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Akme Star Housing Finance Ltd.

BSE: 539017 Sector: Financials
NSE: N.A. ISIN Code: INE526R01010
BSE LIVE 14:06 | 09 Dec 45.00 4.95
(12.36%)
OPEN

39.60

HIGH

45.00

LOW

39.60

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 39.60
PREVIOUS CLOSE 40.05
VOLUME 20000
52-Week high 46.30
52-Week low 31.00
P/E 23.08
Mkt Cap.(Rs cr) 26.68
Buy Price 41.00
Buy Qty 4000.00
Sell Price 0.00
Sell Qty 0.00
OPEN 39.60
CLOSE 40.05
VOLUME 20000
52-Week high 46.30
52-Week low 31.00
P/E 23.08
Mkt Cap.(Rs cr) 26.68
Buy Price 41.00
Buy Qty 4000.00
Sell Price 0.00
Sell Qty 0.00

Akme Star Housing Finance Ltd. (AKMESTARHOUF) - Auditors Report

Company auditors report

TO

THE MEMBERS

M/S AKME STAR HOUSING FINANCE LIMITED

We have audited the accompanying standalone financial statements of AKME STARHOUSING FINANCE LIMITED which comprise the Balance Sheet as at March 312016 theStatement of Profit and Loss the 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 :

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 Companies (Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting 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 financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting 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 standalone financial statementsbased on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in 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 theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating 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 standalone financial statements.

Opinion :

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:

a. In the case of the Balance Sheet of the state of affairs of the Company as at March31 2016;

b. In the case of the Profit and Loss Account of the profit/ loss for the year endedon that date; and

c. In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate

Report on Other Legal and Regulatory Requirements :

1. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection143 of the Act we give in the Annexure a statement on the matters Specified inparagraphs 3 and 4 of the Order to the extent 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 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 Cash Flow Statement dealt withby this Report are in agreement with the books of account;

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

e. On the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 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)Rules 2014:

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; assuch the question of commenting on any material foreseeable losses thereon does not arise

iii. There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question of delayin transferring such sums does not arise

For NYATI MUNDRA & CO.
Chartered Accountant
ICAI FRN: 08153C
AKASH JAIN
Place : Udaipur Partner
Dated : 16.05.2016 M. No. 079052

ANNEXURE TO THE AUDITORS REPORT

(Referred to in paragraph 7 of our Report of even date)

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

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

1b) All these fixed assets have been physically verified by the management atreasonable intervals and there is a regular program for such verification which in ouropinion is reasonable having regard to the size of the company and the nature of itsassets. No material discrepancies were noticed on such verification.

1c) The title deeds of the Immovable properties are held in the name of the company.

2) The company does not hold any inventory due to the nature of its business of housingfinance.

3a) As per the information and records made available the company has grantedUnsecured Loans to three companies listed in the register maintained under section 189 ofthe Companies Act 2013. The maximum amount involved during the year was Rs. 509.07 Lacand the year-end balance of loan to such parties was NIL (Previous Year – NIL.).

3b) As per the information and records made available the rate of interest and otherterms and conditions on which loans granted by the company secured or unsecured are notprima facie prejudicial to the interest of the company.

3c) No amount is overdue in relation to these advances against any principal orinterest.

4) Company has not provided/made any loans investments guarantees and securitiesunder the provisions of section 185 and 186 of the companies act 2013.

5) The company has not accepted deposits from the public and hence the provisions ofsection 73 to 76 and any other relevant provisions of the companies act or any otherdirectives of RBI are not applicable to the Company.

6) Maintenance of cost records has not been prescribed by the Central Government underclause (d) of sub-section (1) of section 148 of the Companies Act 2013 for any of theproduct or services of the Company.

7a) The company is regular in depositing with the appropriate authorities undisputedstatutory dues including Provident Fund Employees’ State Insurance Income-taxSales-tax Wealth Tax Service Tax Custom Duty Excise Duty and any other statutorydues to the extent applicable to the Company.

According to the information and explanations given to us no undisputed dues of incometax service tax were in arrears as at 31st March 2016 for a period of more that sixmonths from the date they become payable.

7b) There are no dues of Income Tax or Service Tax which have been deposited on accountof any dispute.

8) In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to any financial institution or bank ordebenture holders.

9) Company has applied the money raised by way of Initial Public Offer and terms loansfor the purpose for which those are raised.

10) According to the information and explanations given to us no fraud on or by thecompany has been noticed or reported during the course of our audit.

11) The managerial remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of section 197 read with schedule V of thecompanies act.

12) The provisions of the Clause 3(xii) of the CARO 2016 are not applicable to thecompany.

13) According to the information and explanations given to us all transactions withthe related parties are in compliance with section 177 and 188 of the companies act 2013where applicable and the details required by the applicable accounting standards havebeen disclosed in the financial statements.

14) The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review.

15) According to the information and explanations given to us the unit has not enteredinto any non-cash transactions with directors or persons connected with the company.

16) The company is governed by NHB act hence provision of the clause 3 (xvi) of theCARO 2016 are not applicable to the company.

For NYATI MUNDRA & CO.
Chartered Accountant
ICAI FRN: 08153C
AKASH JAIN
Place : Udaipur Partner
Dated : 16.05.2016 M. No. 079052

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