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Ad Manum Finance Ltd.

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

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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 March 31st, 2014, and the Statement of Profit and Loss and 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 Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance & 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) read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013 and in accordance with the accounting principles generally accepted in India. 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. AUDITOR''S 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 misstatements. An audit involves performing procedures to obtain audit evidence about the amounts and 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 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, but not for the purpose of expressing an opinion on the effectiveness of the company''s internal control. 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. OPINION In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements read with notes on accounts as per note 18 give the information required by the Act in the manner so required and give a true an d 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 March 31, 2014; an d b) In the case of the statement of Profit and Loss, of the profit for the year ended on that date. c) In the case of Cash Flow Statement, of the 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, 2003 (the Order) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, We give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order. 2. As required by section 227(3) of the Act, we report that: In our opinion and to the best of our information and according to the explanation given to us, the said accounts subject to the provision of doubtful debt of Rs.11.98 Crores (previous year Rs.3.95 Crores) and there against made NPA provision of Rs .157.64 Lacs (Previous Year Rs.53.35 Lacs) as per prudential norms of RBI Act and rules made thereunder read with Note 18 gives the information required by the Companies Act,1956 in the manner so required and gives true & fair view in conformity with the accounting principles generally accepted in India; 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 on computer so far as appears from our examination of those books. c) The Balance Sheet, the Statement of Profit and Loss, and the cash flow state ment dealt with by this Report are in agreement with the books of account. d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. e) On the basis of written representations received from the directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014. From being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. ANNEXURE TO INDEPENDENT AUDITORS REPORT REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING OF ''REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS'' OF OUR REPORT OF EVEN DATE : 1) FIXED ASSETS: a) The Company has maintained adequate records showing full particulars including quantitative details and situation of fixed assets. b) The Company has verified its fixed assets at the end of the year, which in our opinion is reasonable having regard to the size of the Company and nature of its assets. We have been informed that no material discrepancies were noticed on such verification as compared to b ook records. c) The Company has not disposed of any substantial part of its fixed assets during the year so as to affect its going concern status. 2) INVENTORY: As the Company is carrying on the business of loan finance, therefore, the requirement of clause 4 (ii) is not applicable to the Company. 39) LOANS AND ADVANCES: During the year, the Company has granted/taken unsecured loans from company covered by Section 301 of the Companies Act, 1956 therefore the requirement of clause, 4(iii) (b), (c), (d), (f) and (g) of the said order are not applicable to the company. 4) INTERNAL CONTROLS: 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 fixed asset The services rendered subject to a fraud noticed by the Company, except this, we have not been informed of any major weakness in the internal control system of the Company. 5) TRANSACTION WITH PARTIES UNDER SECTION 301 OF THE COMPANIES ACT, 1956: a) According to the information and explanations given to us by the management, we are of the opinion that the transactions required to be entered under section 301 of the Companies Act 1956 have been so entered. a) In our opinion and according to the information and explanations given to us the transactions made in pursuance of contracts or arrangements entered in the register maintained u/s 301 of the Companies Act 1956 exceeding the value of Rupees Five Lacs or more in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. 6) FIXED DEPOSITS: The Company has not accepted any deposits from the public to which the directives issued by Reserve Bank of India and the provisions of section 58A. 58AA and any other relevant provisions of the Companies Act, 1956 and the rules framed thereunder apply. 7) INTERNAL AUDIT: The Company has an Internal Audit system which is, in our opinion needs to be strengthened according to the nature of business and size of operations of the Company. 8) COST AUDIT: The Company is carrying on the business of finance, hence no cost records are required to be maintained by the Company under section 209(1)(d) of the Companies Act, 1956. STATUTORY DUES: a) According to the records of the Company and according to the information and explanations provided to us the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Income Tax, Investor Education and Protection Fund and any other statutory dues with the appropriate authorities. b) According to the information and explanations given to us, no undisputed amount payable in respect of Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax and any other statutory dues were outstanding as at 31st March 2014 for a period of more than six months from the date they became payable. c) According to the information and explanations given to us and as certified by the management there are dues of Income Tax which have not been deposited on account of dispute and the forum where the dispute is pending are given below:- S. Statute Demand in Period of Forum No. Rs. (Lacs) Dispute F.Y. 01 Income Tax 11.07 2001-02 ITAT, Indore 02 Incom e Tax 282.28 2007-08 CIT, Indore 03 Income Tax 0.83 2008-09 CIT, Indore 04 Income Tax 56.15 2009-10 CIT , Indore 05 Income Tax 46.21 2009-10 CIT , Indore 06 Income Tax 29.38 2010-11 CIT , Indore 10) POTENTIALLY SICK COMPANY: There are no accumulated losses as at 31st March, 2014. The Company has not incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year. 11) REPAYMENT OF DUES: According to the records of the Company examined by us and information and explanation given to us, the Company has not defaulted in repayment of dues to any financial institution or bank as at the balance sheet date. 12) LOANS AND ADVANCES GRANTED ON THE BASIS OF SECURITIES: According to the records of the Company and according to the information and explanations provided to us, the Company has not granted loans and advances on basis of security by way of pledge of shares, debentures & other securities. 13) CHIT FUND / NIDHI / MUTUAL BENEFIT SOCIETY: We are informed that the provisions of any special statute applicable to Chit Funds, Nidhi or Mutual Benefits Society do not apply to the Company. 14) INVESTMENT Company is not dealing in any shares and securities. All the investments of the Company are held by the Company in its own name and reasonable records have been maintained. 15) GUARANTEES GIVEN: According to the information and explanations provided to us, the Company has not given any guarantee or corporate guarantee for loan taken by other from banks or financial institutions. 16) TERM LOANS: The company has not taken any Term Loan during the year. 17) SOURCES AND APPLICATION OF FUNDS: According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short term basis have been used for the purpose of long term investment and no long term funds have been used to finance short term assets (excludes permanent working capital). 18) PREFERENTIAL ALLOTMENT: The Company has not made any preferential allotment of shares to parties or Companies covered in the register maintained under section 301 of the Companies Act, 1956. 19) DEBENTURE: The Company has not issued any debenture during the year. 20) PUBLIC ISSUE: The Company has not raised any money through a public issue during the year. 21) FRAUD: According to the information''s obtained by us and explanations given to us the company has detected fraud by its employees in collusion with borrowers at certain locations involving an amount of 60.21 Lacs. The investigations at the end of the company are in progress and the company has been able to recover an amount of Rs. 16.73 Lacs up to the date of the balance sheet and is hopeful to receive the balance amount within a stipulated time from the culprits. Though the FIR has been made at a location but since the company is pursuing the matter amicably with the related persons therefore no material progress in the legal actions has been noticed by us. Statutory Auditors FOR: MAHENDRA BADJATYA & CO CHARTERED ACCOUNTANTS FRN 001457C sd/- DATE: 30-05-2014 CA M.K BADJATYA PLACE: INDORE PARTNER MNO 070578