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Apoorva Leasing Finance & Investment Co Ltd.

BSE: 539545 Sector: Financials
NSE: N.A. ISIN Code: INE217S01014
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NSE 05:30 | 01 Jan Apoorva Leasing Finance & Investment Co Ltd
OPEN 12.30
PREVIOUS CLOSE 12.30
VOLUME 155
52-Week high 34.00
52-Week low 9.51
P/E 5.42
Mkt Cap.(Rs cr) 25
Buy Price 12.30
Buy Qty 35.00
Sell Price 12.30
Sell Qty 219.00
OPEN 12.30
CLOSE 12.30
VOLUME 155
52-Week high 34.00
52-Week low 9.51
P/E 5.42
Mkt Cap.(Rs cr) 25
Buy Price 12.30
Buy Qty 35.00
Sell Price 12.30
Sell Qty 219.00

Apoorva Leasing Finance & Investment Co Ltd. (APOORVALEASING) - Auditors Report

Company auditors report

To

The Members of

Apoorva Leasing Finance & Investment Company Limited

Report on the standalone Financial Statements

We have audited the accompanying standalone Ind AS financial statements of ApoorvaLeasing Finance and Investment Company Limited which comprise the Balance Sheet as atMarch 31 2018 the Statement of Profit and Loss (including other comprehensiveincome)statement of changes in Equiityand Cash Flow Statement for the year then endedand 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 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 including other comprehensive income changes inequity and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) notifiedunder the companies (Indian Accounting Standards) Rules2015 as amended by the companies(Indian Accounting Standards) Rules2017 under section 133 of the companies Act2013.

This responsibility also includes the maintenance of adequate accounting records inaccordance with the provision of the Act for safeguarding of the assets of the Company andfor preventing and detecting the 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 control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standaloneInd AS financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit.

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 standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the standalone Ind AS financial statements. The procedures selected dependon the auditor's judgment including the assessment of the risks of material misstatementof the standalone financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the standalone Ind AS financial statements that give true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by Company's Directors as well asevaluating the overall presentation of the standalone Ind AS 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 Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS standalone financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the Ind AS and other accounting principles generally accepted in India of the stateof affairs of the Company as at 31st March 2018 its profit (including other comprehensiveincome) and its cash flows for the year ended on that date.

Other Matter

The comparative financial information of the Company for the year ended 31 March 2017and the transition date opening Balance Sheet as at 1st April 2016 included in thesestandalone Ind AS financial statements are basedon the previously issued statutoryfinancials statements prepared in accordance with the Accounting Standards notified undersection 133 of the Companies Act 2013 read together with paragraph 7 of the Companies(Accounts) Rules 2014 which were audited by other auditors we expressed the unmodifiedopinion for the years ended 31 March 2017 and 31 March 2016 respectively. Thesefinancial statements have been considered in the standalone Ind AS financial statementsafter adjustment for the differences in the accounting principles adopted by the Compnayon transition to the Ind AS as detailed in Note 31 of the standalone Ind AS financialstatements.

Report on Other Legal and Regulatory Requirement

1. As required by the Companies (Auditor's Report) Order 2016("the Order")issued by the Central Government of India in terms of subsection (11) of section 143 ofthe Act we give in the "Annexure A" a statement on the matters Specifiedin paragraphs 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 (including other comprehensiveincome) statement of change in Equityand Cash Flow Statement dealt with by this Reportare in agreement with the books of account maintained for the purpose of preparation ofthese standalone Ind AS financial statements.

d) In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards (Ind AS)notified under the companies ( Indian AccountingStandards) Rules2015 as amended by the companies (Indian Accounting Standards )Rules2017 under Section 133 of the Act 2013.

e) On the basis of written representations received from the directors as on 31 March2018 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2018 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 of the Company and the operating effectiveness of such controls refer to ourseparate Report in 'Annexure B'. Our report expresses an unmodified opinion on theadequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:

i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statement as referred to in note no.5.8 to thestandalone Ind AS financial statements.

ii. The Company did not have any long-term contracts including derivatives contractsfor 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 ANKUR VINOD& CO.
Chartered Accountants
(FRN: 014415C)
ANKUR AGRAWAL
Place: DELHI Proprietor
Date: 30/05/2018 Membership No.: 407510

Re: M/s Apoorva Leasing Finance and Investment Company Limited

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'section of our report of even date)

Report on Companies (Auditor's Report) Order 2016 ('the Order') issued by the CentralGovernment in terms of Section 143(11) of the Companies Act 2013 ('the Act') of ApoorvaLeasing Finance and Investment Company Limited ('the Company')

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of property plant and equipment.

