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Sam Leaseco Ltd.

BSE: 504345 Sector: Financials
NSE: N.A. ISIN Code: INE368N01024
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Sam Leaseco Ltd. (SAMLEASECO) - Auditors Report

Company auditors report

To the Members of SAM LEASECO LIMITED Report on the Financial Statements

We have audited the accompanying financial statements of SAM LEASECO LIMITED ("theCompany") which comprise the Balance Sheet as at March 31 2015 and the Statementof Profit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant 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 preparationof these standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance withaccounting principles generally accepted in India including the Accounting Standardsprescribed under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s 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 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. 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.

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 2015 and its profit/loss and its cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 ( CARO 2015) issuedby the Central Government of India in terms of sub-section (11) of section 143 of theCompanies Act 2013 we give in the Annexure a statement on the matters specified inparagraph 3 and 4 of the Order to the extent applicable.

2. As required by section 143 (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 opinionproper books of account as required by law have been kept by the Company so far as appearsfrom 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 Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with the Accounting Standards specified under section 133 of theCompanies Act 2013 read with Rule 7 of the Companies (Accounts) Rules 2014 the extentapplicable.

(e) On the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of section 164 (2) ofthe Companies Act 2013.

(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 explanations given to us :

i) The company has disclosed the impact of pending litigations on its financialposition in its financial position in its standalone financial statements – referNote 20 to the standalone financial statements.

ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any The company did not have long termcontracts including derivative contracts except forward contract.

iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection fund by the company.

Annexure to the Independent Auditor’s Report

[ Referred to in paragraph 1 under ‘ Report on Other Legal and RegulatoryRequirements’ in the Independent Auditor’s Report of even date to the members ofSam Leaseco Limited on the financial statements for the year ended 31st March2015]

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

(b) All fixed assets have been physically verified by the management in a phasedperiodical manner which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets. According to the information and explanations givento us no material discrepancies were noticed on such verification.

2. There are no Inventories in the company therefore this clause is not applicable.

3 According to the information and explanations given to us the company has grantedunsecured loans to companies firms or other parties covered in the register maintainedunder section 189 of the Companies Act. According to the information and explanationsgiven to us no material discrepancies were noticed.

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 for the purchase of inventory and fixed assets and for the sale ofgoods and service. During the course of our audit no major weakness has been noticed inthe internal controls.

5. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the provisions of Section 73to 76 of the Act and the rules framed there under.

6. As informed to us maintenance of cost records under section 148 (1) of theCompanies Act 2013 is not applicable to the Company.

7. a) According to the information and explanations given to us and on the basis of theexamination of the books of account the Company has been regular in depositing undisputedstatutory dues including Provident Fund Investor Education and Protection FundEmployees’ State Insurance Income-tax Sales-tax Wealth tax Service tax ValueAdded Tax Customs Duty Excise Duty cess and other statutory dues applicable to it withthe appropriate authorities.

b) According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund Investor Education and Protection FundEmployees’ State Insurance Income tax Sales tax Wealth tax Service tax CustomsDuty Excise Duty cess and other undisputed statutory dues were outstanding at the yearend for a period of more than six months from the date they became payable.

According to the records of the Company disputed Municipal Property Tax together withPenalty not deposited on account of dispute are as follows.

Name of Statute / Description Amount Rs in lacs Period to whichthe amount relates Forum where dispute is pending
Workmen compensation 45174/- 1997-98 04.09.1996
The custodian under special court (Trial of offence relating to transactions in security act 1992)
Loan 2733157/- 1993-94 01.04.1992
Interest 9215092/- 1993-94 to 2011-12 Immediate

c) As informed to us there were no amount which is required to be transferred to theInvestor Education and Protection fund in accordance with the relevant provisions ofcompanies Act 1956 (1 of 1956) and rules made there under.

8. The Company’s accumulated losses at the end of the financial year are less thanfifty percent of its net worth. However it has accumulated losses of Rs 4325390/- atthe end of the financial year and it has incurred losses of Rs 674868/- in the currentyear.

9. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the company has not defaulted in repayment of duesto banks. The Company does not have any borrowings by way debentures.

10. According to the information and explanations given to us the Company has notgiven guarantee for loans taken by its subsidiary from banks or financial institutions.

11. The Company has no term loans outstanding during the year.

12. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practice in India andaccording to the information and explanations given by the management we report that nofraud on or by the Company has been noticed or reported during the course of our audit.

For Pulindra Patel & Co.
Chartered Accountants
FRN No.115187W
Sd/-
(Pulindra Patel)
Place Mumbai Proprietor
Date 29th May 2015 Membership No. 048991