Amulya Leasing And Finance Limited New Delhi
Report on the Financial Statements
1. We have audited the accompanying financial statements of Amulya Leasing &Finance Limited which comprise the Balance Sheet as at March 31 2017 the Statement ofProfit and Loss and Cash Flow Statement for the year ended and a summary of significantaccounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
2. The Companys Board of Directors is responsible for the matters in Section134(5) of the Companies Act 2013 ("the Act") with respect to preparation ofthese financial statements that give a true and fair view of the financial position andfinancial performance of the Company in accordance with the Accounting Principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rule 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the company and forpreventing and detecting the frauds and other irregularities selection and application ofappropriate accounting policies making judgments and estimates that are reasonable andprudent and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of accountingrecords relevant to the preparation and fair presentation of the financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.
3. Our responsibility is to express an opinion on these financial statements based onour audit.
4. 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.
5. 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.
6. An audit involves performing procedures to obtain audit evidence about the amountsand 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 control relevant to the Companys preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements.
7. We believe that the audit evidences we have obtained are sufficient and appropriateto provide a basis for our audit opinion on the financial statements.
8. 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 2017 and its Profit and its Cash Flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
9. As required by the Companies(Auditors Report) Order2016issued bythe Central Government of India in terms of sub-section(11) of section 143 of theAct(hereinafter referred to as the "Order") and on the basis of such checks ofthe books and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure B a statement onthe matters specified in paragraphs 3 and 4 of the order.
10. 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 appears from our examination of those books.
c) The Balance Sheet and the Statement of Profit and Loss dealt with by this Report arein 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 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms ofSection 164(2) of the Act.
f) With respect to adequacy of the internal financial controls over financial reportingof the Company and the operating effectiveness of such controls refer to our separatereport in
g) With respect to the other matters included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to our best of our information and according to the explanations given to us:
I. The Company does not have any pending litigations which could impact its financialposition in the financial statements.
II. The Company has made provision as at March 31 2017 as required under theapplicable law or accounting standards for material foreseeable losses if any on longterm contracts including derivative contracts.
III. There were no amounts required to be transferred to the Investor Education andProtection Fund by the Company for the year ended March 31 2017.
IV. The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016 and these are in accordance with the books of accountsmaintained by the Company.
For VAPS & Co.
ICAI Firm Registration No. 003612N
(Praveen Kumar Jain)
Place: New Delhi
Dated: May 30 2017
Annexure (A) to the Independent Auditors Report
Referred to in paragraph 10(f) of the Independent Auditors Report of even date tothe members of Amulya Leasing & Finance Limited on the financial statements for theyear ended March 31 2017:
Report on the Internal Financial Controls under clause (i) of the sub-section 3 ofSection 143 of the Act:
1. We have audited the internal financial controls over financial reporting of AmulyaLeasing & Finance Limited ("the Company") as of March 31 2017 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.
Managements Responsibility for Internal Financial Controls
2. The Companys management is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (ICAI).Theseresponsibilities include of the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to companys policies thesafeguarding of its assets the prevention and detection of its frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the act.
3. Our responsibility is to express an opinion on the Companys 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 deemed to be prescribedunder Sec 143(10) of the Act to the extent applicable to an audit of internal financialcontrols both applicable to an audit of internal financial controls and both issued bythe ICAI. Those standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditors judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.
5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Companys internal financial controlssystem over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
6. A companys internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A companys internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 thecompanys assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
7. 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.
8. 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 2017 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 VAPS & Co.
ICAI Firm Registration. Number: 003612N
(Praveen Kumar Jain)
Membership No.: 082515
Place: New Delhi
Dated: May 30 2017
Annexure (B) to the Independent Auditors Report
Referred to in paragraph 9 of the Independent Auditors Report of even date to themembers of Amulya Leasing & Finance Limited on the financial statements for the yearended March 31 2017.
1. There were no fixed assets at the end of the previous financial year.
2. There were no inventories at the end of the previous financial year.
3. The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained underSection 189 of the Act. Therefore the provisions of Clause 3(iii) (iii)(a) (iii)(b) and(iii)(c) of the said Order are not applicable to the Company.
4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Companies Act 2013in respect of the loans and investments made and guarantees and security provided by it.
5. The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the Rules framed there under to the extentnotified.
6. The Central Government of India has not specified the maintenance of cost recordsunder sub-section (1) of Section 148 of the Act for any of the products of the Company.
7. (a) According to the information and explanations given to us and the records of thecompany the company is not regular in depositing with appropriate authorities undisputedstatutory dues including Provident Fund Investor Education Protection Fund EmployeesState Insurance Income Tax Sales Tax Wealth Tax Custom Duty Excise Duty Service TaxValue Added Tax Cess and other material statutory dues applicable to it and few delayshave been observed.
(b) According to the information and explanations given to us no undisputed amountpayable in respect of Income Tax Wealth Tax Sales Tax Customs Duty and Excise DutyService Tax Value Added Tax Cess etc. were outstanding as at 31stMarch 2017 for aperiod of more than six months from the date they became payable.
8. According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or borrowingsto any financial institution or bank or Government or dues to debenture holders as at thebalance sheet date.
9. In our opinion and according to the information and explanations given to us themoneys raised by way of term loans have been applied for the purposes for which they wereobtained. The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments).
10. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.
The company has not given any guarantee for loans taken by others from bank orfinancial institutions.
11. The Company has paid/ provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct. In our opinion the term loans have been applied for the purpose for which they wereraised.
12. As the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicableto it the provisions of Clause 3(xii) of the Order are not applicable to the Company.
13. The Company has not entered into transactions with related parties as per theprovisions of Sections 177 and 188 of the Act.
14. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review. Accordingly theprovisions of Clause 3(xiv) of the Order are not applicable to the Company.
15. The Company has not entered into any non-cash transactions with its directors orpersons connected with him. Accordingly the provisions of Clause 3(xv) of the Order arenot applicable to the Company.
16. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.
For VAPS & Co.
ICAI Firm Registration. Number: 003612N
(Praveen Kumar Jain)
Place: New Delhi