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Confidence Finance & Trading Ltd.

BSE: 504340 Sector: Financials
NSE: N.A. ISIN Code: INE180M01025
BSE LIVE 15:14 | 27 Feb 0.73 0.01
(1.39%)
OPEN

0.73

HIGH

0.73

LOW

0.73

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 0.73
PREVIOUS CLOSE 0.72
VOLUME 5000
52-Week high 0.95
52-Week low 0.64
P/E 10.43
Mkt Cap.(Rs cr) 7.48
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 7211.00
OPEN 0.73
CLOSE 0.72
VOLUME 5000
52-Week high 0.95
52-Week low 0.64
P/E 10.43
Mkt Cap.(Rs cr) 7.48
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 7211.00

Confidence Finance & Trading Ltd. (CONFIDENCEFINAN) - Auditors Report

Company auditors report

To

THE MEMBERS OF CONFIDENCE FINANCE AND TRADING LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of CONFIDENCE FINANCE ANDTRADING LIMITED ("the Company"). which comprise the Balance Sheet as at 31stMarch. 2015. the Statement of Profit and Loss the cash flow statement for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation

Management’s Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters staled in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation 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. Thisresponsibility also includes main sentence of adequate accounting records in accordancewith the provisions of the Act for safeguarding of 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 reasonableand prudent: 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 Chat give a true and fair view and are free from material misstatementwhether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these 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 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 andthe 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 assessments.the 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 audit evidence we have obtained is sufficient and appropriate toprovide a basis for our qualified audit opinion on the financial statements.

Basis for Qualified Opinion

The company has not complied with the provisions of section 186 of the Companies Act2013 while granting loans in excess of limit prescribed under section 186(2) and withoutpassing special resolution as required under section 186(3) of the Companies Act. 2013.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us. subject to the matter stated in the Basis for qualified paragraph theaforesaid financial statements give the information required by the Act in the manner sorequired and give a true and fair View in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at 31/03/2015 andits Profit and it's cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors’ Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub section (11) ofsection 143 of the Act we give in the Annexure a statements on the matters specified inparagraphs 3 and 4 of the order 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 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 financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as 31st March 2015 from being appointed as a director in terms ofSection 164 (2) of the Act.

(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 does not have any pending litigations on its financial position in itsfinancial statements.

ii. The Company does not have long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company

For Suresh Anchaliya & Co.
Chartered Accountants
Firm Regn. No. :112492W
Suresh Anchaliya
Date: 30th May 2015 Partner
Place: Mumbai M.No.: 044960

Annexure to the Independent Auditors' Report

The annexure referred to in our Independent Auditor’s Report to the members of theCompany on the financial statements for the year ended 31st March 2015 wereport that:

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

(b) As explained to us the fixed assets have been physically verified by themanagement during the year in a phased periodical manner which in our opinion isreasonable having regard to the size of the Company and nature of its assets. No materialdiscrepancies were noticed on such physical verification.

(ii) (a) As explained to us inventories have been physically verified by themanagement at regular intervals during the year.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) The Company has maintained proper records of inventories. As explained to us therewas no material discrepancies noticed on physical verification of inventory as compared tothe book records.

(iii) The Company has not granted any loan to entities covered in the registermaintained under section 189 of the Companies Act 2013 (‘the Act’).

(iv) In our opinion and according to the information and explanations given to us thereis adequate internal control system commensurate with the size of the company and thenature of its business for the purchase of inventory and fixed assets and for the sale ofgoods and services. During the course of audit we have not observed continuing failure tocorrect major weaknesses in internal control system.

(v) The Company has not accepted any deposits from the public.

(vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company.

(vii) (a) The company is regular in depositing with appropriate authorities undisputedstatutory dues including Investor Education Protection Fund Income Tax Sales Tax WealthTax Service Tax Custom Duty Excise Duty Cess and other material statutory duesapplicable to it.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of Income Tax Sales Tax Wealth Tax Service Tax Duty of CustomsDuty of Excise Value Added Tax or Cess and any other statutory dues with the appropriateauthorities were in arrears as at 31st March 2015 for a period of more than six monthsfrom the date they became payable.

(c) According to the information and explanations given to us the amounts which wererequired to be transferred to the Investor Education and Protection Fund in accordancewith the relevant provisions of the Companies Act 1956 (1 of 1956) and rules there underhas not been transferred to such fund within time.

(viii) The company does not have any accumulated losses at the end of the financialyear and has not incurred cash losses in the financial year and in the immediatelypreceding financial year.

(ix) The company has not defaulted in repayment of dues to financial institution orbank.

(x) On the basis of records examined by us and information provided by the managementwe are of the opinion that the company has not given guarantees for loans taken by otherfrom banks or financial institutions.

(xi) The company does not have any term loan outstanding during the year.

(xii) According to the information and explanations given to us no material fraud onor by the Company has been noticed or reported during the course of our audit.

For Suresh Anchaliya & Co.
Chartered Accountants
Firm Regn. No. :112492W
Suresh Anchaliya
Date :30th May 2015 Partner
Place: Mumbai M.No.: 044960