| 1. We have audited the accompanying financial statements of Haryana
Financial Corporation (HFC), which comprise of the Balance Sheet as at
31st March,2015 and the Statement of Profit and Loss and cash flow
statement for the year ended and a summary of significant accounting
policies and other explanatory information.
Management's responsibility for the Financial Statements
2. Management is reponsible for the preparation of these Financial
Statements that give a true and fair view of the financial position and
financial performance and the cash flow of the Corporation in
accordance with the accounting standards and principles generally
accepted in India and as per the requirements of Small Industries
Development Bank of India (SIDBI). 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 misstatements whether
due to fraud or error.
Auditor's responsibility
3. 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 and provisions of section 37 of the State
Financial Corporations Act 1951 as amended by SFCs (Amendment) Act
2000. 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 misstatements.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedure selected depend upon the auditor's judgement , 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
Corporation's preparation and fair presentation of the financial
statements in order to design audit procedure 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.
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our Audit opinion.
Opinion
6. 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 & fair view in conformity with the accounting principles laid down
by SIDBI for SFCs and generally accepted in India ;
a) In the case of the Balance Sheet, of the state of affairs of the
Corporation as at 31st March, 2015,
b) In the case of the Statement of Profit & Loss, of the Profit for the
year ended on that date, and-
c) In the case of the Cash Flow Statement of the cash flow for the year
ended on that date.
Report on other legal and Regulatory requirements
On the basis of our audit subject to Notes on Accounts as contained in
Schedule "S", we report that ;
i) 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.
ii) In our opinion, proper books of accounts as required by law have
been kept by the Corporation so far as appears from our examination of
those books and proper returns adequate for the purpose of our audit
have been received from Branches.
iii) The Balance Sheet, Statement of Profit & Loss and Cash Flow
statements dealt with by this Report are in agreement with the books of
accounts and with the returns received from the Branches.
iv) In our opinion the Balance Sheet, Statement of Profit & Loss and
Cash Flow statements comply with the Accounting Standards and guide
lines issued by SIDBI for SFCs from time to time.
v) The transactions of the Corporation that have come to our notice
have been within the powers of the Corporation.
For R.p Mallick & Associates
Chartered Accountants
Place : Chandigarh FCA (Prop.)
Membership No.083882
Dated : 11th August, 2015 Firm Reed. No.04867N
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