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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 41.40
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VOLUME 10
52-Week high 59.25
52-Week low 13.80
P/E 17.04
Mkt Cap.(Rs cr) 83
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 41.40
CLOSE 41.40
VOLUME 10
52-Week high 59.25
52-Week low 13.80
P/E 17.04
Mkt Cap.(Rs cr) 83
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

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

Opinion

We have audited the accompanying standalone financial statements of Apoorva LeasingFinance and Investment Company Limited ("the company") which comprise theBalance Sheet as at March 31 2021 the Statement of Profit and Loss (including othercomprehensive income) statement of changes in Equity and Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation (hereinafter referred to as "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 Companies act 2013 ("the act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the act read with the companies (Indian Accounting Standards) rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the company as at March 31 2021 the profit and total comprehensiveincome changes in equity and its cash flows for the year ended on that date.

Basis for opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor’sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made there under and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI’s Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the standalone financial statements.

Key audit matters

Key audit matters are those matters that in our professional judgment were of utmostsignificance in our audit of the standalone financial statements for the period endedMarch 31 2021. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined that there are no key auditmatters to communicate in our report. Following are the two key audit matter that requiredsignificant auditor attention.

1. We have relied on the order of NCLAT regarding company’s classificationas Non-NBFC.

2. Impact of COVID-19:-

The continuous spreading of COVID -19 across India has resulted in restriction onphysical visit to the client locations and the need for carrying out alternative auditprocedures as per the Standards on Auditing prescribed by the Institute of CharteredAccountants of India (ICAI). As a result of the above the entire audit was carried outbased on remote access of the data as provided by the management of the Company. This hasbeen carried out based on the advisory on "Specific Considerations while conductingDistance Audit/ Remote Audit/ Online Audit under current Covid-19 situation" issuedby the Auditing and Assurance Standards Board of ICAI. We have been represented by themanagement of the Company that the data provided for our audit purposes is correctcomplete reliable and are directly generated by the accounting system of the Companywithout any further manual modifications.

Impact of COVID-19 pandemic on the future financial performance and position of theCompany (as described in Note 4.17 of Notes to Standalone Financial Statements) the extentto which the COVID-19pandemic will impact the Company’s financial performance andposition will depend on future developments which are highly uncertain.

Our audit procedures considered the guidance laid down by the ICAI Accounting &Auditing Advisory March 2020 – Impact of Corona virus on Financial Reporting and theAuditors Consideration.

We bring to the attention of the users that the audit of the financial statements hasbeen performed in the aforesaid conditions.

We considered the above guidance and appropriately applied to our response tomodification of our audit procedures to obtain sufficient appropriate audit evidence onthe significant audit areas and reached appropriate conclusions thereon.

Information Other than the Standalone Financial Statements and Auditor’s ReportThereon

The Company’s Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board’s Report including Annexures to Board’s ReportBusiness Responsibility Report Corporate Governance and Shareholder’s Informationbut does not include the standalone financial statements and our auditor’s reportthereon.

Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.

Based on the work we have performed if we conclude that there is a materialmisstatement of this other information we are required to report that fact.

We have nothing to report in this regard.

Management's Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated u/s 134(5)of the Companies Act 2013 ("the Act") with respect to the preparation andpresentation of these standalone financial statements that give a true and fair view ofthe financial position financial performance including other comprehensive incomechanges in equity and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)notified under the companies (Indian Accounting Standards) Rules2015 as amended by thecompanies (Indian Accounting Standards) Rules2017 u/s 133 of the Companies Act2013.Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the standalone financial statements management is responsible forassessing the Company’s ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company’s financialreporting process.

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor’s report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these standalone financial statements. As part of an auditin accordance with SAs we exercise professional judgment and maintain professionalskepticism throughout the audit. We also:

? Identify and assess the risks of material misstatement of the standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

? Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act 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 concernbasis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany’s ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor’s report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor’s report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

? Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosures and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in

(i) planning the scope of our audit work and in evaluating the results of ourwork; and

(ii) to evaluate the effect of any identified misstatements in the financialstatements.

