| We have audited the accompanying financial statements of PARIKSHA
FIN-INVEST-LEASE LIMITED ("the Company"), which comprise the Balance
Sheet as at 31st March, 2015, the Profit and Loss Statement, the 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 financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified 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 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
thereunder.
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 on the financial
statements
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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 31st March, 2015;
b. In the case of the Profit and Loss Statement, of the Profit for the
year ended on that date; and
c. In the case of the Cash Flow Statement, of the 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 ("the
Order") issued by the Central Government in terms of section 143(11) of
the Companies Act, 2013, we give in the Annexure a statement on the
matters specified in paragraphs 3 and 4 of the Order.
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 best of 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 the Company so far as appears from our examination of those
books
c. The Balance Sheet, Profit and Loss Statement and Cash Flow Statement
dealt with by this Report are in agreement with the books of account.
d. In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014 ;
e. On the basis of written representations received from the directors
as on 31st March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31st March, 2015, from being
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 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 the explanations given to us:
i. The Company does not have any pending litigations which would impact
its financial position.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
3. Further, as required by 'Non Banking Financial Companies Auditor's
Report (Reserve Bank) Directions,1988' , we further state that we have
submitted a separate report to the Board of Directors of the Company on
the matters specified in said directions as under:-
a) The company applied for registration as provided in section 45IA of
the Reserve Bank of India Act, 1934 and has obtained certificate of
registration from the Reserve Bank of India.
b) The Company is entitled to continue to hold the Certificate of
Registration in terms of its asset/income pattern as on 31st March,
2015.
c) The Board of Directors of the company has passed a resolution for
non - acceptance of any public deposits.
d) The company has not accepted any public deposit during the year
under reference.
e) The company has complied with the prudential norms relating to
income recognition, accounting standards, assets classification and
provisioning of bad and doubtful debts as applicable to it in terms of
Non-Banking Financial (Non-Deposit Accepting or Holding) Companies
Prudential Norms (Reserve Bank) Directions, 2007.
ANNEXURE TO THE AUDITORS' REPORT
Referred to in our report of even date on the accounts of PARIKSHA
FIN-INVEST-LEAESE LIMITED for the year ended on 31st March, 2015.
As required by the companies (Auditors Report) Order, 2015 issued by the
Government of India in terms of section 143(11) of the Company Act, 2013
and on the basis of such checks as we considered appropriate and as per
information and explanations given to us, we report that:-
1. a. The company has maintained proper records showing full
particulars including quantitative details and situation of its
fixed assets.
b. The fixed assets of the company have been physically verified during
the year by the management at reasonable intervals and no material
discrepancies between the book records and the physical inventory have
been noticed on such verification.
2. The inventory of the company comprises shares, which are in
dematerialized form, and which have been verified by the management
with reference to holding statement from depository participant. In our
opinion , the procedure of verification of inventory followed by the
management is satisfactory. Further, the company is maintaining proper
records of its inventory and no discrepancies were noticed on
verification.
3. According to information made available to us , the company has not
granted any loans, secured or unsecured, to companies, firms or other
parties covered in the register maintained under section 189 of the
Act.
4. In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business, for purchase of securities and fixed assets and for the sale
of securities and services. During the course of audit, no major
weakness was noticed in the internal controls.
5. On the basis of information and explanation given to us and on our
scrutiny of company's records, in our opinion, the company has not
accepted any public deposits.
6. To the best of our knowledge and belief and according to
information given to us, Central Government has not prescribed the
maintenance of cost records under sub-section (1) of section 148 of the
Companies Act, 2013 for any of the activities of the company.
7. (a) According to the information and explanation given to us the
company is generally regular in depositing with appropriate authorities
the undisputed statutory dues including provident fund, employees' state
insurance, income-tax, wealth-tax, service tax, duty of customs, duty of
excise, value added tax, cess and any other statutory dues applicable to
it. Further, there were no arrears of undisputed statutory dues
outstanding as at last day of the financial year concerned for a period
of more than six month from the date they became payable.
(b) According to the information and explanations given to us, there
are no such dues which have not been deposited on account of any
dispute.
(c) No amount was due to be deposited under Investor Education and
Production Fund.
8. The company does not have accumulated losses. The Company has not
incurred cash losses during the financial year though in the
immediately preceding financial year the company incurred cash losses.
9. Based on our examination and according to the information and
explanations given us, the company has not borrowed from any financial
institutions, banks or issued any debentures.
10. According to the records of the company and the information and
explanations given to us, the company has not given any guarantee for
loans taken by others from bank or financial institutions.
11. In our opinion and on the basis of information and explanations
given to us and on overall examination of financial statements, term
loans availed by the company were aaplied for the purpose for which the
loans were obtained.
12. Based on audit procedures performed and according to the
information and explanations given to us, we report that no fraud on or
by the company has been noticed or reported during the year.
For RAJENDAR K. KUMAR & ASSOCIATES
Chartered Accountants,
FRNO. 010142C
R.K. KUMAR
Proprietor
Membership No.-071803
Place: Ghaziabad
Date: 27th May, 2015
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