Indergiri Finance Ltd.
|BSE: 531505||Sector: Financials|
|NSE: N.A.||ISIN Code: INE628F01019|
|BSE LIVE 11:15 | 28 Aug||Stock Is Not Traded.|
|NSE 05:30 | 01 Jan||Stock Is Not Traded.|
|BSE: 531505||Sector: Financials|
|NSE: N.A.||ISIN Code: INE628F01019|
|BSE LIVE 11:15 | 28 Aug||Stock Is Not Traded.|
|NSE 05:30 | 01 Jan||Stock Is Not Traded.|
To The Members of INDERGIRI FINANCE LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of INDERGIRI FINANCE LIMITED.("the Company") which comprise the Balance Sheet as at March 31 2016 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors are responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the act") with respect to preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Companies Act 2013 read with Rule 7 of Companies (Accounts) Rules 2014. Thisresponsibility includes the maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the company and for preventionand detection of the frauds and other irregularities; selection and application of theappropriate accounting policies ; making judgments and estimates that are responsible andprudent; and design implementation and maintenance of internal control that areoperating effectively for ensuring accuracy and completeness of the accounting recordsrelevant to the preparation and presentation of the financial statements that give a trueand fair view and are free from material misstatement whether due to fraud or error.
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 the matters that 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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the financial statements. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:
(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2016;
(b) In the case of the Profit and Loss Account of the profit for the year ended onthat date.
(c) In the case of the Cash Flow Statement of the cash flows for the year ended onthat date.
Report on Other Legal and Regulatory Requirements
I As required by the Companies (Auditor's Report) Order 2016 issued by centralgovernment of India in terms of Section 143(11) of the Act (hereinafter referred to as the"Order") and on the basis of such checks of the books and records of the Companyas we considered appropriate and according to the information and explanation given to uswe give in the "Annexure A" a statement on the matters specified in paragraph 3and 4 of the Order.
II As required by section 143(3) of the Act we report that:
a. We have obtained all the information and explanations which to the best of ourknowledge 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 accountingstandards specified under Section 133 of the Act read with Rule 7 of the companies(Accounts) Rules 2014.
e. On the basis of the written representations received from the directors as on 31March 2016 taken on the records by the Board of Directors none of the director isdisqualified as on 31 March 2016 from being appointed as the director in terms of Section164(2) of the Act.
f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"
g. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditor's) 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 contract including derivatives contract forwhich there were any material foreseeable losses.
(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company
Annexure A- To the Independent Auditors' Report
(1) Fixed Assets
a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;
b) Fixed assets have been physically verified by the management at reasonableintervals; and no material discrepancies were noticed on such verification
c) The company does not hold any immovable property. Hence clause 3(i)(c) about titledeeds of immovable properties is not applicable in the present case
Physical verification of inventory has been conducted at reasonable intervals by themanagement and no material discrepancies were noticed
(3) Loans and advances to parties covered U/s 189
The company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013.
a) as the company has not granted any loans to parties covered under section 189 clause3(iii)(a) which deals with terms and conditions of the grant of such loans is notapplicable;
b) as the company has not granted any loans to parties covered under section 189 clause3(iii)(b) which deals with schedule of repayment of principal and payment of interest isnot applicable;
c) as the company has not granted any loans to parties covered under section 189 thequestion of amount being overdue does not arise;
(4) Compliance with provision of Section 185 and Section 186
In respect of loans investments guarantees and security as company is an NBFC henceprovisions of section 185 and 186 of the Companies Act 2013 are not applicable to thecompany .
(5) Rules followed while accepting Deposits
The company has not accepted any deposits. Hence clause 3(v) which deals withdirectives issued by the Reserve Bank of India and the provisions of sections 73 to 76 orany other relevant provisions of the Companies Act 2013 and the rules framed there underare not applicable
(6) Maintenance of Cost Record
The Company is not required to maintain cost records pursuant to the Rules made by theCentral Government for the maintenance of cost records under sub-section (l) of section148 of the Companies Act.
(7) Statutory Dues
a) The company is regular in depositing undisputed statutory dues including providentfund employees' state insurance income-tax sales-tax service tax duty of customsduty of excise value added tax cess and any other statutory dues to the appropriateauthorities
b) As per the records of the company there are no dues of income tax or sales tax orservice tax or duty of customs or duty of excise or value added tax have not beendeposited on account of any dispute
(8) Repayment of Loans taken from Bank or Financial institutions
The company has not taken any loans or borrowing from a financial institution bankGovernment or debenture holders
(9) Utilization of moneys raised by public Offers
Moneys raised by way of initial public offer or further public offer (including debtinstruments) and term loans were applied for the purposes for which those are raised.
(10) Reporting of Fraud
As per the information given to us no fraud by the company or any fraud on the Companyby its officers or employees has been noticed or reported during the year;
(11) Managerial Remuneration
Managerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct;
(12) Nidhi Company
The company is not a Nidhi Company. Hence clause 3(xii) will not be applicable
(13) Transaction with Related Parties
All transactions with the related parties are in compliance with sections 177 and 188of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards;
(14) preferential allotment of shares
The company has not made any preferential allotment or private placement of shares orfully or partly convertible debentures during the year under review
(15) Non Cash transaction
The company not has entered into any non-cash transactions with directors or personsconnected with him;
(16) Registration U/s 45-IA of RBI Act 1934
The company is registered under section 45-IA of the Reserve Bank of India Act 1934and the registration is enforce for the same.
Annexure B- to the independent auditor's Report
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 IndergiriFinance Limited ("the Company") as of March 31 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.
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 essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants ofIndia(ICAI). These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.
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 and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand 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 includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations 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 projections of any evaluation 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 conditions or thatthe degree of compliance with the policies or procedures may deteriorate.
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 essential components of internal control stated in the Guidance Note issued by theInstitute of Chartered Accountants of India