| We have audited the accompanying financial statements of Upasana
Finance Limited, Chennai ("the Company"), which comprise of Balance
Sheet as at 31st March 2015, Statement of Profit and Loss and the Cash
Flow Statement for the year then ended, and a summary of the
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 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 applica- tion 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 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 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
thereunder.
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 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 the disclosures in the financial statements. The
procedures selected depend on the auditors' 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 auditors consider 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
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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements read
together with the annexure to our report 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;
i. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2015;
ii. in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
iii. 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
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 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(f) With respect to the other matters to be included in the Auditors'
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 has no pending litigations on its financial position in
its financial statements;
ii. The Company did not have any long-term contracts including
derivative contract for which there were any material foreseeable
losses.
iii. During the year, there was no requirement on the part of the
company to transfer any amount to Investor Education and Protection
Fund.
ANNEXURE TO INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UPASANA
FINANCE LIMITED, CHENNAI FOR THE YEAR ENDED 31ST MARCH 2015
(a) The Company has no fixed assets.
(b) The Company has no stock of inventory
(c) During the year, the company has not granted any loans, secured or
unsecured to any company, firm or other party covered in the register
maintained under section 189 of the Companies Act, 2013
(d) 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. During the course of our audit, no continuing failure has
been noticed in the internal control system.
(e) The company has not accepted deposits within the meaning of
sections 73 to 76 of the Companies Act, 2013, during the year.
(f) Pursuant to the rules made by the Central Government under section
148(1) of the Companies Act, 2013, the company is not required to
maintain cost records.
(g) (i) According to the records provided to us, the Company is regular
in depositing undisputed statutory dues including Provident Fund.
Employees State Insurance, Investor Education and Protection Fund,
Income Tax, Sales Tax and other applicable statutory dues with the ap
propriate authorities.
(ii) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales
Tax, Service Tax, Customs Duty, Excise Duty and Cess were in arrears,
as at 31st March 2015 for a period of more than six months from the
date they became payable.
(iii) During the year the company is not required to transfer any
amount to Investor Education and Protection Fund in terms of relevant
provisions of the Companies Act, 1956.
(h) The Company's accumulated losses are less than fifty percent of the
networth of the Company at the end of the financial year. The company
has not incurred cash losses during the financial year and immediately
preceding financial year.
(i) Based on our verification and according to the information and
explanations given by the management, the company has not defaulted in
repayment of dues to its bank.
(j) The Company has not furnished any guarantees for loans taken by
others from banks or financial institutions.
(k) The company has not availed any term loan during the year.
(l) Based on the audit procedures adopted and information and
explanations given to us by the management, no fraud on or by the
company has been noticed or reported during the course of our audit.
Place : Chennai For Sundaram & Srinivasan,
Date : May 29, 2015 Chartered Accountants
Firm registration no. 004207S
P Menakshisundaram
Partner
Membership no. 217914
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