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Ladderup Finance
BSE: 530577|ISIN: INE519D01015|SECTOR: Finance - Leasing & Hire Purchase
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« Mar 12
Auditor's Report (Ladderup Finance) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying fnancial statements of Ladderup
 Finance Limited, which comprise the Balance Sheet as at March 31, 2013
 and the Statement of Proft and Loss and Cash Flow Statement for the
 year then ended, and a summary of signifcant accountng policies and
 other explanatory informaton.
 
 Management''s Responsibility for the Financial Statements
 
 Management is responsible for the preparaton of these fnancial
 statements that give a true and fair view of the fnancial positon,
 fnancial performance and cash fows of the Company in accordance with
 the Accountng Standards referred to in sub-secton (3C) of secton 211 of
 the Companies Act, 1956 (''''the Act). This responsibility includes the
 design, implementaton and maintenance of internal control relevant to
 the preparaton and presentaton of the fnancial 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 fnancial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditng issued by Insttute 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 procedure to obtain audit evidence about
 the amounts and disclosures in the fnancial statements. The procedures
 selected depend on the auditor''s judgement, including the assessment of
 the risk of material misstatement of the fnancial statements, whether
 due to fraud and error. In making those risk assessments, the auditor
 considers internal control relevant to the Company''s preparaton and
 fair presentaton of the fnancial statements in order to design audit
 procedures that are appropriate in the circumstances. An audit also
 includes evaluatng and appropriateness of accountng policies used and
 the reasonableness of the accounting estimates made by management, as
 well as evaluatng the overall presentaton of the fnancial statements.
 
 We believe that the audit evidence we have obtained is sufcient 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 fnancial statements give the informaton
 required by the Act in the manner so required and give a true and fair
 view in conformity with the accountng principles generally accepted in
 India:
 
 a) In the case of the Balance Sheet, of the state of afairs of the
 Company as at March 31, 2013;
 
 b) In the case of the Statement of Proft and Loss, of the proft for the
 year ended on that date; and
 
 c) In the case of the Cash Flow Statement, of the cash fows 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-secton (4A) of secton 227 of the Act, we give in the annexure a
 statement on the maters specifed in the paragraphs 4 and 5 of the
 Order.
 
 2.  As required by secton 227(3) of the Act, we report that:
 
 (a) We have obtained all the informaton and explanatons, which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit.
 
 (b) In our opinion, proper books of accounts as required by law have
 been kept by the Company so far as it appears from our examinaton of
 those books.
 
 (c) The Balance Sheet, Statement of Proft & 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 Proft and Loss and
 Cash Flow Statement, comply with the Accountng Standards referred to in
 sub-secton (3C) of secton 211 of the Companies Act, 1956
 
 (e) On the basis of writen representatons received from the directors
 as on March 31, 2013, and taken on record by the Board of Directors,
 none of the directors is disqualifed as on March 31, 2013, from being
 appointed as a director in terms of clause (g) of subsecton (1) of
 secton 274 of the Companies Act, 1956;
 
 ANNEXURE TO AUDITORS REPORT
 
 Annexure referred to in Paragraph 1 of the Auditors Report to the
 members of Ladderup Finance Limited for the year ended 31st March,
 2013.
 
 As required by the Companies (Auditors Report) Order, 2003 and
 amendments thereto and according to the informaton and explanatons
 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 partculars
 including quanttatve details and situaton of fxed assets.
 
 b) As explained to us, all the fxed assets have been physically verifed
 by the management during the year and in our opinion the interval of
 physical verifcaton is reasonable. No material discrepancies have been
 notced on such physical verifcaton.
 
 c) The Company has not disposed of any fxed assets during the year.
 
 ii) a) Since the Company does not have any inventory, the clauses 4
 (ii) (a) (b) and (c) of the said Order are not applicable to the
 Company.
 
