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Leading Leasing Finance & Investment Company Ltd.

BSE: 540360 Sector: Financials
NSE: N.A. ISIN Code: INE715Q01011
BSE 00:00 | 18 Oct 121.35 1.10
(0.91%)
OPEN

120.25

HIGH

121.95

LOW

117.50

NSE 05:30 | 01 Jan Leading Leasing Finance & Investment Company Ltd
OPEN 120.25
PREVIOUS CLOSE 120.25
VOLUME 28619
52-Week high 140.00
52-Week low 20.00
P/E 48.93
Mkt Cap.(Rs cr) 65
Buy Price 118.00
Buy Qty 43.00
Sell Price 121.35
Sell Qty 500.00
OPEN 120.25
CLOSE 120.25
VOLUME 28619
52-Week high 140.00
52-Week low 20.00
P/E 48.93
Mkt Cap.(Rs cr) 65
Buy Price 118.00
Buy Qty 43.00
Sell Price 121.35
Sell Qty 500.00

Leading Leasing Finance & Investment Company Ltd. (LEADINGLEAFIN) - Auditors Report

Company auditors report

To

The Members of

Leading Leasing Finance And Investment Company Limited Report on the FinancialStatements

We have audited the accompanying Financial Statements of Leading Leasing Finance AndInvestment Company Limited("the Company") which comprise the Balance Sheet asat 31st March 2018 the Statement of Profit and Loss the Statement of CashFlows and the Statement of changes in equity for the year then ended and a summary of thesignificant accounting policies and other explanatory information.(herein after referredto as "Financial Statement").

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.

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.

Auditors' 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 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 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial control systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained 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 31stMarch 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 of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the "Annexure A" statement on the mattersspecified in paragraphs 3 and 4 of the Order.

1. 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 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 financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule of the Companies(Accounts) Rules 2O14.

(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 31st March 2018 from being appointed as a director in termsof Section 164 (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 in our opinionand to the best of our information and according to the explanations given to us:

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

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.

For ArpanChudgar& Associates
Chartered Accountants
FRN: 133877W
CA ArpanChudgar
Proprietor/ 131876
Ahmedabad 28.05.2018

"Annexure A" to the Independent Auditors' LEADING LEASING FINANCE ANDINVESTEMENT COMPANY LIMITED

Referred to in paragraph 1 under the heading 'Report on other legal & RegulatoryRequirements' of our report of even date to the Financial Statements of the Company forthe year ended 31st March2018:

1) (a) & (b) In Our opinion and according to the information and explanations givento us the Company have any Fixed Assets Accordingly these clauses are applicable to theCompany.

2) (a) The physical verification to the Inventories has been conducted as reasonableinterval by the mangement.

(b) The procedures of physical verificaton of inventories followed by the mangement arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) The company has maintained proper records of inventory and no materialdiscrepancies were noticed on such physical verification and the same have been properlydealt with in books of accounts.

3) (a) The Company has not granted loans secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of the Companies Act2013 ('the Act').

(b) In view of our comments in (a) above no further comments are warranted on recieptof principal amount and rate of interest on such loan.

(c) In view of our comments in (a) above no further comments are warranted on overdueamounts of more than rupees one lakh in respect of the loans granted to the bodlescorporated listed in the register maintained under Section 189 of the Act.

4) In our opinion and according to the information and explanations given to us thehas complied with the provision of Section 185 and 186 of the Companies Act 2013 inrespect of loans investements guarantees and security.

5) The Company has not accepted any deposits from the public hence the directivesissued by the Reserve Bank of India and the provision of Section 73 to 76 or any otherrelevant provision of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable.

6) As informed to us the maintaince of Cost Records has not been specified by theCentral Government under sub-section (1) of Section 148 of the Act in respect of theactivities carried on by the company.

7) (a) According to information and explanations given to us and on the basis of ourexamination of the books of accounts and records the Company has been generally regularin depositing undisputed statutory dues including Provident Fund Employees StateInsurance Income Tax Sales Tax Service Tax Duty of Customs Duty of Excise Valueadded Tax Cess and any other statutory dues with the appropriate authorities. Accordingto the information and explanations given to us no undisputed amounts payable in respectof the above were in arrears as at 31stMarch 218for a period of more than sixmonths from the date on when they become payable.

(b) According to the information and explanation given to us there are no dues ofIncome T ax Sales T ax Service T ax Duty of Customs Duty of Excise Value added T axoutstanding on account of any dispute.

8) In our opinion and according to the information and eplanations given to us theCompany has not default in the repayment of dues to banks. The Company has not taken anyloan either from financial institutions or from the government and has not issued anydebentures.

9) Based upon the audit procedures performed and the information and explanations givenby the management the company has not raised moneys by way of initial public offer orfurther public offer including debt instruments and term loans. Accordingly the provisionof clause 3 (ix) of the order are not applicable to the Company and hence not commentedupon.

10) Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

11) Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remunaration has been paid or provided inaccordance with the requisite approvals mandated by the provision of Section 197 read withSchedule V to the Companies Act 213;

12) In our opinionthe Company is not a Nidhi Company. Therefore the provisions ofclause 4 (xii) of the order are not applicable to the Company.

13) In our opinion all transactions with the related parties are in compliance withSection 177 and 188 of Companies Act 213 and the details have been disclosed in theFinancial Statements as required by the appicable accounting standards.

14) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provision of clause 3 (xiv) of the order are not applicable tothe Company and hence not commented upon.

15) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into nay non-cash transactions withdirectors or persons connected with him. Accordingly the provision of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon.

16) The Company is engaged in the business of Non Banking Financial Institution in theyear under reference requiring it to hold Certificate of Registration under Section 45IAof the RBI Act 1934.

For ArpanChudgar& Associates
Chartered Accountants
FRN: 133877W
CA ArpanChudgar
Proprietor/ 131876
Ahmedabad 28.05.2018

"Annexture B" to the Independent Auditor's Reports of even date on theFinancial Statements of LEADING LEASING FINANCE AND INVESTEMENT COMPANY LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of LEADINGLEASING FINANCE AND INVESTEMENT COMPANY LIMITED ("the Company") as of 31 March2018 in conjunction with our audit of the standalone financial statements of the Companyfor 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 judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our 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 financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial 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 ArpanChudgar& Associates
Chartered Accountants
FRN: 133877W
CA ArpanChudgar
Proprietor/ 131876
Ahmedabad 28.05.2018