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Ushakiran Finance Ltd.

BSE: 511507 Sector: Financials
NSE: N.A. ISIN Code: INE697C01011
BSE LIVE 12:53 | 30 Aug 4.75 0
(0.00%)
OPEN

4.75

HIGH

4.75

LOW

4.75

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 4.75
PREVIOUS CLOSE 4.75
VOLUME 259
52-Week high 6.24
52-Week low 4.30
P/E 6.99
Mkt Cap.(Rs cr) 1
Buy Price 4.75
Buy Qty 241.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.75
CLOSE 4.75
VOLUME 259
52-Week high 6.24
52-Week low 4.30
P/E 6.99
Mkt Cap.(Rs cr) 1
Buy Price 4.75
Buy Qty 241.00
Sell Price 0.00
Sell Qty 0.00

Ushakiran Finance Ltd. (USHAKIRANFIN) - Auditors Report

Company auditors report

To

The members of Ushakiran Finance Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Ushakiran Finance Limited("the Company") which comprise the Balance Sheet as at 31st March2015 the Statement of Profit and Loss and the Cash Flow Statement for the year thenended and a summary 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 Act2013 (The Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 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 the 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 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 the accounting policies used andthe reasonableness of the accounting estimates made by the 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 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 31stMarch 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the ‘the Companies (Auditor’s Report) Order 2015("the Order) issued by the Central Government of India in terms of sub-section (11)of section 143 of the Act we give in the Annexure 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 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 the Cash Flow Statementdealt with 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 on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in termsof Section 164 (2) of the Act.

(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 the information and explanations givento us:

i. The Company does not have any pending litigations on its financial position as at 31stMarch 2015.

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

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

For Janardhan Rao Deshmukh & Co.
Chartered Accountants
Firm Registration Number: 005979S
(L. Janardhan Rao)
Place: Hyderabad Proprietor
Date :29th May 2015. Membership No. 18474

ANNEXURETO INDEPENDENT AUDITOR’S REPORT

Referred to in paragraph 1 of our Report on Other Legal and Regulatory Requirementsforming part of the Independent Auditor’s Report.

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

(b) According to the information and explanations given to us the fixed assets havebeen physically verified by the Management during the year and no material discrepancieshave been noticed on such verification.

ii) (a) As explained to us the inventory has been physically verified by theManagement at reasonable intervals during the year on the basis of statements receivedfrom depository participants.

(b) In our opinion and according to the information explanations given to us theprocedures of physical verification of inventory followed by the Management are reasonableand adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion the company has maintained proper records of the inventory. Thediscrepancies noticed on physical verification of inventory as compared to book recordswere not material and have been properly dealt with in the books of account.

iii) The Company has not granted any loans secured or unsecured to companies firmsor other parties listed in the register maintained under section 189 of the Companies Act2013 and hence the provisions of clause (iii) (a) and (b) of paragraph iii of theCompanies (Auditor’s Report) Order 2015 are not applicable to the Company.

iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business for the purchase of inventory fixed assets and for the saleof goods and inventory. During the course of our audit we have not observed anycontinuing failure to correct major weaknesses in the internal control system.

v) The Company has not accepted any deposits from the public within the meaning ofSections 73 to76 of the Act and the rules framed there under.

vi) The Central Government of India has not prescribed the maintenance of cost recordsunder sub section (1) of Section 148 of the Act for any activities of the Company.

vii) (a) According to the information and explanations given to us and the books andrecords of the Company examined by us in our opinion the Company is regular indepositing the undisputed statutory dues including income tax sales tax excise dutyvalue added tax cess and any other statutory dues as applicable with the appropriateauthorities. According to the information and explanations given to us there were nooutstanding statutory dues as at 31st March 2015 for period of more than sixmonths from the date they became payable.

(b) According to the information and explanations given to us there are no dues toincome tax customs duty excise duty value added tax and cess which have not beendeposited on account of any dispute.

(c) According to the information and explanations given to us the amounts which wererequired to be transferred to Investor Education and Protection Fund have been transferredto such fund within the stipulated time in accordance with the provisions of the CompaniesAct 1956 and the rules made there under.

viii) The Company has accumulated losses but these losses are less than 50% of its networth and it has not incurred any cash losses during the current financial year but it hasincurred cash losses in the immediately preceding financial year.

ix) According to the records of the Company examined by us and the information andexplanation given to us the Company has not taken any loan from financial institution orbank or debenture holders; hence this clause is not applicable.

x) According to the information and explanations given to us the Company has not givenany guarantees for loan taken by others from banks or financial institutions.

xi) According to the information and explanations given to us the Company has notborrowed any term loans during the year.

xii) Based on the audit procedures adopted and according to the information andexplanations given to us by the management no fraud on or by the Company has been noticedor reported during the course of our audit.

For Janardhan Rao Deshmukh & Co.
Chartered Accountants
Firm Registration Number: 005979S
(L. Janardhan Rao)
Place: Hyderabad Proprietor
Date :29th May 2015. Membership No. 18474