| We have audited the accompanying financial statements of Ramchandra
Leasing and Finance Limited ("the Company"), which comprise the Balance
Sheet as at 31st March, 2015, the Statement of Profit and Loss, 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 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 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 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 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 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 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 31st 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 paragraphs 3 and 4 of the Order
to the extent applicable to the Company.
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.
(c) The Balance Sheet, the Statement of Pr bo 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 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 positions.
(ii) The Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses.
(iii) There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the company.
Annexure to the Auditor's Report
The Annexure referred to in the Auditor's Report to the Member of
Ramchandra Leasing and Financing Limited on the accounts for the year
ended 31st March, 2015; we report that:
(i) (A) the company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets;
(B) These fixed assets have been physically verified by the management
at reasonable intervals; No any material discrepancies were noticed on
such verification and the same have been properly dealt with in the
books of account;
(ii) The Company does not have any inventory during the year.
Accordingly, the provision of Clause (ii) (a), (b) and (c) of the order
are not applicable to the Company.
(iii) The company has not granted or taken any loans, secured or
unsecured to companies, firms or other parties covered in the register
maintained under section 189 of the Companies Act, 2013. If so, then
(A) Receipt of the principal amount and interest are also regular; and
(B) If overdue amount is more than rupees one lakh, reasonable steps
have been taken by the company for recovery of the principal and
interest;
(iv)There should be an adequate internal control system commensurate
with the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. Moreover, there is no any major weakness has been noticed in
the Internal Control System.
(v) The company has not accepted any deposits as per the provisions of
sections 73 to 76 or any other relevant provisions of the Companies
Act, 2013 and the rules framed there under.
(vi) The maintenance of cost records have not been specified by the
Central Government under sub- section (1) of section 148 of the
Companies Act, 2013 for any kind of services rendered by the Company.
(vii) (A) According to the information and explanations given to us and
on the basis of our examinations of Books of Accounts of the Company,
The company has been regular in depositing undisputed statutory dues
including provident fund, employees' state insurance, income-tax,
sales-tax, wealth tax, service tax, duty of customs, duty of excise,
value added tax, cess and any other statutory dues with the appropriate
authorities and There are no undisputed dues payable for a period of
more than six months from the date they became payable on 31st March,
2015
(B) The Company has no disputed dues of income tax or sales tax or
wealth tax or service tax or duty of customs or duty of excise or value
added tax or cess as on the Balance Sheet date.
(C) There were no amounts which were required to be transferred to
Investor Education and Protection Fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made
there under.
(viii) The company does not have any accumulated losses at the end of
the financial year. The Company has not incurred any cash losses in
such financial year and in the immediately preceding financial year;
(ix) The company has not taken any loan from a financial institution or
bank or debenture holders during the year under review.
(x) The company has not granted any guarantee for loans taken by others
from bank or financial institutions, the terms and conditions thereof
is prejudicial to the interest of the company.
(xi) The Company has not obtained any Term loan during the year as the
Order is not applicable. (xii) No fraud on or by the company has been
noticed or reported during the year.
Place: Ahmedabad for Jayesh Patel & Co.
Date: 13th August, 2015 (Chartered Accountants)
SD/-
Jayesh Patel
Proprietor
Membership No. 034745 |