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Action Financial Services (I) Ltd.

BSE: 511706 Sector: Financials
NSE: N.A. ISIN Code: INE357A01032
BSE LIVE 14:15 | 27 Oct Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 6.20
PREVIOUS CLOSE 6.32
VOLUME 100
52-Week high 6.44
52-Week low 6.08
P/E 21.38
Mkt Cap.(Rs cr) 7.75
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.20
CLOSE 6.32
VOLUME 100
52-Week high 6.44
52-Week low 6.08
P/E 21.38
Mkt Cap.(Rs cr) 7.75
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Action Financial Services (I) Ltd. (ACTIONFINSERV) - Auditors Report

Company auditors report

TO THE MEMBERS OF ACTION FINANCIAL SERVICES (INDIA) LTD

Report on the Financial Statements for the year ended 31 March 2015

We have audited the accompanying financial statements of Action Financial Services(India) Ltd ("the Company") which comprise the balance sheet as at 31 March2015 the Statement of Profit and Loss and the Cash Flow Statement for the year then endedand a summary of 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthe 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 maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on the 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 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation 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.

Opinion

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 31March 2015 and its profit 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 ("the Order")as issued by Central Government of India in terms of sub section (11) of section 143 ofCompanies Act 2013 (18 of 2013) we give in the Annexure a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act we report that:

i. we have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as appears from our examination of those books; iii. the Balance SheetStatement of Profit and Loss and Cash Flow Statement dealt with by this Report are inagreement with the books of account;

iv. in our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards referred to in Section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014 ; and

v. on the basis of written representations received from the directors as on 31 March2015 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31 March 2015 from being appointed as a director in terms of sub section (2) ofsection 164 of the Companies Act 2013.

3. 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 has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note 24 to the financial statements;

ii. As represented by the company there are no foreseeable material losses in respectof long-term contracts including derivative contracts

iii. As represented by the company there are no amounts required to be transferred toInvestor Education and Protection Fund by the Company.

For Ford Rhodes Parks & Co.
Chartered Accountants
ICAI Firm Registration No.102860W
A.D. Shenoy
Place:Mumbai Partner
Date: 29 May 2015 Membership No.11549

Annexure to the Auditors' Report

[Referred to in paragraph pertaining to "Report on Other Legal and RegulatoryRequirement" of our Report of even date to the members of Action Financial Services(India) Ltd on the financial statements for the year ended 31 March 2015]

1. a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

b) Fixed Assets have been physically verified by the management during the year and nomaterial discrepancies between the book records and the physical inventory have beennoticed. In our opinion the frequency of verification is reasonable.

2. The Company does not have any stocks of raw materials stores spares parts andfinished goods. Hence clause (ii) of the Order does not apply to the company.

3. The Company has not granted any loans secured or unsecured to/from companiesfirms or other parties covered in the register maintained under Section 189 of theCompanies Act 2013.

4. 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 thenature of its business for the purchase of shares and fixed asset and for providingservices. Further on the basis of our examination of the books and records of thecompany and according to the information and explanations given to us we have neithercome across nor have been informed of any continuing failure to correct major weakness inthe aforesaid internal control system.

5. The Company has not accepted any deposits from the public within the meaning ofSections 73 to 76 of Companies Act 2013 and the rules framed there under.

6. The Central Government has not prescribed maintenance of cost records under Section148 of the Companies Act 2013.

7. a)According to the information and explanations given to us and records of theCompany examined by us in our opinion the Company is generally regular in depositingundisputed statutory dues including provident fund investor education and protectionfund employees state insurance income tax sales tax wealth tax service tax customduty excise duty cess and any other material statutory dues as applicable with theappropriate authorities. There are no undisputed statutory dues payable for a period ofmore than six months from the date they became payable as at 31 March 2015.

b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues of wealth tax service tax customs duty andcess as at 31 March 2015 which has not been deposited on account of dispute except thefollowing:-

Sr. Name of dues Forum where Dispute is pending Period to which amount relates Amount involved Rs.
1 Income Tax ITAT Mumbai A.Y. 2008-09 10130835/-
2 Tax Deducted at Sources Commissioner of Income (Appeals) Mumbai A.Y. 2010-11 129990/-
3 Tax Deducted at Sources Commissioner of Income (Appeals) Mumbai A.Y. 2011-12 143056/-
4 Tax Deducted at Sources ITO/TDS - Rectification file / to be filed Various Years 344290/-

Note:-

1. The Company had contested Income Tax demand of Rs 10130835/- for Assessment Year2008-09. The Company has paid Rs. 87 51819/-. The company has preferred an appeal in theITAT against the CIT (A) order.

2. a. The Company had contested Income Tax Deducted at Sources of Rs 129990/- and Rs143056/- for Assessment Year 2010-11 and 2011-12. The company has preferred an appeal inCIT (A).

3. During the year company received notice u/s 131 of the Income Tax Act -1961 and thecompany officials attended to the notice survey carried out at the premises of the companyon 13 June 2014. No further notice has yet been received from the Income tax Departmentwith regards to this matter.

c) According to the information and explanations given to us and records of the Companyexamined by us in our opinion there are no amounts payable to Investor Education andProtection Fund u/s 125 of the Companies Act 2013.

8. The Company is registered over 5 years. The Company has not incurred any cash lossesin the current financial year or in the immediately preceding financial year. The companydoes not have accumulated losses at the end of the financial year (PY accumulated loss ofRs.13.01 Lakhs).

9. According to the information and explanations given to us and records of the Companyexamined by us the company does not have any Borrowing from any financial institution orbank or by way of debenture as at the Balance Sheet date.

10. According to the information and explanations given to us the Company has not givenany guarantees for loans taken by others from banks or financial institution during theyear.

11. The Company has not obtained any term loans.

12. Based upon the audit procedures performed and information and explanations given bythe management we report that we have not come across any instances of fraud on or by theCompany noticed or reported during the year nor have we been informed of such case bymanagement.

For Ford Rhodes Parks & Co.
Chartered Accountants
ICAI Firm Registration No.102860W
A.D. Shenoy
Place:Mumbai Partner
Date: 29 May 2015 Membership No.11549

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