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Minda Finance Ltd.

BSE: 539303 Sector: Financials
NSE: N.A. ISIN Code: INE197E01018
BSE LIVE 09:32 | 20 Jul Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 16.05
PREVIOUS CLOSE 15.75
VOLUME 25
52-Week high 16.05
52-Week low 16.05
P/E 12.25
Mkt Cap.(Rs cr) 3
Buy Price 16.05
Buy Qty 8475.00
Sell Price 0.00
Sell Qty 0.00
OPEN 16.05
CLOSE 15.75
VOLUME 25
52-Week high 16.05
52-Week low 16.05
P/E 12.25
Mkt Cap.(Rs cr) 3
Buy Price 16.05
Buy Qty 8475.00
Sell Price 0.00
Sell Qty 0.00

Minda Finance Ltd. (MINDAFINANCE) - Auditors Report

Company auditors report

AUDITORS’ REPORT

TO THE MEMBERS OF MINDA FINANCE LIMITED

We have audited the accompanying standalone financial statements of Minda FinanceLimited ("the company") which comprise the Balance Sheet as at March 312016 the Statement of Profit and Loss and Cash Flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information.

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 preparation and presentation 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) Rules2034. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for insuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

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 accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions 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 but not for the purpose ofexpressing an opinion on whether the company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company’s Board of Directorsas 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 standalone financial statements.

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 inconformity with theaccounting principles generally accepted in India:

a) In the case of the Balance Sheet of the state of affairs of the Company as at March312016;

b) In the case of the statement of Profit and Loss of the loss for the year ended onthat date; and

c) In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

As required by the Companies (Auditor’s Report) Order 2016 (‘theorder’) issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we enclose in the annexure A a statement on the matters specifiedin paragraphs 3 and 4 of the said 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 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 standalone financial statements comply with theAccounting Standards specified in Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on March312016 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of section 164 (2) ofthe 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"; and

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 ouropinion and to the best of our information and according to the explanations given to us:

i. There were no pending litigations which would impact the financial position of thecompany.

ii. The Company did not have any material foreseeable losses on long term contractsincluding

derivatives contracts.

iii. There were no amounts which were required to be transferred to the InvestorEducation and

Protection Fund by the Company.

FOR R.N.SARAF & CO. CHARTERED ACCOUNTANTS

(Registration No. 002023N)

Place : New Delhi R.N. SARAF F.C.A.
Date: 30 May 2016 (Membership No. 12439)