To the Members of IFL PROMOTERS LIMITED
We have audited the accompanying financial statements of M/S IFL PROMOTERS LIMITED("the company") which comprises the Balance Sheet as at March 31 2018 andStatement of Profit and Loss and Cash Flow Statement for the year ended on that date and asummary of 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 Section 134(5) of the Companies Act2013 ('the Act") with respect to the preparation andpresentation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flow of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandard specified under section 133 of the Act read with rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatements whether due to fraud or error.
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 Rules made there under.
We have conducted our audit in accordance with the Standards on Auditing Specifiedunder Section 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 control relevant to the Company's preparation of the financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances But not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by Company's Directors as well asevaluating the overall presentation of the financial statements.
We believe that the audit evidences we have obtained are sufficient and appropriate toprovide a our audit opinion on the standalone financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements along with the notes thereon give the informationrequired by the Companies Act 2013 in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India:
(i) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2018; and
(ii) in the case of the Statement of Profit and Loss of the loss for the year ended onthat date; and
(iii) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.
Report on Other Legal and Regulatory Matters
1. 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 hereto a statement on the matters specified in paragraphs3 and 4 of the said Order to the extent applicable.
2. 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 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 appears from our examination of those books;
c. The Balance Sheet Statement of Profit & Loss and Cash Flow Statement dealt withby 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 written representations received from the directors as on March 312018 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2018 from being appointed as a director in terms of section 164 (2) of theAct and
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) Rule 2014 in our opinionand to the best of our information and according to the explanations given to us :
i. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any.
g. The Company have not internal audit as prescribed under sectionl38 of CompaniesAct2013 read with rule 13.
For D G & Associates
FRN No 023017N
Place: New Delhi
Date: 30th May 2018
Annexure referred to in Paragraph 1 in the part of Report on Other Legal and RegulatoryMatters of the Auditors' Report to the Members of IFL PROMOTERS LIMITED on the accountsfor the year ended March 31 2018
1. In respect of its Fixed Assets:
The company has maintained proper records to show full particulars includingquantitative details and situation of fixed assets.
All the assets have been physically verified by the management during the year whichin our opinion is reasonable having regard to the size of the company and the nature ofits assets.
There is no substantial disposal of fixed assets during the year.
2. As the company has neither purchased / sold goods during the year nor there is anyopening stock requirement of reporting on physical verification of stocks or maintenanceof inventory records in our opinion doesn't arise.
3. According to the information and explanations given to us the Company has grantedunsecured interest free loans to four parties covered in the register maintained undersection 189 of the Companies Act2013. The maximum amount of loan given during the yearwas Rs. 1813720.00 and the year end balance is Rs. 1813720.00.
In our opinion except the rate of interest (interest free) other terms &conditions on which loans has been granted by the company to the abovementioned partiesare not prima facie prejudicial to the interest of the company.
The companies to whom loans have been granted as referred to in (a) above are regularin repaying the principal amounts as stipulated.
There is no question of overdue amount of loans granted to Companies Firms or otherparties listed in the register maintained under section 189 of the Companies Act 2013since all these loans are repayable on demand.
According to the information and explanation given to us the company has during theyear taken interest free unsecured loans from four parties covered in the registermaintained under section 189 of the Companies Act 2013 (the Act). The maximum amountinvolved during the year was Rs.
8701645.00 and the year end balance Rs. 8701645.00.
In our opinion the rate of interest (interest free) and other terms and conditions ofloans taken by the company from the above mentioned parties are not prima facieprejudicialto the interest of the company.
The company is regular in repaying the principal amounts as stipulated. However allthese loans are repayable on demand.
4. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business with regard to purchases of inventory fixed assets and withregards to sale of goods and services. During the course of our audit we have notobserved any continuin failure to Correct major weaknesses in internal controls.
5. (a) According to the information and explanations given to us the transactions madein pursuance of contracts and arrangements referred to in section 189 of the companiesact 2013 ("the Act") have been entered in the register required to bemaintained under the aforesaid section.
(b) The transaction made in pursuance of such contracts or arrangement stated in clause(a) above has been made at the price which is reasonable having regards to prevailingmarket price at the relevant time.
6. According to the information and explanations given to us and on the basis of therecords produced before us the Company has not accepted any deposits from the public.
7. In our opinion the company has an Internal Audit system commensurate with the sizeand nature of its business.
8. According to the information and explanations given to us no cost records have beenprescribed by the rules made by the Central Govt. for the maintenance of cost record u/s148(1) of the companies Act 2013.
9. According to the information and explanations given to us the Company is regular indepositing with appropriate authorities' undisputed statutory dues including providentfund investor education protection fund employees' state insurance income tax salestax wealth tax service tax excise duty cess and other material statutory duesapplicable to it. According to the information and explanations given to us no undisputedamounts payable in respect of income tax wealth tax service tax GST customs dutyexcise duty and cess were in arrears as on 31.03.2018 for a period of more than sixmonths from the date they became payable.
According to the information and explanations given to us there are no dues mentionedabove of sales tax income tax custom duty wealth tax service tax GST excise duty andcess which have not been deposited on account of dispute.
10. According to the information and explanations given to us the company don't haveany accumulated losses.
11. Based on our audit procedures and on the basis of information's and explanationsgiven by the management the Company has not taken any loans from any financialinstitution or banks so there is no question of default in repayment.
12. According to the information and explanations given to us the Company has notgranted any loans or advances on the basis of security by way of pledge of sharesdebentures or other securities.
13. In our opinion the company is not a chit fund or a nidhi / mutual benefit fund /society.
14. In our opinion the Company is dealing in shares securities debentures and otherinvestments and has maintained proper records of all the transactions and timely entrieshave been made. Hence entire shares debentures and other investments are held by thecompany in its own name except to the extent of the exemption granted under the CompaniesAct 2013.
15. According to the information and explanations given to us the Company has notgiven any guarantees for loans taken by others from banks or financial institutions. Assuch the provisions of clause 4(xv) of the said Order are not applicable to the Company.
16. According to the information and explanations given to us the Company has nottaken any term loan. Accordingly the provisions of clause 4(xvi) of the said Order arenot applicable to the Company.
17. According to the information and explanations given to us and on examination ofBalance Sheet of the company we report that the company has raised short term borrowingsamounting to Rs. NIL.
18. According to the information and explanations given to us the Company has not madeany preferential allotment of shares to parties and Companies covered in the registermaintained under section 189 of the Companies Act 2013 ("the Act') during the year.
19. According to the information and explanations given to us the Company has notissued any Debentures during the year.
20. According to the information and explanations given to us the Company has notraised the money by way of preferential issue during the year.
21. As explained to us no fraud on or by the Company has been noticed or reportedduring the year that causes the financial statements to be materially misstated.
For D G & Associates
FRN No 023017N
CA HIMANSHU GUPTA
Place: New Delhi
Date: 30th May 2018