You are here » Home » Companies » Company Overview » Classic Leasing & Finance Ltd

Classic Leasing & Finance Ltd.

BSE: 540481 Sector: Financials
NSE: N.A. ISIN Code: INE949C01016
BSE LIVE 10:52 | 12 Jun Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 3.02
PREVIOUS CLOSE 2.88
VOLUME 1
52-Week high 3.02
52-Week low 2.50
P/E 151.00
Mkt Cap.(Rs cr) 1
Buy Price 3.02
Buy Qty 15059.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.02
CLOSE 2.88
VOLUME 1
52-Week high 3.02
52-Week low 2.50
P/E 151.00
Mkt Cap.(Rs cr) 1
Buy Price 3.02
Buy Qty 15059.00
Sell Price 0.00
Sell Qty 0.00

Classic Leasing & Finance Ltd. (CLASSICLEASING) - Auditors Report

Company auditors report

To

The Members of

M/S. CLASSIC LEASING & FINANCE LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of M/s Classic Leasing &Finance Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of je financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards referred to section 133 of theCompanies Act 2013 ("the Act") read with Rule 7 of the Companies (Accounts)Rule 2014. This responsibility includes the design implementation and maintenance ofinternal control relevant to the preparation and presentation of the financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 'sk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

i. in the case of the balance sheet of the state of affairs of the Company as at 31March 2016;

ii. in the case of the statement of profit and loss of the profit for the year endedon that date;

Report on Other Legal and Regulatory' Requirements

2. As required by section 143(3) of the Act & relevant section of Companies Act2013 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. in our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books

c. the Balance Sheet Statement of Profit and Loss dealt with by this report are inagreement with the books of account;

d. in our opinion the Balance Sheet Statement of Profit and Loss comply with theAccounting Standards referred to Section 133 of the Act read with Rule 7 of the Companies(accounts) Rule 2014

e. On the basis of written representations received from the directors as on 31 March2016 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31 March 2016 from being appointed as a director in terms of Section 164(2) of theCompanies Act 2013.

For PJCBHOTIKA
Cheered Accountants
Place: Kolkata
Date: 21.04.2016
(PREM KUMAP/BHOTIKA)
PROPRIETOR
Membership No. 051833

ANNEXURE TO THE AUDITOR'S REPORT

Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit we report that:

i. (a) The Company has maintained proper records of Fixed Assets showing fullparticulars including quantitative details and situation of fixed assets.

(b) The physical verification of the fixed assets was conducted by the management atthe period end which is in our opinion is reasonable having regard to the size of thecompany and nature of its fixed assets.

(c) There was no disposal of fixed assets during the period.

(ii) (a) As per information furnished the inventories have been physically verified bythe management during the year at reasonable intervals.

(b) In our opinion and according to their information and explanations given to us theprocedures of physical verification of inventory followed by the management are reasonableand adequate in relation to the size of the Company and the nature of its business.

(4c) As explained to us there was no material discrepancies noticed onphysical verification of inventories as compared to the book records.

(iii) The Company has not granted any loan secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of the Act.Accordingly the provisions of clauses 3(iii)(a) and 3(iii)(b) of the Order are notapplicable.

(iv) In our opinion there is an adequate internal control system commensurate with thesize of the Company and the nature of its business for the purchase of inventory and fixedassets and for the sale of goods and services. During the course of our audit no majorweakness has been noticed in the internal control system in respect of these areas.

(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended).Accordingly the provisions of clause 3(v) of the Order are not applicable.

(vi) To the best of our knowledge and belief the Central Government has not specifiedmaintenance of cost records under sub-section (1) of Section 148 of the Act in respect ofCompany's products/service. Accordingly the provisions of clause 3(vi) of the Order arenot applicable.

(vii) (a) The Company is regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income-tax sales-tax wealth tax servicetax duty of customs duty of excise value added tax cess and other material statutorydues as applicable with the appropriate authorities. Further no undisputed amountspayable in respect thereof were outstanding at the year-end for a period of more than sixmonths from the date they become payable.

(b) There are no dues in respect of income-tax sales-tax wealth tax service taxduty of customs duty of excise value added tax and cess that have deposited with theappropriate authorities on account of any dispute.

(c) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company in accordance with the relevant provisions ofthe Companies Act 1956 (1 of 1956) and rules made thereunder

(viii) In our opinion the Company has no accumulated losses at the end of thefinancial year and it has not incurred cash losses in the current and the immediatelypreceding financial year.

(ix) The Company has no dues payable to a financial institution or a bank ordebenture-holders during the year. Accordingly the provisions of clause 3(ix) of theOrder are not applicable.

(x) According to the information and explanations given to us the company has givencorporate guarantee for loan taken by its associates or subsidieries from bank orfinancial institutions.

(xi) The Company did not have any term loans outstanding during the year. Accordinglythe provisions of clause 3(xi) of the Order are not applicable.

(xii) No fraud on or by the Company has been noticed or reported during the periodcovered by our audit

For P.K. BHOTIKA
Chartered Accountants
Place: Kolkata
Date: 21.04.2016
(PREM KUMAR BHOTIKA)
PROPRIETOR
Membership No. 051833