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Decillion Finance Ltd.

BSE: 539190 Sector: Financials
NSE: N.A. ISIN Code: INE848N01017
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Decillion Finance Ltd. (DECILLIONFIN) - Auditors Report

Company auditors report

To

The Members of

Decillion Finance Limited

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of DECILLIONFINANCE LIMITED (the Company’) which comprise the balance sheet as at 31st March2016 the Statement of profit and loss and the cash flow statement for the year thenended and a summary of significant accounting policies and other explanatory informa on.

MANAGEMENT’S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company’s Board of Directors are responsible for the ma ers stated in Sec on134(5) of the Companies Act 2013 ("the Act") with respect to the prepara on andpresenta on of these standalone financial statements that give a true and fair view of thefinancial posi on financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Sec on 133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014. This responsibility also 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 irregulari es; selec on and applica on ofappropriate accounting policies; making judgements and es mates that are reasonable andprudent; and design implementa on and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the prepara on and presenta on of the financialstatements that give a true and fair view and are free from material misstatementswhether due to fraud or error.

AUDITOR’S RESPONSIBILITY

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and ma ers 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 under Secon 143(10) of the Act. Those Standards require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatements.

An audit involves performing procedures to obtain audit evidences about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgement including the assessment of the risks of material misstatementsin the financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to theCompany’s prepara on of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting es mates made by the Company’s Directors as well asevaluating the overall presenta on of the financial statements.

We believe that the audit evidences we have obtained are su cient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

OPINION

In our opinion and to the best of our informa on and according to the explana ons givento us the aforesaid standalone financial statements give the informa on required by theAct in the manner so required and give a true and fair view in

DECILLION

conformity with the accounting principles generally accepted in India of the state ofa airs of the Company as at 31st March 2016 and its Profit and its cash flows for the yearended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-sec on (11) of secon 143 of the Act we give in the Annexure A a statement on the ma ers specified in theparagraph 3 and 4 of the order.

2. As required by Sec on 143 (3) of the Act we report that :

a. We have sought and obtained all the informa on and explana ons which to the best ofour 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 examina on 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 accounts;

d. In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Sec on 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e. On the basis of the wri en representa ons received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors aredisqualified as on 31st March 2016 from being appointed as a director in terms of Sec on164 (2) of the Act;and

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such control refer to ourseparately Report in Annexure ‘B’.

g. With respect to the other ma ers 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 informa on and according to the explana ons given to us :

a. The Company does not have any pending li ga ons which would impact its financialposi on.

b. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses. However the Company does not have any ongoinglong-term contracts including deriva ve contracts as on the Balance sheet date.

c. There are no such amounts appearing in the books which are required to betransferred to the Investor Educa on and Protec on Fund by the Company.

For S. K. Rungta & Co.
Chartered Accountants
FRN: 308081E
S K Rungta
Place: Kolkata (Proprietor)
Date : 30/05/2016 Membership No. 13860

ANNEXURE "A" TO THE INDEPENDENT AUDITORS’ REPORT

The Annexure referred to in our report of even date to the members of DECILLION FINANCELimited on accounts of the Company for the year ended on March 31 2016.

In our opinion and to the best of our informa on and according to the explana ons givento us we cer fy that :

(i) a. The company is maintaining proper records showing full par culars includingquan ta ve details and situa on of fixed assets;

b. Fixed assets have been physically verified by the management at reasonableintervals; whether any material discrepancies were no ced on such verifica on and if sowhether the same have been properly dealt with in the books of account;

c. There were no immovable proper es held in the name of the company.

(ii) Physical verifica on of inventory has been conducted at reasonable intervals bythe management and no material discrepancies were no ced and they have been properlydealt with in the books of account;

(iii) The company has not granted any loans secured or unsecured to companiesfirms limited liability partnerships or other par es covered in the register maintainedunder Sec on 189 of the Act.

