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Avonmore Capital & Management Services Ltd.

BSE: 511589 Sector: Financials
NSE: N.A. ISIN Code: INE323B01016
BSE LIVE 15:41 | 09 Dec 12.05 -0.45
(-3.60%)
OPEN

11.57

HIGH

12.50

LOW

11.57

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 11.57
PREVIOUS CLOSE 12.50
VOLUME 2676
52-Week high 15.95
52-Week low 7.25
P/E 5.17
Mkt Cap.(Rs cr) 29.25
Buy Price 0.00
Buy Qty 0.00
Sell Price 12.05
Sell Qty 600.00
OPEN 11.57
CLOSE 12.50
VOLUME 2676
52-Week high 15.95
52-Week low 7.25
P/E 5.17
Mkt Cap.(Rs cr) 29.25
Buy Price 0.00
Buy Qty 0.00
Sell Price 12.05
Sell Qty 600.00

Avonmore Capital & Management Services Ltd. (AVONMORECAPITAL) - Auditors Report

Company auditors report

To the Members of

M/s. AVONMORE CAPITAL & MANAGEMENT SERVICES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of M/s. Avonmore Capital &Management Services Limited ("the company") which comprise the BalanceSheet as at 31st March 2015 and the Statement of Profit and Loss for the year then endedCash flow statement for the year then ended and a summary of the significant accountingpolicies 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 with respect to the preparation and presentation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibilities also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provision of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovision of the Act and 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 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 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 statement that give a true and fair view in order to designaudit procedures 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 aswell 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 financial statements.

Opinion

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 2015 and its profit and its cash flows for the year ended on that date.

Report on other Legal and Regulatory Matters

1. As required by the Companies (Auditors’ Report) Order 2015 issued by theCentral 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 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 and the Statement of Profit and Loss and the Cash Flows Statementdealt with by this Report are in agreement with the books of account;

(d) in our opinion the aforesaid financial statement comply with the AccountingStandards specified under Section 133 of the Act read with the Rule 7 of the Companies(Accounts) Rules 2014;

(e) on the basis of written representations received from the directors as on March 312015 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct.

(f) With respect to the other matters to be included in 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 explanation given to us :

(i) There are no pending litigation affecting financial position hence no disclosure isrequired to be made.

(ii) There are no long term contracts including derivatives contracts hence noprovision is required to be made.

(iii) The clause is not applicable as there is no amount required to be transferred tothe Investor Education and Protection Fund by the Company.

For H. K. CHHABRA & Co.
Chartered Accountants
Firm Registration No. 010917N
H. K. CHHABRA
Place : New Delhi Proprietor
Date : 29th May 2015 (FCA – Membership No. 089616)

ANNEXURE REFERRED TO THE AUDITORS' REPORT

(Referred to in paragraph 1 under ‘Report on other Legal and RegulatoryRequirements’ section of our report of even date.)

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

(b) As explained to us all the fixed assets have been physically verified by themanagement according to a regular program in a phased manner which in our opinion isreasonable having regard to the size of the company and the nature of its assets. Nomaterial discrepancies with respect to book records were noticed on such verification.

ii) (a) The Company has conducted verification of stock-in-trade comprising sharesbonds and other securities at reasonable intervals. As informed to us management nomaterial discrepancies were noted on such verification.

(b) The procedures for verification of stock-in-trade followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company is maintaining proper records in respect of stock-in-trade.

iii) The Company has granted loans amounting to Rs. 17000000/- to two number ofparties which are covered in the registered maintained under section 189 of the CompaniesAct 2013. Balance outstanding as on 31st March 2015 is amounting to Rs. 593044/- andthe maximum outstanding during the year is amounting to Rs. 3521365/-.

(a) According to the information and explanation given to us parties to whom loanshave been granted have repaid the principal amount as per stipulation whereverapplicable.

(b) According to the information and explanation given to us and on the basis ofexamination of records of the company company has taken reasonable steps for recovery ofprincipal and interest where overdue amount is more than rupees one lakh.

(iv) According to the information and explanations given to us there are adequateinternal control procedures commensurate with the size of the Company and the nature ofits business with regard to purchase of fixed assets and for rendering of services. Duringthe course of our audit no major weakness has been noticed in the internal controls.

(v) According to the information given to us the Company has not accepted any depositsfrom the public.

(vi) The provisions of Section 148(1) of the Companies Act 2013 regarding maintenanceof cost records are not applicable to the Company.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of records of the Company amounts deducted/accrued in the books ofaccount in respect of undisputed statutory dues including Provident Fund Employees StateInsurance Income Tax Sales Tax Wealth Tax Service Tax Duty of Customs Duty ofExcise Value Added Tax Cess and any other statutory dues to the extent applicable havegenerally been regularly deposited.

(b) According to the information and explanations given to us the Company does nothave any Provident Fund Employees State Insurance Income Tax Sales Tax Wealth TaxService Tax Duty of Customs Duty of Excise Value Added Tax Cess which have not beendeposited with the appropriate authority on account of any dispute.

(c) According to the information and explanation given to us and based on ourexamination of records of the company there is no amount which required to be transferredto Investor Education and Protection Fund.

(viii) The Company does not have any accumulated losses at the end of the financialyear. The Company has not incurred any cash losses during the current financial year andin the immediate preceding financial year.

(ix) The Company has not defaulted in repayment of dues to bank and financialinstitutions.

(x) The Company has given guarantee for loans taken by others from banks. According tothe information and explanation given to us we are of the opinion that the terms andconditions are not prima facie prejudicial to the interest of the company.

(xi) The company has raised new term loans during the year. The term loans outstandingat the beginning of the year and those raised during the year have been applied for thepurpose for which they were raised.

(xii) To the best of our knowledge and belief and according to the information andexplanations given to us and based on the audit procedures performed no fraud on or bythe Company has been noticed or reported during the course of our audit.

For H. K. CHHABRA & Co.
Chartered Accountants
Firm Registration No. 010917N
H. K. CHHABRA
Place : New Delhi Proprietor
Date : 29th May 2015 (FCA – Membership No. 089616)

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