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IMC Finance Ltd.

BSE: 505539 Sector: Financials
NSE: N.A. ISIN Code: INE170F01012
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IMC Finance Ltd. (IMCFINANCE) - Auditors Report

Company auditors report

To the Members of IMC FINANCE LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of IMC FINANCELIMITED ("the Company") which comprise the Balance Sheet as at 31st March2015 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone 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 maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe 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 standalone financial statementsbased on our audit.

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 assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of the financial statements.

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.

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 loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section(l 1) ofsection 143 of the Companies Act 2015 we give in the Annexure a statement-on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (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 on 31st March 2015 from being appointed as a director in terms of Section164 (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 which would impact its financialposition.

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

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

For B.L. Sarda & Co
Chartered Accountants
Firm Registration No.l09267W
(CA B.L. Sarda)
Place : Mumbai Proprietor
Date : 28th May 2015 Membership No.014568

ANNEXURE TO INDEPENDENT AUDITOR’S REPORT REFERRED TO IN PARAGRAPH 1 UNDER THEHEADING OF "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT OFEVEN DATE

(i) In our opinion and according to the information and explanations given to us thenature of the Company’s business / activities during the year are such that mattersspecified in clause (i)(ii) and (vi) of Paragraph 4 of the said Order do not apply to thecompany.

(ii) The company has not granted any secured or unsecured loan to companies firms andother parties covered in the register maintained under section 189 of the Act. Thereforecomments under clause 3(iii)(a) and 3(iii)(b) of the order are not applicable.

(iii) There are no transactions in respect of purchase of inventory and fixed assetsand sale of goods and services during the year. Therefore comments under clause 3(iv) ofthe order are not applicable.

(iv) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits within the meaning of Sections 73 to 76 or any otherrelevant provisions of the Act and the rules framed there under.

(v) (a) According to the records of the Company and the information and explanationsgiven to us the Company is regular in depositing with appropriate authorities undisputedstatutory dues including income tax cess and other statutory dues applicable to it.According to the information and explanations given to us no undisputed amounts payablein respect of income tax service tax or cess were in arrears as at 31stMarch 2015 for a period of more than six months from the date they became payable. Asexplained to us the Company did not have any dues on account of provident fundemployees’ state insurance sales tax wealth tax service tax duty of custom dutyof excise and value added tax.

(b) There are no dues of income tax service tax and cess which have not been depositedon account of any dispute.

(c) There were no amounts which were required to be transferred by the Company to theInvestor Education and Protection Fund in accordance with the relevant provisions of theCompanies Act 1956 (1 of 1956) and rules made there under.

(vi) The Company does not have any accumulated losses as at 31st March 2015. Thecompany has incurred cash losses during the financial year ended on that date but not inthe immediately preceding financial year.

(vii) According to the information and explanations given to us the company has notobtained any borrowings from any financial institution or bank or by way of debentures.

(viii) To the best of our knowledge and belief and according to the information andexplanations given to us the Company has not given any guarantees for loans taken byothers from banks or financial institutions.

(ix) To the best of our knowledge and belief and according to the information andexplanations given to us no term loans were obtained by the Company during the year.

(x) According to the information and explanations given to us no fraud on or by thecompany has been noticed or reported during the year.

(xi) Based on the audit procedures and according to the information and explanationsgiven by the management we report that no fraud on or by the company has been noticed orreported during the year ended 31st March 2015.

For B.L. Sarda & Co
Chartered Accountants
Firm Registration No.l09267W
(CA B.L. Sarda)
Place : Mumbai Proprietor
Date : 28th May 2015 Membership No.014568