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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

1. We have audited the accompanying financial statements of M /S Abirami Financial Services (India) Limited, (''the company), which comprises the Balance Sheet as at 31st March 2014, and Cash Flow Statement for the year then ended, and Significant Accounting Policies and other explanatory information. 2. 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. 3. Auditors'' 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. 4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the t- 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. 5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 6. 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. 7. Report on Other Legal and Regulatory Requirements 1) As required by the Companies (Auditor''s Report) Order, 2003 (the Order), as amended, issued by the Central Government of India in terms of sub-section (4 A) of section 227 of the Act, and on the basis of our examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, 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, and Cash Flow Statement dealt with by this report are in agreement with the books of account; d) In our opinion, the Balance Sheet, and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act; e) Disclosure in terms of clause (g) of sub-section (1) of Section 274 of the Act is not required for Government Companies as per Notification No. GSR 829(E) dated October 21,2003 issued by the Department of Company Affairs. f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Act nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company. Annexure to the Auditors'' Report (Referred to in paragraph 7.1 of our report to the members of Abirami Financial Services (India) Limited (''the Company'') for the year ended 31st March 2014. i. In respect of its fixed assets: a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. b) In accordance with a program of verification, which in our opinion provides for physical verification for all the fixed assets at reasonable intervals, a portion of the fixed assets were physically verified during the year by the management. According to the information and explanations given to us, no material discrepancies were noticed on such verification. c) In our opinion and according to the information and explanations given to us, during the year, the Company has not disposed off a major part of the fixed assets. ii) In respect of its inventories: (a) The company, being Non-Banking Financial Company, does not have any inventory. iii. (a) The company has in its normal course of business granted loans to a company listed in the register maintained under section 301 of the Companies Act, 1956. (b) In our opinion, the rate of interest and other terms and conditions of such loans are not, prima facie, prejudicial to the interest of the company. (c) The parties have repaid the principal amounts as stipulated and have also been regular in the payment of interest to the company. (d) There is no overdue amount in excess of Rs. 1 lakh in respect of loans granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. b) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses (f) & (g) are not applicable to the company. iv. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard for purchase of inventory, fixed assets. During the course of our audit, we have not observed any continuing failure to correct major weaknesses, if any, in the internal control system. v. a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Act that need to be entered into the register maintained under section 301 have been so entered. * b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements exceeding value Rs. 5 lakhs have been entered into during the financial year at prices which are reasonable having regard to the prevailing market prices at the relevant time. d) In our opinion, the Balance Sheet, and Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act; e) Disclosure in terms of clause (g) of sub-section (1) of Section 274 of the Act is not required for Government Companies as per Notification No. GSR 829(E) dated October 21,2003 issued by the Department of Company Affairs. f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Act nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company. Annexure to the Auditors'' Report (Referred to in paragraph 7.1 of our report to the members of Abirami Financial Services (India) Limited (''the Company'') for the year ended 31st March 2014. i. In respect of its fixed assets: a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. b) In accordance with a program of verification, which in our opinion provides for physical verification for all the fixed assets at reasonable intervals, a portion of the fixed assets were physically verified during the year by the management. According to the information and explanations given to us, no material discrepancies were noticed on such verification. c) In our opinion and according to the information and explanations given to us, during the year, the Company has not disposed off a major part of the fixed assets. ii) In respect of its inventories: (a) The company, being Non-Banking Financial Company, does not have any inventory. iii. (a) The company has in its normal course of business granted loans to a company listed in the register maintained under section301 of the Companies Act, 1956. (b) In our opinion, the rate of interest and other terms and conditions of such loans are not, prima facie, prejudicial to the interest of the company. (c) The parties have repaid the principal amounts as stipulated and have also been regular in the payment of interest to the company. (d) There is no overdue amount in excess of Rs. 1 lakh in respect of loans granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. b) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses (f) & (g) are not applicable to the company. iv. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard for purchase of inventory, fixed assets. During the course of our audit, we have not observed any continuing failure to correct major weaknesses, if any, in the internal control system. v. a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Act that need to be entered into the register maintained under section 301 have been so entered. * b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements exceeding value Rs. 5 lakhs have been entered into during the financial year at prices which are reasonable having regard to the prevailing market prices at the relevant time. vi. The Company has not accepted any deposits from the public covered under section 5 8 A and 58AAofthe Companies Act, 1956. vii. In our opinion, the Company has an internal audit system which is commensurate with the size and nature of its business. viii. According to the information and explanations given to us maintenance of cost records are not applicable to the company. ix. a) According to the records of the Company, Provident fund, Investor Education and Protection Fund, Employees'' State Insurance, Income tax, Sales tax, Wealth tax, Customs Duty, Cess and other material statutory dues applicable to it have been generally regularly deposited during the year with the appropriate authorities. b) According to the information and explanations given to us, no undisputed amount payable in respect of above were in arrears, as at March 31, 2013 for a period of more than six months from the date on which they became payable. x. The company has neither accumulated losses at end of the financial year nor has it incurred cash losses during the current financial year and in the immediately preceding financial year. xi. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to financial institutions, banks and debenture holders. xii. The company has granted loans or advances on the basis of security of shares and proper records of the same are maintained. xiii. The provisions of special statute applicable to chit fund and nidhi/mutual benefit fund/society are not applicable to the Company. xiv. The Company is dealing in or trading in shares and securities and proper records have been maintained of the transactions and contracts and timely entries have been made therein. The investments have been held by the company in its own name. xv. The company has not given any guarantees during the year for loans taken by others * from banks or financial institutions. xvi. In our opinion and according to the information and explanations given to us, the company has not availed any term loan. xvii. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, funds raised on short term basis have prima facie, not been used during the year for long term investment. xviii. The Company has not made preferential allotment of shares to companies, firms and parties covered in the register maintained under section 3 01 of the Act. xix. The Company has not issued any debentures during the year. Hence paragraph 4 (xix) of the Order is not applicable. xx. The Company has not raised any money by way of public issue during the year. Hence paragraph 4 (xx) of the Order is not applicable. xxxi. According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit. For R. BHASKAR & Co. Chartered Accountants F.N0.OO886OS R. BHASKAR, Place : Chennai Proprietor Date: 28.05.2014. M.No.026584