You are here » Home » Companies » Company Overview » Apple Finance Ltd

Apple Finance Ltd.

BSE: 500014 Sector: Financials
NSE: APPLEIND ISIN Code: INE096A01010
BSE LIVE 15:18 | 09 Dec 2.77 0.04
(1.47%)
OPEN

3.20

HIGH

3.20

LOW

2.75

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 3.20
PREVIOUS CLOSE 2.73
VOLUME 2607
52-Week high 4.10
52-Week low 1.70
P/E 19.79
Mkt Cap.(Rs cr) 15.42
Buy Price 2.77
Buy Qty 475.00
Sell Price 2.89
Sell Qty 200.00
OPEN 3.20
CLOSE 2.73
VOLUME 2607
52-Week high 4.10
52-Week low 1.70
P/E 19.79
Mkt Cap.(Rs cr) 15.42
Buy Price 2.77
Buy Qty 475.00
Sell Price 2.89
Sell Qty 200.00

Apple Finance Ltd. (APPLEIND) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS' REPORT

To the Members of Apple Finance Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Apple FinanceLimited ("the Company") which comprise the Balance Sheet as at March 31 2016the Statement of Profit and Loss and the Cash Flow Statement for the year then ended anda summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone 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 ancj 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)Rules 2014 ("the Rules"). This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditors' 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 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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders 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

presentation of 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 March 31 2016 and its profit and cash flows for the year ended on that datesubject to:-

a) Point No.l of Note '19' regarding going concern assumption of the Company.

b) Point No.10 of Note '19' regarding non-consideration of Deferred Tax Assets (Net)amounting to Rs.158190287.

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 exercise of powers conferred by sub-section(11) of Section 143 of the Act we give in the Annexure 'A' a statement on the mattersspecified in paragraphs 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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theRules;

e. On the basis of the written representations received from the Directors as on March31 2016 taken on record by the Board of Directors none of the Directors is disqualifiedas on March 31 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' ; and

g. With respect to the other matters to be included in the Auditors' 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 standalone financial statements;

ii. The Company did not have any long-term contracts including derivative contracts andas such the question of commenting on any material foreseeable losses thereon does notarise;

iii. There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. Therefore thequestion of delay in transferring such sums does not arise.

For Mahendra Kumbhat and Associates
Chartered Accountants
Firm Regn. NO.105770W
Amar Chand Bagrecha
Partner
Membership No. 56605
Place: Mumbai
Date: May 30 2016

ANNEXTURE 'A' TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1 under 'Report on Other Legal and

Regulatory Requirements' of our report of even date)

1. (a) The Company has maintained proper records showing

full particulars including quantitative details and situation of fixed assets.

(b) The fixed assets are physically verified by the Management according to a phasedprogramme designed to cover all the items over a period of three years which in ouropinion is reasonable having regard to the size of the Company and nature of its assets.Pursuant to the programme a portion of the fixed assets has been physically verified bythe Management during the year and no material discrepancies have been noticed on suchverification.

(c) According to the information and explanation given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties asdisclosed in Note 8 to the standalone financial statements are held in the name of theCompany.

2. The inventory has been physically verified at reasonable interval by the Managementduring the year. The discrepancies noticed on physical verification as compared to thebook records were not material and have been properly dealt with in the books of account.

3. In our opinion and according to information and explanation given to us the Companyhas not granted any loans secured or unsecured to companies firms limited liabilitypartnerships or other parties covered in the Register maintained under Section 189 of theAct. Hence the question of reporting under sub clauses (a) (b) and (c) of the clause3(iii) of the Order does not arise.

4. According to information and explanations given to us the Company has not grantedany loans or provided any guarantees or security to the parties covered under section 185of the Act. The Company has complied with the provisions of Section 186 of Act in respectof investments made or loans or guarantee or security provided to the parties coveredunder Section 186.

5. The Company has not accepted deposits from public within the meaning of Sections 7374 75 and 76 of the Act and the Rules framed thereunder to the extent notified.

6. We have been informed that the Central Government has not prescribed the maintenanceof Cost records under Section 148(1) of the Act.

7. (a) We have been informed that during the year under

review the Company has regularly deposited all undisputed statutory dues including theProvident Fund Employees' State Insurance Scheme Income Tax Sales Tax Wealth TaxService Tax Custom Duty Excise Duty Value Added Tax Cess and any other statutory dueswherever applicable. There were no arrears as at March 31 2016 for a period of more thansix months from the date they became payable.

(b) According to the information and explanations given to us and based on the recordsof the Company examined by us there are no dues of Income Tax or Wealth Tax or ServiceTax or Sales Tax or Customs Duty or Excise Duty or Cess which have not been deposited onaccount of any disputes.

8. According to the information and explanations given to us the Company has neitherissued any debentures nor has any borrowings from any financial institutions and banks.Accordingly the reporting under Clause 3 (viii) of the Order is not applicable to theCompany.

9. The Company has not raised any monies by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordingly theprovisions of Clause 3 (ix) of the Order are not applicable to the Company.

10. According to information and explanation given to us no fraud by the Company orany fraud on the Company by its - officers or employees has been noticed or reportedduring the year.

11. According to information and explanation given to us and based on our examinationof the records of the Company managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act.

12. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly the reporting under Clause 3(xii) of theOrder is not applicable to the Company.

13. According to information and explanation given to us in our opinion alltransactions with related parties are in compliance with Sections 177 and 188 of the Actwherever applicable and the details have been disclosed in Notes to Accounts of FinancialStatements as per Accounting Standard 18 "Related Parties Disclosures".

14. According to the information and explanation given to us and based on ourexamination of the records the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview.

15. According to the information and explanation given to us the Company has notentered into non-cash transactions with Directors or persons connected with him.Accordingly the reporting under Clause 3(xv) of the Order is not applicable to theCompany.

16. According to information and explanation given to us the Company is not requiredto be registered under Section 45- IA of the Reserve Bank of India Act 1934.

For MAHENDRA KUMBHAT & ASSOCIATES
Chartered Accountants
Firm Regn. NO.105770W
Amar Chand Bagrecha
Partner
Membership No. 56605
Place: Mumbai
Date: May 30 2016

ANNEXURE "B" TO THE INDEPENDENT AUDITORS' REPORT ON THE STANDALONE FINANCIALSTATEMENTS Report on the Internal Financial Controls under Clause (i) of sub-section 3 ofSection 143 of the Act

We have audited the internal financial controls over financial reporting of the Companyas of March 31 2016 in conjunction with our audit of the standalone financial statementof 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 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 (ICAI). 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 the Company's policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 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 Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of internal financial controlsand both issued by ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 auditor's judgment including the assessment of the risks ofmaterial misstatement 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' controlsover financial reporting were operating effectively as at March 31 2016 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 ICAI

For MAHENDRA KUMBHAT & ASSOCIATES
Chartered Accountants
Firm Regn. NO.105770W
Amar Chand Bagrecha
Partner
Membership No. 56605
Place: Mumbai
Date: May 30 2016

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard