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India Lease Development Ltd.

BSE: 500202 Sector: Financials
NSE: INDIALEASE ISIN Code: INE333C01013
BSE 00:00 | 02 Jul India Lease Development Ltd
NSE 05:30 | 01 Jan India Lease Development Ltd
OPEN 8.23
PREVIOUS CLOSE 8.23
VOLUME 100
52-Week high 8.66
52-Week low 3.45
P/E 823.00
Mkt Cap.(Rs cr) 12
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 8.23
CLOSE 8.23
VOLUME 100
52-Week high 8.66
52-Week low 3.45
P/E 823.00
Mkt Cap.(Rs cr) 12
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

India Lease Development Ltd. (INDIALEASE) - Auditors Report

Company auditors report

To the Members of

India Lease Development Limited

Report on the Financial Statements

We have audited the accompanying financial statements of India Lease DevelopmentLimited ("the Company") which comprise the Balance Sheet as at March 312017 the Statement of Profit and Loss and the Cash Flow Statement for theyear then ended and a summary of the significant accounting policies and otherexplanatory 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 positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 (asamended). This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

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. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

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 March31 2017 and its loss and its cash flows for the year ended on that date.

Emphasis of Matter

We draw attention to the following matters in the Notes to the financial statements:

i) Note No. 21 to the financial statements which describes the Company has discontinuedfresh hire purchase / leasing business. The management is of the view that the realizationof the assets will be sufficient to pay off its entire liabilities. In view of the abovethe financial statements have been prepared on the assumption that the Company willcontinue as a going concern.

ii) Note No. 22 to the financial statements which describes that there isnon-compliance of the provisions of Non Banking Financial Companies Prudential Norms(Reserve Bank) Directions 1998 with regard to maintenance of CreditConcentration/Investment Norms in respect of lending to one of the Company where these areexceeding the limits. Our opinion is not qualified in respect of these matters.

Report on Other Legal and Regulatory Requirements

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

2. As required by Section143(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 purpose 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 financial statements dealt with by this report are in agreement with the booksof 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 (as amended);

e. On the basis of the written representations received from the directors as on March31 2017and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2017 from being appointed as a director in terms ofSection164(2) of the Act;

f. With respect to the adequacy of the internal financial controls over financialreporting of the 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(as amended) inour opinion and to the best of our information and according to the explanations given tous:

i. The Company does not have any pending litigations which would impact its financialstatements;

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.

iv. The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in Specified Bank Notes during the period from November 82016 to December 30 2016. Based on audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with books of accountmaintained by the Company and as produced to us by the Management – Refer Note 30

For S.N. Dhawan & Co LLP
(Formerly S. N. Dhawan & Co.)
Chartered Accountants
Firm's Registration No.:000050N/N500045
(S. K. Khattar)
Place: New Delhi Partner
Date: May 29 2017 Membership No.: 084993

Annexure "A" to the Independent Auditor's Report

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'section of the Independent Auditor's Report of even date to the members of India LeaseDevelopment Limited on the financial statements as of and for the year ended March 312017)

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment.

(b) The Company has a regular program of physical verification of its Property Plantand Equipment under which Property Plant and Equipment are verified in a phased mannerover a period of three years which in our opinion is reasonable having regard to thesize of the Company and the nature of its assets. In accordance with this program certainProperty Plant and Equipment were verified during the year and according to theinformation and explanation given to us no material discrepancies were noticed on suchverification.

(c) According to the information and explanations given to us and the records examinedby us the Company does not hold any immovable property. Accordingly the provisions ofclause 3(i)(c) of the Order are not applicable.

(ii) According to the information and explanations given to us the Company does nothave any inventory. Accordingly the provisions of clause 3(ii) of the Order are notapplicable.

(iii) According to the information and explanations given to us the Company hasgranted unsecured loans to companies covered in the register maintained under Section 189of the Act; and with respect to the same:

(a) in our opinion the terms and conditions of grant of such loans are not primafacie prejudicial to the Company's interest.

(b) According to the information and explanations given to us no repayment schedulehas been specified and accordingly the question of regularity in repayment of principalamount does not arise. However the interest is being paid regularly.

(c) As stated above no repayment schedule have been specified therefore there are noamount which is overdue for more than 90 days.

(iv) In our opinion and according to the information and explanations given to usthe Company has complied with the provisions of Sections 185 and 186 of the Act in respectof loans investments guarantees and security.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits during the year and had no unclaimed deposits at thebeginning of the year within the meaning of Sections 73 to 76 of the Act and the Companies(Acceptance of Deposits) Rules 2014 (as amended). Accordingly the provisions of clause3(v) of the Order are not applicable.

(vi) According to the information and explanations given to us the Central Governmenthas not specified maintenance of cost records under sub-section (1) of Section 148 of theAct in respect of Company's services. Accordingly the provisions of clause 3(vi) of theOrder are not applicable.

(vii) (a) According to the information and explanations given to us the Company isregular in depositing undisputed statutory dues including provident fund employees' stateinsurance income-tax service tax cess and other material statutory dues as applicableto the appropriate authorities. Further no undisputed amounts payable in respect thereofwere outstanding at the year-end for a period of more than six months from the date theybecome payable.

(b) According to the information and explanations given to us there are no dues inrespect of income-tax sales-tax service tax duty of customs duty of excise and valueadded tax that have not been deposited with the appropriate authorities on account of anydispute.

(viii) In our opinion and according to the information and explanations given to usthe Company has no loans or borrowings payable to a financial institution or a bank orgovernment and no dues payable to debenture-holders during the year. Accordingly theprovisions of clause 3(viii) of the Order are not applicable.

(ix) In our opinion and according to the information and explanations given to us theCompany did not raise moneys by way of initial public offer or further public offer(including debt instruments) and did not have any term loans outstanding during the year.Accordingly the provisions of clause 3(ix) of the Order are not applicable.

(x) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company or on the Company by its officers or employees hasbeen noticed or reported during the period covered by our audit.

(xi) In our opinion and according to the information and explanations given to usmanagerial remuneration has been paid by the Companying accordance with the requisiteapprovals mandated by the provisions of Section 197 of the Act read with Schedule V to theAct.

(xii) According to the information and explanations given to us the Company is not aNidhi Company. Therefore the provisions of Clause 3(xii) of the Order are not applicableto the Company.

(xiii) In our opinion and according to the information and explanations given to usall transactions with the related parties are in compliance with Sections 177 and 188 ofAct where applicable and the requisite details have been disclosed in the financialstatements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us during the year theCompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures. Accordingly provisions of clause3 (xiv) of the Order arenot applicable.

(xv) In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transactions with the directors or personsconnected with them. Accordingly provisions of clause3 (xv) of the Order are notapplicable.

(xvi) The company is required to be registered under Section 45-IA of the Reserve Bankof India Act 1934 and such registration has been obtained by the Company

For S.N. Dhawan & Co LLP
(Formerly S. N. Dhawan & Co.)
Chartered Accountants
Firm's Registration No.:000050N/N500045
(S. K. Khattar)
Place: New Delhi Partner
Date: May 29 2017 Membership No.: 084993