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Available Finance Ltd.

BSE: 531310 Sector: Financials
NSE: N.A. ISIN Code: INE325G01010
BSE 00:00 | 07 Nov 6.42 0
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6.42

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6.42

NSE 05:30 | 01 Jan Available Finance Ltd
OPEN 6.42
PREVIOUS CLOSE 6.42
VOLUME 200
52-Week high 9.36
52-Week low 6.42
P/E
Mkt Cap.(Rs cr) 7
Buy Price 6.42
Buy Qty 800.00
Sell Price 7.08
Sell Qty 1000.00
OPEN 6.42
CLOSE 6.42
VOLUME 200
52-Week high 9.36
52-Week low 6.42
P/E
Mkt Cap.(Rs cr) 7
Buy Price 6.42
Buy Qty 800.00
Sell Price 7.08
Sell Qty 1000.00

Available Finance Ltd. (AVAILABLEFIN) - Auditors Report

Company auditors report

The Members of

Available Finance Limited

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying Standalone financial statements of AvailableFinance Limited (‘the Company') which comprise the balance sheet as at 31stMarch 2018 the statement of profit and loss the cash flow statement for the year thenended and a summary of significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone 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 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 ofthe Standalone 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 Standalonefinancial statements based on our audit.

We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditingspecified under Section 143(10) of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the Standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and the disclosures in the Standalone financial statements. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the Standalone financial statements whether due to fraud orerror. In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone financial statements that give atrue and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the Standalone financialstatements.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Standalone financialstatements.

OPINION

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at 31 March 2018 and its profit and its cash flows for the yearended on that 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 of the Act we give in the "Annexure A" a statementon the matters specified in the paragraph 3 and 4 of the order.

2. As required by Section 143 (3) of the Act we report that:

(a) we have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

(b) in our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books; (c) thebalance sheet the statement of profit and loss and the cash flow statement dealt with bythis Report are in agreement with the books of account; (d) in our opinion the aforesaidStandalone financial statements comply with the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014; (e) onthe basis of the written representations received from the directors as on 31st March 2018taken on records by the Board of Directors none of the directors disqualified as on 31stMarch 2018 from being appointed as a director in terms of section 164(2) of the Act; (f)with respect to the adequacy of the internal financial controls over financial reportingof the Company and the operating effectiveness of such controls refer to our separatereport in "Annexure B"; and (g) with respect to the other matters to beincluded in the Auditor's Report in accordance with Rule 11 of the Companies (Audit andAuditors) Rules 2014 in our opinion and to the best of our information and according tothe explanations given to us: i. The Company has disclosed the impact of pendinglitigations on its financial position in its Standalone financial statements – Referto Note 17 (B)(2) to the Standalone financial statements; ii. The Company has no materialforeseeable losses on long-term contracts including derivative contracts as required underthe applicable laws or accounting standards; iii. There is no amount required to betransferred to the Investor Education and Protection Fund by the Company.

Statutory Auditors

For Mahendra Badjatya & Co

Chartered Accountants

ICAI FRN 001457C

CA M.K Badjatya

Partner ICAI MNO 070578

Date: 30 May 2018 Place: Indore

Annexure "A" to Independent Auditor's Report

The Annexure required under CARO 2016 referred to in our Report to themembers of the Available Finance Limited ("the Company") for the yearended 31st March 2018 and according to information and explanations given to us wereport as under: (i) (a) The company has maintained adequate records showing generalparticulars including quantitative details and situation of its fixed assets.

(b) The fixed assets have been physically verified by the managementduring the year in accordance with a regular programme of verification which in ouropinion is reasonable having regard to the size of the company and the nature of itsassets. The discrepancies noticed on such verification which were not material have beenproperly dealt with in the books of account.

(c) The company does not have any immovable property; therefore therequirement of this clause is not applicable to the company.

(ii) The nature of the company's business is such that it is notrequired to hold any inventories.

