| We have audited the accompanying standalone financial statements of
Minda Finance Limited ("the company"), which comprise the Balance Sheet
as at March 31, 20.15, 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.
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
preparation and presentation 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 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 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 insuring 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.
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, but not for the purpose of expressing
an opinion on whether the company has in place an adequate internal
financial Controls system over financial reporting and the operating
effectiveness of such, controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's Board of 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 statements.
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:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2015;
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 the Cash Flow Statement, of the cash flows for the
year ended on that date.
As required by the Companies (Auditor's Report) Order, 2015, issued by
the Central Government of India in terms of sub-section (11) of section
143 of the Act, we enclose in the annexure a statement on the matters
specified in paragraphs 3 and 4 of the said order, to the extent
applicable.
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
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 aforesaid standalone financial statements comply
with the Accounting Standards specified in 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 March 31, 2015 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 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
Auditor's) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
i. There were no pending litigations which would impact the financial
position of the company.
ii. The Company did not have any material foreseeable losses on long
term contracts including derivatives contracts.
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE REFERRED. TO THE AUDITORS' REPORT OF EVEN DATE TO THE MEMBERS
OF MINDA FINANCE LIMITED ON THE STANDALONE FINANCIAL STATEMENTS FOR THE
YEAR ENDED MARCH 31, 2015
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:-
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of the fixed
assets.
(b) The fixed assets have been physically verified by the management at
the year end, According to the information and explanation given to us,
no material discrepancies have been noticed on such verification,
ii) The inventory held by the Company is not in the nature of, for
re-sale, production or consumption, therefore, clause 3(h) of the
Companies (Auditor's Report) Order, 2015 is not applicable,
(iii) 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 companies Act. Consequently, the requirement
of clause 3 (iii), (iii) (a) and (iii) (b) of the Companies (Auditor's
Report) Order, 2015 is not applicable.
(iv) In our opinion, there are adequate internal control systems
commensurate with the size of the company and nature of its business
with regard to purchase of fixed assets and for the sale of services.
The activities of the company do not involve purchase of inventory and
sale of goods. We have not observed any major weakness in infernal
control system during the course of audit.
(v) The Company has not accepted any deposits from the public.
(vi) The nature of the Company's business is such that maintenance of
cost records specified by the central Government under sub section (1)
of section 148 of The Act , is not applicable.
(vii) (a) According to the records, information and explanations
provided to us, Company is generally regular in depositing with
appropriate authorities undisputed statutory dues . including
provident fund, employee's state insurance, income tax, sales tax,
wealth tax, service tax, duty of customs, duty of excise, value added
tax, cess and other statutory dues applicable to it and no undisputed
amounts payable were outstanding as at March 31, 2015 for a period of
more than six months from the date they became payable.
(b) There is no amount in respect of income tax, sales tax, wealth tax,
service tax, duty of customs, duty of excise, value added tax and cess
that have not been deposited with the appropriate authorities on
account of any dispute.
(c) According to the information and explanation given to us there
were no amounts which were required to be transferred to investor
education and protection fund in accordance with the relevant
provisions ofthe Companies Act, 1956 (1 of 1956). and rules made there
under.
(viii) The Company did not have any accumulated losses at the end ofthe
financial year and has not incurred cash losses in the current
financial year and in the immediately preceding financial year.
(ix) There were no dues payable to debenture holders, banks and
financial institutions.
(x) The company has pot given any guarantee for loans taken by others
from bank or financial institutions.
(xi) According to the information and explanations given to us the
Company has not obtained any term loan.
(xii) Based on the audit procedures performed and information and
explanations given to us by the management, we report that no material
fraud on or by the company has been noticed or reported during the
course of our audit.
FOR R.N.SARAF & CO.
CHARTERED ACCOUNTANTS
(Registration No, 002023.N)
R.N. SARAF, F.C.A.
(Membership No. 12439)
Place : New Delhi
Date : 25th May, 2015
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