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Aryaman Financial Services Ltd.

BSE: 530245 Sector: Financials
NSE: N.A. ISIN Code: INE032E01017
BSE LIVE 11:27 | 24 Aug 34.25 0.25
(0.74%)
OPEN

35.65

HIGH

35.70

LOW

33.75

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 35.65
PREVIOUS CLOSE 34.00
VOLUME 80
52-Week high 37.20
52-Week low 17.10
P/E 34.25
Mkt Cap.(Rs cr) 40
Buy Price 33.75
Buy Qty 39.00
Sell Price 34.25
Sell Qty 5.00
OPEN 35.65
CLOSE 34.00
VOLUME 80
52-Week high 37.20
52-Week low 17.10
P/E 34.25
Mkt Cap.(Rs cr) 40
Buy Price 33.75
Buy Qty 39.00
Sell Price 34.25
Sell Qty 5.00

Aryaman Financial Services Ltd. (ARYAMANFINSERV) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR’S REPORT

To the Members of Aryaman Financial Services Limited.

Report on the Financial Statements

1. We have audited the accompanying (standalone) financial statements of AryamanFinancial Services Limited ("the Company") which comprise the Balance Sheet asat March 31 2016 the Statement of Profit and Loss and Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Financial Statements

2. The Company’s Board of Directors are responsible for the matters stated inSection 134(5) of the Companies Act 2013 (‘the act’) with respect to thepreparation of these 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)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding 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; 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

3. Our responsibility is to express an opinion on these (standalone) financialstatements based 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.

4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on whether the company has in place an adequate internalfinancial control system over financial reporting and the operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of the accounting estimates made by the Company’sDirectors as well as evaluating the overall presentation of the financial statements

5. 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

6. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2016 its profit and its cash flows for the year ended on that date

Report on Other Legal and Regulatory Requirements

7. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") as amended issued by the Central Government of India in terms of sub-section(11) of section143 of the Act we give in the Annexure a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

8. 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 purpose 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 applicableAccounting 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 March 312016 and 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 control refers to ourseparate report in Annexure B

g. With respect to other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the

Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us:

i) The company has disclosed the impact if any of pending litigations on its StandaloneFinancial position in its financial statement; ii) The company did not have any long termcontact including derivates contract . iii) There is no amount(s) which were required tobe transferred to the Investor Education and Protection Fund by the company.

For Thakur Vaidyanath Aiyar & Co
Chartered Accountants
Firm’s Regn No. 000038N
C.V. Parameswar
Partner
M. No. 11541
Place: Mumbai
Date: May 28 2016

Annexure to Auditors’ report

Referred to in our report of even date on the accounts of

Aryaman Financial Services Limited. for the year ended on 31st March2016

"Annexure A" to the Independent Auditors' Report

(i) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

b) The Fixed Assets have been physically verified by the management at the end of theyear which in our opinion is reasonable having regard to the size of the company andnature of its business and no discrepancies between the book records and the physicalfixed assets have been noticed

c) The title deeds of immovable properties are held in the name of the company.

(ii) In our opinion and according to the information and explanations given to us theCompany does not carry any Inventory. Hence the reporting requirements under clause (ii)of paragraph 3 of the Order are not applicable

(iii) Based on the audit procedures applied by us and according to the information andexplanations given to us the company has not granted any loan to company firms LimitedLiability Partnership or Other Parties listed in the register maintained under section189 of the companies Act 2013

(iv) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013In respect of loans investments guarantees and security.

(v) The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable.

(vi) We have been informed that the Central Government has not prescribed maintenanceof cost records under section 14B (1) of the Companies Act 2013.

(vii) a) According to information and explanations given to us and on the basis of ourexamination of the books of account and records the Company has been generally regularin depositing undisputed statutory dues including provident fund employees stateinsurance income tax sales tax service tax duty of customs duty of excise valueadded tax cess and any other statutory dues wherever applicable with the appropriateauthorities.

According to the information and explanations given to us no undisputed amountspayable in respect of the above were in arrears as at March 31 2016 for a period of morethan six months from the date when they become payable.

b) According to the information and explanation given to us there are no dues ofincome tax service tax outstanding on account of any dispute

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of dues to financial institutions.

(ix) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not raised moneys by way of initial public offeror further public offer including debt instruments and term loans during the year.Accordingly the provisions of clause 3 of the Order are not applicable le to the Companyand hence not commented upon.

(x) Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year nor have we beeninformed of any such case by the Management.

(xi) Based upon the audit procedures performed and the information and explanationsgiven by the management managerial remuneration has been paid or provided .within thelimits prescribed by Section 197 of the Companies Act 2013 read with Schedule V of theAct.

(xii) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause4 (xii) of the Order are not applicable to the Company.

(xiii) In our opinion all transactions with the related parties are in compliance withsectionl77 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

(xiv) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 (xiv) of the Order are not applicable tothe Company and hence not commented upon

For Thakur Vaidyanath Aiyar & Co
Chartered Accountants
Firm’s Regn No. 000038N
Sd/-
C.V. Parameswar
Partner
M. No. 11541
Place: Mumbai
Date: May 28 2016

Annexure B "to the Independent Auditor's Report of even date on the StandaloneFinancial Statements of ARYAMAN FINANCIAL SERVICES LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ARYAMANFINANCIAL SERVICES LIMITED ("the Company") as of March 31 2016 inconjunction with our audit of the standalone financial statements of the Company for theyear 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 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 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 judgement 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 challanges in conditions orthat the 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 oninternal 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 the Institute of CharteredAccountants of India.

For Thakur Vaidyanath Aiyar & Co
Chartered Accountants
Firm’s Regn No. 000038N
Sd/-
C.V. Parameswar
Partner
M. No. 11541
Place: Mumbai
Date: May 28 2016