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આઈકેએફ ફાઈનાન્સ

બીએસઈ: 530719  |  ઍનઍસઈ : N.A  |  ISIN: INE859C01017  |  Finance - Investments

શોધો આઈકેએફ ફાઈનાન્સ કનેક્શન � Mar 13
ઓડિટર રિપોર્ટ વર્ષાન્ત : Mar '14
We have audited the attached Balance Sheet of IKF FINANCE LIMITED, (the
 Company) as at March 31, 2014, and the related Profit and Loss
 Statement and the Cash Flow Statement for the year ended on that date
 annexed thereto which we have signed under reference to this report.
 These financial statements are the responsibility of the Company''s
 Management.  Our responsibility is to express an opinion on these
 financial statements based on our audit.
 
 We conducted our audit in accordance with auditing standards generally
 accepted in India. Those Standards require that we plan and perform the
 audit to obtain reasonable assurance about whether the financial
 statements are free of material mis- statement. An audit includes
 examining, on a test basis, evidence supporting the amounts and
 disclosures in the financial statements. An audit also includes
 assessing the accounting principles used and significant estimates made
 by the Manage- ment as well as evaluating the overall financial
 statement presentation. We believe that our audit provides a reasonable
 basis for our opinion.
 
 As required by the Companies (Auditor''s Report) Order, 2003, (the
 Order) issued by the Government of India in terms of sub-section (4A)
 of Section 227 of the Companies Act, 1956, and on the basis of such
 checks as we considered appropriate and according to the information
 and explanations given to us during the course of audit a statement on
 matters specified in the said order has been given in the annexure
 hereof.
 
 Further to our comments in the Annexure referred to in paragraph 3
 above, 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 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 it 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 and according to the information and explanations
 given to us, the Balance Sheet, Profit and Loss Statement and Cash Flow
 Statement dealt with by this report comply with the Accounting
 Standards referred to in sub-section (3C) of Section 211 of the
 Companies Act, 1956;
 
 e) on the basis of written representations received from the directors
 and taken on record by the company, none of the directors are
 disqualified as on March 31, 2014, from being appointed as a director
 in terms of clause (g) of sub- section (1) of Section 274, of the
 Companies Act, 1956;
 
 f) in our opinion and to the best of our information and according to
 the explanations given to us, the said financial statements give the
 information required by the Companies Act, 1956 in the manner so
 required and give a true and fair view in conformity with the
 accounting principles generally accepted in India:
 
 i) in the case of Balance Sheet, of the state of affairs of the company
 as at March 31, 2014;
 
 ii) in the case of Statement of Profit and Loss, of the profit of the
 company for the year ended on that date; and
 
 ii) in the case of Cash Flow Statement, of the cash flows of the
 company for the year ended on that date.
 
 ANNEXURE TO AUDITORS'' REPORT (Referred to in paragraph 3 of our report
 of even date)
 
 Re: IKF FINANCE LIMITED (the company)
 
 Financial Year Ended March 31, 2014
 
 I.  (a) The Company is maintaining proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 (b) The Company has a phased programme of physical verification of
 fixed assets, which in our opinion, is reasonable having regard to the
 size of the Company and nature of fixed assets. In accordance with the
 programme, the fixed assets have been physically verified by the
 management during the year and no material discrepancies were noticed
 on such physical verification.
 
 (c) The Company has disposed off vehicles from fixed assets of which
 are actually part of its business activity, as such the assets disposed
 off during the year were not substantial and therefore do not affect
 the going concern status of the Company.
 
 II.  In our opinion and as per the information and explanations given
 to us the Company has not granted/taken any loans, secured or
 unsecured, to/from companies, firms or other parties listed in the
 register maintained under section 301 of the Companies Act, 1956 (the
 Act).
 
 III. 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 with regard to purchase of fixed assets and sale of goods and
 services. During the course of our audit, no major weakness has been
 noticed in the above controls and therefore the reporting of the same
 does not arise.
 
 IV.  In respect of transactions entered in the register maintained in
 pursuance of section 301 of the Companies Act, 1956
 
 (a) To the best of our knowledge and belief and according to the
 information and explanations given to us, the particulars of contracts
 or arrangements referred to in Section 301 of the Act have been entered
 in the register required to be maintained under that section, and
 
 (b) According to the information and explanations given to us, where
 each of such transactions in respect of any party, the transactions
 made in pursuance of such contracts or arrangements have been made at
 prices which are reasonable having regard to the prevailing market
 prices at the relevant time.
 
