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Apollo Finvest (India) Ltd.

BSE: 512437 Sector: Financials
NSE: N.A. ISIN Code: INE412D01013
BSE LIVE 15:12 | 13 Dec 13.20 0.62
(4.93%)
OPEN

13.20

HIGH

13.20

LOW

13.20

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 13.20
PREVIOUS CLOSE 12.58
VOLUME 18
52-Week high 18.85
52-Week low 11.13
P/E
Mkt Cap.(Rs cr) 5
Buy Price 13.20
Buy Qty 9972.00
Sell Price 0.00
Sell Qty 0.00
OPEN 13.20
CLOSE 12.58
VOLUME 18
52-Week high 18.85
52-Week low 11.13
P/E
Mkt Cap.(Rs cr) 5
Buy Price 13.20
Buy Qty 9972.00
Sell Price 0.00
Sell Qty 0.00

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 2017 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 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 of the state of affairs of the Companyas at 31st March 2017 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the companies (Auditor's Report) Order 2016 (‘the order') issuedby the central government of India in term of sub-section (11) of section 143 of the Actwe give in the Annexure "A" a statement on the matters specified in theparagraph 3 and 4 of the order-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 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 termsof Section 164 (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.

iv. The Company has provided requisite disclosures in its financial statements as toholding as well as dealing in Specified Bank Notes during the period from 8thNovember 2016 to 30th December 2016 and these are in accordance with thebooks of accounts maintained by the Company.

For SHANKARLAL JAIN & ASSOCIATES LLP
Chartered Accountants
FRN. 109901 W / W100082
Place : Mumbai S. L. Agrawal
Date : 10th May 2017 (Partner)
Membership No. 72184

ANNEXURE "A" TO AUDITOR'S REPORT

APOLLO FINVEST (INDIA) LIMITED FOR THE YEAR ENDED 31ST MARCH 2017

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

b) The fixed assets of the company have been physically verified during the year by themanagement and no material discrepancies between the book records and the physicalinventory have been noticed. The company has not disposed off any substantial part offixed assets during the year.

c) The title deeds of immovable properties held with the Company are in the name of theCompany.

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 the books of account.

3. As per the information and explanations given to us the company has not granted anyloans Secured or unsecured to companies Firm or other Parties covered in the registermaintained under Section 189 of the Companies Act 2013. Hence relevant clause is notapplicable.

4. In our opinion According to the information and explanation given to us the companyhas complied with the provision of section 185 of the companies Act 2013. Section 186 isnot applicable as the company is NBFC.

5. As per the information and explanations given to us the company has not accepteddeposits therefore the directives issued by the Reserve Bank of India and the provisionsof sections 73 to 76 or any other relevant provisions of the Companies Act and the rulesframed thereunder are not applicable.

6. The Central government has not prescribed the maintenance of cost records undersection 148 (1) of the Companies Act 2013.

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 2017 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 no dues of Income Tax Sales Tax Wealth Tax ServiceTax Custom Duty Excise Duty cess and other statutory dues wherever applicable whichhave not been deposited on account of any dispute Except –

Sr. No. Name of the Statute Nature of Dues Pending Amount (Rs in Lacs) Amount Paid in protest Forum where dispute is pending
1 Income Tax Act 1961 Income Tax 13.22 - CIT(Appeals)

8. As there is no term loan taken from bank or institutions. Hence there is no questionarise for default in repayment of such loans.

9. The Company did not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loan during the year Accordingly thispara is 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. The Company has paid managerial remuneration in accordance with the provisions ofSection 197 read with Schedule V to the Companies Act 2013.

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 shares. Hence this para is not applicable.

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 Act1934 and as informed to us the same has been complied with.

For SHANKARLAL JAIN & ASSOCIATES LLP
Chartered Accountants
FRN. 109901W / W100082
(S. L. Agrawal)
Place: Mumbai Partner
Dated: 10th May 2017 Membership No.72184

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S 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 31 2017 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.

Auditor's 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 includes 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 2017 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
FRN. 109901W / W100082
(S. L. AGRAWAL)
Place: Mumbai PARTNER
Dated: 10th May 2017 Membership No.72184