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Upasana Finance Ltd.

BSE: 511764 Sector: Financials
NSE: N.A. ISIN Code: INE819K01014
BSE 00:00 | 26 Feb 14.22 -0.73
(-4.88%)
OPEN

15.69

HIGH

15.69

LOW

14.22

NSE 05:30 | 01 Jan Upasana Finance Ltd
OPEN 15.69
PREVIOUS CLOSE 14.95
VOLUME 866
52-Week high 26.75
52-Week low 12.85
P/E
Mkt Cap.(Rs cr) 6
Buy Price 14.22
Buy Qty 900.00
Sell Price 15.49
Sell Qty 438.00
OPEN 15.69
CLOSE 14.95
VOLUME 866
52-Week high 26.75
52-Week low 12.85
P/E
Mkt Cap.(Rs cr) 6
Buy Price 14.22
Buy Qty 900.00
Sell Price 15.49
Sell Qty 438.00

Upasana Finance Ltd. (UPASANAFINANCE) - Auditors Report

Company auditors report

To the Members of Upasana Finance Limited Chennai for the year ended 31stMarch 2020

To the Members of

Upasana Finance Limited

Report on the Financial Statements

Opinion

We have audited the accompanying financial statements of Upasana Finance Limited("the company") which comprise the Balance Sheet as at 31st March2020 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.

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 Companies Act 2013 ("The Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind As") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at 31st March 2020 and its profitand total comprehensive income changes in equity and its cash flows for the year ended onthat date.

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 the Companies (Indian Accounting Standards) Rules2015.This responsibility also includes the maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgements and estimates that areresponsible 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 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 the Boardof Directors either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

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

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 the 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 of 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 misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedure selected depends on theauditor's judgement including the assessment of the risks of the material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company's preparation ofthe financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances.

An audit also includes evaluating the appropriateness of the accounting policies usedand the reasonableness of the accounting estimates made by the Company's Directors aswell 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.

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 Act we give in the "Annexure-A" a statement on the matters specified inparagraphs 3 & 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 purpose 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 & Loss and Cash Flow Statement dealtwith 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 the companies (IndianAccounting Standards) Rules 2015.

e. On the basis of the written representations received from the directors as on March31 2020 taken on record by the Board of Directors none of the directors is disqualifiedas on March 312020 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".

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 did not have any long-term contracts including derivatives contracts forwhich there were any material foreseeable losses.

ii. During the year there were no requirement on the part of the company to transferany amount to the Investor Education and Protection Fund.

For M/s. S. JAWAHAR & ASSOCIATES
Chartered Accountants
FRN:006232S
Date: 31.07.2020
Place: Chennai Sd/-
S. JAWAHAR F.C.A
Partner
Membership No. 201098
UDIN: 20201098AAAABH9365

ANNEXURE "A" TO INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UPASANAFINANCE LIMITED CHENNAI FOR THE YEAR ENDED 31st MARCH 2020

Annexure A referred to in our report under "Report on Other Legal and RegulatoryRequirements Para 1" of even date on the accounts for the year ended 31stMarch 2020.

1. In respect of its fixed assets:

(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The fixed assets were physically verified during the year by the Management inaccordance with a regular program of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification.

2. The Company has no stock of inventory and hence reporting on physical verificationdoes not arise.

3. During the year the company has not granted any loan to a company firm LimitedLiability Partnerships or other parties covered in the register maintained under theSection 189 of the Companies Act 2013.

4. During the year the Company has not granted any loan furnished any guarantees orprovided any security. The Company has not made investments in Mutual fund Units duringthe year. The Company has complied with the provisions of section 185 of the CompaniesAct 2013. The provisions of Section 186 are not applicable to the company.

5. The company has not accepted any deposit within the meaning of the sections 73 to 76of the Companies Act during the year.

6. According to the information and explanations furnished to us the requirement formaintenance of the cost records pursuant to the Companies (Cost Records and Audit) Rules2014 specified by the Central Government of India under section 148 of the Companies Act2013 are not applicable to the Company for the year under audit.

7. (a) According to the records provided to us the company is generally regular indepositing undisputed statutory dues including Provident Fund Income Tax Service Tax andTax Deducted at Source with the appropriate authorities. However we have observed delaysin remitting sums in respect of Tax deducted at source.

(b) According to information and explanations given to us there are no disputed duesthat were not deposited with the concerned authorities.

8. The company has not availed any term loans from Bank or financial institutions.Hence the question of reporting on default in repayment thereof does not exist.

9. The company has not raised any money by the way of initial public offer or furtherpublic offers including debt instruments or by the way of term loans during the year.Hence reporting on utilization of such money does not arise.

10. Based on the audit procedures adopted and information and explanations furnished tous by the management no fraud on or by the company has been noticed or reported duringthe course of our audit.

11. No managerial remuneration has been paid or provided during the year.

12. The company is not a Nidhi Company and as such this clause of the Order is notapplicable.

13. (a) In our opinion and according to the information and explanations furnished tous all transactions with the related parties are in compliance with sections 177 and 188of Companies Act 2013.

(b) There are no Related Party transactions during the year and the same have beenmentioned in the notes to financial statements as required by the applicable accountingstandards. Refer Note No. 18 to Financial Statements.

14. During the year the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures under section 42 of theCompanies Act 2013.

15. In our opinion and according to the information and explanations furnished to usthe company has not entered into any non-cash transactions with directors or personsconnected with them.

16. The company is required to register under section 45-IA of the Reserve Bank ofIndia Act 1934 and has valid certificate of Registration issued by Reserve Bank of India.

For M/s. S. JAWAHAR & ASSOCIATES
Chartered Accountants
FRN:006232S
Date: 31.07.2020
Place: Chennai Sd/-
S. JAWAHAR F.C.A
Partner
Membership No. 201098
UDIN: 20201098AAAABH9365

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF UPASANAFINANCE LIMITED CHENNAI FOR THE YEAR ENDED 31st MARCH 2020

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 reporting of Upasana Finance Limited Chennai("the Company") as of March 31 2020 in conjunction with our audit of thefinancial 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 company policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on the Company's Internal Financial Controlover financial reporting based on our audit. We conducted our audit in accordance with theGuidance Note and the Standards on Auditing ('the Standards') issued by the ICAI anddeemed to be prescribed under section 143(10) of the Act to the extent applicable to anaudit of internal financial controls both issued by the ICAI. 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 was established and maintained and if such controls operatedeffectively 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 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 systemwith reference to financial statements over financial reporting with reference tofinancial statements.

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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company.

2. 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 authorizations of management and directors of the company; and

3. Provide reasonable assurance regarding prevention or timely detection ofunauthorized 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

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management overriding 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 2020 based on theinternal control over financial reporting with reference to financial statements 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 ICAI.

For M/s. S. JAWAHAR & ASSOCIATES
Chartered Accountants
FRN:006232S
Date: 31.07.2020
Place: Chennai Sd/-
S. JAWAHAR F.C.A
Partner
Membership No. 201098
UDIN: 20201098AAAABH9365

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