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Advanta Ltd.

BSE: 532840 Sector: Others
NSE: ADVANTA ISIN Code: INE517H01028
BSE LIVE 15:40 | 29 Jul Stock Is Not Traded.
NSE LIVE 15:40 | 29 Jul Stock Is Not Traded.
OPEN 645.00
PREVIOUS CLOSE 638.55
VOLUME 6261
52-Week high 664.90
52-Week low 374.45
P/E 69.98
Mkt Cap.(Rs cr) 8024.97
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 645.00
CLOSE 638.55
VOLUME 6261
52-Week high 664.90
52-Week low 374.45
P/E 69.98
Mkt Cap.(Rs cr) 8024.97
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Advanta Ltd. (ADVANTA) - Auditors Report

Company auditors report

Independent Auditor

To

The Members of Advanta Limited (Formerly Advanta India Limited)

Report on the Financial Statements

We have audited the accompanying financial statements of Advanta Limited("the Company") which comprise the Balance Sheet as at December 31 2014 andthe Statement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with accounting principles generally accepted in India includingthe Accounting Standards notified under the Companies Act 1956 ("the Act") readwith General Circular 8/2014 dated 4 April 2014 issued by the Ministry of CorporateAffairs. This responsibility includes the design implementation and maintenance ofinternal control relevant to the preparation and presentation of the financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. 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 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 control relevant to the Company's preparation and fair presentation ofthe financial statements

In order to design audit procedures that are appropriate in the circumstances but notfor the purpose of expressing an opinion on the effectiveness of the entity's internalcontrol. An audit also includes evaluating the appropriateness of accounting policies usedand the reasonableness of the accounting estimates made by management as well asevaluating the overall presentation of the financial statements. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion.

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 Companies Act1956 ("the Act") in the manner so required and give a true and fair view inconformity 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 atDecember 31 2014;

(b) in the case of the Statement of Profit and Loss of the loss for the year ended onthat date; and

(c) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2003 ("the Order")issued by the Central Government of India in terms of sub-section (4A) of section 227 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 4 and5 of the Order.

2. As required by section 227(3) of the Act we report that:

(a) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose 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 the Cash Flow Statement dealtwith by this Report are in agreement with the books of account;

(d) In our opinion the Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with the Accounting Standards notified under the Companies Act1956 read with General Circular 8/2014 dated 4 April 2014 issued by the Ministry ofCorporate Affairs;

(e) On the basis of written representations received from the directors as on December31 2014 under section 164(2) of the Companies Act 2013 and taken on record by the Boardof Directors none of the directors is disqualified as on December 31 2014 from beingappointed as a director in terms of cLause (g) of subsection (1) of section 274 of theCompanies Act 1956 provisions of which are consistent with those under section 164(2) ofthe Companies Act 2013.

For S.R. BATLIBOI & ASSOCIATES LLP

ICAI Firm Registration Number: 101049W

Chartered Accountants

per Shankar Srinivasan

Partner

Membership Number: 213271

Place: Mumbai

Date: February 02 2015

Annexure referred to in paragraph 1 of our report of even date

Re: Advanta Limited (Formerly Advanta India Limited)

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) All fixed assets have not been physically verified by the management during theyear but there is a regular programme of verification which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. No materialdiscrepancies were noticed on such verification.

(c) There was no disposal of substantial part of fixed assets during the year.

(ii) (a) The management has conducted physical verification of inventory at reasonableintervals during the year.

(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 materialdiscrepancies were noticed on physical verification.

(iii) (a) According to the information and explanations given to us the Company hasnot granted any loans secured or unsecured to companies firms or other parties(determined in the manner stated in clause (v) below) covered in the register maintainedunder section 301 of the Companies Act 1956. Accordingly the provisions of clause4(iii)(a) to (d) of the Order are not applicable to the Company and hence not commentedupon.

(b) The Company had taken loan from one company covered in the register maintainedunder section 301 of the Companies Act 1956 (determined in the manner stated in clause(v) below). The maximum amount involved during the year was RS.4000 lacs and the year-endbalance of loans taken from such parties was Rs.1588 lacs.

(c) In our opinion and according to the information and explanations given to us therate of interest and other terms and conditions for such loans are not prima facieprejudicial to the interest of the Company.

(d) In respect of loans taken repayment of the principal amount is as stipulated andpayment of interest has been regular.

(iv) In our opinion and according to the information and explanations given to us andhaving regard to the explanation that certain sales transactions are of proprietary naturefor which alternative sources are not available to obtain comparable quotations there isan 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. During the course of our audit we have not observed any majorweakness or continuing failure to correct any major weakness in the internal controlsystem of the Company in respect of these areas.

