| We have audited the accompanying financial statements of M/s Available
Finance Limited, 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.
1. Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the 'matter stated
in Section 134(5)of the Companies Act, 2013 with respect to the
preparation and presentation of these standalone financial statements
that give a true and fair view of the financial position, financial
performance and cash flow of the company in accordance with the
Accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Companies Act,
2013 read with Rule 7 of Companies(AccountsO 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 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.
2. Auditors'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 Companies Act, Accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the act and Rules made thereunder.
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 company'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 on the standalone
financial statements.
3. Opinion
In our opinion and to the best of our information and according to the
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 of
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 Profit and Loss Account, 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.
4, Report on Other Legal and Regulatory Requirements
1. 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 give in the Annexure a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the extend
applicable.
2. As required by section 143 (3) ofthe 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 Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards specified
under section 133 of the Companies Act read with Rule 7 of the
Companies (Accounts) Rules, 2014
e) On the basis of written representations received from the directors,
and taken on record by the Board of Director 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 Companies Act, 2013; and
f) with respect to other matters to be inc luded in the Auditors Report
in accordance with Rule 11 of the companies (Audit and Auditors) Rule,
2014 in our opinion and to the best of our information and according to
explanation given to us as at 31st March, 2015:
i. There was no company pending litigations impacting on companies
financial position to disclose in its financial statements.
ii. There was no material foreseeable losses on long term contracts
including derivative contracts requiring to make provision under the
applicable law or accounting standards
iii. There were no amounts required to be transferred, to the Investor
Education and Protection Fund by the Company.
ANNEXTJRE TO THE AUDITORS' REPORT OF AVAILABLE FINANCE LIMITED
The Annexure referred to un our independent Auditors Report to the
members of the Company on the standalone financial statements for the
year ended 31st March, 2015 we report that:
(I) (a) The company is maintaining proper records showing full
particulars, including Quantitative details and situation of fixed
assets.
(b) The management at reasonable intervals has physically verified
these fixed assets; and No discrepancies were noticed on such
verification.
(ii) The company do not hold any inventory during the financial year,
Hence clause ii (a), (b) & (c)is not applicable to the company.
(iii) The company had granted unsecured loan amounting to Rs 1745 lakhs
to a Companies covered in the register maintained under section 189 of
the Companies Act.
(a) Receipt of principal amount of the loan and interest on it were
also regular.
(b) As per information and explanation given to us, there were no
overdue amount as at the balance sheet date.
(iv) In our opinion and according to information and explanation given
to us There is an adequate internal control procedure 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
services. We have not observed any continuing failure to correct major
weakness in internal control system.
(v) The company has not accepted deposits from the public, the
directives issued by the Reserve Bank of India and the provisions of
section 73 to 76 or any other relevant provisions of the Companies Act
and the rules framed there under, arc not applicable to the company.
(vi) Central Government has not prescribed maintenance of cost records
under clause sub section (1) of section 148 of the Companies Act.
(vii) (a) According to information and explanation given to us, The
company is generally regular in depositing undisputed statutory dues,
including provident fund, employee's state insurance, income tax, sales
tax, wealth tax, service tax, duty of custom, duty of excise, value
added tax, cess and any other statutory dues with the appropriate
authorities to the extent payable by the company.
(b) According to the information and explanations given to us, there is
no material dues in case of sales tax, wealth tax, service Tax, duty of
customs, duty of excise, value added tax or cess which have not been
deposited with the appropriate authorities on account of any dispute.
However, in case of income tax, demand on account of Regular Assessment
amounting to Rs. 16,85,850/-is payable asunder::
Name of statute Nature of Dues Amount Financial Year Forum where
dispute is
pending
IncomeTax Income Tax & Penalty 1685850/- 2011-12 Commissioner
(AY 2012-13)of Appeals
(c) As per information and explanation given to us there was no amount
required to be transferred to investor education and protection fund in
accordance with relevant provisions of the Companies Act 1956 (1 of
1956) and rule made there under such fund.
(xi) There are no Accumulated losses of the company at the end of the
financial year and it has not incurred cash losses in such financial
year immediately preceding financial year also,
(xii) The company did not have any outstanding dues to financial dues
to financial institutions or banks or debenture holders during the
financial year.
(xiii) According to information and explanation given to us, The
company has not given any guarantee for loans taken by others from bank
or financial Institutions.
(xiv) Term Loan were applied for the purpose for which the loans were
obtained;
(xv) According to information and explanation given to us, No fraud on
or by the company has been noticed or reported during the year by the
company.
For Jain Doshi & Co.
Firm Reg. No. : 007365C
Chartered Accountants,
Place: Indore Sd/-
Date: 28/05/2015 (Dipentira Kumar Jain)
Partner
Membership No.: 076875
|