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Abirami Financial Services (India) Ltd.

BSE: 511756 Sector: Financials
NSE: N.A. ISIN Code: INE195I01013
BSE LIVE 15:14 | 08 Dec 5.00 -0.26
(-4.94%)
OPEN

5.00

HIGH

5.00

LOW

5.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 5.00
PREVIOUS CLOSE 5.26
VOLUME 165
52-Week high 11.96
52-Week low 5.00
P/E 9.62
Mkt Cap.(Rs cr) 3.00
Buy Price 5.01
Buy Qty 3000.00
Sell Price 5.50
Sell Qty 200.00
OPEN 5.00
CLOSE 5.26
VOLUME 165
52-Week high 11.96
52-Week low 5.00
P/E 9.62
Mkt Cap.(Rs cr) 3.00
Buy Price 5.01
Buy Qty 3000.00
Sell Price 5.50
Sell Qty 200.00

Abirami Financial Services (India) Ltd. (ABIRAMIFIN) - Auditors Report

Company auditors report

To

The Members of

Abirami Financial Services (India) Limited

“Capital Place”

New No. 16 (Old No.50) South Boag Road

T.Nagar Chennai 600 017.

1. Report on the Financial Statements

We have audited the accompanying financial statements of ABIRAMI FINANCIAL SERVICES(INDIA) LIMITED (“The Company”) which comprises the Balance Sheet as at March31 2015 the Statement of Profit and Loss and Cash Flow Statement for the year then endedand 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 Section134(5) of the Companies Act 2013 (“the Act”) with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified 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 inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

3. 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 there under.

We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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.

4. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2015;

(b) In the case of the Statement of Profit and Loss of the profit for the year endedon that date; and

(c) In the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.

5. Emphasis of Matters

(a) The company has surrendered its NBFC license during April 2014 arfd hence it hasdiscontinued its operations as a Non Banking Finance Loan Company during the year underreview.

(b) The company has a proposal to demerge. The necessary procedures are being carriedout 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 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 appears from our examination of those books;

(c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby 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 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 stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31 st March 2015 from being appointed as a director in terms ofSection 164 (2) of the Act;

(f) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition.

II. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

III. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For R. BHASKAR & Co.
Chartered Accountants
F.NO:008860S
Place: Chennai R.BHASKAR
Date: 27.05.2015 PROPRIETOR
M.NO:026584

ANNEXURE REFERRED TO IN PARAGRAPH 5(1) OF OUR REPORT OF EVEN DATE TO THE SHAREHOLDERSOF ABIRAMI FINANCIAL SERVICES (INDIA) LTD

(b) a) The company has maintained requisite records showing required particularsincluding quantitative details and situation of its fixed assets.

b) According to the information and explanation given to us by the management of thecompany most of the fixed assets of the company have been physically verified by themanagement during the year and the intervals of such verification had also beenreasonable.

(c) a) in respect of Inventories: the Company being Non Banking Financial Companydoes not have any inventory.

(d) (a) Based on our scrutiny and as per information and explanations provided to us bythe management the company has not granted loans to persons covered in the registersmaintained under section 189 ofthe Companies Act 2013 ('theAct').

(b) In our opinion the rate of interest and other terms and conditions of such loansare not prima facie prejudicial to the interest of the company

(c) The parties have repaid the principal amounts as stipulated and have also beenregular 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 tocompanies firms or other parties listed in the register maintained under section 189 ofthe Companies Act 2013 ('theAct').

(e) In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the company and itsnature of business with regard to purchases fixed assets and sales. During our course ofaudit no major weakness was noticed by us in the existing internal control system invogue.

(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 NationalCompany 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 hasnot been prescribed by the Central Govt under section (1) of section 148 of the CompaniesAct 2013.

(i) a) According to the books and records as produced and examined by us in accordancewith Generally Accepted Auditing Practices in India and also based on managementrepresentations undisputed statutory dues in respect of provident fund employee stateinsurance income tax wealth tax service tax sales tax value added tax excise dutycess and other material statutory dues have generally been regularly deposited by thecompany subject to certain exceptions during the year with the appropriate authorities inIndia.

b) According to information and explanations given to us no undisputed amounts payablein respect of income tax service tax and excise duty were outstanding as on 31 st March2015 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 toinvestor education and protection fund in accordance with the relevant provisions of theCompaniesAct 1956(1 of 195 6) and rules during the year under audit.

(j) The Company does not have accumulated losses; hence our comments as regards erosionof net worth of the company are not applicable.

(k) The Company did not have any outstanding dues to financial institutions Banks orDebenture holders during the year under audit.

(l) As per the information and explanations given to us the company has not given anyguarantee for loans taken by others from any bank or financial institutions. Hencereporting 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 bythe management we report that no fraud on or by the company has been noticed or reportedduring 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

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