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

Upasana Finance Ltd.

BSE: 511764 Sector: Financials
NSE: N.A. ISIN Code: INE819K01014
BSE LIVE 14:55 | 21 Nov 28.20 -1.45
(-4.89%)
OPEN

28.20

HIGH

28.20

LOW

28.20

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 28.20
PREVIOUS CLOSE 29.65
VOLUME 300
52-Week high 44.50
52-Week low 13.13
P/E 34.81
Mkt Cap.(Rs cr) 12
Buy Price 0.00
Buy Qty 0.00
Sell Price 31.00
Sell Qty 150.00
OPEN 28.20
CLOSE 29.65
VOLUME 300
52-Week high 44.50
52-Week low 13.13
P/E 34.81
Mkt Cap.(Rs cr) 12
Buy Price 0.00
Buy Qty 0.00
Sell Price 31.00
Sell Qty 150.00

Upasana Finance Ltd. (UPASANAFINANCE) - Auditors Report

Company auditors report

TO THE SHAREHOLDERS OF UPASANA FINANCE LIMITED FOR THE YEAR ENDED 31ST MARCH 2016

To the Members of

Upasana Finance Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Upasana Finance Limited.("the company") which comprise the Balance Sheet as at 31stMarch 2016 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant 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.

This responsibility also includes maintenance of adequate accounting records inaccordance 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 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 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 includes evaluating the appropriateness of the accounting policies usedand the reasonableness of the accounting estimates made by Company’s Directors aswell 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 financial statements give the information required by the

Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India;

a) of the state of affairs of the Company as at March 31 2016;

b) of the Profit for the year ended on that date; and

c) of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order2016 ("theOrder") issued by the Central Government of India in term of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inthe paragraphs 3 and 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 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 Cash Flow Statement dealtwith 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. On the basis of the written representations received from the directors as on31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms ofSection 164(2) of the Act.

f. With respect to the adequacy of internal financial controls over financial reportingof the Company and the operating effectiveness of such controls refer to our separateReport in "Annexure A".

g. 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 - Refer Note No. AS29 Annexure to financialstatements.

ii. The Company did not have any long-term contracts including derivative contract forwhich there were any material foreseeable losses.

iii. During the year there was no requirement on the part of the company to transferany amount to the Investors Education and Protection fund.

Place : Chennai For Sundaram & Srinivasan
Date : May 20 2016 Chartered Accountants
Firm registration no. 004207S
P Menakshisundaram
Partner
Membership no. 217914

ANNEXURE TO INDEPENDENT AUDITORS’ REPORT TO THE SHAREHOLDERS OF UPASANA FINANCELIMITED FOR THE YEAR ENDED 31ST MARCH 2016

Annexure referred to in our report under "Report on Other Legal and Regulatoryrequirements Para 1" of even date on the accounts for the year ended 31st March 2016.

1. The company has no fixed assets.

2. The Company has no stock of inventory.

3. During the year the company has not granted any loan to a company firm LimitedLiability Partnerships or other parties covered in the register maintained under Section189 of the Companies Act 2013.

4. During the year the company has not granted any loan furnished any guarantees orprovided any security. The Company has made investments in Mutual Fund Units during theyear. The Company has complied with the provisions of section 185 of the Companies Act2013.The provisions of Section 186 are not applicable to the company.

5. The company has not accepted any deposits within the meaning of sections 73 to 76 ofthe Companies Act 2013 during the year.

6. According to the information and explanations given to us the requirement formaintenance of cost records pursuant to the Companies (Cost Records and Audit) Rules 2014specified by the Central Government of India under Section 148 of the Companies Act 2013are not applicable to the Company for the year under audit.

7. (a) According to the records provided to us the company is generally regular indepositing undisputed statutory dues including Provident Fund Income Tax Service Tax andTax deducted at Source with the appropriate authorities. However we have observed delaysin remitting sums in respect of Tax deducted at source.

(b) According to information and explanations given to us there are no disputed duesthat were not deposited with the concerned authorities:

8. The company has not availed any term loan from banks or financial institutions.Hence the question of reporting on default in repayment thereof does not arise.

9. The company has not raised any money by the way of initial public offer or furtherpublic offer (including debt instruments) or term loans during the year. Hence reportingon utilization of such money does not arise.

10. Based on the audit procedures adopted and information and explanations given to usby the management no fraud on or by the company has been noticed or reported during thecourse of our audit.

11. No managerial remuneration has been paid and provided during the year.

12. The Company is not a Nidhi company and as such this clause of the Order is notapplicable.

13. In our opinion and according to the information and explanations given to us alltransactions with the related parties are in compliance with section 177 of Companies Act2013. The details of the transactions have been disclosed in Note No. 18 to the Notes tofinancial statement as required by applicable accounting standards.

14. During the year the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures under section 42 of theCompanies Act 2013.

15. According to the information and explanations given to usthe company has notentered into any non-cash transactions with directors or persons connected with them.

16. The company is required to register under section 45-IA of the Reserve Bank ofIndia Act 1934 and has valid Certificate of India.

Place : Chennai For Sundaram & Srinivasan
Date : May 20 2016 Chartered Accountants
Firm registration no. 004207S
P Menakshisundaram
Partner
Membership no. 217914

ANNEXURE - A TO INDEPENDENT AUDITORS’ REPORT TO THE SHAREHOLDERS OF UPASANAFINANCE LIMITED FOR THE YEAR ENDED 31ST MARCH 2016 Report on the Internal FinancialControls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013("the Act")

We have audited the internal financial controls over financial reporting of UpasanaFinance Limited Chennai ("the Company") as of March 31 2016 in conjunctionwith our audit of the 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 Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India (ICAI).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company’s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the CompaniesAct 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 accor-dance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. 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 judgement 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that;

I. pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

II. provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

III. provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company’s assets that could havea 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 March 31 2016 based on;

i. existing policies and procedures adopted by the Company for ensuring orderly andefficient conduct of business .

ii. continuous adherence to Company’s policies .

iii. existing procedures in relation to safeguarding of Company’s fixed assetsinvestments inventories receivables loans and advances made and cash and bank balances.

iv. existing system to prevent and detect fraud and errors .

v. accuracy and completeness of Company’s accounting records; and

vi. existing capacity to prepare timely and reliable financial information.

Place : Chennai For Sundaram & Srinivasan
Date : May 20 2016 Chartered Accountants
Firm registration no. 004207S
P Menakshisundaram
Partner
Membership no. 217914