| We have audited the accompanying financial statements of ABIRAMI
FINANCIAL SERVICES (INDIA) LIMITED ("The Company"), which comprises the
Balance Sheet as at March 31, 2015, 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.
2. 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 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.
3. 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
issued by the Institute of Chartered Accountants of India. Those
Standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal 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 financial
statements.
4. 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, 2015;
(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 the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. Emphasis of Matters
(a) The company has surrendered its NBFC license during April 2014 and
hence it has discontinued its operations as a Non Banking Finance Loan
Company during the year under review.
(b) The company has a proposal to demerge. The necessary procedures are
being carried out subject to the approval of the regulatory
authorities.
6. Report on Other Legal and Regulatory Requirements
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 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) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 13 3 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014;
(e) On the basis of the written representations received from the
directors as on 31 st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31 st 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 has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE REFERRED TO IN PARAGRAPH 5(1) OF OUR REPORT OF EVEN DATE TO
THE SHAREHOLDERS OF ABIRAMI FINANCIAL SERVICES (INDIA) LTD
(b) a) The company has maintained requisite records showing required
particulars including quantitative details and situation of its fixed
assets.
b) According to the information and explanation given to us by the
management of the company, most of the fixed assets of the company have
been physically verified by the management during the year and the
intervals of such verification had also been reasonable.
(c) a) in respect of Inventories: the Company, being Non Banking
Financial Company, does not have any inventory.
(d) (a) Based on our scrutiny and as per information and explanations
provided to us by the management, the company has not granted loans to
persons covered in the registers maintained under section 189 of the
Companies Act, 2013 ('theAct').
(b) In our opinion, the rate of interest and other terms and conditions
of such loans are not, prima facie, prejudicial to the interest of the
company
(c) The parties have repaid the principal amounts as stipulated and
have also been regular in the payment of interest to the company
(d) There is no overdue amount in excess of Rs. 1 lakh in respect of
loans granted to companies, firms or other parties listed in the
register maintained under section 189 of the Companies Act, 2013
('theAct').
(e) 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 its nature of business
with regard to purchases, fixed assets and sales. During our course of
audit, no major weakness was noticed by us in the existing internal
control system in vogue.
(f) a) The company has not accepted any deposits from the Public.
b) The company has not received any order passed by Company Law Board
or National Company Law Tribunal or Reserve Bank of India or any court
or any other tribunal (h) We have been informed by the management that
the maintenance of cost records has not been prescribed by the Central
Govt, under section (1) of section 148 of the Companies Act, 2013.
(I) a) According to the books and records as produced and examined by
us in accordance with Generally Accepted Auditing Practices in India
and also based on management representations, undisputed statutory dues
in respect of provident fund, employee state insurance, income tax,
wealth tax, service tax, sales tax, value added tax, excise duty, cess
and other material statutory dues have generally been regularly
deposited by the company subject to certain exceptions during the year
with the appropriate authorities in India.
b) According to information and explanations given to us, no undisputed
amounts payable in respect of income tax, service tax and excise duty
were outstanding as on 31 st March, 2015 for a period more than six
months from the date the same became payable.
c) The company does not have any such fund that is required to be
transferred to investor education and protection fund in accordance
with the relevant provisions of the CompaniesAct, 1956(1 of 1956) and
rules during the year under audit.
(j) The Company does not have accumulated losses; hence our comments as
regards erosion of net worth of the company are not applicable.
(k) The Company did not have any outstanding dues to financial
institutions, Banks or Debenture holders during the year under audit.
(l) As per the information and explanations given to us, the company
has not given any guarantee for loans taken by others from any bank or
financial institutions. Hence, reporting on terms and conditions of any
such guarantee is irrelevant to our reporting.
(m) The Company did not have any term loans outstanding during the
year.
(n) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the company has been noticed or reported during the year under audit
and even upto the date of our audit.
For R. BHASKAR & Co.,
Chartered Accountants
F.NO:008860S
Place: Chennai R.BHASKAR
Date: 27.05.2015 PROPRIETOR
M.NO:026584 |