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Abhishek Finlease Ltd.

BSE: 538935 Sector: Financials
NSE: N.A. ISIN Code: INE723C01015
BSE 00:00 | 23 Apr Abhishek Finlease Ltd
NSE 05:30 | 01 Jan Abhishek Finlease Ltd
OPEN 7.70
52-Week high 10.34
52-Week low 7.70
P/E 38.50
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 7.70
CLOSE 7.70
52-Week high 10.34
52-Week low 7.70
P/E 38.50
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Abhishek Finlease Ltd. (ABHISHEKFINLE) - Auditors Report

Company auditors report



Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of AbhishekhFinlease Ltd ("the company") which comprise the Balance Sheet as at 31stMarch 2015 the Statement of Profit and Loss and the Cash Flow Statement for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Standalone 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 preparation ofthese standalone financial statements that give a true and fair view of financialposition financial performance and cash flows of the company in accordance with theaccounting principles generally accepted in India including Accounting Standardsspecified 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 the assets of the companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting ‘ policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation offinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We have taken into account the provision of the Act the accounting and auditingstandards and the matters which are required to be included In the audit report underprovision of the Act and 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 the ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement. An audit involves performingprocedures to obtain audit evidence about the amounts and the disclosures in the financialstatements.

The procedures selected depend on the auditor's judgment including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror. In making those risk assessments the auditor considers the internal financialcontrol relevant to the Company's preparation and fair presentation the financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion onwhether the company has in place an adequate internal financial controls system overfinancial reporting and operating effectiveness of such controls. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company's Director as well as evaluating the overallpresentation 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 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 and its cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by 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 ofthe Act we give in the Annexure a statement on the matters specified in the paragraph 3and 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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (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 31 March 2015 from being appointed as a .director in terms of Section164 (2) of the Act; and

(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 explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements.

ii. The Company has made provision as required: under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

iii. The Company does not have any unclaimed/unpaid dividend outstanding for more thanseven years. Hence there is no liability to transfer such funds to the Investor Educationand Protection Fund by the Company.

For Bhagat & Co.
Chartered Accountants
Firm Reg. No.127250W
Shankar Bhagat
PLACE : Ahmedabad Partner
DATE: 29/05/2015 Membership No.: 52725


Referred to in our Audit Report of even date:

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

(b) Fixed assets have been physically verified by the management at reasonableintervals; No material discrepancies were noticed on such verification.

(c) No substantial part of fixed assets has been disposed off during the year and ithas not affected the going concern.

II. (a) Physical verification of Shares & Securities is conducted by the managementat reasonable intervals.

(b) The company has followed reasonable and adequate procedure for physicalverification of Shares & Securities.

(c) Material discrepancies if any noticed on physical verification tire properly dealtwith in the books of accounts.

III. The company has not granted or taken any secured or unsecured to or from companiesor firms or other parties covered in the register maintained u/s 301 of the companies Act1956. Hence this clause is not applicable to the company.

IV. 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 with regard to finished goods equipment and other assets and withregard to the sale of goods.

V. Based on the audit procedures applied by us and according to the information andexplanations provided by the management we are of the opinion that there are notransaction that need to be entered into the register maintained under section 301 of theCompanies Act 1956.

VI. The company has not accepted any deposits from the public.

VII. The company has internal audit system commensurate with its size and nature of itsbusiness.

VIII. According to the information and explanation given to us the maintenance of costrecords are not prescribed by the Central Government under clause (d) of sub section (1)of Section 209 of the Act.

IX. (a) The company is regular in depositing with appropriate authorities Undisputedstatutory clues applicable to it.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of income tax wealth tax service tax sales tax custom duty exciseduty and cess were in arrears as at 31st March 2015 for a period of more than six monthsfrom the date they became payable.

X. In our opinion the company does not have accumulated losses of more than 50% of itsnetworth However the Company has not incurred cash losses during the financial year underreport as well as in the preceding financial year.

XI. In our opinion the Company has not defaulted in repayment of dues to financialinstitution bank or debenture holders.

XII. In our opinion and according to the information and explanation given to us theCompany has maintained adequate documents and record in cases where the company hasgranted loans or advances on the basis of security by way of pledge of shares debenturesand other securities.

XIII. In our opinion and according to information and explanations given to us thecompany is not chit fund or a nidhi or mutual benefit fund/society. Accordingly theprovisions of clause 4(xiii) of the Order are not applicable to the company.

XIV. The Company has maintained proper records of transaction and contracts in respectof trading in shares debentures and other securities and timely entries have been madetherein. All shards debentures and other securities have been held by the company in itsown name except to the Company.

XV. On the basis of records examined by us and information provided by the managementwe are of the opinion that the company has not given guarantees for loans taken by othersfrom banks or financial institutions.

XVI. The Company has not taken any term loan during the current financial year henceclause-4(xvi) of the Companies (Auditor’s Report) Order 2003 is not applicable tothe assessee company.

XVII. Based on an overall examination of the Balance Sheet of the company and a reviewof the consolidated fund flow statement for the year we report that no funds raised onshort-term basis have been used for long-term investment.

XVIII. The company has not made any preferential allotment of shares to parties andcompanies covered in the register maintained u/s 301 of the Act during the year.

XIX. The company has not issued any debentures during the year. Therefore provisions ofclause 4(xix) of the Order are not applicable to the company.

XX. The company has not raised money from the public during the year under audit.

XXI. According to the information and explanation given to us no fraud on or by thecompany has been noticed or reported during the year.