| We have audited the accompanying financial statements of INDO CREDIT
CAPITAL LIMITED, which comprise the Balance Sheet as at March 31,2014,
the Statement of Profit and Loss and Cash Flow Statement for the year
then ended, and a summary of significant accounting policies and other
explanatory information.
Management's Responsibility for the Financial Statements
The Company's management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position and financial performance and Cash Flow of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 ("the Act") read with the General Circular 15/2013 dated
13th September,2013 of the Ministry of Corporate Affairs in respect of
section 133 of the Companies Act 2013. This responsibility includes
the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company's preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in
the circumstances but not for the purpose of expressing an opinion on
the effectiveness of the entity's internal control. An audit also
includes evaluating the appropriateness of accounting policies used
and the reasonableness of the accounting estimates made by management,
as well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our knowledge and according to the
information and explanations given to us, the financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity 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 March 31,2014; and
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date. And
c) in the case of Cash flow statement, of the cash flows of the
company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of 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 the Company so far as appears from our examination of those
books.
c) The Balance Sheet, the Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet and Statement of Profit and Loss
and Cash Flow Statement comply with the Accounting Standards notified
under the Companies Act, 1956 ("the Act") read with the General
Circular 15/2013 dated 13th September,2013 of the Ministry of
Corporate Affairs in respect of section 133 of the Companies Act 2013.
e) On the basis of written representations received from the directors
as on March 31,2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31,2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO AUDITORS' REPORT
The Annexure referred to in our report to the members of Indo Credit
Capital Limited (the Company) for the year ended 31st March, 2014, We
report that:
1 (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets on the basis of available information..
(b) As informed to us, the fixed assets have been physically verified
by the management during the year and no material discrepancies were
noticed on such verification.
(c) During the year substantial part of fixed assets has not been
disposed off.
2 According to the information & explanations given to us company does
not have any inventory.
3 (a) The Company has not granted any loans to the Company, Firms or
other parties covered in register maintained under Section 301 of the
Companies Act, 1956
(b) The Company has not taken any loan to the Companies covered in
register maintained under Section 301 of the Companies Act, 1956
4 In our opinion and according to the information & explanations given
to us, there are adequate internal control procedures commensurate
with the size of the company and the nature of its business, for the
purpose of shares and sale of shares. During the course of our audit;
we have not observed any continuing failure to correct major
weaknesses in internal control system of the Company.
5 According to the information and explanations given to us, Company
has not entered into any contract or arrangement with any party
referred to in section 301 of the Companies Act, 1956 therefore paras
(a) and (b) are not applicable.
6 The company has not accepted any deposit from the public and hence
the provisions of Section 58 A and 58AA of the Companies Act, 1956 and
rules framed there under, are not applicable.
The company is Non-Banking Finance Company (NBFC). As informed to us,
the company has complied with Non-Banking Financial (Non-Deposit
Accepting or Holding) Company's Prudential Norms (Reserve Bank)
Directions, 2007, as amended upto 30/06/2013 in respect of submitting
various certificates regarding its engagement in NBFI activity
requiring to hold the CoR.
7 The Paid-up capital and Reserves of the Company as at the
commencement of the financial year concerned exceeded Rs. 50 Lacs. The
company has adequate internal audit system commensurate with the size
and nature of its business.
8 As per information and explanations given to us by management, the
Central Government has not prescribed the maintenance of cost records
under section 209 (1) (d) of the Companies Act, 1956 for the Company.
Therefore, no further comments are required to be made.
9 (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the
Company is regular in depositing undisputed statutory dues in respect
of Provident Fund, employees state Insurance, Income Tax, Sales Tax,
Cess and other statutory dues as appropriate with the authorities.
(b) According to the information and explanations given to us, there
was no undisputed amount outstanding & payable in statutory dues as at
31st March, 2014, for a period of more than six months from the date
of they become payable.
10 In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth. Further, the company has incurred
cash loss during the financial year covered by our audit.
11 The Company has not taken any loan from financial institution and
further it was not raised any funds through issue of debentures, hence
the question of default is repayment of dues does not arise.
12 According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13 The Company is not a chit fund or a nidhi / mutual benefit fund /
society. Therefore provisions of clause (xiii) of the Companies
(Auditor's Report) Order, 2003 (as amended) is not applicable to the
company.
14 In our opinion, the Company is not dealing in or trading in shares,
securities, debentures and other investments and proper records have
been maintained of the transaction and contracts. Timely entries have
also been made. Shares and other investments are also held in the name
of the company.
15 the company has not given any guarantee against loan taken by
others from Banks and Financial Institutions and hence the question of
terms and conditions prejudicial to the interest of the company does
not arise.
16 The company has not taken any term loan and hence the related
reporting requirements are not applicable.
17 Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as on 31st
March, 2014, in our opinion, there are no funds raised on a short-term
basis which have been used for long term investment.
18 The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956.
19 The Company has not issued any debentures during the year.
20 The Company has not raised any money by public issue during the
year under review.
21 According to the information and explanations given to us, no fraud
on or by the Company has been noticed or reported during the course of
our audit.
For, NAIMISH N. SHAH & CO.
CHARTERED ACCOUNTANTS
(F.R.No. : 106829W)
PLACE : AHMEDABAD CA. PRANAV N. SHAH
DATE : May 29, 2014 (PROPRIETOR)
(M.NO. : 033747) | 