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 alsoprovide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence and to communicate with them allrelationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards. From the matters communicated withthose charged with governance we determine those matters that were of most significancein the audit of the standalone financial statements of the current period and aretherefore the key audit matters. We describe these matters in our auditor’s reportunless law or regulation precludes public disclosure about the matter or when inextremely rare circumstances we determine that a matter should not be communicated in ourreport because the adverse consequences of doing so would reasonably be expected tooutweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirement

1. As required by the Companies (Auditor’s Report) Order 2016("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" a statement on the mattersSpecified in 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 thebest of 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 bythe Company so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss (including othercomprehensive income) statement of change in Equity and Cash Flow Statement dealt with bythis Report are in agreement with the books of account maintained for the purpose ofpreparation of these standalone financial statements.

d) In our opinion the aforesaid standalone financial statements comply with theIndian Accounting Standards (Ind AS)notified under the companies (Indian AccountingStandards) Rules 2015 as amended by the companies (Indian Accounting Standards) Rules2017 under Section 133 of the Companies Act 2013.

e) On the basis of written representations received from the directors as on 31March 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2021 from being appointed as a director in terms of Section164(2) of the Act.

f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in ‘Annexure B’. Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company’s internalfinancial controls over financial reporting.

g) With respect to the other matters to be included in the Auditor’s Reportin accordance with the requirements of section 197(16) of the Act as amended.

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditor’s Reportin accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amendedin our opinion and to the best of our information and according to the explanations givento us :

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

ii. The Company has made provision as required under the applicable law oraccounting standards for material foreseeable losses if any on long-term contractsincluding derivative contracts.

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

For PAWAN NANAK BANSAL & CO.

Chartered Accountants

(FRN: 008953C)

Place: Noida

Date: 30/06/2021

PAWAN BANSAL

Partner

Membership No.:078542

UDIN: 21078542AAAAGC3151

Annexure-A to audit report for F.Y.2020-21

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

(Referred to in paragraph 1under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date)

Report on Companies (Auditor’s Report) Order 2016 (‘the Order’) issuedby the Central Government in terms of Section 143(11) of the Companies Act 2013(‘the Act’) of Apoorva Leasing Finance and Investment Company Limited (‘theCompany’)

(i) (a) The Company has maintained proper records showing full particularsincluding quantitative 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 property plant and equipment at reasonableintervals. According to the information and explanations given to us no materialdiscrepancies were noticed on such verification.

(c) According to information and explanation given to us and verified by us the titledeed of some of the properties are not in the name of the company. The title deed offollowing properties are not in the name of company. Flat No. 307 Vasant Kunj Flat No.403 Vasant Kunj Flat at Gayatri LifeNoida Flat at sunworld AristaNoida.

(ii) (a) As explained to us inventories have been physically verified duringthe year by the management at reasonable intervals. No material discrepancy was noticed onphysical verification of stocks by the management 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 theloans given 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 tous the company has not granted any loans to parties covered under the provisions ofsection 185 however the company have made investments during the year while complyingwith the provisions 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 2021 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 CentralGovernment has not prescribed maintenance of cost records under sub section 1 of section148 of the Companies Act in respect of any of the products of the company.

(vii) (a) According to the information and explanations given to us the companyis regular in depositing with appropriate authorities undisputed statutory dues includingprovident fund employee’s state insurance income tax wealth tax Goods and 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 2021 for a period of more than sixmonths from the date on when they become payable.

(b) According to the information and explanations given to us there are no dues ofIncome-tax Duty ofcustoms Duty of excise Sales tax Service tax Value added tax andGoods and Services tax as at March 31 2020 which have not been deposited with theappropriate authorities on account of any dispute except as stated below:

Name of Act Nature of Dues Amount Demanded( in Lacs) Amount not deposited under dispute (in Lacs) Period to which amount relates Forum where dispute is pending
Income Tax act Tax Interest & Penalty 59.52 47.52 A.Y. 2011-12 Commissioner of Income Tax (Appeal) Delhi-1

(viii) In our opinion and according to the information and explanations given tous the 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 givenby the management the company has not raised moneys by way of initial public offer orfurther public offer including debt instruments and term Loans. Accordingly theprovisions of clause 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 bythe company has been noticed or reported during the course of our audit.

(xi) In our opinion and according to the information and explanations given tous the Company has paid / provided managerial Remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct.

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

(xiii) According to the information and explanations given to us and based onour examination of the records of the company transactions with the related parties arein compliance 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 orprivate placement of shares or fully or partly convertible debentures and hence reportingunder clause 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 PAWAN NANAK BANSAL & CO.

Chartered Accountants

(FRN: 008953C )

Place: Noida

Date: 30/06/2021

PAWAN BANSAL

Partner

Membership No.:078542

UDIN: 21078542AAAAGC3151

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 312021 in conjunction with our audit of the standalone 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’).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to Company’s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that :

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company’s assets that could havea 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 and to the best of our information and according to the explanationsgiven to us the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 31 2021 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For PAWAN NANAK BANSAL & CO.

Chartered Accountants

(FRN: 008953C )

Place: Noida

Date: 30/06/2021

PAWAN BANSAL

Partner

Membership No.:078542

UDIN: 21078542AAAAGC3151

.