(iii) The company is a registered Non Banking Financial company (NBFC)and during the ordinary course of its business the company has not granted any unsecuredloans during the year to a party covered in the register maintained U/s 189 of thecompanies act 2013 and (a) The terms and conditions of the grant of such loans are notprejudicial to the interest of the company.

(b) The schedule of repayment of principal and payment of interest hasnot been stipulated however the repayment of such loans is received on the basis of mutualunderstanding.

(iv) The company is a registered Non-Banking Financial company (NBFC)and provided loans in its ordinary course of business and in respect of such loans theinterest is charged over and above the bank rate declared by Reserve Bank of India (RBI).Accordingly the provisions of section 185 of the companies act 2013 are complied with.The provisions of the section 186 of the companies act 2013 are not applicable to thecompany.

(v) The company has neither invited nor accepted any deposits from thepublic during the period under audit.

As such requirement of clause (v) of the aforesaid order is notapplicable.

(vi) Since the company is a registered NBFC company and is carrying onthe business of financial services therefore the requirement of maintenance of costrecords under sub section (1) of section 148 of the Companies Act 2013 are not applicableto the company.

(vii) (a) According to the records of the Company it is generallyregular in depositing undisputed statutory dues including Provident Fund Employees stateinsurance Income Tax Goods & Service Tax Duty of Custom Duty of Excise ValueAdded tax Cess and any other statutory dues whichever is applicable to the company withthe appropriate authorities during the year and no undisputed amounts were outstanding asat 31st March 2018 for a period of more than six months from the date they becomepayable.

(b) The following dues of Income Tax have not been deposited by thecompany on account of disputes: -

Name of statute Nature of Dues

Demand

Deposit

Balance Outstanding

Period to which Amount Relates (A.Y.)

Forum where dispute is pending
LIGN=TOP>

(in )

(in )

(in )

Income Tax Act 1961 Income Tax

227040

0

227040

2014-15

CIT
Income Tax Act 1961 Income Tax

6472090

1872920

4598170

2015-16

CIT Appeals Indore
Total

6699130

1872920

4825210

(viii) The company has not taken any loan from any financialinstitution or bank or from debenture holders or from Government.

(ix) During the year under report the company has not raised any moneyby way of initial public offer or further public offer (including debt instruments) yearand also not obtained any term loan.

(x) Based upon the audit procedures performed during the year no fraudby the company or on the company by its officers or employees has been noticed or reportedduring the course of our audit; (xi) To the best of our knowledge and belief and accordingto the information and explanation given to us managerial remuneration has beenpaid/provided in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the act.

(xii) In our opinion the Company is not a Nidhi company. Accordinglyparagraph 3(xii) of the order is not applicable. (xiii) In our opinion all transactionswith the related parties are in compliance with section 177 and 188 of Companies Act 2013wherever applicable and the details of such transaction have been disclosed in thestandalone financial statement as required by the applicable standards.

(xiv) To the best of our knowledge and belief the Company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review. Consequently requirements of clause (xiv) ofparagraph 3 of the order are not applicable.

(xv) In our opinion the company has not entered into any non cashtransaction with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe order is not applicable.

(xvi) The company is a registered NBFC company U/s 45IA of the ReserveBank of India Act 1934 vide registration no

B-03.00034 dated 26/02/1998 in category Non-Banking FinancialInstitution without accepting public deposit and accordingly the company is carryingon financial Services business.

Statutory Auditors

For Mahendra Badjatya & Co

Chartered Accountants

ICAI FRN 001457C

CA M.K Badjatya

Partner ICAI MNO 070578

Date: 30 May 2018 Place: Indore

Annexure - B to the Independent Auditors' Report

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

We have audited the internal financial controls over financialreporting of Available Finance Limited ("the Company") as of 31st March2018 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 andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India (the"Guidance Note"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the Standalone financial statements whether due tofraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 FINANCIALREPORTING

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion and to the best of our information and according to theexplanation given to us the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note.

Statutory Auditors

For Mahendra Badjatya & Co

Chartered Accountants ICAI FRN 001457C

CA M.K Badjatya

Partner ICAI MNO 070578

Date: 30 May 2018 Place: Indore