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Apollo Finvest (India) Ltd.

BSE: 512437 Sector: Financials
NSE: N.A. ISIN Code: INE412D01013
BSE LIVE 13:08 | 22 Nov 15.82 -0.83
(-4.98%)
OPEN

15.82

HIGH

15.82

LOW

15.82

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 15.82
PREVIOUS CLOSE 16.65
VOLUME 200
52-Week high 19.50
52-Week low 8.63
P/E 10.08
Mkt Cap.(Rs cr) 5.92
Buy Price 15.82
Buy Qty 300.00
Sell Price 17.48
Sell Qty 500.00
OPEN 15.82
CLOSE 16.65
VOLUME 200
52-Week high 19.50
52-Week low 8.63
P/E 10.08
Mkt Cap.(Rs cr) 5.92
Buy Price 15.82
Buy Qty 300.00
Sell Price 17.48
Sell Qty 500.00

Apollo Finvest (India) Ltd. (APOLLOFINVEST) - Auditors Report

Company auditors report

To

The Members

APOLLO FINVEST (INDIA) LIMITED

Report on the Financial Statements:

We have audited the accompanying standalone financial statements of APOLLO FINVEST(INDIA) LIMITED ("the Company") which comprise the Balance Sheet as atMarch 31 2016 the Statement of Profit and Loss the Cash Flow Statement for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation as required for fair present of financial statements.

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 the Companies(Accounts) Rules2014. 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.

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 accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions 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 andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments; theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the Financial Statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis forour 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

i. in the case of the Balance Sheet of the state of affairs of the company as at 31stMarch 2016;

ii. in the case of the Statement of Profit and Loss of the Profit for the year endedon that date; and

iii. 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 2016 (‘the order')issued by the Central Government of India in term of sub-section (11) of section 143 ofthe Act we give in the Annexure "A" a statement on the matters specified inthe paragraph 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 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 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 the written representations received from the directors as on 31stMarch 2016taken on record by the Board of Directors none of the directors isdisqualified as on31st March 2016 from being appointed as a director in terms of Section164 (2) of the Act.

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" to Auditors' Report.

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) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its Financial Statements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For SHANKARLAL JAIN & ASSOCIATES LLP
Chartered Accountants
Firm's Registration No. W100082
Place : Mumbai
Date : 30th May 2016
S.L. Agrawal
(Partner)
Membership No. 72184

ANNEXURE "A" TO AUDITORS REPORT

APOLLO FINVEST (INDIA) LIMITED For the year ended 31st March 2016

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

b) The Company has a regular program of physical verification of its fixed assets inwhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with the program certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regards to the size of the company and thenature of its assets.

c) According to the information and explanation given to us and on the basis of ourexamination of the records of the company the title deed of immovable property are heldin the name of the company. .

2. According to the information and explanations given to us physical verification ofinventory has been conducted at reasonable intervals by the management. The discrepanciesnoticed on verification between the physical stocks and the book records were not materialhaving regard to the size of the operations of the Company and the same have been properlydealt with in the books of account.

3. As per the information and explanations given to us the company has not grantedunsecured loans to a company covered in the register maintained under Section 189 of theCompanies Act 2013. Hence relevant clause is not applicable.

4. In our opinion and according to the information and explanation given to us thecompany has complied with the provisions of Section 185 of the Companies Act 2013.Section 186 is not applicable as the company is a NBFC.

5. As per the information and explanations given to us the company has not accepteddeposits whether the directives issued by the Reserve Bank of India and the provisions ofsections 73 to 76 or any other relevant provisions of the Companies Act and the rulesframed there under.

6. In our opinion and according to information and explanation given to us the Companyis not required to maintain cost records as prescribed for the products of the Company bythe Central Government under clause (a) of sub-section(1) of section 148 of the CompaniesAct2013.

7. a) According to the information and explanation given to us and based on the booksand records examined by us the Provident Fund Investor Education and Protection FundEmployees' State Insurance Income Tax Sales Tax Wealth Tax Service Tax Custom DutyExcise Duty cess and other statutory dues wherever applicable have been generallydeposited regularly during the year with appropriate authorities. There are no outstandingstatutory dues as on 31st March 2016 for a period of more than six months fromthe date they become payable.

b) According to the information and explanation given to us and based on the books andrecords examined by us there are dues of Income Tax of Rs.7.94 under appeals and no SalesTax Wealth Tax Service Tax Custom Duty Excise Duty cess and other statutory dueswherever applicable which have not been deposited on account of any dispute.

c) According to the information and explanations given to us the particulars of IncomeTax Sales Tax Wealth Tax Service Tax duty of Customs duty of Excise Value Added Taxand Cess which have not been deposited on account of dispute are as under:

Name of the Statute Nature of Dues Pending Amount (Rs in Lacs) Amount Paid in protest Forum where dispute is pending
Income Tax Act 1961 Income Tax 7.94 - CIT (Appeals)

8. The Company has not taken Loan from Financial Institutions and Banks; hence thispara is not applicable.

9. The Company did not raise any money by way of initial public offer or further publicoffer (including debt instruments) and term loan during the year. Accordingly this parais not applicable.

10. According to the information and explanation given to us no fraud on or by thecompany has been noticed or reported during the year.

11. As per the information and explanations given to us and based our examination ofthe record of the company the company has paid/provided for managerial remuneration inaccordance with the provision of section 197 read with schedule V to the Act.

12. In our opinion and according to the information and explanation given to us theCompany is not a Nidhi company. Accordingly this para is not applicable.

13. According to the information and explanation given to us and based on ourexamination of the record of the company transaction with the related parties are inaccordance with the section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statement as required by the applicableAccounting Standards.

14. According to the information and explanation given to us and based on ourexamination of the record of the company the Company has not made any preferentialallotment or private placement of share or fully or partly convertible debentures duringthe year.

15. According to the information and explanation given to us and based on ourexamination of the record of the company the company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly this para is notapplicable.

16. The Company is required to be registered under section 45-IA of Reserve Bank ofIndia Act 1934 and as informed to us the same has been complied with.

For SHANKARLAL JAIN & ASSOCIATES LLP
Chartered Accountants
Firm's Registration No. W100082
Place: Mumbai
Date: 30th May 2016
S.L. Agrawal
(Partner)
Membership No. 72184

ANNEXURE "B" TO AUDITORS REPORT

REPORT ON THE INTERNAL FINANCIAL CONTROLS

Under Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the Internal Financial Controls over Financial Reporting of ("theCompany") as of March 312016 in conjunction with our audit of the financialstatements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the criteria established by the Company considering the sizeof company and essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India ("the Guidance Note"). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies 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 extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. 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.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness.

Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover 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 controlswere operating effectively as at March 31 2016 based on the assessment of essentialcomponents of internal controls over financial reporting stated in the Guidance Notecarried out by the Company and representation to that effect is made available to us bythe Company.

For SHANKARLAL JAIN & ASSOCIATES LLP
Chartered Accountants
Firm Reg. No.W100082
S.L. AGRAWAL
Place: Mumbai (PARTNER)
Dated: 30th May 2016 Membership No.72184

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