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Abhishek Finlease Ltd.

BSE: 538935 Sector: Financials
NSE: N.A. ISIN Code: INE723C01015
BSE 00:00 | 01 Jun 12.90 0






NSE 05:30 | 01 Jan Abhishek Finlease Ltd
OPEN 12.90
52-Week high 12.90
52-Week low 8.48
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 12.90
CLOSE 12.90
52-Week high 12.90
52-Week low 8.48
Mkt Cap.(Rs cr) 6
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 Financial Statements

We have audited the accompanying financial statements of Abhishek Finlease Ltd("the company") which comprise the Balance Sheet as at 31st March2019 the Statement of Profit and Loss and the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

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 preparation ofthese financial standalone 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 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 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 financial statements based on ouraudit.

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 of 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 financial statements.


In our opinion and to the best of our information and according to the explanationsgiven to us; the aforesaid 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 31stMarch 2019 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 2016 ("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 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 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2019 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 Prasad Bhagat Partner
PLACE : Ahmedabad Partner
DATE: 27/05/2019 Membership No.: 52725


The Annexure referred to in our Independent Auditor's Report to the members of diecompany on the financial Statements for the year ended 31st March .2019.wereport that :

1. (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 are proper) 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 189 of the companies Act-2013. lienee this clause is not applicable to the company.

IV. 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 ( I)of Section 148 of the Act.

V. (a) The company is regular in depositing with appropriate authorities undisputedstatutory dues applicable to it.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of income tax. wealth tax. services tax. sales tax custom duty exciseduty and cess were in arrears as at 31 March. 20l() for a period of more thansix months from the date they became payable.

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

VII. In our opinion and according to the information and explanation given to us theCompanx has maintained adequate documents and record in cases where the complain hasgranted loans 01 advances on the basis of security by way of pledge of shares debenturesand other securities.

VIII. 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 shares debentures and other securities have been held by the company in itsown name except to the Company.

IX. 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.

X. The Company has not taken any term loan during the current financial year henceclause-4(xvi) of the Companies (Auditor's Report) Order 2013 is not applicable to theassessee company.

XI. According to the information and explanations given to us and based on ourexamination of the records of the company .the company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

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

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

XIV. In our opinion and according to the information and explanation given to us andbased on our examination of the records of the company the Company has not madepreferential allotment or Private Placement of Shares or fully or Partly convertibleDebenture during the year.

XV. In our opinion and according to the information and explanation given to us theCompany is not a nidhi company.

XVI The company has registered with RBI under section 45-IA of the RBI Act 1934.