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Libord Finance Ltd.

BSE: 511593 Sector: Financials
NSE: N.A. ISIN Code: INE212B01011
BSE LIVE 13:30 | 20 Nov 11.40 -0.10
(-0.87%)
OPEN

11.40

HIGH

11.40

LOW

11.40

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 11.40
PREVIOUS CLOSE 11.50
VOLUME 100
52-Week high 12.12
52-Week low 6.90
P/E 570.00
Mkt Cap.(Rs cr) 14
Buy Price 11.40
Buy Qty 400.00
Sell Price 11.50
Sell Qty 1000.00
OPEN 11.40
CLOSE 11.50
VOLUME 100
52-Week high 12.12
52-Week low 6.90
P/E 570.00
Mkt Cap.(Rs cr) 14
Buy Price 11.40
Buy Qty 400.00
Sell Price 11.50
Sell Qty 1000.00

Libord Finance Ltd. (LIBORDFIN) - Auditors Report

Company auditors report

To

The Members of Libord Finance Limited

Report on the Standalone Financial Statements

We have audited the accompanying financial statements of Libord Finance Limited ("TheCompany") which comprise the balance sheet as at 31 March 2017 the statement ofprofit and loss and the cash flow statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The management and Board of Directors of the Company are responsible for the mattersstated in Section134(5) of the Companies

Act 2013 ("the Act") with respect to 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 principles generallyaccepted in India including the Accounting Standards specified under Section 133 of theAct read with rule 7 of Companies (Accounts) Rules 2014. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; design implementation andmaintenance of adequate internal financial controls that are operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditors' 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 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 standalone 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's judgment including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror. In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company's management and Board ofDirectors as well as evaluating the overall 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 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 2017 and its profit and its cash flows for the period endedon that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure-‘A' a statement on the matters Specified inparagraphs 3 and 4 of the Order to the extent applicable.

2. As required by section 143(3) of the Act we further report that:-a. We have soughtand obtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit; b. In our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books; c. The Balance Sheet the Statement of Profit and Loss andcash flow statement dealt with by 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 fromthe directors as on March 31 2017 and taken on record by the Board of Directors none ofthe directors is disqualified as on March 31 2017 from being appointed as a director interms of Section 164(2) of the Act. f. With respect to the adequacy of the internalfinancial controls over financial reporting of the Company and the operating effectivenessof such controls refer to our separate Report in -Annexure- "B" g. In ouropinion and to the best of our information and according to the explanations given to uswe report as under with respect to other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014: i. The Companydoes not have any pending litigations which would impact its financial position except asstated otherwise. ii. The Company did not have any long-term contracts includingderivative contracts; as such the question of commenting on any material foreseeablelosses thereon does not arise. iii. Since there has been no occasion during the yearunder report to transfer any sums to the Investor Education and

Protection Fund. The question of delay in transferring such sum does not arise. iv. TheCompany has provided requisite disclosures in its financial statements as to holdings aswell as dealing in Specified

Bank Notes during the period from 8 November 2016 to 30 December 2016 and these arein accordance with the books of accounts maintained by the Company Refer Note 33.

Annexure – A to the Auditors‘ Report

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the standalone financial statements for the year ended 31st March 2017 wereport that: i) (a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical is reasonable having regard to size of the Company and the nature of itsassets.

(c) According to the records of the company examined by us and as per the informationand explanations given to us the company does not have any immovable property. Thusparagraph 3(ic) of the Order is not applicable to the company. ii) The Company is aservice company. Accordingly it does not hold any physical inventories. Thus paragraph3(ii) of the Order is not applicable to the Company. iii) According to information andexplanations given to us the Company has granted loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 189 ofthe Act. iv) In our opinion and according to the information and explanations given to usthe Company has complied with the provisions of section 185 and 186 of the Act withrespect to the loans and investment made. v) According to the information and explanationsgiven to us the Company has not accepted any deposits from the public covered undersection 73 to 76 of the Companies Act 2013 and the rules framed thereunder. Thereforethe provision of clause 3(v) of the Order is not applicable to the Company. vi) To thebest of our knowledge and as explained The Central Government has not prescribed themaintenance of cost records under sub-section (1) of Section 148 of the Act for theservice of the Company. Therefore the provision of clause 3(vi) of the Order is notapplicable to the Company. vii) (a) According to the records of the Company and theinformation and explanations given to us the Company has been generally regular indepositing with appropriate authorities undisputed statutory dues including providentfund Employees' State Insurance Income Tax Sales Tax Service Tax Customs Duty ExciseDuty Value Added Tax Cess and any other statutory dues to the extent applicable to it.According to the information and explanations given to us and based on the records of thecompany examined by us no undisputed amounts payable in respect of Provident FundEmployees' State Insurance Income Tax Service Tax Sales Tax Customs Duty Excise DutyValue Added Tax Cess and other material statutory dues were outstanding at the year endfor a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofIncome Tax Sales Tax Service Tax Customs Duty Excise Duty and Value Added Tax whichhave not been deposited on account of any dispute. (viii) According to the information andexplanations given by the management the Company has not made any default in repayment ofdues to a financial institution or any loans from banks government or has not issueddebentures during the year.

(ix) According to the records of the company examined by us and as per the informationand explanations given to us the Company did not raise any money by way of initial publicoffer or further public offer (including debt instruments) and term loans during the year.Accordingly paragraph 3(ix) of the Order is not applicable.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

(xi) According to the information and explanations given to us and based on ourexamination of the records of the Company the

Company has paid/provided for managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a chit fund or a nidhi/mutual benefit fund/society. Accordingly paragraph3(xii) of the Order is not applicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanations given to us we report that theCompany has not entered into any non-cash transaction with directors or persons connectedwith him. Accordingly paragraph 3(xv) of the Order is not applicable.

(xvi) In our opinion and as per information and explanation given to us the Company isnot required to be registered under section 45-IA of the Reserve Bank of India Act 1934.

Annexure –"B" to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

In conjunction with our audit of the standalone financial statements of the Company asof and for the year ended 31 March 2017 we have audited the internal financial controlsover financial reporting of Libord Finance Limited. ("The Company").

Management's Responsibility for Internal Financial Controls

The Respective Board of Directors of the Company are responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered

Accountants of India ("ICAI''). These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies Act 2013.

Auditors' Responsibility

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 accordance with the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting (the "Guidance Note") issued by ICAIand the Standards on Auditing issued by ICAI and deemed to be prescribed under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls 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. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company's internal financial controls system overfinancial 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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.

Opinion

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 31 March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the ICAI.

For AMAR BAFNA& ASSOCIATES

CHARTERED ACCOUNTANTS

Firm Registration No: 114854W

Amar Bafna

Partner

Membership No: 048639

Place: Mumbai

Date: 27-04-2017