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Consolidated Finvest & Holdings Ltd.

BSE: 500226 Sector: Financials
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Consolidated Finvest & Holdings Ltd. (CONSOFINVT) - Auditors Report

Company auditors report

To The Members of Consolidated Finvest & Holdings


1) Report on the Financial Statements

We have audited the accompanying standalone financial statements of ConsolidatedFinvest & Holdings Limited ("the Company") which comprises the BalanceSheet as at March 31 2015 the Statement of Profit and Loss and Cash Flow Statement forthe year then ended and a summary of significant accounting policies and otherexplanatory information.

2) Management's Responsibility for the Financial Statements

The Company's Board of Directors are responsible for the matters stated in Section134(5) of the Companies Act 2013 ('the act') with respect to the preparation andpresentation 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 Companies (Accounts) Rules2014. This responsibility includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; design implementation and maintenance of adequate internal financial controlsthat are operating effectively for ensuring the accuracy and completeness of theaccounting 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.

3) 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 thereunder. We conducted our audit in accordance

with the Standards on Auditing specified under Section 143(10) of the Act. ThoseStandards require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

4) An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall 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.

6) 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 31st March 2015 and its profit and its cash flows for the year ended on that date.

Emphasis of Matter

We draw attention to Note No. 31 regarding conversion of interest free loan ofConsolidated Finvest & Investment Limited into Equity shares and received 115500shares of Rs. 10/- each at premium of Rs.475/- per share. Further we refer to Note No. 39to the Financial Statements relating to transaction with related parties wherein thecompany has made investment in group companies of non-trade nature by switching out fromthe liquid investment of company. Further such investment is in excess of exposure limitto the net owned fund of the company as specified by and subject to approval of RBI.

Our Opinion is not qualified in respect of this matter

7) Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section143 ofthe Act we give in the Annexure a statement on the matters Specified in paragraphs 3 and4 of the Order to the extent applicable.

8) As required by section 143(3) of the Act we further 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 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 theapplicable Accounting Standards specified under Section 133 of the Act read with Rule 7of the Companies (Accounts) Rules 2014;

e. On the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on 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 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 explanation given to us:

(i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements as referred to in note no. 23 to the financialstatements.

(ii) The Company has not made any provision as required under the applicable law oraccounting standards for material foreseeable losses and as required on long term forwardcontracts.

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

For Kanodia Sanyal & Associates
Chartered Accountants
Place : New Delhi Partner
Date : 30th May 2015 Membership no.: 016121


(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'section of our report of even date)

1. In respect of its Fixed Assets:

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

(b) The company has a phased programme of physical verification of its fixed assetswhich in our opinion is reasonable having regard to the size of the Company and thenature of its assets. As explained to us the management during the year has physicallyverified all the fixed assets of the Company and no material discrepancies between thebook records and the physical verification were noticed on such verification.

(c) Fixed assets disposed off during the year were not substantial and therefore itdoes not affect the going concern assumption.

2. In respect of its inventories:

The nature of the company's operations does not require it to hold inventories and assuch the provisions of the Order are not applicable.

3. In respect of loans secured or unsecured granted by the company to companiesfirms or other parties covered in the register maintained under section 189 of theCompanies Act 2013:

(a) The company has granted loans to one company during the previous year for amountingRs.559 lacs. The yearend balance of loan granted to such company was NIL; during the yearwhole amount Rs. 559 lacs converted in to equity share capital. (Refer note no. 31).

(b) In respect of loans granted by the company interest free loan. (Refer note no.31).

(c) There is no overdue amount in respect of the above loans.

4. In our opinion there is an adequate internal control procedure commensurate withthe size of the company and the nature of its business for the purchase of stores rawmaterial including components plant and machinery equipment and other assets and forthe sale of goods. Further on the basis of our examination of the books and records ofthe company in accordance with the generally accepted auditing practices we have neithercome across nor have we been informed the existence of major weakness in the internalcontrol procedures and systems.

5. According to the information and explanations given to us the company has notaccepted any deposits during the year from the public within the provisions of Section 73to 76 of the Companies Act 2013 and the rules framed there under.

6. The maintenance of Cost records has not been prescribed by the Central Governmentu/s 148 (1) of the Companies Act 2013 in respect of the Company's products.

7. (a) The company is generally regular in depositing the undisputed statutory duesincluding Provident Fund Investor Education and Protection Fund Employees StateInsurance Income-Tax Sales Tax Wealth-tax Custom Duty Excise Duty Cess and otherstatutory dues with the appropriate authorities during the year. According to theinformation and explanations given to us no undisputed amounts payable in respect of theaforesaid dues were outstanding as at 31st March 2015 for a period of more thansix months from the date of becoming payable.

(b) According to the information and explanations given to us details of dues ofincome tax Sales tax Custom Duty Wealth Tax Excise Duty and Cess which have not beendeposited as on 31st March 2015 on account of any dispute are NIL.

(c) There has not been any delay during the year under review any transfer of sums tothe Investor education and protection fund in accordance with the relevant provisions ofthe Companies Act 1956 (1 of 1956) and rules made there under.

8. There are no accumulated losses at the end of the year. There are no cash lossesduring the financial year and in the immediately preceding financial year.

9. According to the information and explanations given to us and as per the books ofaccount examined by us the company has not defaulted in repayment of dues to banks.

10. According to the information and explanations given to us the Company has notgiven any guarantees against loans taken by others from banks & financialinstitutions.

11. According to the information and explanations given to us by the management TheCompany has not raised any term loans during the year.

12. During the course of our examination of the books and records of the companycarried in accordance with the auditing standards generally accepted in India we haveneither come across any instance of fraud on or by the Company noticed or reported duringthe course of our audit nor have we been informed of any such instance by the Management.

For Kanodia Sanyal & Associates
Chartered Accountants
Place : Delhi Partner
Date : 30th May 2015 Membership no.: 016121

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