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Action Financial Services (India) | Auditor's Report > Finance - Investments > Auditor's Report from Action Financial Services (India) - BSE: 511706, NSE: N.A
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Action Financial Services (India)

BSE: 511706|ISIN: INE357A01032|SECTOR: Finance - Investments
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VOLUME 27
Action Financial Services (India) is not listed on NSE
Mar 14
Auditor's Report (Action Financial Services (India)) Year End : Mar '15
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
 
 
 
 
 
Source : Dion Global Solutions Limited
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