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Isnar Finance and Investments | Auditor's Report > Finance - Leasing & Hire Purchase > Auditor's Report from Isnar Finance and Investments - BSE: 531293, NSE: N.A
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Isnar Finance and Investments
BSE: 531293|SECTOR: Finance - Leasing & Hire Purchase
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Isnar Finance and Investments is not traded in the last 30 days
Isnar Finance and Investments is not listed on NSE
Mar 12
Auditor's Report (Isnar Finance and Investments) Year End : Mar '13
Report on the Financial Statements:
 
 We have audited the accompanying financial statements of PRAMADA
 FINVEST LIMITED(the Company), which comprise the Balance Sheet as at
 March 31, 2013, and 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:
 
 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 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 evidence we have obtained is 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 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, 2013;
 
 (b) In the case of the Profit and Loss Account, of the profit for the
 year ended on that date; and
 
 (c) 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 Requirements:
 
 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 Act, we give in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the 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 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
 accounts,
 
 d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
 Cash Flow Statement comply with the Accounting Standards referred to in
 subsection (3C) of section 211 of the Companies Act, 1956;
 
 e) On the basis of written representations received from the directors
 as on March 31, 2013, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2013, from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 section 274 of the Companies Act, 1956.
 
 ANNEXURE TO THE AUDITORS'' REPORT
 
 (a) The Company has maintained proper records showing full particulars
 including quantitative details and situation of Fixed Assets.
 
 (b) As explained to us, the fixed assets have been physically verified
 by the management at reasonable intervals and no material discrepancies
 between the book records and the physical inventory have been noticed
 on such verification.
 
 (c) The Company has not disposed off substantial part of the Fixed
 Assets during the year,
 
 II.  The Company has no inventory hence this clause is not applicable.
 
 III.  (a) The Company has not granted any loans, secured or unsecured
 to Companies, Firms or other Parties covered in the register maintained
 U/s.301 of the Companies Act, 1956.
 
 (b)As the Company has not granted any loans, the clause of whether the
 rate of interest & other terms and conditions on which loans have been
 granted to parties listed in the register maintained under section 301
 is prejudicial to the interest of company, is not applicable.
 
 (c)As no loans are granted by company, the clause of receipt of
 interest & principal amount from parties is not applicable to the
 company.
 
 (d) No loans have been granted to Companies, Firms & other parties
 listed in the register U/s.301 of the Companies Act, 1956 , hence
 overdue amount of more than rupees one lakh does not arise and the
 clause is not applicable.
 
 (e) The Company has not taken any loans, secured or unsecured from
 Companies, Firms or other Parties covered in the register maintained
 U/s.301 of the Companies Act. 1956.
 
 (f) As the Company has not taken any loans, the clause of whether the
 rate of interest & other terms and conditions on which loans have been
 taken from parties listed in the register maintained under section 301
 is prejudicial to the interest of company, is not applicable.
 
 (g) As no loans are taken by the company, the clause of repayment of
 interest & principal amount to parties is not applicable to the
 company.
 
 IV.  In our opinion and according to the information and explanations
 given to us, there are generally adequate internal control systems
 commensurate with the size of the company and the nature of its
 business with regard to purchase of inventory and fixed assets and for
 sale of goods and services. There is no continuing failure by the
 company to correct any major weaknesses in internal control.
 
 V.  (a) In our opinion and according to the information and explanation
 given to us, since no contracts or arrangements referred to in section
 301 of the Companies Act, 1956 have been made by the company in respect
 of any party in the financial year, the entry in the register U/s.301
 of the Companies Act, 1956 does not arise.
 
 (b) According to the information and explanations given to us, as no
 such contracts or arrangements made by the Company, the applicability
 of the clause of charging the reasonable price having regard to the
 prevailing market prices at the relevant time does not arise.
 
 VI.  The Company has not accepted any deposits from the public and
 hence the applicability of the clause of directives issued by the
 Reserve Bank of India and provisions of section 58A, 58AA or any other
 relevant provisions of the Act and the rules framed there under does
 not arise. As per information and explanations given to us the order
 from the Company Law Board or National Company Law Tribunal or Reserve
 Bank of India or any Court or any other Tribunal has not been received
 by the Company.
 
 VII.  In our opinion, the company is having internal audit system,
 commensurate with its size and nature of its business.
 
 VIII.  In respect of the Company, the Central Government has not
 prescribed maintenance of cost records under clause (d) of
 sub-section(I) of section 209 of the Companies Act, ,1956.
 
 IX.  a) The Company is regular in depositing statutory dues including
 Income Tax, and other statutory dues with the appropriate authorities
 and at the last date of the financial year there were no amounts
 outstanding which were due for more than 6 months from the date they
 became payable.
 
 b) According to the information and explanations given to us, no
 undisputed amounts are payable in respect of Income Tax, and other
 statutory dues as at the end of the period.
 
 X.  The Company has been registered for a period of not less than 5
 years, and the company has accumulated losses at the end of the
 Financial year and the Company has not incurred cash losses in this
 Financial year and in the immediately preceding Financial year
 
 XI.  According to information and explanations given to us, the Company
 has not taken any loans from banks or financial institution. Hence this
 clause of repayment of dues to financial institutions or banks or
 debentures holders and the defaulted payment therein is not applicable
 to the company.
 
 XII.  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 and other securities and hence
 the applicability of the clause regarding maintenance of adequate
 documents in respect of loans does not arise.
 
 XIII.  This clause is not applicable to this Company as the Company is
 not covered by the provisions of special statute applicable to Chit
 Fund in respect of Nidhi /Mutual Benefit Fund/Societies.
 
 XIV.  According to the information and explanations given to us, the
 company is not dealing or trading in shares, securities, Debentures and
 other investments and hence the provisions of clause 4(xiv) of the
 Companies (Auditor''s Report) Order 2003, are not applicable to the
 Company.
 
 XV.  According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from
 Banks or financial institutions, and hence the applicability of this
 clause regarding terms and conditions which are prejudicial to the
 interest of the company does not arise.
 
 XVI.  According to the information and explanations given to us, the
 company has not obtained any term loans, hence this clause is not
 applicable..
 
 XVII. According to the information and explanations given to us, no
 funds are raised by the Company on short-term basis. Hence the clause
 of short term funds being used for long-term investment does not arise.
 
 XVIII. 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 and hence the applicability of the clause
 regarding the price at which shares have been issued and whether the
 same is prejudicial to the interest of the Company does not arise.
 
 XIX.  According to the information and explanations given to us, the
 company does not have any debentures and hence the applicability of the
 clause regarding the creation of security or charge in respect of
 debentures issued does not arise.
 
 XX.  According to information and explanations given to us, the company
 has not raised money by way of public issues during the year, hence the
 clause regarding the disclosure by the management on the end use of
 money raised by Public Issue is not applicable.
 
 XXI.  According to the information and explanations given to us, no
 fraud on or by the Company has been noticed or reported during the year
 under audit.
 
                                     For P.MURALI & CO.,
 
                                     CHARTERED ACCOUNTANTS 
 
                                     Firm Registration No: 007257S
 
 PLACE : HYDERABAD
 
 DATE : 30-05-2013                   P.MURALI MOHANA RAO
 
                                     PARTNER 
 
                                     Membership No: 023412
Source : Dion Global Solutions Limited
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