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GDL Leasing & Finance Ltd.

BSE: 530855 Sector: Financials
NSE: N.A. ISIN Code: INE545E01018
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GDL Leasing & Finance Ltd. (GDLLEASING) - Auditors Report

Company auditors report

TO THE MEMBERS OF

GDI LEASING & FINANCE LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of GDL LEASING & FINANCELIMITED ("the company") which comprise the Balance Sheet as at 31* March 2015the Statement of Profit and Loss and the Cash Flow Statement for the year then ended anda summary of the significant accounting policies 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 Act2013 ("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 the Companies (Accounts)Rules 2014.This responsibility also includes the maintenance of adequate accountingrecords In accordance with the provisions of the Act for safeguarding of the assets of theCompany and for preventing and detecting the frauds and other Irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design Implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthese financial statements that give a true and fair view and are free from materialmisstatement whether 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 thereunder.

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 performingprocedures to obtain audit evidence about the amounts and the disclosures in the financialstatements. The procedures selected depend on the auditor's judgment Including theassessment of the risks of material misstatement of the financial judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers Internalfinancial control relevant to the Company's preparation of the financial statements thatgive true and fair view in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on whether the Company hasin place an adequate internal financial controls system over financial reporting andoperating effectiveness of such controls. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by Company's Board of Directors as well as evaluating the overallpresentation of the financial statements. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thefinancial statements.

Opinion

I n our opinion and to the best of our information and according to the explanationsgiven to usthe aforesaid financial statements give the information required by the Act inthe 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 asat 31*March2015 its profits and its cash flows for the year ended on that date. * Report onother Legal and Regulatory Requirements

1. Asrequired by the Companies (Auditor's Report) Order 2015("the Order")issued by the Central Government of India in terms of sub-section (11)of section 143 ofthe Actwe give in the Annexure a statement on the matters Specified in paragraphs 3 and 4of the Order to the extent applicable.

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

f) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit andAuditors) Rules2014:

i Th eCompany does not have anypending litigations which would impact its financialposition ;

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses;

iii. There were no amounts required to be transferred by the Company to the InvestorEducation and Protection Fund.

Place: New Delhi For : D. GALHOTRA ft ASSOCIATES
Dated: 28.05.2015 Chartere d Accountants
(Firm Registration No. 010126N)
Sd/-
(Darshan Lal Galhotra)
Prop.
M No. 088863

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the standalone financial statements for the year ended 31 March 2015 we reportthat:

(i) In respect of its fixed assets of the Company:

(a) TheCompany has maintained proper records showing full particulars. Includingquantitative details andsituation of the fixed assets.

(b) Asexplained to us flxed assets have been physically verified by the managementduring the year In accordance with the phased programme of verification adopted by themanagement which In our opinion provides for physical verification of all the fixedassets at reasonable Intervals. According to the information and explanations given to usno material discrepancies were noticed on such verification.

(ii) In respect of inventories of the Company:

a) Th e Company is a non-banking financial Company primarily engaged In lendingactivities. Accordingly it does not hold any physical Inventories. Thus paragraph 3(ii)of the Order is not applicable. However the company hasa stock of shares (Cost Price ofRs.20 Lacs).

(iii) According to the information and explanations given to us the Company has notgranted any loans to companies firms or other parties covered in the Register maintainedunder Section 189 of the Companies Act 2013.

(iv) In our opinion andaccording to the Information andexplanations given to us thereare adequate internal control procedures 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 our Audit we have not observed any majorweaknesses In such Internal control system.

(v) In our opinion and according to the information and explanations given to us thecompany hasnot accepted deposits during the year and does not have any unclaimed deposits.Therefore the provisions of the clause 3(v) of the Order are not applicable to theCompany.

(vi) As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Actin respect of the activitiescarried on by the Company.

(vii) In respect ofstatutory dues:

(a) According to the records of the company and information and explanations given tous the Company hasgenerally been regular in depositing undisputed statutory duesincluding Provident Fund employees state insurance Income-tax Sales Tax value addedtax Wealth TaxService Tax Custom Duty Excise Duty Cess and other material statutorydues applicable to it with the appropriate authorities and there were no undisputedamounts In arrears as at 31" March2015 for a period of more than six months from thedate they became payable.

(b) According to the information and explanations given to us there were noduesofIncome-tax Sales Tax Wealth Tax Service Tax Custom Duty Excise Duty Value AddedTax or Cess which have not been deposited as at 31" March2015 on account of anydispute.

(c) According to the information and explanations given to us there were no amountswhich were required to be transferred to Investor Education and Protection Fund.

(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) In our opinion and according to the Information andexplanations given to us theCompany has not defaulted In repayment of dues to financial Institutions and banks.

(x) In our opinion and according to the information and explanations given to us thecompany has not given any guarantee for loans taken by others from banks or financialInstitutions during the year.

(xi) According to the information and explanations given to us .the Company did notavailed any term loan during the year.

(xii) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company has been noticedor reported during the year.

Place: New Delhi For : D. GALHOTRA & ASSOCIATES
Dated: 28.05.2015 Chartere d Accountants
(Firm Registration No. 010126N) Sd/-
(Darshan Lal Galhotra)
Prop.
M No. 088863

 

For: D.Galhotra & Associates GOPI CHAND GANGWANI
Chartered Accountants CHAIRMAN
FRN: 010126N DIN: 00705176
DARSHAN LAL GALHOTRA
(Prop.) M.No. 088863
(DEEPAK KUMAR GANGWANI) (SANGEETA GANGWANI)
Place : New Delhi. DIRECTO R DIRECTO R
Dated : 28.05.2015 DIN:0076195 9 DIN : 00763656