(iv) In respect of the loans provided & investments made the provisions of sec on185 and 186 of the Companies Act 2013 have been complied with.

(v) The Company has not accepted any Loan during the financial year.

(vi) Maintenance of cost records under sub-sec on (1) of sec on 148 of the CompaniesAct 2013 was not applicable during the financial year.

(vii) (a) The company is regular in depositing undisputed statutory dues includingincome-tax service tax value added tax cess and any other statutory dues to theappropriate authori es and the extent of the arrears of outstanding statutory dues as onthe last day of the financial year concerned were not for a period of more than six monthsfrom the date they became payable.

(b) No dues of income tax or sales tax or service tax or duty of customs or duty ofexcise or value added tax have not been deposited on account of any dispute then theamounts involved and the forum where dispute is pending shall be men oned.

(viii) The company does not have loans or borrowings from any financial insitutuionbanks government or debenture holders during the year. Accordingly paragraph 3(ix) of theorder is not applicable.

(ix) No moneys were raised by way of ini al public o er or further public o er(including debt instruments).

(x) That no instance of any fraud by the company or any fraud on the Company by its ocers or employees has been no ced or reported during the year.

(xi) The managerial remunera on has been paid or provided in accordance with therequisite approvals mandated by the provisions of sec on 197 read with Schedule V to theCompanies Act.

(xii) The Company is not a Nidhi Company as defined under the provisions of theCompanies Act 2013 and that the Nidhi Rules 2014 were not applicable on the company.

(xiii) All transac ons with the related par es are in compliance with sec ons 177 and188 of Companies Act 2013. And the details have been disclosed in the FinancialStatements etc. as required by the applicable accounting standards;

(xiv) The company has not made any preferen al allotment or private placement of sharesor fully or partly conver ble debentures during the year under review and hencerequirements under sec on 42 of the Companies Act 2013 were not a racted.

(xv) The company has not entered into any non-cash transac ons with directors orpersons connected with him and hence the provisions of sec on 192 of Companies Act 2013were not a racted.

(xvi) The company is a Non deposit taking Systemically not important Non BankingFinancial Company and is duly registered under sec on 45-IA of the Reserve Bank of IndiaAct 1934.

For S. K. Rungta & Co.
Chartered Accountants
FRN: 308081E
S K Rungta
Place: Kolkata (Proprietor)
Date : 30/05/2016 Membership No. 13860

ANNEXURE "B" TO THE INDEPENDENT AUDITORS’ REPORT

Report on Internal Financial Controls Over Financial Reporting

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 M/SDECILLION FINANCE LIMITED ("the Company") as of March 31 2016 in conjunc onwith our audit of the financial statements of the Company for the year 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 essen al components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Ins tute of Chartered Accountants of India. These responsibili es includethe design implementa on and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and e cient conduct of its businessincluding adherence to company’s policies the safeguarding of its assets the prevenon and detec on of frauds and errors the accuracy and completeness of the accountingrecords and the mely prepara on of reliable financial informa on as required under theCompanies 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 sec on 143(10) of the Companies Act 2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial Controls and both issued by the Ins tute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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 included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor’s judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is su cient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the prepara on of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that

1. pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transac ons and disposi ons of the assets of the company;

DECILLION

2. provide reasonable assurance that transac ons are recorded as necessary to permitprepara on of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisa ons of management and directors of the company; and

3. provide reasonable assurance regarding preven on or mely detec on of unauthorizedacquisi on use or disposi on of the company’s assets that could have a material eect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

Because of the inherent limita ons 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 projec ons of any evalua on 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 changes in condi ons or thatthe 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 on theinternal control over financial reporting criteria established by the Company consideringthe essen al components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Ins tute of CharteredAccountants of India.

For S. K. Rungta & Co.
Chartered Accountants
FRN: 308081E
S K Rungta
Place: Kolkata (Proprietor)
Date : 30/05/2016 Membership No. 13860

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