You are here » Home » Companies » Company Overview » NCC Finance Ltd

NCC Finance Ltd.

BSE: 531452 Sector: Financials
NSE: N.A. ISIN Code: INE768B01012
BSE 15:14 | 17 Jan 1.28 -0.05
(-3.76%)
OPEN

1.28

HIGH

1.28

LOW

1.28

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.28
PREVIOUS CLOSE 1.33
VOLUME 772
52-Week high 2.20
52-Week low 1.28
P/E 128.00
Mkt Cap.(Rs cr) 1
Buy Price 1.28
Buy Qty 4728.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.28
CLOSE 1.33
VOLUME 772
52-Week high 2.20
52-Week low 1.28
P/E 128.00
Mkt Cap.(Rs cr) 1
Buy Price 1.28
Buy Qty 4728.00
Sell Price 0.00
Sell Qty 0.00

NCC Finance Ltd. (NCCFINANCE) - Auditors Report

Company auditors report

To

The Members of NCC Finance Limited

Report on the Financial Statements

We have audited the accompanying financial statements of NCC Finance Limited ("theCompany") which comprise the Balance Sheet as at March 31 2017 the Statement ofProfit and Loss the Cash Flow Statement for the year then ended and a summary of thesignificant accounting policies and other explanatory information (hereinafter referred toas "the financial statements").

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 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 there under. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

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 of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial controls relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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 March31 2017 and its profit and its cash flows for the year ended on that date.

Emphasis of Matters

(a) We draw attention to the following notes in the financial statements:

We draw your attention to the Note no. 13 to the financial statements with regard tothe preparation of financial statements on a going concern basis. The company hasdiscontinued its finance business.

Our opinion is not modified in respect of these matters.

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 in paragraphs 3and 4 of the Order.

2. 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 the statement of profit and loss and the cash flow statementdealt by 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. The matter described in paragraph (a) under the Emphasis of Matters above in ouropinion may have an adverse effect on the functioning of the Company.

f. On the basis of written representations received from the directors as on March312017 and taken on record by the Board of Directors none of the directors isdisqualified as on March 312017 from being appointed as a director in terms of Section164 (2) of the Act.

g. 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

h. 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.

ii. the company has not entered into any long term contracts including derivativecontracts. Hence the reporting on making provisions as required under any law oraccounting standards for material foreseeable losses does not arise at present.

iii. there were no amounts which were required to be transferred to the InvestorEducation and Protection Fund.

iv. the Company has provided requisite disclosures in financial statements as to theholdings as well as dealings in Specified Bank Notes during the period from 08th November2016 to 30th December 2016 and these are in accordance with the books of accountmaintained by the Company. Refer Note 16 to the financial statements.

for M Bhaskara Rao & Co
Chartered Accountants
(Regn.No.000459S)
V K Muralidhar
Partner
Membership No. 201570
Hyderabad May 30 2017

Annexure A 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 to the members of NCC Finance Limited)

(i) The company does not have any fixed assets during the year. Accordingly paragraph3(i) of the Order is not applicable.

(ii) The company does not have any inventory during the year. Accordingly paragraph3(ii) of the Order is not applicable.

(iii) According to the information and explanations given to us the company has notgranted any loans secured or unsecured to companies firms limited liability partnershipsor other parties covered in the register maintained under section 189 of the Act andaccordingly paragraph 3(iii) of the Order are not applicable at present.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.

(v) According to the information and explanations given to us the Company has notaccepted any deposits from the public. Accordingly paragraph 3(v) of the Order is notapplicable.

(vi) In our opinion and according to the information and explanations given to us theCentral Government has not prescribed maintenance of cost records under Section 148(1) (d)of the Act for the Company.

(vii) According to the information and explanations given to us and according to thebooks and records as produced and examined by us in accordance with the generally acceptedauditing practices in India in respect of statutory dues:

(a) The Company is generally regular in depositing undisputed statutory dues includingprovident fund employee state insurance income tax sales- tax service tax duty ofcustom duty of excise value added tax cess and any other statutory dues applicable toit with the appropriate authorities during the year. The provisions of employees' stateinsurance and excise duty are not applicable to the company at present. There were noundisputed amounts payable in respect of provident fund income tax sales-tax servicetax value added tax cess and any other statutory dues which were in arrears as at March31 2017 for a period of more than six months from the date they became payable.

(b) According to information and explanations given to us there are no dues of incometax sales tax service tax duty of customs duty of excise or value added tax that havenot been deposited on account of any dispute.

(viii) The Company does not have any loans or borrowings from any financialinstitutions banks government or debenture holders during the year; accordinglyparagraph 3(viii) of the Order is not applicable.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

(x) During the course of our examination of the books and other records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording 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 year nor have we been informed of such case by the management.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company no managerial remuneration has been paid orprovided during the year. Accordingly paragraph 3 (xi) of the Order is not applicable.

(xii) According to the information and explanations given to us and based on ourexamination of the records the Company is not a nidhi company. 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 and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him during the year.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

for M Bhaskara Rao & Co
Chartered Accountants
(Regn.No.000459S)
V K Muralidhar
Partner
Membership No. 201570
Hyderabad May 30 2017

Annexure B to the Independent Auditors' 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 NCC FinanceLimited ("the Company") as of March 31 2017 in conjunction with our audit ofthe financial statements of the Company for the year ended on that date.

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 Reportingissued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies 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 accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls 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.

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 Institute of CharteredAccountants of India.

for M Bhaskara Rao & Co
Chartered Accountants
(Regn.No.000459S)
V K Muralidhar
Partner
Membership No. 201570
Hyderabad May 30 2017