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Minolta Finance Ltd.

BSE: 532164 Sector: Financials
NSE: N.A. ISIN Code: INE514C01018
BSE 00:00 | 14 Oct 2.22 0.09
(4.23%)
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NSE 05:30 | 01 Jan Minolta Finance Ltd
OPEN 2.13
PREVIOUS CLOSE 2.13
VOLUME 27093
52-Week high 2.25
52-Week low 0.95
P/E 111.00
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2.13
CLOSE 2.13
VOLUME 27093
52-Week high 2.25
52-Week low 0.95
P/E 111.00
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Minolta Finance Ltd. (MINOLTAFINANCE) - Auditors Report

Company auditors report

To

The Members of Minolta Finance Limited

Opinion

We have audited the financial statements of MINOLTA FINANCE LIMITED ("theCompany") which comprise the balance sheet as at 31st March 2020 and the statementof Profit and Loss and statement of cash flows for the year then ended and notes to thefinancial statements including a summary of significant accounting policies and otherexplanatory information.

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 2020 its profit/(loss) and its cash flows for the year ended on that date.

Basis of Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Basis Matter

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial 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 of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the accounting Standards specified under section133 of the Act. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and 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 materialmisstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are not responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

We are independent of the Group in accordance with the ethical requirements that arerelevant to our audit of the financial statements and we have fulfilled our other ethicalresponsibilities in accordance with these requirements.

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 of the Companies Act2013 we give in the ‘Annexure A' a statement on the matters specified in paragraphs3 and 4 of the Order to the extent applicable.

1. As required by Section 143 (3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit; b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books; c) The Balance Sheet the Statement of Profit and Loss and theCash Flow Statement dealt with by this Report are in agreement with the books of account;d) In our opinion the aforesaid financial statements comply with the Accounting Standardsspecified under Section 133 of the Act read with Companies (Indian Accounting Standards)Rules 2015 as amended; e) On the basis of the written representations received from thedirectors as on 31st March 2020 taken on record by the Board of Directorsnone of the directors is disqualified as on 31st March 2020 from beingappointed as a director in terms of Section 164 (2) of the Act; f) With respect to theadequacy of the internal financial controls over financial reporting of the Company withreference to these standalone Ind AS financial statements and the operating effectivenessof such controls refer to our separate Report in ‘Annexure B' to this report; g) Inour opinion the managerial remuneration for the year ended 31 March 2020 has beenpaid/provided by the Company to its directors in accordance with the provisions of section197 read with Schedule V to the Act; h) With respect to the other matters to be includedin the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us; i. The Company does not have any pending litigations which wouldimpact its financial position. ii. The Company did not have any long-term contractsincluding derivative contracts for which there were any material foreseeable losses. iii.There were no amounts which were required to be transferred to the Investor Education and

Protection Fund by the Company.

For M. K. Poddar & Associates
Chartered Accountants
FRN No: 327104E
Date :15.09.2020
Place : Kolkata
RASHMI KOTRIWAL
Partner
M. No: 067500
UDIN-20067500AAAAAG3493

Annexure ‘A' The Annexure referred to in paragraph 1 of Our Report on "OtherLegal and Regulatory Requirements".

We report that: i) There being no fixed assets with the company hence Para 3(i) doesnot apply. ii) As explained to us inventories have been physically verified during theyear by the management at reasonable intervals. No material discrepancy was noticed onphysical verification of stocks by the management as compared to book records. iii) Thecompany has not granted loans to parties covered in the register maintained under section189 of the Companies Act 2013. iv) In respect of loans investments guarantees andsecurity provisions of section 185 and 186 of the Companies Act 2013 have been compliedwith. v) The company has not accepted any deposits from the public covered under sections73 to 76 of the Companies Act 2013. vi) As per information & explanation given by themanagement maintenance of cost records has not been specified by the Central Governmentunder sub-section (1) of section 148 of the Companies Act 2013. vii) i) According to therecords of the company undisputed statutory dues including Provident Fund