 (iii) a) The Company has granted unsecured loan (receivable on call
 basis) to its three subsidiaries covered in the register maintained
 under section 301 of the Companies Act, 1956. The aggregate maximum
 amount outstanding during the year was Rs. 57,08,720/- and year end
 balance of such loans was Rs. 29,04,668/-.
 
 b) The rate of interest and other terms & conditons on which the loans
 have been granted are prima facie, not prejudicial to the interest of
 the Company.
 
 c) In view of our comments in para iii (a) & (b) above, clauses 4 (iii)
 (c) and (d) of the said Order are not applicable.
 
 d) The Company has not taken unsecured loans from parties covered in
 the register maintained under secton 301 of the Companies Act, 1956.
 
 e) In view of our comments in para (iii) (d) above, clause 4 (iii) (f)
 and (g) of the said Order is not applicable to the Company.
 
 (iv) In our opinion and according to the informaton and explanaton
 given to us there is adequate internal control system commensurate with
 the size of the Company and the nature of its business with regard sale
 of services. During the course of our audit, we have not observed any
 contnuing failure to correct major weaknesses in internal control
 systems.
 
 v) a) Based on our audit procedures performed by us, we are of the
 opinion that partculars of contracts or arrangements referred to in
 Secton 301 of the Act have been entered in the register required to be
 maintained under that secton.
 
 b) The transacton made in pursuance of such contracts or arrangements
 have been made at prices which are reasonable having regards to
 prevailing market prices at the relevant tme.
 
 (vi) The Company has not accepted any deposits from the public.
 
 (vii) The Company does not have a formal internal audit system but its
 fnancial and other internal checks, ensures proper recording of the
 fnancial transactons.
 
 (viii) The Central Government has not prescribed for maintenance of
 cost records under secton 209(1) (d) of the Companies Act, 1956 for the
 Company.
 
 (ix) a) The Company is regular in depositng undisputed statutory dues
 including income tax and service tax with appropriate authorites. There
 are no arrears of outstanding of these dues as at the last day of the
 fnancial year for a period of more than six months from the date they
 became payable. The laws relatng to provident fund, employee state
 insurance, sales tax, wealth tax, custom duty, excise duty and cess do
 not apply to the Company for the year under report.
 
 b) According to the informaton and explanatons given to us, the Company
 has no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom
 Duty, Excise Duty and Cess which have not been deposited on account of
 disputes with the related authorites.
 
 (x) The Company does not have accumulated losses at the end of the
 fnancial year. The Company has not incurred cash losses during the
 current fnancial year and in the immediately preceding fnancial year.
 
 (xi) The Company has not defaulted in repayment of its dues to banks
 and fnancial insttutons.
 
 (xii) The Company has not granted any loans or advances on the basis of
 security by way of pledge of shares, debentures or other securites.
 
 (xiii) The provisions of any Special Statute applicable to Chit Fund,
 Nidhi or Mutual Benefit Fund/ Societes are not applicable to the
 Company.
 
 (xiv) Based on the records examined by us, the Company is maintaining
 proper records of the transactions and contracts and timely entries
 have been made in respect of all the securities transactions and the
 same have been held by the Company in its own name except to the
 exempton , if any , granted under Secton 49 of the Act.
 
 (xv) The Company has not given any guarantees for loan taken by others
 from banks and financial insttutons.
 
 (xvi) The Company has applied the term loans during the year for the
 purpose they were obtained.
 
 (xvii) On an overall examinaton of the balance sheet of the Company, we
 report that no funds raised on short-term basis have been used for long
 term investments.
 
 (xviii) The Company has not made any preferental allotment of shares to
 the partes and companies covered in the register maintained under
 Secton 301 of the Act.
 
 (xix) The Company has not issued any debentures during the year.
 
 (xx) The Company has not raised any money by way of public issue during
 the year.
 
 (xxi) There were no frauds on or by the Company notced or reported
 during the course of our audit during the year.
 
 Place : Mumbai                  For Khurdia Jain & Co.
 
 Date : 27th May, 2013           Chartered Accountants
 
                                 Firm Regn. No.: 120263W
 
                                 Sampat Khurdia
 
                                 Partner
 
                                 Mem No : 33615
Source : Dion Global Solutions Limited
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