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Minolta Finance Ltd.

BSE: 532164 Sector: Financials
NSE: N.A. ISIN Code: INE514C01018
BSE 00:00 | 17 Feb 1.84 0
(0.00%)
OPEN

1.84

HIGH

1.84

LOW

1.84

NSE 05:30 | 01 Jan Minolta Finance Ltd
OPEN 1.84
PREVIOUS CLOSE 1.84
VOLUME 5
52-Week high 1.85
52-Week low 0.79
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.82
Buy Qty 100.00
Sell Price 1.84
Sell Qty 65.00
OPEN 1.84
CLOSE 1.84
VOLUME 5
52-Week high 1.85
52-Week low 0.79
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.82
Buy Qty 100.00
Sell Price 1.84
Sell Qty 65.00

Minolta Finance Ltd. (MINOLTAFINANCE) - Auditors Report

Company auditors report

TO THE MEMBERS OF MINOLTA FINANCE LIMITED.

Report on the Financial Statements

We have audited the accompanying financial statements of MINOLTA FINANCE LIMITED("the Company") which comprise the Balance Sheet as at March 31 2018 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the 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 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. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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 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 performingprocedures to obtain audit evidence about the amounts and the disclosures in the financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company's preparation of the financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating 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/loss and its cash flows for the year ended on that date.

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 sub-section (11) of section 143 ofthe Companies Act 2013 we give in the ‘Annexure A' a statement on the mattersspecified in paragraphs 3 and 4 of the 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 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 7 of the Companies(Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on 31stMarch 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 terms of Section164 (2) of the Act.

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) 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 M K PODDAR & ASSOCIATES
Chartered Accountants
FRN: 327104E
Sd/-
Rashmi Kotriwal
Place: Kolkata Partner
Date: 30.05.2018 Membership No. : 067500

The Annexure referred to in paragraph 1 of Our Report on "Other Legal andRegulatory Requirements".

We report that:

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

b. As explained to us fixed assets have been physically verified by the management atreasonable intervals; no material discrepancies were noticed on such verification.

c. The title deeds of immovable properties are held in the name of the company.

ii. As explained to us inventories have been physically verified during the year bythe management at reasonable intervals. No material discrepancy was noticed on physicalverification of stocks by the management as compared to book records.

iii. The company has not granted loans to parties covered in the register maintainedunder section 189 of the Companies Act 2013.

iv. In respect of loans investments guarantees and security provisions of section185 and 186 of the Companies Act 2013 have been complied with.

v. The company has not accepted any deposits from the public covered under sections 73to 76 of the Companies Act 2013.

vi. As per information & explanation given by the management maintenance of costrecords has not been specified by the Central Government under sub-section (1) of section148 of the Companies Act 2013.

vii. a. According to the records of the company undisputed statutory dues includingProvident Fund Investor Education and Protection Fund Employees' State InsuranceIncome-tax Sales-tax Service Tax Custom Duty Excise Duty value added tax cess andany other statutory dues to the extent applicable have generally been regularly depositedwith the appropriate authorities.

According to the information and explanations given to us there were no outstandingstatutory dues as on 31st of March 2018 for a period of more than six months from thedate they became payable.

b. According to the information and explanations given to us there is no amountpayable in respect of income tax service tax sales tax customs duty excise duty valueadded tax and cess whichever applicable which have not been deposited on account of anydisputes.

viii. In our opinion and according to the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto a financial institution bank Government or debenture holders as applicable to thecompany.

ix. Based on our audit procedures and according to the information given by themanagement the company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) or taken any term loan during the year.

x. According to the information and explanations given to us we report that no fraudby the company or any fraud on the Company by its officers or employees has been noticedor reported during the year.

xi. The Managerial remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act.

xii. The company is not a Nidhi Company. Therefore clause xii) of the order is notapplicable to the company.

xiii. According to the information and explanations given to us all transactions withthe related parties are in compliance with sections 177 and 188 of Companies Act 2013where applicable and the details have been disclosed in the Financial Statements etc. asrequired by the applicable accounting standards.

xiv. The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review.

xv. Provisions of section 192 of Companies Act 2013 have been complied with in case ofnon-cash transactions entered by the company with directors or persons connected with him

xvi. The company is doing NBFC business and is registered with Reserve Bank of Indiawith effect from 27th September 2001.

For M K PODDAR & ASSOCIATES
Chartered Accountants
FRN: 327104E
Sd/-
Rashmi Kotriwal
Place: Kolkata Partner
Date: 30.05.2018 Membership No. : 067500