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Ladderup Finance
BSE: 530577|ISIN: INE519D01015|SECTOR: Finance - Leasing & Hire Purchase
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« Mar 14
Auditor's Report (Ladderup Finance) Year End : Mar '15
We have audited the accompanying standalone financial statements of
 Ladderup Finance Limited, which comprise the Balance Sheet as at 31st
 March, 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 Standalone Financial Statements
 
 The Company''s Board of Directors is responsible for the matters stated
 in Section 134(5) of the Companies Act, 2013 (herein after referred to
 as 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 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 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 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
 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
 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 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 operating
 effectiveness of such controls. 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 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 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 and its 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, 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 a
 statement on the matters specified in the 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
 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 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 the written representations received from the
 directors as on 31st March, 2015 taken on record by the Board of
 Directors, none 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 has disclosed the impact of pending litigations on its
 financial position in its financial statements - Refer Note 22(A)(ii)
 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.
 
 The Annexure referred to in Paragraph 1 under the heading Report on
 Other Legal and Regulatory Requirements in our Independent Auditor''s
 Report to the members of Ladderup Finance Limited for the year ended
 31st March, 2015.
 
 As required by the Companies (Auditors Report) Order, 2015 and
 amendments thereto and according to the information and explanations
 given to us during the course of the audit and on the basis of such
 checks of the books and records as were considered appropriate 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, all the assets have been physically verified by
 the management at the end of the year, which in our opinion is
 reasonable, considering the size and the nature of business. No
 discrepancies have been noticed on such physical verification.
 
 (ii) a) Since the Company does not have any inventory, the paragraph
 3(ii) of the said Order is not applicable to the Company.
 
 (iii) The Company has granted unsecured loans to three body corporates
 including two subsidiaries covered in the register maintained under
 Section 189 of the Act.
 
 a) The borrowers have been regular in the payment of the interest as
 stipulated. The terms of arrangements do not stipulate any repayment
 schedule and the loans are repayable on demand. Accordingly, paragraph
 3(iii)(a) of the Order is not applicable to the Company in respect of
 repayment of the principal amount.
 
 b) There are no overdue amounts of more than rupees one lakh in respect
 of the loans granted to the parties covered in the register maintained
 under Section 189 of the Act.
 
 (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 with regard
 to purchase of fixed assets and for the sale of services. We have not
 observed any major weakness in the internal control system during the
 course of the audit.
 
 (v) The Company has not accepted any deposits from the public.
 
 (vi) The Central Government has not prescribed the maintenance of cost
 records under Section 148 (1) of the Act, for the Company.
 
 (vii) a) The Company is regular in depositing undisputed statutory dues
 including service tax and income tax with appropriate authorities. 
 There are no undisputed amount payable in respect of these statutory 
 dues which have remained outstanding as at 31st March, 2015 for a period 
 more than six months from the date they became payable. The laws 
 relating  to Provident Fund, Employees State Insurance, Sales Tax, 
 Wealth Tax,  Duty of Customs, Duty of Excise, Value Added Tax do not 
 apply to the Company for the year under report.
 
 b) According to the records of the Company, Income Tax, Wealth Tax,
 Sales Tax, Service Tax, duty of Customs, Duty of Excise, Value Added
 Tax and Cess which have not been deposited on account of any dispute
 with the relevant authorities are given below:
 
 Name of StatuteAmount (Rs)         Period to which amount relates
 
 Income Tax          5,10,740              2012-13
 
 
 Name of the sTATUE               Forum where dispute is pending
 
 INCOME TAX                            CIT (Appeals)
 
 
 c) According to the information and explanations given to us , there is
 no 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 has no accumulated losses at the end of the FY and
 it has not incurred any cash losses during the FY and in the
 immediately preceding FY.
 
 (ix) The Company has not defaulted in repayment of its dues to banks
 and financial institutions.
 
 (x) The Company has not given any guarantee for loans taken by others
 from banks and financial institutions.
 
 (xi) The Company has not obtained any term loans during the year.
 
 (xii) There were no frauds on or by the Company noticed or reported
 during the course of our audit during the year.
 
                                                For Khurdia Jain & Co.  
                                                Chartered Accountants 
                                              Firm Regn. No.: 120263W
  
                                                       Sampat Khurdia 
                                                               Partner 
                                                       Mem No : 33615
 
 Place : Mumbai 
 Date : 29th May, 2015
Source : Dion Global Solutions Limited
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