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Tirupati Fincorp Ltd.

BSE: 539008 Sector: Financials
NSE: N.A. ISIN Code: INE642O01012
BSE 05:30 | 01 Jan Tirupati Fincorp Ltd
NSE 05:30 | 01 Jan Tirupati Fincorp Ltd

Tirupati Fincorp Ltd. (TIRUPATIFINCORP) - Auditors Report

Company auditors report

To the Members of M/s. Tirupati Fincorp Limited

Report of the Financial Statements

We have audited the accompanying financial statements of M/s. Tirupati FincorpLimited ("the Company") which comprise the Balance Sheet as at March 312015 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary 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 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 the Rule 7 of the Companies (Accounts)Rule 2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irreqularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design effectively for insuring the accuracy and completenessof the 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 and opinion on these standalone financial statementsbased on our audit.

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 judgement including the assessment of the risks of material misstatementof the financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to theCompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors. As wellas evaluating the overall preparation 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2015 and its profit/ loss and its cash flows for the year ended on thatdate.

Reports on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2015. We give in the Annexure 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 2015 taken on record by the

Board of Directors non of the directors is disqualified as on 31st March 2015 frombeing appointed as a director in terms of Section 164 (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 SIVASWAY & KUMAR
(Chartered Accountants)
Sd/-
N.S. SIVASWAMY
PARTNER
Place : Coimbatore Membership No. 204530
Date : 29.05.2015 Registration No. 0129295

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.

ii. The Company is NBFC company primarily rendering financial services. Accordinglyit does not hold any physical inventories. Thus Para 3(ii) of the Order is not applicable.

iii. The Company has granted loans to no parties covered in the register maintainedunder section 189 of the Companies Act 2013 wherein the balance receivable as at theyear-end is Rs. Nil. The maximum amount outstanding during the year was Rs. Nil.

According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not granted any loans secured orunsecured to companies firms or other parties listed in the register maintained underSection 189 of the Companies Act 2013. Consequently the provisions of clauses iii (a)and iii (b) of the order are not applicable to the Company.

iv. In our opinion and according to the information and explanations given to us thereis generally an adequate internal control procedure commensurate with the size or thecompany and the nature of its business for the purchase of inventories & fixed assetsand for sale of goods and services. During the course of our audit no major instance ofcontinuing failure to correct any weaknesses in the internal controls has been noticed.

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 Sales-Tax Wealth Tax Service Tax Custom Duty Excise Duty valueadded tax cess and any other statutory dues to the extent applicable have generally beenregularly deposited with the appropriate authorities. According to the information andexplanations given to us there were no outstanding statutory dues as on 31st March 2015for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there is no amountpayable in respect of income tax wealth tax service tax sales tax customs duty exciseduty value added tax and cess whichever applicable which have not been deposited onaccount of any disputes.

(c) The provision of clause (vii)(c) of the order is not applicable on the company.

viii. The company does not have accumulated losses at the end of financial year morethan fifty percent of its net worth and has not incurred cash loss during the financialyear and in the immediately proceding financial year.

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

x. According to the information and explanations given to us the Company has not givenany guarantees for loan taken by others from a bank or financial institution.

xi. Based on our audit procedures and on the information given by the management thecompany has not taken any term loan during the year.

xii. According to the information and explanations given to us we report that no fraudon or by the Company has been noticed or reported during the year nor has we beeninformed of such case by the management.

For SIVASWAY & KUMAR
(Chartered Accountants)
Sd/-
N.S. SIVASWAMY
PARTNER
Place : Coimbatore Membership No. 204530
Date : 29.05.2015 Registration No. 0129295