(b) The property plant and equipment were physically verified during the year by theManagement in accordance with a regular programme of verification which in our opinionprovides for physical verification of all the propertyplant and equipment at reasonableintervals. According to the information and explanations given to us nomaterialdiscrepancies were noticed on such verification.

(c) According to information and explanation given to us and verified by us the titledeed of the assets covered under the head Property Plant and Equipment are in the name ofthe company.

(ii) (a) As explained to us inventories have been physically verified during the yearby the management at reasonable intervals.

No material discrepancy was noticed on physical verification of stocks by themanagement as compared to book records.

(iii) (a) According to our audit procedure and on the basis of information&explanations given to us the company has granted unsecured loans to parties covered inthe register maintained under section 189 of the Companies Act.

(b) The receipt of the principal amount and interest are also regular of the loansgiven as mentioned above.

(c) In view of 'b' above not applicable to the company.

(iv) In our opinion and according to the information and explanations given to us thecompany has not granted any loans to parties covered under the provisions of section 185however the company have made investments during the year while complying with theprovisions of section I86 of the Companies Act 2013

(v) The Company has not accepted deposits during the year and does not have anyunclaimed deposits as at March 31 2018 and therefore the provisions of the clause 3 (v)of the Order are not applicable to the Company.

(vi) According to the information and explanations given to us the Central Governmenthas not prescribed maintenance of cost records under sub section 1 of section 148 of theCompanies Act in respect of any of the products of the company.

(vii) (a) According to the information and explanations given to us the company isregular in depositing with appropriate authorities undisputed statutory dues includingprovident fund employee's state insurance income tax sales tax wealth tax ServiceTax custom duty excise duty cess and other material statutory dues applicable to it.According to the information and explanations given to us no undisputed amounts payablein respect of the above were in arrears as at March 31 2018 for a period of more than sixmonths from the date on when they become payable.

(viii) In our opinion and according to the information and explanations given to usthe company has not defaulted in repayment of dues to a financial institution bank ordebentures and other securities.

(ix) According to our audit procedure and the information and explanations given by themanagement the company has not raised moneys by way of initial public offer or furtherpublic offer including debt instruments and term Loans. Accordingly the provisions ofclause 3 (ix) of the Order are not applicable to the Company

(x) According to the information and explanations given to us no fraud on or by thecompany has been noticed or reported during the course of our audit.

(xi) In our opinion and according to the information and explanations given to us theCompany has paid / provided managerial Remuneration in accordance with the provisions ofSection 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company hence reporting under clause (xii) of the Order is notapplicable to the company.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the company transactions with the related parties are incompliance with section 177 and 188 of Companies Act 2013 and the details of suchtransactions have been disclosed in the standalone Financial Statements as required by theInd AS- Related Party Disclosures.

(xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause 3(xiv) of the Order is not applicable to the Company.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the company the company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3 (xv)of the Order is not applicable to the Company

(xvi) According to the explanations given to us by the company and as per themanagement due to its turnover in commodity future and option the company does notsatisfy the conditions required to get registered under section 45 IA of the Reserve Bankof India Act 1934.

For ANKUR VINOD & CO.
Chartered Accountants
(FRN: 014415C)
ANKUR AGRAWAL
Place: DELHI Proprietor
Date: 30/05/2018 Membership No.: 407510

ANNEXURE 'B' TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 2(f) under 'Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ('the Act')

We have audited the internal financial controls over financial reporting of ApoorvaLeasing Finance and Investment Company Limited ('the Company') as of March 31 2018 inconjunction with our audit of the standalone Ind AS financial statements of the Companyfor 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 internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (the 'Guidance Note'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

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 accordancewith the Standards on Auditing prescribed under Section 143(10) of the Act and theGuidance Note to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with the ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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 auditors' judgment including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror.

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 controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a 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 controlsover 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2018 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For ANKUR VINOD & CO.
Chartered Accountants
(FRN: 014415C)
ANKUR AGRAWAL
Place: DELHI Proprietor
Date: 30/05/2018 Membership No.: 407510