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Action Financial Services (India) Ltd.

BSE: 511706 | NSE: | Series: NA | ISIN: INE357A01032 | SECTOR: Finance - Investments

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Sep 24, 16:00
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95
10-Day
112
30-Day
148
3
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    6.23

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    6.23 (199)

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Dec 27, 11:22
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Action Financial Services (India) is not listed on NSE

Annual Report

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

Auditor's Report

We have audited the accompanying financial statements of Action Financial Services (India) Ltd (the Company) which comprise the balance sheet as at 31st March 2015, the Statement of Profit and Loss and the 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 The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation of the 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 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 the 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 financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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), as issued by Central Government of India in terms of sub section (11) of section 143 of Companies Act, 2013 (18 of 2013) we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order. 2. As required by Section 143(3) of the Act, we report that: i. we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit; ii. 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; iii. the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account; iv. in our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014 ; and v. on the basis of written representations received from the directors as on 31st March 2015, and 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 sub section (2) of section 164 of the Companies Act, 2013. 3. 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 24 to the financial statements; ii. As represented by the company, there are no foreseeable material losses in respect of long-term contracts including derivative contracts iii. As represented by the company, there are no amounts required to be transferred to Investor Education and Protection Fund by the Company. Annexure to the Auditors'' Report [Referred to in paragraph pertaining to Report on Other Legal and Regulatory Requirement of our Report of even date to the members of Action Financial Services (India) Ltd on the financial statements for the year ended 31st March, 2015] 1. a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. b) Fixed Assets have been physically verified by the management during the year and no material discrepancies between the book records and the physical inventory have been noticed. In our opinion, the frequency of verification is reasonable. 2. The Company does not have any stocks of raw materials, stores, spares parts and finished goods. Hence clause (ii) of the Order does not apply to the company. 3. The Company has not granted any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013. 4. 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, for the purchase of shares and fixed asset and for providing services. Further, on the basis of our examination of the books and records of the company, and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weakness in the aforesaid internal control system. 5. The Company has not accepted any deposits from the public, within the meaning of Sections 73 to 76 of Companies Act 2013 and the rules framed there under. 6. The Central Government has not prescribed maintenance of cost records under Section 148 of the Companies Act 2013. 7. a)According to the information and explanations given to us and records of the Company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and any other material statutory dues as applicable with the appropriate authorities. There are no undisputed statutory dues payable for a period of more than six months from the date they became payable as at 31st March, 2015. b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of wealth tax, service tax, customs duty and cess as at 31st March 2015, which has not been deposited on account of dispute, except the following:- Sr. Name of dues Forum where No. Dispute is pending 1 Income Tax ITAT Mumbai 2 Tax Deducted Commissioner of Income at Sources (Appeals), Mumbai 3 Tax Deducted Commissioner of Income at Sources (Appeals), Mumbai 4 Tax Deducted ITO/TDS - Rectification at Sources file / to be filed Sr. Name of dues Period to which Amount No. amount relates involved Rs. 1 Income Tax A.Y. 2008-09 10,130,835/- 2 Tax Deducted A.Y. 2010-11 129,990/- at Sources 3 Tax Deducted A.Y. 2011-12 143,056/- at Sources 4 Tax Deducted Various Years 344,290/- at Sources Note:- 1. The Company had contested Income Tax demand of Rs 10,130,835/- for Assessment Year 2008-09. The Company has paid Rs. 87, 51,819/-. The company has preferred an appeal in the ITAT against the CIT (A) order. 2. a. The Company had contested Income Tax Deducted at Sources of Rs 129,990/- and Rs 143,056/- for Assessment Year 2010-11 and 2011-12. The company has preferred an appeal in CIT (A). 3. During the year company received notice u/s 131 of the Income Tax Act -1961 and the company officials attended to the notice survey carried out at the premises of the company on 13th June, 2014. No further notice has yet been received from the Income tax Department with regards to this matter. c) According to the information and explanations given to us and records of the Company examined by us, in our opinion, there are no amounts payable to Investor Education and Protection Fund u/s 125 of the Companies Act, 2013. 8. The Company is registered over 5 years. The Company has not incurred any cash losses in the current financial year or in the immediately preceding financial year. The company does not have accumulated losses at the end of the financial year (PY accumulated loss of Rs.13.01 Lakhs). 9. According to the information and explanations given to us and records of the Company examined by us the company does not have any Borrowing from any financial institution or bank or by way of debenture as at the Balance Sheet date. 10. According to the information and explanations given to us the Company has not given any guarantees for loans taken by others from banks or financial institution during the year. 11. The Company has not obtained any term loans. 12. Based upon the audit procedures performed and information and explanations given by the management, we report that we have not come across any instances of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by management. For Ford, Rhodes, Parks & Co. Chartered Accountants ICAI Firm Registration No.102860W A.D. Shenoy Place:Mumbai Partner Date: 29th May, 2015 Membership No.11549