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Abhinav Leasing & Finance Ltd.

BSE: 538952 Sector: Financials
NSE: N.A. ISIN Code: INE211D01027
BSE LIVE 15:08 | 06 Sep Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 20.90
52-Week high 23.70
52-Week low 14.80
P/E 522.50
Mkt Cap.(Rs cr) 104.50
Buy Price 0.00
Buy Qty 0.00
Sell Price 20.90
Sell Qty 48.00
OPEN 20.90
CLOSE 21.00
52-Week high 23.70
52-Week low 14.80
P/E 522.50
Mkt Cap.(Rs cr) 104.50
Buy Price 0.00
Buy Qty 0.00
Sell Price 20.90
Sell Qty 48.00

Abhinav Leasing & Finance Ltd. (ABHINAVLEASING) - Auditors Report

Company auditors report


The Members

Abhinav Leasing & Finance Limited

Report on the Financial Statements

We have audited the accompanying financial statements of ABHINAV LEASING &FINANCE LIMITED which comprise the Balance Sheet as at 31 March 2015 the Statementof Profit and Loss the Cash Flow Statement for the year then ended and a summary ofsignificant 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 section134(5) of the Companies Act 2013 with respect to the preparation and presentation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by Company's Directors as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.


In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2015 its profit/loss 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 issued by the CentralGovernment of India in terms of subsection (11) of section 143 of the Act we give in theAnnexure a statement on the matters Specified in paragraphs 3 and 4 of the Order to theextent 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 bestof 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 theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31 March2015 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2015 from being appointed as a director in terms of Section 164(2) of theAct.

f) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:

i) The Company does not have any pending litigations which would impact its financialposition.

ii) The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii) There were no amounts which required to be transferred by the Company to theInvestor Education and Protection Fund.

Date : 19.06.2015 For M/s D. KHURANA & COMPANY
Firm Reg. No. 022696N
CA. Deepak Khurana
M. No. 512849


Referred to in paragraph 1 under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date

(i) (a) The company has maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) As explained to us fixed assets have been physically verified by the management atreasonable intervals which in our opinion is reasonable having regard to the size of thecompany and the nature of its assets. No material discrepancies have been noticed on suchverification.

(ii) (a) Physical verification of inventory has been conducted at reasonable intervalsby the management;

(b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness;

(c) The company is maintaining proper records of inventory and no any materialdiscrepancies were noticed on physical verification.

(iii) The company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the CompaniesAct.

(iv) In our Opinion and accordance to the information and explanation given to us thereis an adequate internal control system commensurate with the size of the company and thenature of its business for the purchase of inventory and fixed assets and for the sale ofgoods and services.

(v) The company has not accepted any deposits whether the directives issued by theReserve Bank of India and the provisions of sections 73 to 76 or any other relevantprovisions of the Companies Act and the rules framed there under.

(vi) Maintenance of cost records is not required by the Central Government undersub-section (1) of section 148 of the Companies Act.

(vii) (a) According to the information and explanation given to us the company regularin depositing undisputed statutory dues including provident fund employees' stateinsurance income-tax sales-tax wealth tax service tax duty of customs duty ofexcise value added tax cess and any other statutory dues with the appropriateauthorities.

(b) According to the information and explanation given to us in case dues of incometax or sales tax or wealth tax or service tax or duty of customs or duty of excise orvalue added tax or cess have not been deposited on account of any dispute.

(viii) The company does not have accumulated losses at the end of the financial yearand it does not insurer any cash losses in such financial year and in the immediatelypreceding financial year;

(ix) According to the information and explanation given to us the company has notdefaulted in repayment of dues to a financial institution or bank or debenture holders.

(x) The company has not given any guarantee for loans taken by others from bank orfinancial institutions the terms and conditions.

(xi) According to the information and explanation given to us term loans were appliedfor the purpose for which the loans were obtained;

(xii) According to the information and explanation given to us we report that no fraudon or by the company has been noticed or reported during the year.

Date: 19.06.2015 For M/s D. KHURANA & COMPANY
Firm Reg. No. 022696N
CA. Deepak Khurana
M. No. 512849

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