TO THE MEMBERS OF
AMULYA LEASING & FINANCE LTD.
Report on the Financial Statements
We have audited the accompanying financial statements of AMULYA LEASING &FINANCE LTD. ("The Company") which comprise 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.
Managements Responsibility for the Financial Statements
The Companys 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 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.
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.
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 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 theauditors 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 Companyspreparation of the 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 Companys 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 financial statements.
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 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 (Auditors Report) Order 2015 (" the Order)issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 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 purposes of our audit;
(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it 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 133 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 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act;
(f) With respect to the other matters to be included in the Auditors 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. TheCompany does not have any pending litigations which would impact its financial position.
II. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
III. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
| ||For R. MAHAJAN & ASSOCIATES |
| ||Chartered Accountants |
| ||F.R.N. 011348N |
|Place: New Delhi || |
|Date: 30.05.2015 || |
| ||[AKASHDEEP CHOPRA] |
| ||Partner |
| ||M. No. 508817 |
The Annexure referred to in paragraph 1 of the Our Report on Other Legal and RegulatoryRequirements of even date to the members of Amulya Leasing & Finance Ltd. on theaccounts of the company for the year ended 31st March 2015.
On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:
1. The company does not have any fixed assets hence clause (i) (a) and (b) of theorder are not applicable to the company.
2. The company does not have any inventory during the year. Accordingly the provisionof Clause (ii) (a) (b) and (c) of the Order are not applicable to the company.
3. The Company has not granted any loan secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of the Companies Act2013.
4. In our opinion and according to the information and explanations given to us thereare adequate internal control procedure commensurate with the size of the company and thenature of its business for the purchase of inventories & fixed assets and for sale ofgoods & services. During the course of our audit we have not observed any major weaknessesin the internal controls.
5. The Company has not accepted any deposits from the public covered under section 73to 76 or any other relevant provisions of the Companies Act 2013 and rules made thereunder.
6. We have been informed that the Central Government has not prescribed for themaintenance of cost records under section 148(l) of the Companies Act 2013.
7. (a) According to the records of the company undisputed statutory dues includingProvident Fund Employees State Insurance Income-tax Sales-tax Wealth TaxService Tax Duty of Custom Duty of Excise Value Added Tax Cess and any other statutorydues to the extent applicable have been regularly deposited with the appropriateauthorities. According to the information and explanations given to us no undisputedamount payable in respect of aforesaid dues were outstanding as at 31st ofMarch 2015 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us there are no dues ofSales Tax income tax wealth tax service tax Duty of customs and Duty of excise whichhave not been deposited on account of any disputes.
(c) There were no amounts which were required to be transferred to investor educationand protection fund in accordance with the relevant provisions of the Companies Act 1956(1 of 1956) and rules made there under.
8. The Company does not have any accumulated loss. The company has not incurred cashloss during the financial year covered by our audit as well as in the immediatelypreceding financial year.
9. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not taken any loan from afinancial institution bank and also not issued any debenture.
10. According to the information and explanations given to us the Company has notgiven any guarantees for loan taken by others from a bank or financial institution.
11. Based on the information explanation given to us by the management we report thatthe company has not raised any term loans during the year.
12. According to the information and explanations given to us we report that no fraudon or by the Company has been noticed or reported during the year.
| ||For R. Mahajan & Associates |
| ||Chartered Accountants |
| ||FRN: 011348N |
|Place : New Delhi || |
|Date : 30.05.2015 || |
| ||(Akashdeep Chopra) |
| ||Partner |
| ||M. No: 508817 |