To the Members of
Baid Leasing and Finance Co. Ltd.
"Baid House" lind Floor 1
Tara Nagar Ajmer Road
Jaipur - 302006
Report on the Financial Statements
We have audited the accompanying financial statements of Baid Leasing and FinanceCo. Ltd. CIN: L65910RJ1991PLC006391 which comprise the Balance Sheet as at 31st March2016 the Statement of Profit and Loss for the year then ended Cash Flow Statement and asummary of the 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 preparation ofthese financial statements that give a true and fair view of the financial position andfinancial performance of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
Our responsibility is to express an opinion on these financial statements based on ouraudit. 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 thereunder.
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 financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation 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 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 31stMarch 2016 and its profit fortheyear ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order 2015 ("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.
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 forthe 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 and the Statement of Profit and Loss dealt with by this Reportare 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 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms of Section164 (2) of the Act.
(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 does not have any pending litigations other than those disclosed in NoteNo. lof the Significant Accounting Policies and Notes on Accounts which would impact itsfinancial position;
ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
iii. there were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
| ||For Khilnani & Associates |
| ||Chartered Accountants |
|Place Jaipur ||Sd/- K.K. Khilnani |
|Date :07-05-2016 ||Partner |
| ||M. No.: 072736 |
| ||FRN. 005776C |
Annexure to the Auditors Report
The Annexure referred to in our report to the members of BAID LEASING AND FINANCECO. LTD. ('The Company') for the year ended 31-03-2016.We report that
|(i) Fixed Assets (a) whether the company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets; ||YES |
|(b) whether these fixed assets have been physically verified by the management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so whether the same have been properly dealt with in the books of account: ||YES |
|(c) Whether title deeds of immovable properties are held in the name of the company. If not provide details thereof. ||YES |
|(ii) Inventory || |
|(a) whether physical verification or inventory has been conducted at reasonable intervals by the management; ||YES |
|(b) are the procedures of physical verification of inventory followed by the management reasonable and adequate in relation to the size of the company and the nature of its business If not the inadequacies in such procedures should be reported; ||YES |
|(c) whether the company is maintaining proper records of inventory and whether any material discrepancies were noticed on physical verification and if so whether the same have been properly dealt with in the books of account; ||YES |
|(iii) Loan given by Company || |
|Whether the company has granted any loans secured or unsecured to companies firms or other parties covered in the register maintained under section 189 of the Companies Act. If so ||NO |
|(a) whether receipt or the principal amount and interest are also regular; and ||NOT APPLICABLE |
|(b) if overdue amount is more than rupees one lakh whether reasonable steps have been taken by the company for recovery of the principal and interest; ||NOT APPLICABLE |
|(iv) Internal Control System || |
|(a) is there an adequate internal control system commensurate with the si^e || |
|of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. ||YES |
|(b) Whether there is a continuing failure to correct major weaknesses in internal control system. ||No |
|(v) Deposits || |
|in case the company has accepted deposits whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under where applicable have been complied with? if not the nature of contraventions should be stated; If an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal whether the same has been complied with or not? ||COMPANY HAS NOT ACCEPTED DEPOSITS FROM PUBLIC |
|(vi) Cost Records where maintenanceofcost recordshas been specified by the Central Government under sub-section (1) of section 148 of the Companies Act whether such accounts and records have been made and maintained ||NOT SPECIFIED BY THE CENTRAL GOVERNMENT |
|(vii) Statutory Dues (a) is the company regular in depositing undisputed statutory dues including provident fund employees' state insurance income-tax sales-Tax wealth tax service tax duty of customs duty of excise value added tax cess and any other statutory dues with the appropriate authorities and if not the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable shall be indicated by the auditor ||YES EXCEPT INCOME TAX(TDS) WHERETHERE HAVE BEEN SOME DELAYS BUT SUCH DELAYS HAVE NOT BEEN MATERIAL IN OUR OPINION. >6 MONTHS OUTSTANDING: NIL |
|(b) in case dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of any dispute then the amounts involved and the forum where dispute is pending shall be mentioned. (A mere representation to the concerned Department shall not constitute a dispute). ||NOT APPLICABLE |
|(c) whether the amount required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act 2013and rules made thereunder has been transferred to such fund within time. ||NOT APPLICABLE |
|(viii) Cash and Accumulated losses whether in case of a company which has been registered for a period not less than five years its accumulated losses at the end of the financial year are not less than fifty per cent of its net worth and whether it has incurred cash losses in such financial year and in the immediately preceding financial year; ||NOT APPLICABLE |
|(ix) Repayment of Dues whether the company has defaulted in repayment of dues to a financial institution or bank or debenture holders? If yes the period and amount of default to be reported; ||NO |
|(x) Guarantee for Loans whether the company has given any guarantee for loans taken by others from bank or financial institutions the terms and conditions whereof are prejudicial to the interest of the company; ||NO |
|(xi) Usage of Term Loan whether term loans were applied for the purpose for which the loans were ||YES |
|obtained; || |
|(xii) Reporting of Fraud whether any fraud on or by the company has been noticed or reported during the year; If yes the nature and the amount involved is to be indicated. ||No fraud noticed |
|FOR KHILNANI & ASSOCIATES || |
|Chartered Accountants || |
|Sd/- || |
|K.K.KHILNANI ||Place: Jaipur |
|Partner ||Date: 07-05-2016 |
|M. No. 07 2736 || |
|FRN. 005776C || |