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Apple Credit Corporation Ltd.

BSE: 511339 Sector: Financials
NSE: APPLECREDT ISIN Code: INE212A01013
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Apple Credit Corporation Ltd. (APPLECREDT) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR’S REPORT

To the Members of Apple Credit Corporation Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Apple Credit CorporationLimited ("the Company")which comprise the Balance Sheet as at March31015jhe Statement of Profit and Loss and Cash Flow Statement for the year thenendedand 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 Act2013 ('the Act') with respect to the preparation andpresentation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstalementwhether due to fraud or error

Auditor's Responsibility

Our responsibility is to express an opinion on the 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 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 the

auditor's judgment including the assessment of the risks of material misstatement ofthe financial statementswhether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company's preparation ofthe financial statements that give a true and fair view in order to design auditprocedures 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 Company's Directors as well asevaluating the overall presentation of the financial statements. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on these financial statements.

Basis for Qualified Opinion

Attention is invited to Note No. 19 to the Financial Statements regarding preparationof the financial statements on "Going Concern" basis while the net worth beingcompletely eroded and registration to carry on the principal business as a Non BankingFinance Company being cancelled by the regulators the Company is currently pursuing therealization of dues to the Company and settlement of existing Lenders. Other than thisthe Company has not been carrying on business activity notwithstanding this thefinancial statements have been prepared as that of a going concern and consequently theterminal values of various assets and liabilities have not been determined and we aretherefore unable to express our opinion whether the preparation of the financialstatements on a going concern assumption is appropriate or not.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matters described in the Basis for QualifiedOpinion Paragraph the financial statements give the information required by the Act inthe manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as atMarch31)2015;

b) in the case of the Statement of Profit and Loss of the loss for the year ended onthat date; and

c) In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

INDEPENDENT AUDITOR’S REPORT

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2015 ('the Order') issued bythe Central Government of India in terms of sub-section (11) of section 143 of the Act wegive in the Annexure a statement on the matters specified in the paragraph 3 and 4 of theOrder to the extent applicable

2. As required by section 143(3) of the Act we report that

a) we have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;

b) Except for the possible effects of the matter described in the Basis for QualifiedOpinion paragraph above^n our opinion proper books of account as required by law have beenkept by the Company so far as appears from our examination of those books

c) the Balance Sheet Statement of Profit and Loss and the cash flow statement dealtwith by this Report are in agreement with the books of account.

d) Except for the possible effects of the matter described in the Basis for QualifiedOpinion paragraph our opinion the Balance Sheet statement of Profit and Loss and CashFlow Statement comply with the Accounting Standards specified under section 133 of theAct/ead with Rule 7 of the Companies (Accounts) Rules013;

e) on the basis of the written representations received from the directors as on 31March 2015 taken on record by the Board of Directors one of the directors is disqualifiedas on 31 March 2015 from being appointed as a director in terms of Section 164 (2) of theAct; and

f) 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 effect of the pending litigation in its financialstatements as mentioned in Note 29 of the Notes to the Accounts.

(ii) The Company has made provisions required under the applicable law or accountingstandards for material foreseeable losses in respect of long -term contracts. The Companyhas not entered into any derivative contract during the year.

(iii) There was no amounts required to be transferred to the Investor Education andProtection Fund by the Company.

For BRAHMAYYA & CO
Chartered Accountants
Firm Regn No. 00051 IS
N. SRIKRISHNA
Place : Chennai Partner
Date : 29th May 2015 Membership No.26575

The Annexure referred to in paragraph 1 under Our Report on other legal and regulatoryrequirements section of even date to the members of Apple Credit Corporation Limited onthe accounts 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. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) According to the information and explanations given to us fixed assets have beenphysically verified by the management at reasonable intervals.

2. The Company is in the business of rendering services and consequently does not holdany inventory. Therefore the provisions of Clause 4(ii) of the said order are notapplicable to the Company.

I 3. According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not granted any loans secured orunsecured to companies firms or other parties listed in the register maintained underSection 189 of the Companies Act 2013. Consequently the provisions of clauses iii (a)and iii(b) of the order are not applicable to the Company.

4. In our opinion and according to the information and explanations given to usthereis generally an adequate internal control procedure commensurate with the size of thecompany and the nature of its business.

5. The Company has not accepted any deposits from the public covered under section 73to 76 of the Companies Act2013.

6. In our opinionthe company has internal audit system commensurate with the size andnature of business.

7. As per information & explanation given by the management the Central Governmenthas not prescribed the maintenance of cost records under section 148(1) of the Act

8. (a) According to the records of the company undisputed statutory dues includingProvident Fund

Investor Education and Protection Fund Income-tax Sales-tax Wealth Tax Service TaxCess to the extent applicable and any other statutory dues have generally been regularlydeposited with the appropriate authorities. According to the information and explanationsgiven to us there were no outstanding statutory dues as on 31st of March2015 for a periodof more than six months from the date they became payable.

(b) According to the information and explanations given to usthere is no amountspayable in respect of income tax wealth taxservice taxsales taxcustoms duty and exciseduty which have not been deposited on account of any disputes.

9. The Company's accumulated losses are more than fifty per cent of its Net Worth andthe Company has continued incurring cash loss during the financial year covered by ouraudit.

10. Based on our audit procedure and on the information and explanations given by themanagementwe are of the opinion that the company has not defaulted in repayment of duesto bank. The company does not have any borrowing from financial institutions or by issueof debentures.

11. According to the information and explanations given to usthe Company has not givenany guarantees for loan taken by others from a bank or financial institution.

12. Based on our audit procedures and on the information given by the managementsreport that the company has not raised any term loans during the year.

13. Based on the audit procedures performed and the information and explanations givento uswe report that no fraud on or by the Company has been noticed or reported during theyearnor have we been informed of such case by the management.

For BRAHMAYYA & CO
Chartered Accountants
Firm Regn No. 00051 IS
N. SRIKRISHNA
Place : Chennai Partner
Date : 29th May 2015 Membership No.26575

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