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Interface Financial Services Ltd.

BSE: 530519 Sector: Financials
NSE: N.A. ISIN Code: INE778C01027
BSE LIVE 15:14 | 20 Aug Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 0.18
PREVIOUS CLOSE 0.17
VOLUME 13001
52-Week high 0.18
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.18
Buy Qty 21000.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.18
CLOSE 0.17
VOLUME 13001
52-Week high 0.18
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.18
Buy Qty 21000.00
Sell Price 0.00
Sell Qty 0.00

Interface Financial Services Ltd. (INTERFACEFIN) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS

TO

THE MEMBERS OF

INTERFACE FINANCIAL SERVICES LIMITED

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of INTERFACE FINANCIALSERVICES LIMITED (the Company) which comprise the Balance Sheet as at March 31 2014the Statement of Profit and Loss and 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 Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the Accounting Standards notified underthe Companies Act 1956 (the Act) read with the General Circular 15/2013 dated 13thSeptember 2013 of the Ministry of Corporate Affairs in respect of Section 133 of theCompanies Act 2013 and in accordance with the accounting principles generally accepted inIndia. This responsibility includes the design implementation and maintenance of internalcontrol relevant to the preparation and presentation of the financial statements that givea true and fair view and are free from material misstatement whether due to fraud orerror.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 but not for the purpose of expressing an opinion on the effectiveness ofthe Company's internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner 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 2014;

(b) In the case of the Statement of Profit and Loss of the loss of the Company for theyear ended on that date; and

(c) In the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order 2003 (the Order) issued bythe Central Government of India in terms of Section 227 (4A) of the Act we give in theAnnexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by Section 227 (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 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 Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with Accounting Standards notified under the Act read with theGeneral Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairsin respect of Section 133 of the Companies Act 2013.

e. On the basis of the written representations received from the directors as on March31 2014 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2014 from being appointed as a director in terms of Section 274(1)(g) ofthe Act.

For Y. D. & Co
CHARTERED ACCOUNTANTS
FRN:018846N
CA RAKESH PURI
PLACE: LUDHIANA PARTNER
DATE: 24.05.2014 M.No.: 092728

Annexure to the Auditors' Report referred in Paragraph-3 of our report of Even date

As required by the Companies (Auditors' Report) Order 2003 issued by the centralGovernment under section 227(4A) of the Companies Act 1956 and in terms of theinformation and explanation given to us and also on the basis of such checks as weconsidered appropriate we further report that:

1. The company does not have any Fixed Assets. Hence clause (i) (a) (b) & (c) arenot applicable to the company.

2. (a) The stock of shares and securities has been physically verified by themanagement during the current year and also at the end of the year. In our opinion thefrequency of verification is reasonable.

(b) In our opinion the procedures of physical verification of stock of shares andsecurities followed by the management are reasonable and adequate in relation to the sizeof the company and the nature of its business.

(c) On the basis of our examination of record s of shares and securities we are of theopinion that the company is maintaining proper record of the stock of shares andsecurities. As informed to us. The discrepancies noticed on verification between physicalstock and book stocks were not materiel and the same have been property dealt with in thebooks of account.

3 (a) The company has not granted any unsecured loan to the companies firms or otherparties covered in the register maintained under section 301 of the Companies Act 1956.

(b) The company has not taken unsecured interest free loans from companies firms andother parties covered in the register maintained under section 301 of the companies Act1956.

4 In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business with regard to purchase of shares and securities and fixed assetsand sale of shares and securities. During the course of our audit no major weaknesseshave been observed in internal controls.

5 As per information & according to explanation given to us the company has notentered into any transaction that need to be entered into the register maintained undersection 301 of the Act.

6 The Company has not accepted any deposits from the public therefore the directivesissued by Reserve bank of India the provisions of section 58 A and 58 AA of the companiesAct 1956 and the rules framed there under are not Applicable.

7 In our opinion the company has an internal audit system commensurate with its sizeand nature of its business.

8 According to information and explanations given to us the central Government has notprescribed maintenance of cost records under section 209(1)(d) of the Companies Act 1956for any of the activities of the company.

9 (a) According to the company during the year the company has been generally regularin depositing undisputed statutory dues including Investor Education and Protection fundIncome tax Sales tax Wealth tax service tax cess and any other dues applicable to itwith the appropriate authorities.

(b) According to the information and explanations given to us no undisputed Amountspayable by the company in respect of Provident Fund Investor Education and protectionfund Employees' state Insurance Income tax Sales tax Wealth tax service tax cess orany other applicable to it were Outstanding as on 31st March 2014 for a periodof more than six months From the date they became payable.

(c) According to the information and explanations given to us there no dues in respectof income tax. Sales tax wealth tax service tax or cess that have not been depositedwith appropriate authority on account of dispute.

10 The accumulated losses of the company at the end of the financial year are not lessthan fifty percent of its net worth. The company has incurred cash losses of Rs. 194073/-during the financial year under audit and during the immediately preceding financial year.

11 During the financial year the company did not have any outstanding debentures or anyoutstanding loans from financial institution or bank.

12 According to the information and explanations given to us the company has notgranted loans and advances on the basis of security by way of pledge of shares debenturesand securities.

13 The company is not a chit fund Nidhi or Mutual Benefit fund / society. Accordinglyclause 4(xiii) of the order is not applicable.

14 In our opinion the company has maintained proper records of the transactions andcontracts relating to dealing or trading in shares debentures and other securities andtimely entries have been made therein. All the investments referred to in Schedule-7 areeither held in the name of the company or are in process of transfer in the name of thecompany.

15 As informed to us the company has not given any guarantee for any loans taken byothers from bank or financial institutions. Accordingly clause 4(xv) of the order is notapplicable.

16 The company has not obtained any term loan during the year. Accordingly clause 4(xvi) of the order is not applicable.

17 According to information and explanations given to us and on an overall examinationof the Balance Sheet and Cash Flow Statement of the company we are of the opinion that nofunds raised on shortterm basis have Prima facie been used during the year for long-terminvestments and vice-versa.

18 The company has not made any preferential allotment to the parties and companiescovered in the Register maintained under section 301 of the Companies Act 1956.Accordingly clause 4(xviii) of the order is not applicable.

19 There are no debentures issued or outstanding during the year. Accordingly clause4(xix) of the order is not applicable.

20 During the year the company has not raised money by public issue. Accordinglyclause 4(xx) of the order is not applicable.

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

For Y.D. & Co
CHARTERED ACCOUNTANTS
FRN:018846N
CA RAKESH PURI
PLACE: LUDHIANA PARTNER
DATE: 24.05.2014 M.No.: 092728