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Minda Finance Ltd.

BSE: 539303 Sector: Financials
NSE: N.A. ISIN Code: INE197E01018
BSE 11:56 | 19 Feb Minda Finance Ltd
NSE 05:30 | 01 Jan Minda Finance Ltd
OPEN 16.35
PREVIOUS CLOSE 16.35
VOLUME 300
52-Week high 16.35
52-Week low 16.05
P/E 12.58
Mkt Cap.(Rs cr) 3
Buy Price 16.35
Buy Qty 13746.00
Sell Price 0.00
Sell Qty 0.00
OPEN 16.35
CLOSE 16.35
VOLUME 300
52-Week high 16.35
52-Week low 16.05
P/E 12.58
Mkt Cap.(Rs cr) 3
Buy Price 16.35
Buy Qty 13746.00
Sell Price 0.00
Sell Qty 0.00

Minda Finance Ltd. (MINDAFINANCE) - Auditors Report

Company auditors report

TO THE MEMBERS OF MINPA FINANCE LIMITED

We have audited the accompanying standalone financial statements of Minda FinanceLimited (“the company”) which comprise the Balance Sheet as at March 31 2017the Statement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

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 preparation and presentation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules2014. 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.

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 the Rules made there under.

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 accounting policies used and the reasonableness of the accountingestimates made by the Company's Board of Directors as well as evaluating the overallpresentation 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 standalone financial statements.

In our opinion and to the best of our information‘and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity 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 March31 2017;

b) In the case of the statement of Profit and Loss of the profit for the year ended onthat date; and

c) In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

As required by the Companies (Auditor's Report) Order 2017 (‘the order') issuedby the Central Government of India in terms of sub-section (11) of section 143 of the Actwe enclose in the annexure A a statement on the matters specified in paragraphs 3 and 4of the said order to the extent applicable.

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 purpose 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 and 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 in 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 312017 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2017 from being appointed as a director in terms of section 164 (2) of theAct.

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”; and

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditor's) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The company has disclosed the impact of pending litigation on its financial positionin its financial statements.

ii. The Company did not have any material foreseeable losses on long term contractsincluding derivatives contracts

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv. The Company had provided requisite disclosure in its financial statements as toholding as well as dealing in Specified Bank Notes during the period November 8 2016 toDecember 302016 and these are in accordance with the books of accounts maintained by thecompany.

FOR R.N.SARAF & CO
CHARTERED ACCOUNTANTS
(Registration No. 002023N)
Place: New Delhi R.N. SARAF F.C.A.
Date: 30th May 2017 (Membership No. 12439)

ANNEXURE A REFERRED TO THE AUDITORS' REPORT OF EVEN DATE TO THE MEMBERS OF MINDAFINANCE LIMITED ON THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2017

On the basis of such checks as we considered appropriate and in terms of informationand explanations given to us we state that:-

(i) (a) The company has maintained proper records showing full particulars includingquantitative details and situation of the fixed assets.

(b) The fixed assets have been physically verified by the management at the year end.According to the information and explanation given to us no material discrepancies havebeen noticed on such verification.

(c) The company does not own an immovable property hence particulars of title deeddoes not apply.

(ii) The company does not have any inventory. Accordingly paragraph 3(ii) of theCompanies (Auditor's Report) Order 2016 is not applicable.

(iii) The company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained undersection 189 of the companies Act. Consequently the requirement of clause 3(iii) (a) (b)and (c) of the Companies (Auditor's Report) Order 2016 is not applicable.

(iv) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of Section 185 and 186 of The Companies Act 2013with respect of the loans and investment made.

(v) The Company has not accepted any deposits from the public.

(vi) The nature of the Company's business is such that maintenance of cost recordsspecified by the central Government under sub section (1) of section 148 of The CompaniesAct is not applicable

(vii) (a) According to the records information and explanations provided to usCompany is generally regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employee's state insurance income tax salestax service tax duty of customs duty of excise value added tax cess and otherstatutory dues applicable to it and no undisputed amounts payable were outstanding as atMarch 312017 for a period of more than six months from the date they became payable.

(b) There is no amount in respect of sales tax service tax duty of customs duty ofexcise or value added tax that have not been deposited with the appropriate authorities onaccount of any dispute except Income Tax demand under Section 143(3) of The Income Tax Actof 10.B3 Lac for rupees for assessment year 2014- 2015 for which appeal is pending beforeC.LT.(A).

(viii) The Company does not have any loans or borrowings from any financialinstitution banks government or debenture holder's during the year. Accordinglyparagraph 3(viii) of the Order is not applicable.

(ix) The Company has not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph' 3 (ix) of the Order is not applicable.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(xii) In our opinion and according to the' information and explanations given to usthe Company is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made preferential allotmentor private placement of shares or fully or partly convertible debentures during the year.Accordingly paragraph 3(xiv) of the Order is not applicable.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi) The Company is registered under section 45-IA of the Reserve Bank of India Act1934 vide certificate no.B-14-01357 dated 15.12.2001.

FOR R.N.SARAF & CO.
CHARTERED ACCOUNTANTS
(Registration No. 002023N)
Place : New Delhi R.N. SARAF F.C.A.
Date : 30th May 2017 (Membership No. 12439)

“ANNEXURE B” TO THE AUDITOR'S REPORT OF EVEN DATE TO THE MEMBERS OF THE MINDAFINANCE LIMITED ON THE INTERNAL FINANACIAL CONTROLS UNDER CLAUSE (i) OF SUB-SECTION 3 OFSECTION 143 OF THE COMPANIES ACT 2013 (“THE ACT”).

We have audited the internal financial controls over financial repotting of MINDAFINANCE LIMITED(“the Company”) as of March 31 2017 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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 ('ICAI'). 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.

Our responsibility is to express an opinion on the effectiveness of the Company'sinternal financial

controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the “Guidance Note”) and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls and both issued by theInstitute of Chartered Accpuntants of India. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial 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 judgment 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.

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 ‘ withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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.

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.

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 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

FOR R.N.SARAF & CO.
CHARTERED ACCOUNTANTS
(Registration No. 002023N)
Place: New Delhi R.N. SARAF F.C.A.
Date : 30th May 2017 (Membership No. 12439)