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Capital India Finance Ltd.

BSE: 530879 Sector: Financials
NSE: N.A. ISIN Code: INE345H01016
BSE 00:00 | 16 Jul 286.50 -5.80
(-1.98%)
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286.50

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286.50

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286.50

NSE 05:30 | 01 Jan Capital India Finance Ltd
OPEN 286.50
PREVIOUS CLOSE 292.30
VOLUME 25
52-Week high 350.20
52-Week low 13.50
P/E 421.32
Mkt Cap.(Rs cr) 1,237
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 286.50
CLOSE 292.30
VOLUME 25
52-Week high 350.20
52-Week low 13.50
P/E 421.32
Mkt Cap.(Rs cr) 1,237
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Capital India Finance Ltd. (CAPITALINDIA) - Auditors Report

Company auditors report

TO THE MEMBERS OF CAPITAL INDIA FINANCE LIMITED (formerly known as Bhilwara Tex-FinLimited)

Report on the Standalone Financial Statements

We have audited the accompanying financial statements ('standalone financialstatements') of Capital India Finance Limited (formerly known as Bhilwara Tex-Fin Limited)("the Company") which comprise the Balance Sheet as at 31 March 2018 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of the 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 stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting 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.

Auditors' Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased 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 there under. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the standalone financial statements arefree from material misstatement. An audit involves performing procedures to obtain auditevidence about the amounts and the disclosures in the standalone financial statements. 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. In making those risk assessments the auditor considers internal financialcontrol relevant to the Company's preparation of the standalone financial statements thatgive a true 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 and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

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 the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31 March 2018 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in the"Annexure (A)" a statement on the matters specified in paragraphs 3 and 4 of theOrder to the extent applicable.

As required by Section 143(3) of the Act we report to the extent applicable 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 standalone financial statements comply with theAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the Directors as on 31March 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 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 over financialreporting of Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

(g) 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)There is no pending litigation which would have its impact on standalone financialstatement of the Company.

(ii) The Company has made provision where ever required as required under theapplicable law or accounting standards for material foreseeable losses if any on thelong term contract and company has not entered in any derivative contracts under audit.

(iii) There are no amounts required to be transferred to the Investor Education andProtection Fund by the Company.

For DIVYANK KHULLAR & ASSOCIATES

Chartered Accountants

Firm Registration No. : 025755N

Sd/-

Divyank Khullar

(Proprietor)

Membership No.: 528399

Place: New Delhi

Date: 3 May 2018

ANNEXURE (A) TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONEFINANCIAL STATEMENTS OF CAPITAL INDIA FINANCE LIMITED (formerly known as Bhilwara Tex-finLimited)

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the standalone financial statements for the year ended 31 March 2018 we report that:(i) (a) According to the information and explanations given to us the Company hasmaintained proper records showing full particulars including quantitative details andsituation of fixed assets (property plant and equipment).

(b) According to the information and explanations given to us the Company has aregular programme of physical verification of its property plant and equipment by whichall fixed assets (property plant and equipment) are verified at reasonable intervals.According to that programme the Company has during the year physically verified certainassets and no material discrepancies were noticed during physical verification of fixedassets (property plant and equipment).

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company didn't have any immovableproperties in its name and therefore the paragraph 3(i)(c) of the Order is not applicableto the Company.

(ii) As per the information and explanations provided to us the Company is in thebusiness of Non-Banking Financial Institution ('NBFC') without accepting public depositsand does not hold any physical inventories; hence the paragraph 3(ii) of the Order is notapplicable to the Company.

(iii) In our opinion and according to the information and explanations provided to usthe Company has granted loans to a Company covered in the register maintained undersection 189 of the Companies Act 2013 ('the Act').

(a) In our opinion the rate of interest and other terms and conditions on which theloans had been granted to the Company listed in the register maintained under section 189of the Act were not prima facie prejudicial to the interest of the Company; (b) In thecase of the loans granted to Company listed in the register maintained under section 189of the Act the borrower has been regular in the repayment of the principal and payment ofinterest on such loans as and when demanded by the Company as stipulated; (c) There is nooverdue amount in respect of the loans granted to a Company listed in the registermaintained under section 189 of the Act; (iv) In our opinion and according to theinformation and explanations provided to us the Company has complied with provisions ofsection 186 of the Act with respect to the loans investments guarantees and securitiesmade. Further the Company is exempted from compliance of section 185 of the Act.

(v) According to the information and explanations provided to us the Company has notaccepted any deposits from the public. Accordingly the directives issued by Reserve Bankof India and the provisions of section 73 to 76 or any other relevant provisions of theAct and rules framed thereunder are not applicable.

(vi) According to the information and explanations provided to us the CentralGovernment has not specified for maintenance of cost records under section 148(1) of theCompanies Act 2013 in respect of the activities carried on by the Company. Hence theprovisions of paragraph 3(vi) of the Order is not applicable to the Company.

(vii) In respect of statutory dues;

(a) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company is regular in depositing withappropriate authorities undisputed statutory dues including provident fund income-taxservice tax goods and service tax and other material statutory dues as applicable. Asexplained to us the Company did not have any dues on account of employees' stateinsurance.

Further there are no undisputed amounts payable outstanding as at 31 March 2018 for aperiod of more than six months from the date they become payable.

(b) According to the information and explanations given to us there are no materialstatutory dues which have not been deposited with the appropriate authorities on accountof any dispute.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in repayment of dues to financial institutions. Further theCompany did not have any outstanding dues to banks Government or debenture holders duringthe year.

(ix) According to the information and explanations provided to us the company hasraised share application money by way of further public offer against which shares has notbeen allotted and the same has been reflected under "share application money pendingallotment" in the standalone financial statements and not availed the facility ofterm loans during the year.

(x) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us no fraud on or by the companyor any fraud by its officers or employees was noticed or reported during the year.

(xi) To the best of our knowledge and according to the information and explanationsgiven to us the Company has paid/provided for managerial remuneration in accordance withthe requisite approvals mandated by the provisions of section 197 read with Schedule V ofthe Companies Act 2013.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(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 sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the standalone financial statements as required by theapplicable accounting standards.

(xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under audit.

(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 non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable; (xvi) To the best of our knowledge and according to theinformation and explanations given to us the company has registered under section 45-IAof the Reserve Bank of India Act 1934.

For DIVYANK KHULLAR & ASSOCIATES

Chartered Accountants

Firm Registration No. : 025755N

Sd/-

Divyank Khullar

(Proprietor)

Membership No.: 528399

Place: New Delhi

Date: 3 May 2018

ANNEXURE- (B) TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONEFINANCIAL STATEMENTS OF CAPITAL INDIA FINANCE LIMITED (formerly known as Bhilwara Tex-finLimited) Report on the Internal Financial Controls under Clause (i) of Sub-section 3 ofSection 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of CAPITALINDIA FINANCE LIMITED (formerly known as Bhilwara Tex-fin Limited) ("theCompany") as of 31 March 2018 in conjunction with our audit of the standalonefinancial statements of the Company for 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". These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

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 Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(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 and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls 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 auditor's 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 my 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 standalone 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 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 standalonefinancial statements in accordance with generally accepted accounting principles andthose receipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effect on the standalonefinancial 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 controlover 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 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"the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India".

For DIVYANK KHULLAR & ASSOCIATES

Chartered Accountants

Firm Registration No. : 025755N

Sd/-

Divyank Khullar

(Proprietor)

Membership No.: 528399

Place: New Delhi

Date: 3 May 2018