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IFL Promoters
BSE: 511682|ISIN: INE326D01031|SECTOR: Finance - Investments
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« Mar 13
Auditor's Report (IFL Promoters) Year End : Mar '14
We have audited the accompanying financial statements of M/S IFL
 PROMOTERS LIMITED (the company) which comprises the Balance Sheet as
 at March 31, 2014 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
 
 Management is responsible for 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 Standards referred to in sub-section (3C) of section 211
 of the Companies Act, 1956 (the Act). This responsibility includes
 the design, implementation and maintenance of internal control 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 conducted our audit in
 accordance with the Standards on Auditing issued by the Institute of
 Chartered Accountants of India. 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 control relevant to the Company''s preparation and
 fair presentation of the financial statements in order to design audit
 procedures that are appropriate in the circumstances. An audit also
 includes evaluating the appropriateness of accounting policies used and
 the reasonableness of the accounting estimates made by management, 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.
 
 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, 1956, 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, 2014; 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, 2003 (the
 Order) issued by the Central Government of India in terms of
 sub-section (4A) of section 227 of the Companies Act, 1956, we give in
 the Annexure hereto a statement on the matters specified in paragraphs
 4 and 5 of the said Order.
 
 2. As required by section 227(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 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 Balance Sheet, Statement of Profit & Loss and
 Cash Flow Statement comply with the Accounting Standards referred to in
 sub-section (3C) of section 211 of the Companies Act, 1956;
 
 e. On the basis of written representations received from the directors
 as on March 31, 2014 and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2014 from being
 appointed as a director in terms of clause (g) of sub section (1) of
 section 274 of the Companies Act, 1956.
 
 f. Since the Central Government has not issued any notification as to
 the rate at which the cess is to be paid under section 441A of the
 Companies Act, 1956 nor has it issued any Rules under the said section,
 prescribing the manner in which such cess is to be paid, no cess is due
 and payable by the Company.
 
 5. (a) According to the information and explanations given to us, the
 transactions made in pursuance of contracts and arrangements referred
 to in section 301 of the companies act, 1956 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. Therefore the provisions of
 clause 4 (iv) of the Companies (Auditor''s Report) Order, 2003 are not
 applicable to the company
 
 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 209(1) (d) of the companies Act,
 1956, therefore the provision of clause 4(viii) of the CARO, 2003 are
 not applicable to the company.
 
 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 31.03.2014 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. Therefore, the provisions of clause 4(xiii) of
 the said Order are not applicable to the Company.
 
 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 U/S 49 of the
 Companies Act, 1956.
 
 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.4,074,50,795.00 out of
 which 3,63,91,519.00 has been used it for granting long term loans.
 
 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 301 of
 the Companies Act, 1956, during the year. Accordingly, the provisions
 of clause 4(xviii) of the said Order are not applicable to the Company.
 
 19. According to the information and explanations given to us, the
 Company has not issued any Debentures during the year. As such, the
 provisions of clause 4(xix) of the said Order are not applicable to the
 Company.
 
 20. According to the information and explanations given to us the
 Company has 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: 30.05.2014
 
 
 
Source : Dion Global Solutions Limited
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