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ઈન્ડો એશિયન ફાયનાન્સ

બીએસઈ: 530747  |  ઍનઍસઈ : N.A  |  ISIN: INE807A01010  |  Finance - Leasing & Hire Purchase

શોધો ઈન્ડો એશિયન ફાયનાન્સ કનેક્શન � Sep 14
ઓડિટર રિપોર્ટ વર્ષાન્ત : Mar '15
We have audited the accompanying financial statements of Indo Asia
 Finance Limited (''the Company''), which comprise the balance sheet as at
 31 March 2015, the statement of profit and loss and 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 and presentation 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 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 materia!
 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 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, 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 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 standalone
 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, of the state of affairs of the Company as
 at 31 March 2015 and its profit and its 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 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 the paragraph 3 and 4 of the
 Order, to the extent applicable.
 
 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 it appears from our examination of those
 books;
 
 c.  the balance sheet, the statement of profit and loss and the 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 the written representations received from the
 directors as on 31 March 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31 March 2015
 from being appointed as a director in terms of Section 164 (2) of the
 Act; and
 
 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 has made provision, as required under the applicable
 law or accounting standards, for material foreseeable losses, if any,
 on long-term contracts including derivative contracts;
 
 iii. The company has defaulted in transferring a sum of Rs.1.94 lakhs
 out of Rs.3.47 lakhs which were required to be transferred, to the
 Investor Education and Protection Fund by the Company.
 
 Annexure to the Auditors'' Report
 
 The Annexure referred to in our Independent Auditors'' Report to the
 members of the Company on the financial statements for the year ended
 31 March 2015, we report that:
 
 (i)
 
 a.  The Company has maintained proper records showing full particulars,
 including quantitative details and situation of fixed assets.
 
 b.  The Company has a regular programme of physical verification of its
 fixed assets by which fixed assets are verified in a phased manner on
 regular intervals. In accordance with this programme, certain fixed
 assets were verified during the year and no material discrepancies were
 noticed on such verification. In our opinion, this periodicity of
 physical verification is reasonable having regard to the size of the
 Company and the nature of its assets.
 
 (ii) The Company is a service company, primarily rendering financial
 services.  Accordingly, it does not hold any physical inventories thus,
 paragraph 3(ii) of the order is not applicable.
 
 (iii)
 
 a.  The Company has granted loans to five bodies corporate covered in
 the register maintained under section 189 of the Companies Act, 2013
 (''the Act'').
 
 b.  In the case of loans granted to the bodies corporate listed in the
 register maintained under section 189 of the Companies Act, the
 borrowers have been regular in the payment of interest as stipulated.
 The terms of arrangements do not stipulate any repayment schedule and
 the loans are repayable on demand. Accordingly, paragraph 3(iii)(b) of
 the Order is not applicable to the Company.
 
 c.  There are no overdue amounts ofmore than rupees one lakh in respect
 of the loans granted to the bodies corporate listed in the register
 maintained under section 189 of the Companies Act.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there is an adequate internal control system commensurate
 with the size of the Company and the nature of its business with regard
 to purchase of fixed assets and sale of services. The activity of the
 company do not involve any purchase of inventory and sale of goods. We
 have not observed any major weakness in the internal control system
 during the course of the audit.
 
 (v) The Company has not accepted any deposits from the public.
 
 (vi) The central Government has not prescribed the maintenance of cost
 records under section 148(1) of the Act, for any of the services
 rendered by the company.
 
 (vii)
 
 a.  According to the information and explanations given to us and on
 the basis of our examination of the records of the Company, amounts
 deducted / accrued in the books of account in respect of undisputed
 statutory dues including provident fund, income tax, sales tax, wealth
 tax, service tax, duty of customs, value added tax, cess and other
 material statutory dues have been regularly deposited during the year
 by the Company with the appropriate authorities.. As explained to us,
 the Company did not have any dues on account of employees'' state
 insurance and duty of excise.  According to the information and
 explanations given to us, no undisputed amounts payable in respect of
 provident fund, income tax, sales tax, wealth tax, service tax, duty of
 customs, value added tax, cess and other material statutory dues were
 in arrears as at 31 March 2015 for a period of more than six months
 from the date they became payable. However the company has not remitted
 a sum of Rs.4.27 lakhs which is payable on account of Fringe benefit
 tax for the assessment year 2007- 2008.
 
 b.  According to the information and explanations given to us, there
 are no material dues of wealth tax, duty of customs and cess which have
 not been deposited with the appropriate authorities on account of any
 dispute. However, according to the information and explanations given
 to us, the following dues of income tax have not been deposited by the
 company on account of disputes:
 
 Name of      Nature of Dues  Amount in Rs.  Period for     Forum where
 Statute                                      which the     dispote is
                                              amount        pending
                                              relates
 
 Income Tax    Income  Tax     66,78.30 7     AY207-08        CIT(A)-18,
 Act, 1961                                                    Chennai
 
 Income Tax    Income  Tax     76,59,021      AY2008-09       CIT(A)-18,
 Act, 1961                                                    Chennai
 
 Income Tax    Income  Tax     42,88,178      AY2009-10       CIT(A)-18,
 Act, 1961                                                    Chennai
 
 Income Tax    Income  Tax     50,47,784      AY2010-11       CIT(A)-18,
 Act, 1961                                                    Chennai
 
 Income Tax    Income  Tax     18,76,583      AY2011-12       CIT(A)-18,
 Act, 1961                                                    Chennai
 
 Income Tax    Income  Tax     48,53,307      AY 2012-13      CIT(A) 18,
 Act, 1961                                                    Chennai
 
 The assessment for the above assessment years are completed under
 section 153A r.w.s.143( 3) of the Income Tax Act and demand of tax
 was,raised on 31.03.2015
 
 c.  According to the information and explanations given to us the
 company has not transferred a sum of Rs.1.94 lakhs out of 3.47 lakhs
 being unclaimed dividend which requires to be transferred to the
 investor education and protection fund in accordance with the relevant
 provisions of the Companies Act, 1956 (1 of 1956) and rules there
 under.
 
 (viii) The Company does not have any accumulated losses at the end of
 the financial year and has not incurred cash losses in the financial
 year and in the immediately preceding financial year.
 
 (ix) Based on our audit procedure and on the information and
 explanations given by the management, we are of the opinion that the
 Company has not defaulted in repayment of dues to a financial
 institutions and banks during the year.
 
 (x) In our opinion and according to the information and the
 explanations given to us, the Company has not given any guarantee for
 loans taken by others from banks or financial institutions.
 
 (xi) The company did not have any term loan outstanding during the
 year.
 
 (xii) According to the information and explanations given to us, no
 material fraud on or by the Company has been noticed or reported during
 the course of our audit.
 
                                      For R.KRISHNA KUMAR & ASSOCIATES
                                                 Chartered Accountants
                                   Firm''s registration number: 007667S
 
 Place: Chennai
 Date:27.05.2015
 
                                                       R.Krishna Kumar
                                                            Proprietor
                                              Membership number 205250
 
 
સ્તોત્ર: રેલીગેર ટેકનોવા


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