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Aditya Birla Money
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« Mar 14
Auditor's Report (Aditya Birla Money) Year End : Mar '15
 We have audited the accompanying standalone financial statements of
 Aditya Birla Money Limited (the Company), which comprise the Balance
 Sheet as at March 31, 2015, 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
 
 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 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 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 irregularities; selection
 and application of appropriate accounting policies; making judgments
 and estimates that are reasonable and prudent; and the design,
 implementation and maintenance of adequate internal financial control
 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 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 issued by the
 Institute of Chartered Accountants of India, as 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 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 effectiveness of such
 controls. An audit also includes evaluating the appropriateness of
 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 standalone financial
 statements.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the 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 March 31,2015, its Profit and its Cash Flows for the year ended on
 that date.
 
 Emphasis of Matter
 
 We draw attention to Note no.21of the Notes to the Financial Statements
 relating to the recoverability of assets in the nature of trade
 receivables, advances, and other assets etc. aggregating to
 Rs.145,730,179 grouped under advances recoverable in cash or kind,
 which is subject matter of claim and more fully described therein. Our
 opinion is not qualified in respect of this matter.
 
 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 1 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 sought and 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 it 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 aforesaid Standalone 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 written representations received from the Directors
 as on March 31, 2015, and taken on record by the Board of Directors,
 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 has disclosed the impact of pending litigations on its
 financial position in its Financial Statements - Refer Note no.33(ii)
 of the Notes to the Financial Statements;
 
 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 referred to in paragraph 1 under the heading Report on Other
 Legal and Regulatory Requirements 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.
 
 (i) (b) All fixed assets have not been physically verified by the
 management during the year but there is a regular programme of
 verification which, in our opinion, is reasonable having regard to the
 size of the Company and the nature of its assets. No material
 discrepancies were noticed on such verification.
 
 (ii) (a) The Company''s business does not involve inventories and,
 accordingly, the requirements under paragraph 4(ii) of the Order are
 not applicable to the Company.
 
 (iii) (a) According to the information and explanations given to us, the
 Company has not granted any loans, secured or unsecured to companies,
 firms or other parties covered in the register maintained under Section
 189 of the Companies Act, 2013. Accordingly, the provisions of Clause
 3(iii)(a) and (b) of the Order are not applicable to the Company and
 hence not commented upon.
 
 (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, for the
 purchase of fixed assets and for rendering of services. The activities
 of the Company do not involve purchase of inventory and the sale of
 goods. During the course of our audit, we have not observed any major
 weakness or continuing failure to correct any major weakness in the
 internal control system of the Company in respect of these areas.
 
 (v) The Company has not accepted any deposits from the public.
 
 (vi) To the best of our knowledge and as explained, the Central
 Government has not specified the maintenance of cost records under
 Clause 148(1) of the Companies Act, 2013, for the products/services of
 the Company.
 
 (vii) (a) Undisputed statutory dues including provident fund, employees''
 state insurance, income-tax, sales-tax, wealth-tax, service tax, cess
 and other material statutory dues have generally been regularly
 deposited with the appropriate authorities though there has been a
 slight delay in a few cases. The provisions relating to customs duty and
 excise duty are not applicable to the Company.
 
 (vii)(b) According to the information and explanations given to us, no
 undisputed amounts payable in respect of provident fund, employees''
 state insurance, income-tax, wealth-tax, service tax, sales-tax, cess
 and other material statutory dues were outstanding, at the year end, for
 a period of more than six months from the date they became payable. The
 provisions relating to customs duty and excise duty are not applicable
 to the Company.
 
 As more fully discussed in Note 22 to the Financial Statements, stamp
 duties collected by the Company in respect of States wherein the manner
 of payment has not been notified from July 2011 onwards and remaining
 unpaid as of March 31,2015 is Rs.5,171,148 Lakhs. As the manner of
 payment of the same has not been notified, we are not in a position to
 comment if any portion of the stamp duties collected has become due and
 outstanding for more than six months as at the Balance Sheet date
 
 (vii)(c) According to the records of the Company, the dues outstanding
 of income-tax, sales-tax, provident fund, wealth-tax, service-tax,
 customs duty, excise duty, value added tax and cess on account of any
 dispute, are as follows:
 
 
 Name of the Statute       Nature of dues     Amount (Rs.)
 
 
 
                                              7,283,390
 
                                              376714
 
 Finance Act, 1994         Service Tax        1,116,339*
 
 
                                              21,821
                                              26 996
                                              26,996
 
 Karnataka Stamp
                           Stamp Duty         9,060,000
 
 
 Employee''s Provident
 Funds and Miscellaneous   Provident Fund     14,036,578*
 Provisions Act, 1952
 
                                              8,773,360
 Income Tax Act, 1961      Income Tax
                                              386,680
 
 
 Period to which the        Forum where the
 amount related             dispute is pending
 
 
 April 2004 - June
 2008
 October 2004 -
 March 2009
 
 December 2008             Commissioner of
 November 2009             Service Tax
 November 2009 -
 March 2010
 April 2010 -
 September 2010
 
                           Chief Revenue
 2003 - 2008               Controlling
                           Authority, Karnataka
 
                           Regional Provident
 April 2009 - May 2011     Fund Commissioner,
                           Chennai
 
 April 2010 - March 2011   Commissioner of
                           Income Tax (Appeals),
 April 2011 - March 2012   Chennai
 
 *Includes payment of Rs.4,625,484 under protest.
 
 (vii) (d) According to the information and explanations given to us,
 there are slight delay in the amount 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
 thereunder.
 
 (viii) The Company''s accumulated losses at the end of the financial
 year are less than fifty per cent of its net worth. The Company has not
 incurred cash loss during the year. In the immediately preceding
 financial year, the Company had incurred cash loss.
 
 (ix) Based on our audit procedures and as per the information and
 explanations given by the management, we are of the opinion that the
 Company has not defaulted in repayment of dues to a financial
 institution, bank or debenture holders.
 
 (x) According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from bank
 or financial institutions.
 
 (xi) The Company did not have any term loans outstanding during the
 year.
 
 (xii) Based upon the audit procedures performed for the purpose of
 reporting the true and fair view of the financial statements and as per
 the information and explanations given by the management, we report
 that no fraud on or by the Company has been noticed or reported during
 the year.
 
 For S.R. Batliboi & Co. LLP
 Chartered Accountants
 ICAI Firm Registration Number: 301003E
 
 per Shrawan Jalan
 Partner
 Membership Number: 102102
 
 Date : May 04, 2015
 Place : Chennai
Source : Dion Global Solutions Limited
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