Investor Education and Protection Fund Employees' State Insurance Income-taxSales-tax Service Tax Custom Duty Excise Duty value added tax cess and any otherstatutory dues to the extent applicable have generally been regularly deposited with theappropriate authorities. According to the information and explanations given to us therewere no outstanding statutory dues as on 31st of March 2020 for a period ofmore than six months from the date they became payable. ii) According to the informationand explanations given to us there is no amount payable in respect of income tax servicetax sales tax customs duty excise duty value added tax and cess whichever applicablewhich have not been deposited on account of any disputes. viii)In our opinion andaccording to the information and explanations given by the management we are of theopinion that the Company has not defaulted in repayment of dues to a financialinstitution bank Government or debenture holders as applicable to the company. ix)Based on our audit procedures and according to the information given by the managementthe company has not raised any money by way of initial public offer or further publicoffer (including debt instruments) or taken any term loan during the year. x) According tothe information and explanations given to us we report that no fraud by the company orany fraud on the Company by its officers or employees has been noticed or reported duringthe year. xi) The company has paid managerial remuneration during the financial year Rs.60000 the same is as per provision of section 197 read with Schedule V of the companiesact 2013. xii) The company is not a Nidhi Company. Therefore clause xii) of the order isnot applicable to the company. xiii)According to the information and explanations given tous all transactions with the related parties are in compliance with sections 177 and 188of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards. xiv)Thecompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year under review. xv) Provisions of section 192of Companies Act 2013 have been complied with in case of non-cash transactions entered bythe company with directors or persons connected with him. xvi)The company is registeredunder section 45-IA of the Reserve Bank of India Act 1934.

For M. K. PODDAR & ASSOCIATES
Chartered Accountants
FRN No: 327104E
Date :15.09.2020
Place : Kolkata
RASHMI KOTRIWAL
Partner
M. No: 067500
UDIN-20067500AAAAAG3493

Annexure B

The Annexure referred to in paragraph 2(f) under the heading ‘Report on otherlegal and regulatory requirements' of our report of even date

Report on Internal Financial Controls under Clause (i) of sub-section 3 of section 143of the

Companies Act 2013 (the ‘Act')

We have audited the internal financial controls over financial reporting of MinoltaFinance Ltd. (the

‘Company') as of 31 March 2020 in conjunction with our audit of the standalone IndAS financial statements of the Company for 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 responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the 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 Act.

Auditor's responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting with reference to these standalone Ind AS financialstatements based on our audit. We conducted our audit in accordance with the Guidance Noteon Audit of Internal Financial Controls Over Financial

Reporting (the ‘Guidance Note') and the Standards on Auditing as specified undersection 143(10) of the

Act to the extent applicable to an audit of internal financial controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting with reference to these standalone Ind AS financial statementswas established and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls over financial reporting with reference to thesestandalone Ind AS financial statements and their operating effectiveness. Our audit ofinternal financial controls over financial reporting included obtaining an understandingof internal financial controls over financial reporting with reference to these standaloneInd AS financial statements assessing the risk that a material weakness exists andtesting and evaluating the design and operating effectiveness of internal control based onthe assessed risk. The procedures selected depend on the auditor's judgement includingthe assessment of the risks of material misstatement of the financial statements whetherdue 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 internal financial controls over financialreporting with reference to these standalone Ind AS financial statements.

Meaning of internal financial controls over financial reporting with reference to theseStandalone Ind AS Financial Statements A Company's internal financial control overfinancial reporting with reference to these standalone Ind AS financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A Company's internal financial control overfinancial reporting with reference to these standalone Ind AS financial statementsincludes those policies and procedures that:

(i) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

(ii) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorisations of Management and Directors of the Company; and

(iii) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the Company's assets that could have amaterial effect on the financial statements.

Inherent limitations of internal financial controls over financial reporting withreference to these standalone Ind AS Financial Statements Because of the inherentlimitations of internal financial controls over financial reporting with reference tothese standalone Ind AS financial statements including the possibility of collusion orimproper management override of controls material misstatements due to error or fraud mayoccur and not be detected. Also projections of any evaluation of the internal financialcontrols over financial reporting with reference to these standalone Ind AS financialstatements to future periods are subject to the risk that the internal financial controlover financial reporting with reference to these standalone Ind AS financial statementsmay become inadequate because of changes in conditions or that the degree of compliancewith the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls over financial reporting with reference to these standalone Ind ASfinancial statements and such internal financial controls over financial reporting withreference to these standalone Ind AS financial statements were operating effectively as at31 March 2020 based on the internal control over financial reporting criteria establishedby the Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe Institute of Chartered Accountants of India.

For M. K. PODDAR & ASSOCIATES
Chartered Accountants
FRN No: 327104E
Date :15.09.2020
Place : Kolkata
RASHMI KOTRIWAL
Partner
M. No: 067500
UDIN- 20067500AAAAAG3493

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