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Ad Manum Finance Ltd.

BSE: 511359 | NSE: | Series: NA | ISIN: INE556D01017 | SECTOR: Finance - Leasing & Hire Purchase

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Jun 22, 13:46
20.90 0.90 (4.50%)
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1,046
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834
30-Day
1,176
671
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    20.00

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  • Bid Price (Qty.)

    20.05 (25)

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    20.90 (20)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
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Ad Manum Finance 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 AD-Manum Finance Limited (''the Company''}, which comprise the Balance Sheet as at 31 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 FOB 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 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 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 and ensuring their operating effectiveness and 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 these 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 Standards require that we comply with ethical requirements and plan and perform the audit to obtain 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 opened 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 31 March 2015, 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) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure, a statement on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable. 2. As required by Section 143 {3) of the Act, we report that: (a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; (b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books and proper returns adequate for the purposes of our audit are been received from branches not visited by us; (c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this report are in agreement with the books of account and with the returns received from branches not visited by us; (d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the* Act, read with Rule 7 of the Companies (Accounts) Rules, 2014; (e) On the basis of the written representations received from the directors as on 31 March 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31 March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act; and (f) 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 as at March 31, 2015 on its financial position in its financial statements- Refer Note 18(B) (1) to the Financial Statements; ii. The Company has no material foreseeable losses on long-term contracts including derivative contracts as required under the applicable law or accounting standards; iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended March31,2015. Annexure to the Independent Auditors'' Report The Annexure required under CARO, 2015 referred to in our Report to the members of the AD-Manum Finance Limited (the Company) for the year ended 31 March 2015, we report that: (i) (a) The Company has maintained adequate records on computer showing general particulars, including quantitative details and situation of Fixed Assets. (b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification and the same have been properly dealt with in the books of accounts. ii) The nature of business of the Company does not require it to have any inventory. Hence, the requirement of clause (ii) of paragraph 3 of the said Order is not applicable to the Company (iii) The Company has granted unsecured loan to one party covered in the register maintained under section 189 of the Companies Act, 2013. The maximum amount involved during the year was Rs.1746.50 lacs and the year- end balance of loan granted to such party was Rs.1596.50 lacs. The receipt of Interest and Principal Amount is regular as per the terms. There is no overdue amount. (iv) In our opinion and according to the information and explanations given to us, there is an 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. The activities of the Company do not involve purchase of inventory and the sale of goods. 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, no major weakness has been noticed or reported. (v) The Company has not accepted any deposits within the meaning of directives issued by Reserve Bank of india and the provisions of section 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under. (vi) As informed to us, the Central Government has not prescribed maintenance of cost records under sub sector (1) of section 148 of the Companies Act, 2013 in respect of the business of the. (vii) (a) According to the records of state insurance, Income Tax. Sales tax, Wealth Tax, Service Tax, Duty of Custom, Duty of Excise, Value Added Tax, Cess and any other statutory dues, whichever is applicable to the company with the appropriate authorities during the year and no undisputed amounts were outstanding as at 31st March, 2015 for a period of more than six months, from the date they become payable. (b) According to the information and explanation given to us, there are no dues of Income Tax, Sales tax, Wealth Tax, Service Tax, Duty of Custom, Duty of Excise, Value Added Tax, Cess and any other statutory dues which have not been deposited on account of any dispute except given below: S. No.Name of Statute Nature of Dues Demand in Rs. (Lacs) Period to which Forum where the the amount relates dispute is pending 01 income Tax Act, 1961 Income Tax 11.54 2000-01 ITAT, Indore 02 Income Tax Act, 1961 Income Tax 11.07 2001-02 ITAT, Indore 03 Income Tax Act, 1961 Income Tax 282.28 2007-08 ITAT, Indore 04 Income Tax Act, 1961 Income Tax 0.83 2008-09 CIT, Indore 05 Income Tax Act, 1961 Income Tax 46.21 2009-10 CiT, Indore 06 Income Tax Act, 1961 Income Tax 2.79 2011-12 CIT, Indore 07 Income Tax Act, 1961 Income Tax 1.14 2012-13 CIT, Indore TOTAL 366.86 (c) According to the information and explanations given to us, the amount required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 2013 and rules made there under has been transferred to such fund within time. (viii) The company has no accumulated losses at the end of the financial year and it has not incurred cash losses during the financial year and in the immediately preceding financial year (ix) According to the information and explanations given to us and based on the record, of the company examined by us the company has not default in repayment of dues to any finance institution or banks (x) According to the information and explanation given to us,the company has not given any guarantee for loans taken by other from banks or financial information. (xi) The company has not obtained any Term Loan. (xii) The company has detected certain frauds conducted by its employees in collusion with brokers/borrowers in the FY 13-14 in some branches and also detected some more frauds in other branches in the current financial year. The matter is still under investigation by relevant police at various levels. pending such investigations and recovery, the company has written off sum of 215.79 Lacs pertaining to the said frauds in the current financial year Statutory Auditors FOR MAHENDRA BADJATYA & CO CHARTERED ACCOUNTANTS ICAI FRN 001457C sd/- CA M.K BADJATYA PARTNER ICAI MNO 070S78 PLACE: INDORE DATE: 29/05/2015