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Abirami Financial Services (India) Ltd.

BSE: 511756 | NSE: | Series: NA | ISIN: INE195I01013 | SECTOR: Finance - Leasing & Hire Purchase

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Abirami Financial Services (India) is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

I have audited the attached Balance Sheet of M/s. Abirami Financial Services (India) Limited as on 31 March, 2010 and also the Profit and Loss Account for the year ended on that date annexed thereto. These financial statements are the responsibility of the companys management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted the audit in accordance with auditing standards generally accepted in India. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free of material misstatements. An audit in- cludes examining, on a test basis evidence supporting the amounts and disclosures in the financial statements An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion and I report that: 1. I have obtained all the information and explanation which to the best of my knowledge and belief were necessary for the purpose of my audit. 2. In my opinion, proper books of accounts as required by law have been kept by the company so far as appears from my examination of such books. 3. The Balance Sheet and Profit and Loss Account dealt with by this report are pre- pared in accordance with the Accounting standards referred to in sub section (3C) of Section 211 of tie Companies Act, 1956. 4. The Balance Sheet and Profit and Loss Account dealt with by this report are in accordance with the books of account. 5. On the basis of written representations received from the directors of the company, as at March 31,2010 and taken on record by the Board of Directors, I report that none of the directors are disqualified as on 31st March 2010 from being appointed as a director in tefms of clause (g) of subsection (1) of section 274 of the Companies Act, 1956. 6 In my opinion ^nd to the best of my information and according to the explanations given to me, th said accounts read with notes thereon give the information required by the Companies Act, 1956 in the manner so required to give a True and Fair view: In the case of Balance Sheet of the state of affairs of the Company as at 31 March, 2010 and In the case of profit and Loss Account, Profit for the year ended on that date. As required by the Companies Auditors Report Order, 2003 in terms of Section 227 (4 A) of the Companies Act, 1956,1 report that: 1 The Company js maintaining proper records of its Fixed Assets showing full particu- lars including quantitative details and situation of Fixed Assets. The Fixed Assets have been physically verified by the Management periodically which in my opinion is reasonable, frlo discrepancies were noticed on such physical verification. 2 Substantial part of the Fixed Assets have not been disposed off during the year affecting the going concern. 3 The Company (s principally engaged in Hire Purchase & Financial activities and as such the company does not carry any finished goods, raw materials and spare parts and hence, the question of physical verification of the same does not arise. 4 The Company has not taken / granted any loans secured or unsecured from the companies or firms or other Parties referred to under Section 301 of the Companies Act, 1956. 5 The rate of interest and other terms and conditions of loans given or taken by the company, secured or unsecured, are not prima facie prejudicial to the interest of the company. 6 The parties to whom loans or advances in the nature of loans were given by the company are repaying the Principle amounts as stipulated and are also regular in payment of interest where applicable. 7 For overdue amount of more than one lakh, reasonable steps have been taken by . the company for recovery of the principal and interest. 8 In my opinion there is an adequate internal control procedure commensurate with the size of the company and the nature of its business for the fixed assets. There is no continuing failure to correct major weaknesses in internal control. 9 During the yesx there were purchase of goods or materials and sale of goods, mate- rials or services exceeding Rs. 50,000/- in value to or from firms, companies or other parties in which directors are interested in pursuance of contract entered into with them as maintained under section 301 of the Companies Act, 1956 and they are not prejudicial to the interest of the company. 10 The Company has not accepted deposits to which provisions of Section 58A and 58AA of the Companies Act, 1956 are applicable. 11 As the Compaiy being a listed company having a paid-up capital and reserves ex- ceeding Rs.50 lakhs as at the commencement of the financial year concerned has an internal audit commensurate with its size and nature of its business. 12 The Central Government has not prescribed the maintenance of cost records by the company under Section 209 (1) (d) of the Companies Act, 1956. 13 The Company does not have Provident Fund and Employees State Insurance Schemes as the same an: not applicable at present. 14 There are no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs duty and Excise duty as at 31/03/2010 which were outstanding for a period of more than six months from the date they become payable. 15 The company has not defaulted in repayment of dues to a financial institution or bank or debenture holder. 16 The company maintains adequate documents and records in respect of loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 17 The provisions of special statute as to the Chit funds, Nidhi or Mutual Benefit Society are not applicable to the Company. 18 The company maintains proper records of transactions and contracts in respect of shares, securities and other investments and timely entries have been made therein. The company does not hold shares, securities, and debentures in its own name except to the extent of the exemption granted under section 49 of the Act. 19 The Company has not availed of any term loan. 20 The funds raised on short-term basis have not been used for long-term investment and vice versa. 21 The company has not made any preferential allotment of shares to parties and compa- nies covered in the Register maintained under section 301 of the Act. 22 The company has not raised money by public issue. 23 There is no fraud on or by the company noticed or reported during the year. 24 In respect of hire money due on Stock on Hire Purchase Agreements entered into by the company in the ordinary course of business, where instalments are overdue, I am of the opinion that reasonable steps have been taken by the company for recovery of the same. 25 i) I further report that the company is engaged in the business of Non-Banking Finan- cial Institutions and it has obtained a Certificate of Registration. ii) Though the company has not fulfilled the norms in terms of Assets / Income pattern it has written to RBI seeking extension of time for fulfilling the norms. iii) Based on the criteria set forth by RBI the company is not an AFC. iv) The company has not accepted any public deposits. 26 i) The Board of Directors have passed a resolution for Non-acceptance of any public deposits and the company has not accepted the same during the financial year ended 31/03/2010. ii) The company has complied with the prudential norms relating to income recognition, accounting standards, asset classification and provision for bad and doubtful debts as applicable to it in terms of Non-Banking Financial (Non-Deposit Accepting or Hold- ing) Companies Prudential Norms (Reserve Bank) Directions, 2007. Place: Chennai K.C. STHALASAYANAM Date: 24/04/2010 Chartered Accountant