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IFL Promoters

BSE: 511682|ISIN: INE326D01031|SECTOR: Finance - Investments
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« Mar 14
Auditor's Report (IFL Promoters) Year End : Mar '15
We have audited the accompanying financial statements of M/S IFL
 PROMOTERS LIMITED (the company) which comprises the Balance Sheet as
 at March 31, 2015 and Statement of Profit and Loss and Cash Flow
 Statement for the year ended on that date 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 and presentation of these standalone financial
 statements that give a true and fair view of the financial position,
 financial performance and cash flow of the Company in accordance with
 the accounting principles generally accepted in India, including the
 Accounting Standard 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
 misstatements, 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 Rules made there under.
 
 We have 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 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 appropriateness of the
 accounting policies used and the reasonableness of the accounting
 estimates made by Company''s Directors, as well as evaluating the
 overall presentation of the financial statements.
 
 We believe that the audit evidences we have obtained are 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 financial statements along with the notes
 thereon give the information required by the Companies Act, 2013, 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 31st March, 2015; and
 
 (ii) in the case of the Statement of Profit and Loss, of the loss 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 Matters
 
 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
 hereto a statement on the matters specified in paragraphs 3 and 4 of the
 said 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 appears from our examination of those
 books;
 
 c. The Balance Sheet, Statement of Profit & 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 and
 
 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)
 Rule, 2014, in our opinon and to the best of our information and
 according to the explanations given to us :
 
 i. The Company has made provision, as required under the applicable law
 or accounting standards, for material foreseeable losses, if any.
 
 Annexure referred to in Paragraph 1 in the part of Report on Other
 Legal and Regulatory Matters of the Auditors'' Report to the Members of
 IFL PROMOTERS LIMITED on the accounts for the year ended March 31, 2015
 
 1.  In respect of its Fixed Assets:
 
 The company has maintained proper records to show full particulars
 including quantitative details and situation of fixed assets.
 
 All the assets have been physically verified by the management during
 the year which, in our opinion, is reasonable having regard to the size
 of the company and the nature of its assets.
 
 There is no substantial disposal of fixed assets during the year.
 
 2.  As the company has neither purchased / sold goods during the year
 nor there is any opening stock, requirement of reporting on physical
 verification of stocks or maintenance of inventory records, in our
 opinion, doesn''t arise.
 
 3.  According to the information and explanations given to us, the
 Company has granted unsecured interest free loans to four parties
 covered in the register maintained under section 189 of the Companies
 Act, 2013.  The maximum amount of loan given during the year was Rs.
 18,13,720.00 and the year end balance is Rs.  18,13,720.00.
 
 In our opinion except the rate of interest (interest free), other terms
 & conditions on which loans has been granted by the company to the
 abovementioned parties are not prima facie prejudicial to the interest
 of the company.
 
 The companies to whom loans have been granted as referred to in (a)
 above are regular in repaying the principal amounts as stipulated.
 
 There is no question of overdue amount of loans granted to Companies,
 Firms or other parties listed in the register maintained under section
 189 of the Companies Act, 2013 since all these loans are repayable on
 demand.
 
 According to the information and explanation given to us, the company
 has during the year taken interest free unsecured loans from four
 parties covered in the register maintained under section 189 of the
 Companies Act, 2013 (the Act). The maximum amount involved during the
 year was Rs. 98,41,645.00 and the year end balance Rs. 87,01,645.00.
 
 In our opinion the rate of interest (interest free) and other terms and
 conditions of loans taken by the company from the above mentioned
 parties are not prima facie prejudicial to the interest of the company.
 The company is regular in repaying the principal amounts as stipulated.
 However, all these loans are repayable on demand.
 
 4.  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 with regard to purchases of inventory, fixed assets and with
 regards to sale of goods and services. During the course of our audit,
 we have not observed any continuing failure to correct major weaknesses
 in internal controls.
 
 5.  (a) According to the information and explanations given to us, the
 transactions made in pursuance of contracts and arrangements referred
 to in section 189 of the companies act, 2013 (the Act) have been
 entered in the register required to be maintained under the aforesaid
 section.
 
 (b) The transaction made in pursuance of such contracts or arrangement
 stated in clause (a) above has been made at the price which is
 reasonable having regards to prevailing market price at the relevant
 time.
 
 6.  According to the information and explanations given to us, and on
 the basis of the records produced before us, the Company has not
 accepted any deposits from the public.
 
 7.  In our opinion, the company has an Internal Audit system
 commensurate with the size and nature of its business.
 
 8.  According to the information and explanations given to us, no cost
 records have been prescribed by the rules made by the Central Govt.,
 for the maintenance of cost record u/s 148(1) of the companies Act,
 2013.
 
 9.  According to the information and explanations given to us, the
 Company is regular in depositing with appropriate authorities''
 undisputed statutory dues, including provident fund, investor education
 protection fund, employees'' state insurance, income tax, sales tax,
 wealth tax, service tax, excise duty, cess and other material statutory
 dues applicable to it. According to the information and explanations
 given to us, no undisputed amounts payable in respect of income tax,
 wealth tax, service tax, customs duty, excise duty and cess were in
 arrears, as on 31.03.2015 for a period of more than six months from the
 date they became payable.
 
 According to the information and explanations given to us, there are no
 dues mentioned above of sales tax, income tax, custom duty, wealth tax,
 service tax, excise duty and cess which have not been deposited on
 account of dispute.
 
 10.  According to the information and explanations given to us, the
 company don''t have any accumulated losses.
 
 11.  Based on our audit procedures and on the basis of information''s
 and explanations given by the management, the Company has not taken any
 loans from any financial institution or banks, so there is no question
 of default in repayment.
 
 12.  According to the information and explanations given to us, the
 Company has not granted any loans or advances on the basis of security
 by way of pledge of shares, debentures or other securities.
 
 13.  In our opinion the company is not a chit fund or a nidhi / mutual
 benefit fund / society.
 
 14.  In our opinion the Company is dealing in shares, securities,
 debentures and other investments and has maintained proper records of
 all the transactions and timely entries have been made. Hence, entire
 shares, debentures and other investments are held by the company in its
 own name except to the extent of the exemption granted under the
 Companies Act, 2013.
 
 15.  According to the information and explanations given to us, the
 Company has not given any guarantees for loans taken by others from
 banks or financial institutions. As such, the provisions of clause
 4(xv) of the said Order are not applicable to the Company.
 
 16.  According to the information and explanations given to us, the
 Company has not taken any term loan.  Accordingly, the provisions of
 clause 4(xvi) of the said Order are not applicable to the Company.
 
 17.  According to the information and explanations given to us and on
 examination of Balance Sheet of the company, we report that the company
 has raised short term borrowings amounting to Rs. 2,61,19,167.26.
 
 18.  According to the information and explanations given to us, the
 Company has not made any preferential allotment of shares to parties
 and Companies covered in the register maintained under section 189 of
 the Companies Act, 2013 (the Act'') during the year.
 
 19.  According to the information and explanations given to us, the
 Company has not issued any Debentures during the year.
 
 20.  According to the information and explanations given to us the
 Company has not raised the money by way of preferential issue during
 the year.
 
 21.  As explained to us, no fraud on or by the Company has been noticed
 or reported during the year that causes the financial statements to be
 materially misstated.
 
 For G.S. Goel & Co.
 Chartered Accountants
 FRN No:001415N
 
 Sd/-
 CA G.S.Goel
 Partner
 M.No.: 014428
 
 Place: New Delhi
 Dated: 28.05.2015
Source : Dion Global Solutions Limited
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