(v) (a) According to the information and explanations provided by the management weare of the opinion that the particulars of contracts or arrangements referred to insection 301 of the Companies Act 1956 that need to be entered into the registermaintained under section 301 have been so entered. In evaluating the parties to be coveredunder section 301 only contracts or arrangements upto March 31 2014 (being the last dayup to which this section was applicable to the Company) have been considered.

(b) In our opinion and according to the information and explanations given to us thetransactions made in pursuance of such contracts or arrangements and exceeding the valueof Rupees five lacs have been entered into during the financial year at prices which arereasonable having regard to the prevailing market prices at the relevant time.

(vi) The Company has not accepted any deposits from the public.

(vii) In our opinion the Company has an internal audit system commensurate with thesize of the Company and nature of its business.

(viii) We have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records undersection 209(1)(d) of the Companies Act 1956 for the period upto March 31 2014 (theCompanies Act 1956 and relevant section has been replaced by the Companies Act 2013effective April 1 2014) and are of the opinion that prima facie the prescribed accountsand records have been made and maintained. We have not however made a detailedexamination of the same.

(ix) (a) Undisputed statutory dues including investor education and protection fundemployees' state insurance income-tax wealth-tax customs duty and other materialstatutory dues have generally been regularly deposited with the appropriate authoritiesexcept for service tax and provident fund where there has been a slight delay in a fewcases. The provisions of sales-tax excise duty and cess are not applicable to theCompany.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund investor education and protection fund employees'state insurance income-tax wealth tax service tax customs duty and other materialstatutory dues were outstanding at the year end for a period of more than six monthsfrom the date they became payable.

(c) According to the information and explanations given to us there are no dues ofsales-tax and customs duty which have not been deposited on account of any dispute exceptfor income tax and service tax as follows:

(x) The Company's accumulated losses at the end of the financial year are less thanfifty percent of its net worth and it has not incurred cash losses in the current andimmediately preceding financial year.

(xi) Based on our audit procedures and as per the information and explanations given bythe management we are of the opinion that the Company has not defaulted in repayment ofdues to bank or debenture holders. The company has no outstanding dues in respect of afinancial institution.

(xii) According to the information and explanations given to us and based on thedocuments and records produced before us the Company has not granted loans and advanceson the basis of security by way of pledge of shares debentures and other securities.

(xiii) In our opinion the Company is not a chit fund or a nidhi / mutual benefit fund/ society. Therefore the provisions of clause 4(xiii) of the Order are not applicable tothe Company.

(xiv) In our opinion the Company is not dealing in or trading in shares securitiesdebentures and other investments. Accordingly the provisions of clause 4(xiv) of theOrder are not applicable to the Company.

(xv) According to the information and explanations given to us the Company has givenguarantee for loans taken by others from banks and financial institutions the terms andconditions whereof in our opinion are not prima- facie prejudicial to the interest ofthe Company.

(xvi) Based on the information and explanations given to us by the management termloans were applied for the purpose for which the loans were obtained.

(xvii) According to the information and explanations given to us and on an overallexamination of the balance sheet of the Company we report that no funds raised onshortterm basis have been used for long-term investment.

Name of the Statute Nature of dues Amount of demand (Rs. In lacs) Period to which the amount relates Forum where dispute is pending
Income Tax Act Income Tax# 103.94 A.Y. 1995-96 High Court
1961 12.02 A.Y 1996-97 High Court
17.35 A.Y. 1997-98 High Court
253.12 A.Y. 2008-09 Income Tax Appellate Tribunal
82.49 A.Y. 2010-11 The Commissioner of Income Tax (Appeals)
The Finance Act 1994 Service tax including penalty 490.13 F.Y 2006-07 The Customs Excise and Service Tax Appellate Tribunal

# Excluding interest and penalty.

(xviii) The Company has not made any preferential allotment of shares to parties orcompanies covered in the register maintained under section 301 of the Companies Act 1956for the period upto March 31 2014 (the Companies Act 1956 and the relevant sections hasbeen replaced by the Companies Act 2013 effective April 1 2014).

(xix) The Company has unsecured debentures outstanding during the year on which nosecurity or charge is required to be created.

(xx) The Company has not raised any money through a public issue during the year.

(xxi) Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and as per the information and explanationsgiven by the management we report that no fraud on or by the Company has been noticed orreported during the year.

For S.R. BATLIBOI & ASSOCIATES LLP

ICAI Firm Registration Number: 101049W

Chartered Accountants

per Shankar Srinivasan

Partner

Membership Number: 213271

Place: Mumbai

Date: February 02 2015

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