1. We have audited the accompanying financial statements of Haryana FinancialCorporation (HFC) which comprise of the Balance Sheet as at 31st March2017 and theStatement of Profit and Loss and cash flow statement for the year ended and a summary ofsignificant accounting policies and other explanatory information.
Management's responsibility for the Financial Statements
2. Management is reponsible for the preparation of these Financial Statements that givea true and fair view of the financial position and financial performance and the cash flowof the Corporation in accordance with the accounting standards and principles generallyaccepted in India and as per the requirements of Small Industries Development Bank ofIndia (SIDBI). This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the act for safeguarding the assets of theCorporation and for preventing and detecting frauds and other irregularities selectionand application of appropriate accounting policies making judgements and estimates thatare reasonable and prudent 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 financial statements that give a true and fair view and are free from materialmisstatements whether due to fraud or error.
3. Our responsibility is to express an opinion on these financial statements based onour audit. We conducted our audit in accordance with the standards on auditing issued bythe Institute of Chartered Accountants of India and provisions of section 37 of the StateFinancial Corporations Act 1951 as amended by SFCs (Amendment) Act 2000. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the fiinancial statements are free from materialmisstatements.
4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedure selected depend upon theauditor's judgement including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Corporation's preparation and fairpresentation of the financial statements in order to design audit procedure that areappropriate in the circumstances. but not for the purpose of expressing an opinion onwhether the Corporation has in place an adequate internal financial controls system overfinancial reporting
and the operating effectiveness of such controls. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements.
5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our Audit opinion.
6. In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true & fair view in conformity with the accountingprinciples laid down by SIDBI for SFCs and generally accepted in India ;
a) In the case of the Balance Sheet of the state of affairs of the Corporation as at31st March 2017
b) In the case of the Statement of Profit & Loss of the Loss for the year ended onthat date and
c) In the case of the Cash Flow Statement of the cash flow for the year ended on thatdate.
Report on other legal and Regulatory requirements
On the basis of our audit subject to Notes on Accounts as contained in Schedule"R" we report that ;
i) We have obtained all the information and explanations which to the best to ourknowledge and belief were necessary for the purpose of our audit.
ii) In our opinion proper books of accounts as required by law have been kept by theCorporation so far as appears from our examination of those books and proper returnsadequate for the purpose of our audit have been received from Branches.
iii) The Balance Sheet Statement of Profit & Loss and Cash Flow statements dealtwith by this Report are in agreement with books of accounts and with the returns receivedfrom the Branches.
iv) In our opinion the Balance Sheet Statement of Profit & Loss and Cash Flowstatements comply with the Accounting Standards and guide lines issued by SIDBI for SFCsfrom time to time.
v) The transactions of the Corporation that have come to our notice have been withinthe powers of the Corporation.
FORR.P. MALLICK & ASSOCIATES CHARTERED ACCOUNTANTS
R.P. MALLICK FCA (Prop.)
Membership No. 083882 Firm Regd. No.:-04867N
Place : Chandigarh Dated : 26th March 2018