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To the Members of
APOLLO FINVEST (INDIA) LIMITED
Report on the Financial Statements
We have audited the accompanying standalone financial statements of APOLLO FINVEST (INDIA) LIMITED which comprise the Balance Sheet as at 31 March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Board of Directors is response for the matters stated n Section 134(5) of the Companies Act. 2013 (the Act'') with respect to the preparation of these standalone 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.
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 n the audit report under the provisions of the Act and the Rules made there under.
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 involve performing procedures to obtain audit evidence about the amounts and the disclosures m 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 option on the standalone financial statements.
In our opinion and to the best of our information and according to the explanations given to us. the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and far view in conformity with the accounting principles general/ accepted m India, of the state of affairs of the Company as at 31“ 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 Compares (Auditor’s Report) Order. 2003 (the Order) issued by the Central Government of India in terms of Section 227(4A) of the Act. we give in tie Annexure a statement on the matters specified m paragraphs 4 and 5 of the Order.
2. As required by Section 143(3) of the Act. we report that:
a) We have sought and obtained al 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
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.
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 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 m terms of Section 164 (2) of the Ad
f) With respect to the other matters to be included m 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
ii. The Company has made provision, as required under the applicable law or accounting standards, tor material foreseeable losses, if any. on long-term contracts including derivative contracts.
iii. There has been no delay m transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
ANNEXURE TO AUDITOR''S REPORT
1(a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
1(b) The fixed assets of the company have been physically verified during the year by the management and no material discrepancies between the book records and the physical inventory have been noticed. The company has not disposed off any substantial part of fixed assets during the year.
2. In our opinion and according to the information and explanation given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on such physical verification. The procedures followed by the management for physical verification of stock are in our opinion, reasonable and adequate in relation to the size of the Company and nature of its business.
3(a) The Company has not granted any loan secured or unsecured to companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act
3(b) The Company has given loans and advances n the nature of loans, the participial amount and Merest wherever applicable are being recovered as stipulated. The necessary provision has been made as required by the prudential norms of RBI as prescribed for the provisioning of non-performing assets.
3(c) In respect of lease / hire purchase transactions entered into by the Company in its ordinary course of business, where installments are overdue, according to the information and explanation given to us, we are of the option that reasonable steps have been taken by the Company for their recovery. The necessary provision has been made as required try the prudential norms of RBI as prescribed for the provisioning of non-performing assets.
4. In our opinion and according to the information and explanation given to us there is adequate internal control system commensurate with the size of the company and nature of its business with regard to purchases of fixed assets, goods I services and sale of goods services. During the course of our audit, we have not observed any continuing failure to correct the major weakness in the internal control system
5. As per the information and explanations given to us, the company has not accepted deposits, in terms of directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under.
6. The Central government has not prescribed the maintenance of cost records under section 148(1) of the Companies Act 7(a) According to the information and explanation given to us and based on the books and records examined by us undisputed statutory dues including the Provident Fund. Investor Education and Protection Fund. Employees'' State Insurance. Income Tax. Sales Tax. Wealth Tax. Service Tax. Custom Duty. Excise Duty, cess and other statutory dues, wherever applicable, have been generally deposited regularly during the year with appropriate authorities. There are no outstanding undisputed statutory dues as on 31 March. 2015 for a period of more than six months from the date they become payable.
7(b) According to the information and explanation given to us and based on the books and records examined by us. there are no undesired amounts payable n relation to Income Tax. Sales Tax, Wealth Tax. Service Tax. Custom Duty. Excise Duty, cess and other statutory dues, were in arrears except disputed income Tax Liability of Rs. 7.94 Lacs against which appeal is filed before CIT.
7(c) The Company does not have any amount required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Companies Act 1956 (1 of 1956) and rules made there under..
8. The company does not have any accumulated losses at the end of the financial year and has not incurred cash loss during the financial year.
9. As there is no term loan taken from bank or institutors. Hence no question arises for default n repayment of such bans.
10. As per the information and explanation given to us the company has not given any given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the company.
11. The company has not taken any term loan. Hence relevant Para is not applicable.
12. According to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the year.
For Shankarlal Jain & Associates
Firm No. 109901W
S L Agrawal
Place: Mumbai (Partner)
Date: 15th May 2015 M. No. 72184