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First Leasing Company of India Ltd.

BSE: 500145 Sector: Financials
NSE: FIRSTLEASE ISIN Code: INE492B01019
BSE 00:00 | 02 Mar First Leasing Company of India Ltd
NSE 05:30 | 01 Jan First Leasing Company of India Ltd
OPEN 3.80
PREVIOUS CLOSE 3.79
VOLUME 3090
52-Week high 3.99
52-Week low 0.00
P/E 0.25
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.80
CLOSE 3.79
VOLUME 3090
52-Week high 3.99
52-Week low 0.00
P/E 0.25
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

First Leasing Company of India Ltd. (FIRSTLEASE) - Auditors Report

Company auditors report

FIRST LEASING COMPANY OF INDIA LIMITED ANNUAL REPORT 2011-2012 AUDITORS' REPORT To The Members of First Leasing Company of India Ltd. 1. We have audited the attached Balance Sheet of First Leasing Company of India Limited, ('the Company') as at 31st March 2012, the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor's Report) Order, 2003, issued by the Central Government, in terms of sub-section (4A) of section 227 of the Companies Act, 1956, and on such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order, to the extent they are applicable to the Company. 4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that: i) We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit; ii) In our opinion, proper books of account as required by law, have been kept by the Company so far as appears from our examination of those books; iii) The Balance Sheet, the Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account; iv) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the Act. v) On the basis of written representations received from the Directors, as on 31st March 2012, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; vi) The question of provision/payment of cess under section 441 A of the Companies Act 1956, does not arise as the said section is yet to be notified; vii) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon attached thereto, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2012; b) In the case of the Statement of Profit and Loss, of the Profit, of the Company, for the year ended on that date; and c) In the case of Cash Flow Statement, of the cash flows of the Company, for the year ended on that date. For SARATHY & BALU Chartered Accountants FRN - 03621S CA. N. R. SRIDHARAN Place: Chennai Partner Date : 28th May 2012 M. No. 015527 Annexure to the Auditors' Report: (i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) The fixed assets other than assets on lease have been physically verified by the management at reasonable intervals during the year. We have been informed that no material discrepancy was noticed on such physical verification. (c) During the year, the Company has not disposed off substantial part of fixed assets, which would affect its status as going concern. (ii) The Company does not have any inventory, except the stock on hire, the legal ownership of which is to be transferred to the hirers on receipt of the last installment from them. The above said stocks on hire have been physically verified by the management during the year. In our opinion, the frequency of verification of the same is reasonable. (iii) (a) As the Company has not granted any loan, secured or unsecured to companies, firms or other parties listed in the registers maintained under section 301 of the Act, the question of reporting on rate of interest, other terms and conditions, regularity in repayment of the principal, interest and details of overdue amounts of loans granted does not arise. (b) The Company has not taken any loan, secured or unsecured, from any Director or their relative, listed in the register maintained under section 301 of the Act. (iv) In our opinion and according to information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to purchase of Fixed assets and sale of goods and services. In our opinion, there is no continuing failure to correct major weaknesses in the internal control system. (v) According to the information and explanations given to us, we are of the opinion that there are no contracts or arrangements, the particulars of which need to be entered in the register maintained under section 301 of the Act. (vi) The Company has accepted deposits from public. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 58A, 58AA or any other relevant provisions of the Act and the directions issued by the Reserve Bank of India. (vii) In our opinion, the company has an internal audit system, managed by a firm of Chartered Accountants appointed by the Management, which is commensurate with its size and nature of business. (viii) The Central Government has prescribed maintenance of Cost records under Section 209(1)(d) of the Act, in respect of business relating to Electricity generated from wind power by the Company. We have broadly reviewed the accounts and records of the company in this connection and are of the opinion, that prima-facie, the prescribed accounts and records have been generally made and maintained. We have not however, made a detailed examiners of the same. (ix) (a) According to the records of the company and information and explanations given to us, the Company has been regular in depositing with appropriate authorities undisputed Statutory dues including Provident Fund, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Cess and other Statutory dues wherever applicable. We are informed that the provisions of Employees State Insurance Act and Central Excise Act are not applicable to the Company. (b) According to the records of the Company and information and explanations given to us, there is disputed Sales Tax demand from different States for a sum aggregating to Rs. 1,644.72 Lakhs against which the appeals are pending. (Before AACs and Commissioners - Rs. 1,272.15 Lakhs: Tribunals - Rs. 287.06 Lakhs: Revisional Board - Rs. 20.79 Lakhs and High Courts - Rs. 64.72 Lakhs). According to the records of the Company and information and explanations given to us, there are disputed Income Tax demands for a sum of Rs.1,841.29 Lakhs, in respect of which appeals are pending before the Hon'ble High Court of Madras (Rs. 1,301.86 Lakhs), Income tax Appellate Tribunal (Rs.348.65 Lakhs) and before the Chief Commissioner of Income Tax, Chennai (Rs. 190.78 Lakhs). The Company has paid a sum of Rs. 921.94 Lakhs, under protest. According to the records of the Company and information and explanations given to us, there is disputed Fringe Benefit Tax for a sum of Rs. 22.58 Lakhs, which has not been deposited, against which a writ petition is pending before the Hon'ble Supreme Court of India. (x) The Company does not have any accumulated losses, as at the end of the year. The company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. (xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions, banks or debenture holders. (xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) The Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore the provisions of Clause 4 (xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable. (xiv) In our opinion and according to the information and explanations given to us, the Company does not deal/trade in shares, securities, debentures and other investments. (xv) According to the information given to us the Company has not given any guarantee for loans taken by others from bank or financial institutions. (xvi) To the best of our knowledge and belief and according to the information and explanations given to us, term loans were applied for the purpose for which the loans were obtained. (xvii) According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that funds raised on short-term basis have not been used for long-term investment. (xviii) According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. (xix) According to information and explanation given to us and the records examined by us, securities/Charges have been created in respect of the debentures issued. However there are no outstanding on the reporting date. (xx) During the period covered by our audit the company had not raised any money by public issue. (xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year under report. For SARATHY & BALU Chartered Accountants FRN - 03621S CA. N. R. SRIDHARAN Place: Chennai Partner Date : 28th May 2012 M. No. 015527