| Report on the Financial Statements
We have audited the accompanying financial statements of IMC Finance
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2013, 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 Pinancial Statements
Management is responsible for 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 Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). 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. 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. ^^^^^V
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 March 31, 2013;
(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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003 ("the
Order") 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, 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 referred
to in subsection (3C) of section 211 of the Companies Act, 1956;and
e. On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, 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 INDEPENDENT AUDITOR'S REPORT REFERRED TO IN PARAGRAPH 1
UNDER THE HEADING OF "REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS" OF OUR REPORT OF EVEN DATE
(1) In our opinion and according to the information and explanations
given to us, the nature of the Company's business / activities during
the year are such that clauses (ii), (iii), (iv), (v), (viii), (xiii),
(xiv), (xviii), (xix), and (xx) of paragraph 4 of the said order are
not applicable to the company.
(2) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) According to the information and explanations given to us, fixed
assets of the Company have been physically verified by the Management
at the year end which, in our opinion, is reasonable having regard to
the size of the Company and the nature of its assets. No discrepancies
were noticed on such verification.
(c) During the year, no fixed assets have been disposed off by the
Company.
(3) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits within the
meaning of directives issued by the Reserve Bank of India and
provisions of Section 58A and 58AA or any other relevant provisions of
the Act and the rules framed there under. No order has been passed by
the Company Law Board or National Company Law Tribunal or Reserve Bank
of India or any Court or any Other Tribunal.
(4) In our opinion the Company has an internal audit system
commensurate with its size and nature of its business.
(5) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees1 state insurance,
income tax, sales tax, wealth tax, service tax, custom duty, excise
duty, cess and other statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, sales tax, wealth
tax, service tax, custom duty, excise duty, cess were in arrears, as at
31st March, 2013 for a period of more than six months from the date
they became payable. There are no dues of income tax, sales tax, wealth
tax, service tax, custom duty, excise duty, cess which have not been
deposited on account of any dispute.
(6) The Company has neither accumulated losses as at 31st March, 2013
nor it has incurred any cash losses during the financial year ended on
that date and in the immediately preceding financial year. >Sp^*v$v
(7) According to the information and explanations given to us, the
Company has not obtained any borrowings from any banks, financial
institutions or by way of debentures.
(8) The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(9) To the best of our knowledge and belief and according to the
information and explanations given to us, the Company has not given any
guarantees for loans taken by others from banks or financial
institutions.
(10) To the best of our knowledge and belief and according to the
information and explanations given to us, no term loans were obtained
by the Company during the year.
(11) To the best of our knowledge and belief and according to the
information and explanations given to us, no funds have been raised on
short term basis by the company during the year.
(12) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
year.
For B. L. Sarda & Co.
Firm Registration No. 109267W
Chartered Accountants
(B.L. Sarda)
Proprietor
M. No. 14568
Place: Mumbai
Dated: 13.03.2013
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