| We have audited the accompanying financial statements of M/s. Tirupati
Fincorp 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 standalone 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 the Rule 7 of the
Companies (Accounts) Rule 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irreqularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design, effectively
for insuring 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 and opinion on these standalone
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 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 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. 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 preparation 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 standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone 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/ loss and its cash flows for the
year ended on that date.
Reports 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 Companies Act, 2015. We give in
the Annexure a statement on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.
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
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, non 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 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 which would
impact its financial position.
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.
The Annexure referred to in paragraph 1 of Our Report on "Other Legal
and Regulatory Requirements".
We report that:
i. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its
fixed assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
ii. The Company is NBFC company, primarily rendering financial
services. Accordingly, it does not hold any physical inventories. Thus
Para 3(ii) of the Order is not applicable.
iii. The Company has granted loans to no parties covered in the
register maintained under section 189 of the Companies Act, 2013
wherein the balance receivable as at the year-end is Rs. Nil. The
maximum amount outstanding during the year was Rs. Nil.
According to the information and explanations given to us and on the
basis of our examination of the books of account, the Company has not
granted any loans, secured or unsecured, to companies, firms or other
parties listed in the register maintained under Section 189 of the
Companies Act, 2013. Consequently, the provisions of clauses iii (a)
and iii (b) of the order are not applicable to the Company.
iv. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size or the company and the nature of its
business, for the purchase of inventories & fixed assets and for sale
of goods and services. During the course of our audit, no major
instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
v. The Company has not accepted any deposits from the public covered
under sections 73 to 76 of the Companies Act, 2013.
vi. As per information & explanation given by the management,
maintenance of cost records has not been specified by the Central
Government under sub-section (1) of section 148 of the Companies Act,
2013.
vii. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-tax, Sales-tax, Sales-Tax, Wealth
Tax, Service Tax, Custom Duty, Excise Duty, value added tax, cess and
any other statutory dues to the extent applicable, have generally been
regularly deposited with the appropriate authorities. According to the
information and explanations given to us there were no outstanding
statutory dues as on 31st March, 2015 for a period of more than six
months from the date they became payable.
(b) According to the information and explanations given to us, there is
no amount payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty, excise duty, value added tax and cess
whichever applicable, which have not been deposited on account of any
disputes.
(c) The provision of clause (vii)(c) of the order is not applicable on
the company.
viii. The company does not have accumulated losses at the end of
financial year more than fifty percent of its net worth and has not
incurred cash loss during the financial year and in the immediately
proceding financial year.
ix. In our opinion and according to the information and explanations
given by the management, we are not of the opinion that, the Company
has not defaulted in repayment of dues to a financial institution, bank
or debenture holders, as applicable to the company.
x. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
xi. Based on our audit procedures and on the information given by the
management, the company has not taken any term loan during the year.
xii. According to the information and explanations given to us, we
report that no fraud on or by the Company has been noticed or reported
during the year, nor has we been informed of such case by the
management.
For SIVASWAY & KUMAR
(Chartered Accountants)
Sd/-
N.S. SIVASWAM Y
PARTNER
Place : Coimbatore Membership No. 204530
Date : 29.05.2015 Registration No. 0129295
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