
(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 have we been
informed of such case by the management.
For BHUPINDER SHAH & CO.
Chartered Accountants
Firm Registration No. 008169N
(BHUPINDER SHAH)
B.Com(H), FCA, DISA
DELHI ICAI Membership No. 084879
28th MAY, 2015 PARTNER
Mar 31, 2014
1. We have audited the attached balance sheet of CAPFIN INDIA LIMITED,
as at 31st March, 2014, the statement of profit & loss and also the
cash flow statement for the year ended on that date, annexed thereto.
These financial statements are the responsibility of company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We have 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 the 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 as
amended by the Companies (Auditor's Report) (Amendment) Order, 2004
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
above, we state 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 account, as required by law have
been kept by the company so far, as appears from our examination of the
books;
(iii) The balance sheet, the statement of profit & loss and cash flow
statement dealt with by this report are in agreement with books of
account;
(iv) In our opinion, the balance sheet, the statement of profit & loss
and cash flow statement dealt with by 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
of the Company as on 31.03.2014 and taken on record by Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2014 from being appointed as a director in term 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
explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the prescribed manner so
required and give a true & fair view in conformity with accounting
principles generally accepted in India :
(a) in the case of the balance sheet, of the state of affairs of the
company as at 31st March, 2014;
(b) in the case of the statement of profit and loss, of the profit for
the year ended on that date; and
(c) in the case of cash flow statement, of the cash flows of the
company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT OF EVEN DATE TO MEMBERS OF CAPFIN INDIA
LIMITED, ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH,2014
[Referred to in paragraph (3) of our report of even date]
As required by the Companies (Auditors' Report) Order, 2003 as amended
by the Companies (Auditor's Report) (Amendment) Order, 2004 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we report that :
(i) In respect of fixed assets:
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) According to the information and explanations given to us,
physically verification of fixed assets has been conducted at
reasonable intervals during the year, which in our opinion is
reasonable having regard to the size of the company and nature of its
assets. No material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us, the
company has not disposed off a substantial part of its fixed assets
during the year under review.
(ii) In respect of its inventories:
(a) The inventory has been verified from DMAT statement of holding
during the year by the management. In our opinion, the frequency of
verification is reasonable.
(b) The procedures of verification of inventories followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the stocks in DMAT form
and the book records were not material.
(iii) 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) As per information and explanation given to us, the company has not
granted any loans, secured or unsecured to the companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956.
Accordingly, clauses (iii) (b) to (iii) (d) of paragraph 4 of the
Companies (Auditor's Report) Order, 2003 are not applicable.
(e) The company has not taken any loan secured or unsecured from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
Accordingly, clauses (iii)(f) to (iii)(g) of paragraph 4 of the
Companies (Auditor's Report) Order, 2003 are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in
internal control system.
(v) In respect of contracts or arrangements entered in the register
maintained in pursuance of Section 301 of the Companies Act, 1956.
(a) According to the information and explanations given to us, we are
of the opinion that the particulars of contracts or arrangement
referred to in section 301 of the Companies Act, 1956 have been so
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 and exceeding the value of rupees five lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time.
(vi) In our opinion & according to the information & explanations given
to us, the company has not accepted any deposits from the public under
section 58A & 58AA or any other relevant provisions of the Companies
Act, 1956.
(vii) In our opinion, the company has an adequate internal audit system
to commensurate with its size and nature of its business.
(viii) As informed to us, the Central Government has not prescribed
maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956, for any of the products of the company.
(ix) In respect of statutory dues:
(a) The company is regular in depositing undisputed statutory dues
including provident fund, employees' state insurance, income tax, sales
tax, wealth tax, service tax, custom duty, excise duty, cess and any
other statutory dues with the appropriate authorities to the extent
applicable to it. According to the information and explanations given
to us, no undisputed amounts payable in respect sales tax/income
tax/custom duty/wealth tax/service tax/excise duty/cess were in
arrears, as at 31st March, 2014 for a period of more than six months
from the date they became payable.
(b) According to the information and explanations given to us, there
are no dues of sales tax, income tax, customs duty, wealth tax, excise
duty and cess which have not been deposited on account of any dispute.
(x) In our opinion, the company has no accumulated losses and has not
incurred any cash losses during the financial year covered by our audit
and the immediately preceding financial year.
(xi) In our opinion, according to the information & explanation given
to us, the company has not defaulted in repayment of dues to a
financial institutions or bank or debentures holders.
(xii) According to information and explanation given to us, the company
has not granted any loans and advances on the basis of security by way
of pledge of shares, debentures and other securities.
(xiii) (a) In our opinion, the company is not a Chit Fund or a Nidhi
Mutual Benefit Fund/Society.
(b) Therefore, the provisions of clause 4(xiii) of the Companies
(Auditor's Report) Order, 2003 are not applicable to the company.
(xiv) The company has maintained proper records of the transactions and
contracts for its dealing or trading in shares, securities, debentures
or other investments where in trading in shares, securities, debentures
or other investments where in timely entries have been made. The share,
securities, debentures or investments have been held by the company in
its own name.
(xv) In our opinion & information given to us, the company has not
given guarantees for loans taken by others from Banks or Financial
Institutions.
(xvi) In our opinion, no term loans have been raised by the company.
(xvii) According to the information and explanations given to us and
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
investments. No long-term funds have been used to finance short-term
assets.
(xviii) According to the information & explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Companies Act, 1956.
(xix) According to the information & explanations given to us, the
company has not issued any debentures during the year.
(xx) No money has been raised by the company by public issues during
the year.
(xxi) According to the information & explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
For BHUPINDER SHAH & CO.
Chartered Accountants
Firm Registration No. 008169N
Sd/-
(BHUPINDER SHAH)
B.Com (H), FCA, DISA
DELHI ICAI Membership No. 084879
29th MAY, 2014 PARTNER
Mar 31, 2013
Not Available
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