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K Z Leasing & Finance Ltd.

BSE: 511728 Sector: Financials
NSE: N.A. ISIN Code: INE006C01015
BSE LIVE 15:15 | 22 Sep 10.30 -0.54
(-4.98%)
OPEN

10.30

HIGH

10.30

LOW

10.30

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 10.30
PREVIOUS CLOSE 10.84
VOLUME 564
52-Week high 13.95
52-Week low 7.77
P/E 46.82
Mkt Cap.(Rs cr) 3
Buy Price 10.30
Buy Qty 298.00
Sell Price 0.00
Sell Qty 0.00
OPEN 10.30
CLOSE 10.84
VOLUME 564
52-Week high 13.95
52-Week low 7.77
P/E 46.82
Mkt Cap.(Rs cr) 3
Buy Price 10.30
Buy Qty 298.00
Sell Price 0.00
Sell Qty 0.00

K Z Leasing & Finance Ltd. (KZLEASING) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR’S REPORT

TO

THE MEMBERS OF K Z LEASING AND FINANCE LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of K Z LEASING AND FINANCELIMITED ("the Company") which comprise the Balance Sheet as at 31/03/2015the Statement of Profit and Loss for the year then ended and a summary of thesignificant 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 Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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 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 financial statements.

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 of the state of affairs of the Company as at 31/03/2015and its Profit for the year ended on that date.

Report on Other Legal and Regulatory Requirements

A statement on the matters specified in paragraph 3 and 4 of the Companies(Auditor’s Report) Order 2015 issued by the department of company affairs in termsof sub section 11 of section 143 of the companies Act 2013 has been attached with thisreport.

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 dealt with by thisReport 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 thedirectors as on 31/03/2015 taken on record by the Board of Directors none of thedirectors is disqualified as 31/03/2015 from being appointed as a director in termsof Section 164 (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 has disclosed the impact of pending litigations on its financialposition in its financial statements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and

Protection Fund by the Company.

Date : 27.05.2015 For J.M.Patel & Bros.
Place : Ahmedabad (Chartered Accountants)
Sd/-
J.M.Patel
(Proprietor)
M.No. : 107707W

Annexure to the Independent Auditors' Report

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'section of our report of even date)

(1) In Respect of Fixed Assets

(a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) Fixed assets have been physically verified by the management at reasonableintervals; No material discrepancies were noticed on such verification.

(2) In Respect of Inventory (a) NA (b) NA (c) NA

(3) Loans and advances to parties covered under section 189

Yes

(a) In respect of loans granted repayment of the principal amount is as stipulated andpayment of interest have been regular.

(b) Based on our audit procedures and the information and explanation made available tous in case where overdue amount is more than rupees NIL reasonable steps have been takenby the company of the principal and interest.

(4) Internal Control in reference to Purchase of Inventory and Fixed Assets andwhether there is continue failure of Internal control

In our opinion and according to the information and explanations given to us there areadequate internal control system commensurate with the size of the company and the natureof its business for the purchase of inventory and fixed assets and for the sale of goodsand services. During the course of audit We have not observed continuing failure tocorrect major weaknesses in internal control system.

(5) Rules followed while accepting Deposits

No deposits within the meaning of Sections 73 to 76 or any other relevant provision ofthe Act and rules farmed thereunder have been accepted by the Company.

(6) Maintenance of cost records

NA

(7) According to the information and explanations given to us in respect ofstatutory dues

(a) The company is regular in depositing with appropriate authorities undisputedstatutory dues including Provident fund Investor education protection fund Employees`state insurance Income tax Sales tax Wealth tax Service tax Custom duty Excise dutyCess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees'state insurance income-tax sales-taxwealth tax service tax duty of customs duty of excise value added tax or cess and anyother statutory dues with the appropriate authorities were in arrears as at 31st MarchNIL for a period of more than six months from the date they became payable.

(c) NA

(8) Company which has been registered for a period less than five years andaccumulated losses are more than 50% of Net worth Reporting of cash Losses

The company does not have any accumulated losses at the end of the financial year andhas not incurred cash losses in the financial year and in the immediately precedingfinancial year.

(9) Default in Repayment of Loans taken from Bank or Financial Institutions

The company has not defaulted in repayment of dues to financial institution or bank.

(10) Terms for Loans and Advances from Banks or Financial Institutionsprejudicial to the interest of the company

On the basis of records examined by us and information provided by the management weare of the opinion that the company has not given guarantees for loans taken by other frombanks or financial institutions.

(11) Application versus purpose for which Loan Granted

In our opinion the term loans raised by the company during the year has been appliedfor the purpose for which it was raised.

(12) Reporting of Fraud During the Year Nature and Amount

According to the information and explanation given to us no fraud on or by the companyhas been noticed or reported during the year.

Date : 27.05.2015 For J.M.Patel & Bros.
Place : Ahmedabad (Chartered Accountants)
Sd/-
J.M.Patel
(Proprietor)
M.No. : 107707W