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Amrapali Fincap Ltd.

BSE: 539265 Sector: Financials
NSE: N.A. ISIN Code: INE990S01016
BSE LIVE 13:45 | 21 Nov 32.40 1.50
(4.85%)
OPEN

32.40

HIGH

32.40

LOW

32.40

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 32.40
PREVIOUS CLOSE 30.90
VOLUME 1200
52-Week high 105.00
52-Week low 27.15
P/E 95.29
Mkt Cap.(Rs cr) 44
Buy Price 29.40
Buy Qty 1200.00
Sell Price 0.00
Sell Qty 0.00
OPEN 32.40
CLOSE 30.90
VOLUME 1200
52-Week high 105.00
52-Week low 27.15
P/E 95.29
Mkt Cap.(Rs cr) 44
Buy Price 29.40
Buy Qty 1200.00
Sell Price 0.00
Sell Qty 0.00

Amrapali Fincap Ltd. (AMRAPALIFINCAP) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

AMRAPALI FINCAP LIMITED

Report on the Financial Statements:

We have audited the accompanying Financial Statements of Amrapali Fincap Limited("the Company") which comprise the Balance Sheet as at March 31 2016 theStatement of Profit and Loss and Cash Flow Statement for the year ended March 31 2016and a summary of significant accounting policies and other explanatory information for theyear ended as on March 31 2016.

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 preparationand presentation of these Financial Statements that give a true and fair view of thefinancial position financial performance and cash flow of the Company in accordance withthe accounting 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 recordsin accordance with the provisions of the Act for safeguarding the assets of the companyand for preventing and detecting frauds and other irregularities selection andapplication of appropriate accounting policies making judgments and estimates that areresponsible 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.

Auditors’ 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 accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and disclosures 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 the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by company’s directors as well as evaluating the overallpresentation of the financial statements. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thefinancial 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 March31 2016 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 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" a statement on thematters specified in paragraphs 3 and 4 of the Order.

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 the Statement of Profit and Loss and the Cash Flow Statementdealt with 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 March 312016 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2016 from being appointed as a director in terms of Section 164(2) of theAct.

f) with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B" and

g) with respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 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 except the proceedings before the Hon’ble settlement commission has gotabated as per Section 245HA of the I.T. Act 1961 in pursuance of Settlement Commissionorder u/s 245D(4) of the Act dated May 31 2016 and pending search case assessmentspending u/s 153A of the I.T. Act 1961 for A.Y. 2007-08 to 2012-13 and regular assessmentu/s 143(3) of the I.T. Act 1961 for A.Y. 2013-14 and A.Y. 2014-15.

ii. The Company did not have any long-term contract including derivative contracts forwhich there were any material foreseeable losses; hence the company need not make anyprovision.

iii. There were no amounts which were required to be transferred to the investoreducation and protection fund by the Company.

For Dhiren Shah & Co.
Chartered Accountants
FRN: 114633W
Dhiren Shah
Place: Ahmedabad Partner
Date: June 30 2016 Mem. No. : 035824

Annexure-A to the Auditor’s Report

The Annexure referred to in Independent Auditors’ Report to the members of thecompany on the standalone financial statements for the year ended March 31 2016 wereport that:

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

(b) The company has a regular programme of physical verification of its fixed assets bywhich fixed assets of the Company have been physically verified by the Management duringthe year and no material discrepancies have been noticed on such verification. In ouropinion the frequency of verification is reasonable.

(c) The company does not have any immovable property. Hence paragraph 3(i)(c) of theOrder is not applicable.

ii) The physical verification of inventory has been conducted at reasonable intervalsby the Management during the year no material discrepancies were noted in the same.

iii) The Company has granted unsecured loan to one company and one party covered in theregister maintained under Section 189 of the Companies Act 2013.

(a) The terms and conditions of granting any loan prima facie not prejudicial to thecompany’s interest.

(b) The repayment principle and interest is regular whenever stipulated.

(c) The amount of overdue is unascertainable due to no stipulation of repaymentschedule.

iv) The company has granted loan to one party Amrapali Finance Proprietor YashwantThakkar who is a relative of a director which is in contravention of provision of section185 of the Companies Act 2013. The company has complied with the provisions of section 186of the Companies Act 2013.

v) The Company has not accepted any deposit from the public.

vi) As informed to us the maintenance of Cost Records has not been specified by theCentral Government under sub-section (1) of Section 148 of the Act in respect of theactivities carried on by the company.hence paragraph 3(vi) of the order is not applicableto the company.

vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income taxsales-tax value added tax duty of customs service tax cess and other materialstatutory dues have been regularly deposited during the year by the company with theappropriate authorities. According to the information and explanations given to us noundisputed amounts payable in respect of provident fund income tax sales tax valueadded tax duty of customs service tax cess and other material dues were in arrears asat March 31 2016 for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us there are no dues ofIncome tax sales-tax duty of excise duty of customs service tax and value added taxwhich have not been deposited with the appropriate on account of any dispute.

viii) The company does not taken any loan or borrowed any amount from bank or financialinstitution. The company has also not raised fund by issue of debentures hence paragraph3(viii) of the Order is not applicable to the company.

ix) According to the information and explanations given to us Company has raised thesum by way of Initial Public Offer and afterwards obtained the approval from the memberthrough postal ballot for vary and/or revise the utilisation of the proceeds from theInitial Public Offer of equity shares made in pursuance of the prospectus dated July 142015.

x) According to the information and explanation given to us no material fraud by thecompany or on the company by its officers or employees has been noticed or reported duringthe course of our audit.

xi) Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act.

xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the order is notapplicable.

xiii) According to the information and explanations given to us and based on ourexamination of the records of the company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv) According to the information and explanations given to us and based on ourexamination of the records of the company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year hence paragraph 3(xiv) of the Order is not applicable to the company.

xv) According to the information and explanation given to us and based on ourexamination of the records of the Company the company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly the paragraph3(xv) of the order is not applicable.

xvi) The company’s major business activity is of trading in shares &securities in future and option segment and gross turnover of trading in future and optionsegment is of Rs. 5339.22 crores. The company has also carried out the business of tradingin commodity and gross turnover of trading in commodity is of Rs. 65.87 crores. Thecompany has also carried out financing activities for which the Company has filed anapplication before Reserve Bank of India for granting registration under Section 45-IA ofthe Reserve Bank of India Act 1934 on May 13 2016. The registration is awaited.

For Dhiren Shah & Co.
Chartered Accountants
FRN: 114633W
Dhiren Shah
Place: Ahmedabad Partner
Date: June 30 2016 Mem. No. : 035824

Annexure B to the independent Auditor’s Report

Report on the Internal Financial Controls under Clause (i) of Section 143(3) of the Act

We have audited the internal financial controls over financial reporting of AmrapaliFincap Limited ("the Company") as of March 31 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the companies Act 2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial Controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects. Our audit involves performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditor’s judgement including the assessment of the risks of material misstatementof the financial statements whether due to fraud or error. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2)provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Dhiren Shah & Co.
Chartered Accountants
FRN: 114633W
Dhiren Shah
Place: Ahmedabad Partner
Date: June 30 2016 Mem. No. : 035824