| We have audited the accompanying financial statements of SAM LEASECO
LIMITED ("the Company"), which comprise the Balance Sheet as at March
31, 2015, and 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 Board of Directors is responsible for the matters stated
in Section 134 (5) of the Companies Act, 2013 ( " The Act") with
respect to the preparation of these standalone financial statements
that give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with accounting
principles generally accepted in India, including the Accounting
Standards prescribed under section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, 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 standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. 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 the 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 financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, 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 information and according to the
explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as
at 31st March, 2015 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, 2015 ( CARO
2015) issued by the Central Government of India in terms of sub-section
(11) of section 143 of the Companies Act, 2013, we give in the Annexure
a statement on the matters specified in paragraph 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 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, 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, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
specified under section 133 of the Companies Act, 2013, read with Rule
7 of the Companies (Accounts) Rules 2014, the extent applicable.
(e) On the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of section 164 (2) of the Companies
Act, 2013.
(f) With respect to the other matters to be included in 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 explanations given to us :
i) The company has disclosed the impact of pending litigations on its
financial position in its financial position in its standalone
financial statements - refer Note 20 to the standalone financial
statements.
ii) The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
The company did not have long term contracts including derivative
contracts except forward contract.
iii) There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection fund by the
company.
Annexure to the Independent Auditor's Report
[ Referred to in paragraph 1 under ' Report on Other Legal and
Regulatory Requirements' in the Independent Auditor's Report of even
date to the members of Sam Leaseco Limited on the financial statements
for the year ended 31st March, 2015]
1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) All fixed assets have been physically verified by the management in
a phased periodical manner, which in our opinion is reasonable having
regard to the size of the Company and the nature of its assets.
According to the information and explanations given to us, no material
discrepancies were noticed on such verification.
2. There are no Inventories in the company therefore this clause is
not applicable.
3 According to the information and explanations given to us, the
company has granted unsecured loans to companies, firms or other
parties covered in the register maintained under section 189 of the
Companies Act. According to the information and explanations given to
us, no material discrepancies were noticed.
4. In our opinion and according to the information and 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 purchase of inventory and fixed assets and for the
sale of goods and service. During the course of our audit, no major
weakness has been noticed in the internal controls.
5. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public
within the provisions of Section 73 to 76 of the Act and the rules
framed there under.
6. As informed to us, maintenance of cost records under section 148
(1) of the Companies Act, 2013 is not applicable to the Company.
7. a) According to the information and explanations given to us and on
the basis of the examination of the books of account, the Company has
been regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees'
State Insurance, Income-tax, Sales-tax, Wealth tax, Service tax, Value
Added Tax, Customs Duty, Excise Duty, cess and other statutory dues
applicable to it with the appropriate authorities.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Employees' State Insurance, Income tax,
Sales tax, Wealth tax, Service tax, Customs Duty, Excise Duty, cess and
other undisputed statutory dues were outstanding at the yearend for a
period of more than six months from the date they became payable.
According to the records of the Company, disputed Municipal Property
Tax together with Penalty not deposited on account of dispute are as
follows.
Name of Statute / Amount Rs, in lacs Period to
whichthe Forum where
dispute
Description amount
relates is pending
Workmen
compensation 45,174/- 1997-98 04.09.1996
The custodian under
special court (Trial
of offence relating
to transactions in
security act 1992)
Loan 27,33,157/- 1993-94 01.04.1992
Interest 92,15,092/- 1993-94
to 2011-12 Immediate
c) As informed to us, there were no amount, which is required to be
transferred, to the Investor Education and Protection fund in
accordance with the relevant provisions of companies Act, 1956 (1 of
1956) and rules made there under.
8. The Company's accumulated losses at the end of the financial year
are less than fifty percent of its net worth. However, it has
accumulated losses of Rs, 43,25,390/- at the end of the financial year
and it has incurred losses of Rs, 6,74,868/- in the current year.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to banks. The Company
does not have any borrowings by way debentures.
10. According to the information and explanations given to us, the
Company has not given guarantee for loans taken by its subsidiary from
banks or financial institutions.
11. The Company has no term loans outstanding during the year.
12. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practice in India, and according to the information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our
audit.
For Pulindra Patel & Co.
Chartered Accountants
FRN No.115187W
Sd/-
(Pulindra Patel)
Proprietor
Membership No. 048991
Place : Mumbai
Date : 29th May, 2015
| 