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Ladderup Finance
BSE: 530577|ISIN: INE519D01015|SECTOR: Finance - Leasing & Hire Purchase
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« Mar 13
Auditor's Report (Ladderup Finance) Year End : Mar '14
We have audited the accompanying Financial Statements of Ladderup
 Finance Limited, which comprise the Balance Sheet as at 31st March,
 2014 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 notified under the Companies Act, 1956 (the
 Act) read with the General Circular 15/2013 dated 13th September, 2013
 of the Ministry of Corporate Affairs in respect of Section 133 of the
 Companies Act, 2013 and in accordance with the accounting principles
 generally accepted in India. 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 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 procedure 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 risk of material misstatement of the financial statements, whether
 due to fraud and 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, but not for the
 purpose of expressing an opinion on the effectiveness of the company''s
 internal control. An audit also includes evaluating and 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 31st March, 2014;
 
 (b) In the case of the Statement of Profit and Loss, 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 the 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 accounts 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, 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 and Loss and
 Cash Flow Statement, comply with the Accounting Standards notified
 under the Act read with the General Circular 15/2013 dated 13th
 September, 2013 of the Ministry of Corporate Affairs in respect of
 Section 133 of the Companies Act, 2013.
 
 (e) On the basis of written representations received from the directors
 as on 31st March, 2014, and taken on record by the Board of Directors,
 none of the directors is disqualified as on 31st March, 2014, from
 being appointed as a director in terms of clause (g) of subsection (1)
 of section 274 (1)(g) of the Companies Act, 1956.
 
 Annexure referred to in Paragraph 1 under the heading Report on other
 legal & regulatory requirements of the Auditors Report to the Members
 of Ladderup Finance Limited for the year ended 31st March, 2014.
 
 As required by the Companies (Auditors Report) Order, 2003 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 fixed 
 assets.
 
 b) As explained to us, all the fixed assets have been physically
 verified by the management during the year and in our opinion the
 interval of physical verification is reasonable. No material
 discrepancies have been noticed on such physical verification.
 
 c) The Company has disposed off certain fixed assets during the year
 which do not affect the going concern status of the Company.
 
 (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 loans (receivable on call
 basis) to three of its subsidiaries covered in the register maintained 
 under section 301 of the Companies Act, 1956. The aggregate maximum 
 amount outstanding during the year was Rs.1,75,47,809/- and year end 
 balance of such loans was Rs.1,62,76,246/-.
 
 b) The rate of interest and other terms & conditions 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 section 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 information and explanation
 given to us there is 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 sale of services. During the course of our
 audit, we have not observed any continuing 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 particulars of contracts or arrangements referred to in
 Section 301 of the Act have been entered in the register required to be
 maintained under that section.
 
 b) The transaction 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 time.
 
 (vi) The Company has not accepted any deposits from the public.
 
 (vii) The Company does not have a formal internal audit system but its
 financial and other internal checks, ensures proper recording of the
 financial transactions.
 
 (viii) The Central Government has not prescribed for maintenance of
 cost records under section 209(1) (d) of the Companies Act, 1956 
 for the Company.
 
 (ix) a) The Company is regular in depositing undisputed statutory dues
 including income tax and service tax with appropriate authorities. 
 There are no arrears of outstanding of these dues as at the last day 
 of the financial year for a period of more than six months from the 
 date they became payable. The laws relating to provident fund, 
 investor education protection 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 information and explanations 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 authorities.
 
 (x) The Company does not have accumulated losses at the end of the
 financial year. The Company has not incurred cash losses during the
 current financial year and in the immediately preceding financial year.
 
 (xi) The Company has not defaulted in repayment of its dues to banks
 and financial institutions.
 
 (xii) The Company has not granted any loans or advances on the basis of
 security by way of pledge of shares, debentures or other securities.
 
 (xiii) The provisions of any Special Statute applicable to Chit Fund,
 Nidhi or Mutual Benefit Fund/ Societies 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
 exemption , if any , granted under Section 49 of the Act.
 
 (xv) The Company has not given any guarantees for loan taken by others
 from banks and financial institutions.
 
 (xvi) The Company has not obtained any term loans during the year.
 
 (xvii) On an overall examination 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 preferential allotment of shares
 to the parties and companies covered in the register maintained under
 Section 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 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
 Date : 6th May, 2014
 Place : Mumbai
Source : Dion Global Solutions Limited
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