| We have audited the accompanying financial statements of ING Vysya
Financial Services Limited ('the Company'), which comprise the balance
sheet as at 31 March 2014, 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 Financial 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.
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:
a. in the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2014;
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 Act;
e. on the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 March 2014, 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 the Auditor's report
Annexure referred to in the Auditors' report to the members of ING
Vysya Financial Services Limited ('the Company') for the year ended 31
March 2014. 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 all fixed assets are verified every year. In our
opinion, the periodicity of physical verification is reasonable having
regard to the size of the Company and the nature of its assets. No
material discrepancies were noticed on such verification.
(c) No fixed assets have been disposed-off during the year.
ii. The Company is a service company, primarily rendering non-fund/fee
based activities of marketing and distribution of various financial
products/services. Accordingly it does not hold any physical
inventories. Thus, paragraph 4(ii) of the Order is not applicable.
iii. The Company has neither granted nor taken any loans, secured or
unsecured, to or from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956 ('the
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 with regard to the sale of services.
The activities of the Company do not involve purchase of inventories
and sale of goods. We have not observed any major weakness in the
internal control system during the course of audit.
v. In our opinion, and according to the information and explanations
given to us, there are no contracts and arrangements the particulars of
which need to be entered into the register maintained under Section 301
of the Act.
vi. The Company has not accepted any deposits from the public.
vii. The Company has an internal audit system commensurate with the
size and nature of its business.
viii. The Central government has not prescribed maintenance of cost
records under section 209(1) (d) of the Act for the services rendered
by the Company.
ix. (a) According to the information and explanations given to us and
on the basis of examination of records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues including, Provident Fund, Employees' State Insurance,
Income-tax, Service tax and other material statutory dues have
generally 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 Sales- tax, Wealth tax, Custom duty, Excise
Duty and Investor Education and Protection Fund during the year.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Provident Fund, Employee State
Insurance, Income- Tax, Sales-tax and other material statutory dues
were in arrears as at 31 March 2014 for a period of more than six
months from the date they become payable.
(b) According to the information and explanations given to us, the
following dues of Service tax have not been deposited by the Company on
account of disputes:
Period to
Name Forum where
Nature of the Amount which the
of the ,, dispute is
Dues (Rs.) amount
Statute pending
relates
Finance Non-payment of 2,333,991 2003-04 Customs,
Act, 1994 service tax under Excise and
Business Ancillary Service Tax
Services Appellate
Tribunal
Finance Non-payment of 1,702,793 2004-05 Customs,
Act, 1994 service tax under Excise and
Business Ancillary Service Tax
Services Appellate
Tribunal
x. The Company does not have any accumulated losses at the end of the
financial year. The Company has not incurred cash losses in the
financial year and in the immediately preceding financial year.
xi. The Company did not have any outstanding dues to any financial
institution, banks or debenture holders during the year.
xii. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii. In our opinion and according to the information and explanations
given to us, the Company is not a chit fund or a nidhi/ mutual benefit
fund/ society.
xiv. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments.
xv. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
xvi. The Company did not have any term loans outstanding during the
year.
xvii. 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 no funds raised on short-term basis have been used
for long-term investment.
xviii. The Company has not made any preferential allotment of shares to
companies /firms /parties covered in the register required to be
maintained under Section 301 of the Act.
xix. The Company did not have any outstanding debentures during the
year.
xx. The Company has not raised any money by public issues during the
year.
xxi. 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 the audit.
For B S R & Co. LLP
Chartered Accountants
Firm's registration number: 101248 W
Akeel Master
Mumbai Partner
26 April 2014 Membership number: 046768 |