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Apoorva Leasing Finance & Investment Co Ltd.

BSE: 539545 Sector: Financials
NSE: N.A. ISIN Code: INE217S01014
BSE LIVE 15:14 | 17 Nov 6.37 0.21
(3.41%)
OPEN

6.37

HIGH

6.37

LOW

6.37

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 6.37
PREVIOUS CLOSE 6.16
VOLUME 10
52-Week high 15.00
52-Week low 4.90
P/E
Mkt Cap.(Rs cr) 12.72
Buy Price 6.37
Buy Qty 515.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.37
CLOSE 6.16
VOLUME 10
52-Week high 15.00
52-Week low 4.90
P/E
Mkt Cap.(Rs cr) 12.72
Buy Price 6.37
Buy Qty 515.00
Sell Price 0.00
Sell Qty 0.00

Apoorva Leasing Finance & Investment Co Ltd. (APOORVALEASING) - Auditors Report

Company auditors report

THE MEMBERS OF

APOORVA LEASING FINANCE & INVESTMENT COMPANY LIMITED

Report on the standalone Financial Statements

We have audited the accompanying standalone financial statements of Apoorva LeasingFinance and Investment Company Limited which comprise the Balance Sheet as at March 312016 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.

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 flows 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 the maintenance of adequate accountingrecords in accordance with the provision of the Act for safeguarding of the assets of theCompany and for preventing and detecting the frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone financial statements that give a true and fair view and are free frommaterial misstatement 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 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 standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the standalone financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thestandalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statements that give true and fair view in orderto design audit procedures that are appropriate in the circumstances but not for thepurpose of expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of the accounting estimates made by Company's Directors aswell as evaluating the overall presentation of the standalone 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 2016 its profit/loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirement

1. As required by the Companies (Auditor's Report) Order 2016("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 to the extent applicable.

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 Cash Flow Statement dealtwith by this Report are in agreement with the books of account maintained for the purposeof preparation of these standalone financial statements.

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31 March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 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'. Our report expresses an unmodified opinion on theadequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:

i. The Company has disclosed the impact of pending litigation on its financial positionin its standalone financial statement as referred to in note no. 9 of the financialstatement.

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There were no amounts which required to be transferred by the Company to theInvestor Education and Protection Fund.

For Vinod Vishal & Co.
Chartered Accountants
FRN:09112N
Sd/-
Vinod Gupta
(Proprietor)
Membership No. : 083418
Place: New Delhi
Date: 30th May 2016

Annexure-A to audit report for F.Y.2015-16

M/s Apoorva Leasing Finance and Investment Company Limited

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'section of our report of even date)

Report on Companies (Auditor's Report) Order 2016 ('the Order') issued by the CentralGovernment in terms of Section 143(11) of the Companies Act 2013 ('the Acf) of ApoorvaLeasing Finance and Investment Company Limited ('the Company')

(i) (a) The company has no fixed assests hence the provision of Clause3(i) of theorder is not applicable to the company.

(ii) (a) As explained to us and in our opinion the company does not have anyinventories at the end of the year with regard to this given compliances are notapplicable to the company

(iii) (a) According to our audit procedure and on the basis of information&explanations given to us the company has granted unsecured loans to parties covered inthe register maintained under section 189 of the Companies Act.

(b) The receipt of the principal amount and interest are also regular of the loansgiven as mentioned above.

(c) In view of 'b' above not applicable to the company.

(iv) In our opinion and according to the information and explanations given to us thecompany has not granted any loans to parties covered under the provisions of section 185however the company have made investments during the year while complying with theprovisions of section I86 of the Companies Act 2013

(v) The Company has not accepted deposits during the year and does not have anyunclaimed deposits as at March 31 2016 and therefore the provisions of the clause 3 (v)of the Order are not applicable to the Company.

(vi) According to the information and explanations given to us the Central Governmenthas not prescribed maintenance of cost records under sub section 1 of section 148 of theCompanies Act in respect of any of the products of the company.

(vii) (a) According to the information and explanations given to us the company isregular in depositing with appropriate authorities undisputed statutory dues includingprovident fund employee's state insurance income tax sales tax wealth tax ServiceTax custom duty excise duty cess and other material statutory dues applicable to it.According to the information and explanations given to us no undisputed amounts payablein respect of the above were in arrears as at March 31 2016 for a period of more than sixmonths from the date on when they become payable.

(b) According to the information and explanation given to us there is pending incometax demand of Rs 6002240/-. The demand was raised by the Income tax Department for A.Y.2012-13. The appeal against demand before CIT (A) is still pending. The same has not beendeposited on account of dispute.

(viii) In our opinion and according to the information and explanations given to usthe company has not defaulted in repayment of dues to a financial institution bank ordebentures and other securities

(ix) In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to a financial institution bank ordebentures and other securities.

(x) According to our audit procedure and the information and explanations given by themanagement the company has not raised moneys by way of initial public offer or furtherpublic offer including debt instruments and term Loans. Accordingly the provisions ofclause 3 (ix) of the Order are not applicable to the Company

(xi) According to the information and explanations given to us no fraud on or by thecompany has been noticed or reported during the course of our audit.

(xii) In our opinion and according to the information and explanations given to us theCompany has paid / provided managerial Remuneration in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to theAct.

(xiii) In our opinion and according to the information and explanations given to usthe Company is not a Nidhi Company. Therefore the paragraph 3(xii) of the Order is notapplicable to the Company.

(xiv) 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 section 177 and 188 of Companies Act 2013 and the details of suchtransactions have been disclosed in the standalone Financial Statements as required by theapplicable accounting standards.

(xv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause 3(xiv) of the Order is not applicable to the Company.

(xvi) According to the information and explanations 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 paragraph 3 (xv)of the Order is not applicable to the Company

(xvii) The company is not required to be registered under section 45 IA of the ReserveBank of India Act 1934 and accordingly.

For Vinod Vishal & Co.
Chartered Accountants
FRN:09112N
Sd/-
CA Vinod Gupta
(Proprietor)
Membership No. : 083418
Place: New Delhi
Date: 30/05/2016

ANNEXURE 'B' TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 2(f) under 'Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ('the Act')

We have audited the internal financial controls over financial reporting of ApoorvaLeasing Finance and Investment Company Limited('the Company') as of March 31 2016 inconjunction with our audit of the standalone financial statements of the Company for theyear ended and as 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 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 (the 'Guidance Note'). 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 safeguarding ofits 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.

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 Standards on Auditing prescribed under Section 143(10) of the Act and theGuidance Note to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with the 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 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 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' judgment including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror.

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 controlsover 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2016 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note.

For Vinod Vishal & Co.
Chartered Accountants
FRN:09112N
Sd/-
Vinod Gupta
(Proprietor)
Membership No. : 083418
Place: New Delhi
Date: 30th May 2016

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