 V.  The Company has not accepted public deposits in accordance with the
 provisions of Section 58A, 58AA or any other relevant provisions of the
 Companies Act, 1956.
 
 VI.  The Company has an internal audit system, which in our opinion, is
 commesurate with the size and the nature of its business.
 
 VII. The Central Government has not prescribed the maintenance of cost
 records under Section 209(1)(d) of the Act.
 
 VIII.  (a) According to the records of the Company and information and
 explanations given to us, undisputed statutory dues including provident
 fund, Investor education and protection fund, Employee''s State
 Insurance, Income tax, Wealth tax, service tax, as applicable were
 regularly deposited during the year with the appropriate authorities
 etc. and there exist no dues which is outstanding for a period
 exceeding six months as at the last day of the financial year.
 
 (b) According to the information and explanations given to us and the
 books and records examined by us, there are no dues of Income Tax,
 Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty and Cess
 which have not been deposited on account of dispute which is
 outstanding for a period exceeding six months as at the last day of the
 financial year.
 
 IX.  The Company does not have any accumulated lossess at the end of
 the financial year and has not incurred any cash losses during the
 current and immediately preceeding financial year.
 
 X.  Based on our audit procedures and as per information and
 explanations given by the management, we are of the opinion that the
 Company has not defaulted in the repayment of dues to banks, financial
 institutions or debenture holders.
 
 XI.  According to the information and explanations given to us and
 based on our examination of books and records, the Company has not
 granted loans and advances on the basis of security by way of pledge of
 shares and other securities.
 
 XII. In our opinion the company is not a chit fund or a nidhi/mutual
 benefit fund/society.
 
 XIII.  Based on our examination of records and the information and
 explanations given to us, the Company does not deal / trade in shares,
 securities and debentures and other investments.
 
 XIV. In our opinion and according to the information and explanations
 given to us, the Company has given guarantees, in respect of loans,
 sanctioned to the various finance creditors under the Channel Business
 activity undertaken by the Company as detailed below. The terms and
 conditions thereof are not prejudical to the interest of the Company.
 
                                           (Rs. In Lacs)
 
 Sl.    Name of the Activity          Outstanding Amount
 No.
 
 1      Channel Business                         1670.17
 
 XV.  To the best of our knowledge and belief and according to the
 information and explanations given to us, term loans availed by the
 company were, prima facie, applied by the company during the year for
 the purposes for which the loans were obtained other than temporary
 deployment, pending application.
 
 XVI. According to the information and explanations given to us and on
 an overall examination of the Balance Sheet of the Company, we are of
 the opinion that the funds raised on short term basis have not been
 used for long term investment.
 
 XVII.  According to the information and explanations given to us, the
 company has allotted 30,00,000 Equity Shares of Rs.10/- each with a
 Premium of Rs.3/- per Share on September 30, 2013, consequent to
 conversion of Warrants allotted on September 30, 2013, to both the
 Promoters and Promoter Group in terms of SEBI Preferential Issue
 Guidelines and therefore we are of the opinion that the same are not
 prejudicial to the interest of the Company.
 
 XVIII.According to the information and explanations given to us, the
 Company has created securities by way of floating charges in respect of
 secured debentures issued.
 
 XIX. The Company has not raised money by Public issue of Shares during
 the year.
 
 XX.  To the best of our knowledge and belief and according to the
 information and explanations given to us, no material fraud on or by
 the Company was noticed or reported during the course of our audit.
 
 XXI. In our opinion and according to the information and explanations
 given to us, the nature of the Company''s business / activities during
 the year have been such that clause (ii) of paragraph 4 of the
 Companies (Auditors'') Report) Order, 2003 are not applicable to the
 Company for the year.
 
                                                     For Hanumaiah & Co.
                                                   Chartered Accountants
                                           Firm Registration No: 009021S
 
                                                                    Sd/-
                                                        K Hanumaiah, FCA
                                                                 Partner
 Place: Vijayawada                                 Membership No: 201719
 Date: 27-05-2014
સ્તોત્ર: રેલીગેર ટેકનોવા


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