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Abhishek Finlease Ltd.

BSE: 538935 Sector: Financials
NSE: N.A. ISIN Code: INE723C01015
BSE 00:00 | 28 Sep 31.50 0
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NSE 05:30 | 01 Jan Abhishek Finlease Ltd
OPEN 31.50
PREVIOUS CLOSE 31.50
VOLUME 2
52-Week high 53.70
52-Week low 13.30
P/E 82.89
Mkt Cap.(Rs cr) 13
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 31.50
CLOSE 31.50
VOLUME 2
52-Week high 53.70
52-Week low 13.30
P/E 82.89
Mkt Cap.(Rs cr) 13
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

TO THE MEMBERS OF ABHISHEK FINLEASE LIMITED Report on the Financial Statements

Opinion

We have audited the accompanying financial statements of ABHISHEK FINLEASE LIMITED("the company")which comprise the Balance Sheet as at March 312021 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

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 March312021 its Profit and its cash Hows for the year ended on that date. '

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities undef thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our opinion.

Information other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors and Management is responsible for the preparation ofthe other information. The other information comprises the information obtained at thedate of this auditor's report but does not include the financial statements and ourauditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated. If based on the workwe have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

Responsibility of Management and Those Charged With Governance for the FinancialStatements .

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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act. This responsibility also includes the maintenanceof adequate accounting records in accordance with the provision of the Act forsafeguarding of the assets of the Company and for preventing and detecting the frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial control that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the company's financialreporting process.

Auditor's Responsibility

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

i Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertaintyexists we are required to draw attention in our auditor's report to the relateddisclosures in the financial statements or if such disclosures are inadequate to modifyour opinion. Our conclusions are based on the audit evidence obtained up to the date ofour auditor's report. However future events or conditions may cause the Company to ceaseto continue as a going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

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 bf the Act wegive a statement on the matters Specified in paragraphs 3 and 4 of the Order to theextent 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 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) Rules2014.

e) On the basis of written representations received from the directors as on March312021 taken on record by the Board of Directors none of the directors is disqualifiedas on March 312021 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the adequacy of the internal financial controls over financialreporting ot the company and the operating effectiveness of such controls refer to ourseparate report in ‘Annexure-A';and

a) With respect to other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 m our opinionand to the best ot our information and according to the explanations given to us.

i. The Company does not have any pending litigations which would impact its financialposition

ii. The Company did not have any long-term contracts including derivatives contractslor which there were any material foreseeable losses.

iii There were no amounts which required to be transferred by the Company to theInvestor Education and Protection Fund. '

For Bhagat & Co.
Chartered Accountants Firm Registration No. 127250W
CA. Shankar Prasad Bhagat Partner
Place: Ahmedabad Membership No. 052725
Date: 25th June 2021 UDIN : 20052725AAAAAS8620

ABHISHEK FINLEASE LIMITED

Annexure ‘B' to the Independent Auditors' Report

The Annexure referred to in paragraph 1 under ‘Report on Other Legal andRegulatory Requirements' of our Report of even date to the members of the Company on thefinancial statements for the year ended March 312021 we report that:

(i) In respect of the Company's fixed assets:

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

(b) The Company's fixed assets have not been physically verified by the managementduring the year but there is a regular program of verification which in our opinion isreasonable having regard to the size of the company and the nature of its assets. Nomaterial discrepancies were noticed on such verification.

(c) The title deeds of all immovable properties which are freehold are held in thename of the company as at the balance sheet date.

(ii) In respect of the Company's inventories:

(a) As explained to us the inventories of Finished Goods Stores & ConsumablesGreen leaf were physically verified at regular intervals by the Management.

(b) In our opinion and according to the information and explanation given to us theprocedures of physical verification of inventories followed by the Management werereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) In our opinion and according to the information and explanations given to us theCompany has maintained proper records of its inventories and no material discrepancieswere noticed on physical verification of stocks as compared to book records.

(iii) The Company has not granted unsecured loans to companies firms or other partiescovered in the Register maintained under Section 189 of the Companies Act 2013. Thereforeparagraph 3 (iii) of the order is not applicable

(iv) In respect of loans investments guarantees and security the provisions ofsection 185 and 186 of the companies act have been compiled with.

(v) The company has not received any public deposits during the year.

(vi) As per books of records produced before us and explanation offered thereon weare of the opinion that prima facie the cost records and accounts prescribed by theCentral Government under Sub-Section (1) of Section 148 ol the Companies Act 2013 havebeen made and maintained.

(vii) According to the information and explanations given to us in respect ofstatutory dues :

(a) According to the records of the company and information and explanations given tous the Company has generally been regular in depositing undisputed statutory duesincluding Income-tax Tax deducted at sources Professional Tax value added tax (VAT) andother material statutory dues applicable to it with the appropriate authorities.

(b) According to the information and explanations given to us there were no undisputedamounts payable in respect of Income-tax GST and other material statutory dues in arrearswere outstanding as at 31st March2021 for a period of more than six monthsfrom the date they became payable.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of loans or borrowings to banks. TheCompany does not have any loans or borrowings from financial institutions or governmentand has not issued any debentures. -

(ix) The company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments)

(x) According 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 course of our audit.

(xi) In our opinion and according to the information and explanations given to us noManagerial Remuneration has been provided. Hence this clause is not applicable.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3 (xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on burexamination 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 give 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 explanation 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. Accordingly paragraph 3(xv) ofthe Order is not applicable. -

(xvi) The company has registered under section 45-IA of the Reserve Bank Of India Act1934.

For Bhagat & Co.
Chartered Accountants Firm Registration No. 127250W
CA. Shankar Prasad Bhagat Partner
Place: Ahmedabad Membership No. 052725
Date: 25th June 2021 UDIN : 20052725AAAAAS8620

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