To the Members of HELPAGE FINLEASE LIMITED
Report on the (Standalone) * Financial Statements
1. We have audited the accompanying financial statements of HELPAGE FINLEASELIMITED ("the Company") which comprise the Balance Sheet as at March 31 2016the Statement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information
Managements Responsibility for the (Standalone) * Financial Statements
2. The management and Board of Directors of the Company are responsible for thematters stated in Section 134(5) of the Companies Act 2013 (the act) withrespect to the preparation of these financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with rule 7 of Companies (Accounts)Rules 2014. 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. Our responsibility is to express an opinion on these financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.
4. An audit involves performing procedures to obtain audit evidence about theamounts and disclosures in the financial statements. The procedures selected depend on theauditors judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Companyspreparation of the financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols An audit also includes evaluating the appropriateness of accounting policies usedand the reasonableness of the accounting estimates made by the Companys managementand Board of Directors as well as evaluating the overall presentation of the financialstatements
5. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion
6. In our opinion and to the best of our information and according to theexplanations given to us the aforesaid 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 2016 its profit/loss and its cash flows for the year ended on that date
Report on Other Legal and Regulatory Requirements
7. As required by the Companies (Auditors Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection143 of the Act we give in the Annexure a statement on the matters Specified inparagraphs 3 and 4 of the Order.
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 Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;
d) in our opinion the aforesaid financial statements comply with the applicableAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014
e) on the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164(2) of theAct
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 theAuditors Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014::
i. The Company does not have any pending litigations which would impact its financialposition ii. The Company did not have any long-term contracts including derivativecontracts; as such the question of commenting on any material foreseeable losses thereondoes not arise iii. There has not been an occasion in case of the Company during the yearunder report to transfer any sums to the Investor Education and Protection Fund. Thequestion of delay in transferring such sums does not arise
For K R A & Co.
Firm Registration No 020266N
CA Rajat Goyal
Membership No. 503150
Place: New Delhi
Date: 30th May 2016
Annexure referred to in paragraph 7 Our Report of even date to the members ofHELPAGE FINLEASE LIMITED on the accounts of the company for the year ended 31st March2016
On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:
i. (a). The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets ; (b). As explained to us fixed assetshave been physically verified by the management at regular intervals; as informed to us nomaterial discrepancies were noticed on such verification;
ii. The nature of business of the Company does not require it to have any inventory.Hence the requirement of clause (ii) of paragraph 3 of the said Order is not applicableto the Company
iii. The company has not granted any loans secured or unsecured to/from companiesfirms or other parties covered in the register maintained under section 189 of 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 fixed assets and for the sale of services.Further on the basis of our examination of the books and records of the Company andaccording to the information and explanations given to us no major weakness has not beennoticed or reported.
v. The Company has not accepted any deposits from the public covered under Section 73to 76 of the
Companies Act 2013
vi. As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Act
vii. (a) According to the information and explanations given to us and based on therecords of the company examined by us the company is regular in depositing the undisputedstatutory dues including Provident Fund Employees State Insurance Income-taxSales-tax Wealth Tax Service Tax Custom Duty Excise Duty and other material statutorydues as applicable with the appropriate authorities in India ;
(b) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of Income Tax Wealth Tax Service TaxSales Tax Customs Duty and Excise Duty which have not been deposited on account of anydisputes
(c) There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question ofreporting delay in transferring such sums does not arise
viii. According to the records of the company examined by us and as per the informationand explanations given to us the company has not availed of any loans from any financialinstitution or banks and has not issued debentures
ix. In our opinion and according to the information and explanations given to us theCompany has not given any guarantee for loan taken by others from a bank or financialinstitution during the year
x. In our opinion and according to the information and explanations given to us thecompany has not raised any term loans during the year xi. During the course of ourexamination of the books and records of the company carried in accordance with theauditing standards generally accepted in India we have neither come across any instanceof fraud on or by the Company noticed or reported during the course of our audit nor havewe been informed of any such instance by the Management
For K R A & Co.
Firm Registration No 020266N
CA Rajat Goyal
Membership No.: 503150
Place: New Delhi
Date: 30th May 2016