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Mudit Finlease Ltd. Auditor Report
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You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 27.49 Cr. P/BV 3.28 Book Value (Rs.) 16.45
52 Week High/Low (Rs.) 110/51 FV/ML 10/1 P/E(X) 27.36
Bookclosure 28/09/2018 EPS (Rs.) 1.97 Div Yield (%) 0.00
Year End :2015-03 
We have audited the accompanying financial statements of MUDIT FINLEASE LIMITED ("the Company") which comprise the Balance Sheet as at March 31, 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:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015;

(b) In the case of the Statement of Profit and Loss, of the Profit of the company for the year ended on that date; and

(c) In the case of Cash Flow Statement, of the cash flows of the company 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.

2. As required by section 143(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 specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e. On the basis of the written representation received from the directors as on March 31, 2015 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 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 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 as on March 31, 2015, which would impact its financial position.

ii. As required under applicable accounting standards issued by the Institute of Chartered Accountants of India, the Company has made appropriate provision on derivative contract outstanding as on March 31, 2015.

iii. No amount is required to be transferred to the Investor Education and Protection Fund by the Company as on March 31, 2015.

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in paragraph 3 & 4 of our report of even date)

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) According to the information and explanation given to us fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification.

(ii) (a) According to the information and explanation given to us, the stock-in- trade (securities) are kept in demat and physical form. The same are reconciled/ verified with the demat account statements and physical stock by the management at the reasonable intervals. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business

(c) The Company is maintaining proper records of inventory. No material discrepancy was noticed during the verification.

(iii) According to the information and explanation given to us, the Company has granted loans to one person covered in the register maintained u/s 189 of the Companies Act, 2013. The maximum amount outstanding during the year was Rs.25.00 lacs and the year-end balance was Rs.21.75 lacs.

(a) The receipt of the principal and interest amount is regular; and

(b) Since receipt of interest and principal amount is regular, no amount is overdue, therefore reasonable steps for recovery of principal and interest is not required.

(iv) 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 for the purchase of inventory (securities) and fixed assets and for the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

(v) According to the information and explanations given to us, no deposits within the meaning of Sections 73 and 76 or any other relevant provision of the Companies Act, 2013 and rules framed there under has been accepted by the company.

(vi) The Company is not required to maintain cost records pursuant to the Company (Cost Records and Audit) Rules, 2014 made by the Central Government for the maintenance of cost records under Section 148(1) of the Companies Act, 2013.

(vii)(a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Employees State Insurance, Investor Education and Protection Fund, Wealth Tax, Service Tax, Custom Duty, Excise Duty / Cess and other material statutory dues applicable to it and no arrears of such dues were outstanding as at 31.03.2015 for a period exceeding six months from the date they become payable.

(b) According to the information and explanation given to us, there are no dues of sales tax, income tax, custom duty, wealth tax, excise duty and cess that have not been deposited on account of any dispute.

(c) No amount is required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 and rules made there under.

(viii)The Company does not have any accumulated losses at the end of the financial year and has not incurred any cash loss in the current financial year, or immediately preceding financial year

(ix) The Company has not defaulted in repayment of any dues to a financial institution or bank.

(x) According to the information & explanation given to us the company has not given any guarantee for loans taken by others from bank or Financial Institutions.

(xi) According to information and explanations given to us, the company has not taken any term loans during the year.

(xii) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

                                             For G. K. Kedia & Co.

                                            Chartered Accountants

                                   Firm Registration No.: 013016N

                                                     Piyush Kedia 

Place: New Delhi                                          Partner

Date : 29.05.2015                         Membership No. - 536648

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