We have audited the accompanying financial statements of Ceejay Finance
Limited (the company), which comprise the Balance Sheet as at 31st
March, 2015, the Statement of Profit and Loss, 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 in
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 the
maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the 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 internal financial control, 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 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
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 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 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 as adequate Internal Financial
controls system over financial reporting and the effectiveness of such
controls. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by 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
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) 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 Paragraphs 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 appears from our examination of those
c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
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 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.
(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 on its
financial position in it financial statements as referred to in Note
II. The Company did not have any long-term contracts, including
derivate contracts for which there were any material foreseeable
III. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
ANNEXURE REFERRED TO OUR INDEPENDENT AUDITORS'' REPORT TO THE MEMBERS OF
CEEJAY FINANCE LIMITED, ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED
31st MARCH, 2015.
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
(b) As explained to us, the said fixed assets have been physically
verified by the management during the year, which in our opinion is
reasonable, having regard to the size of the company and nature of its
assets. No material discrepancies were noticed on such physical
(ii) The company''s nature of operations does not require it to hold
inventory. Accordingly, para 3(ii) of the Companies (Auditor''s Report)
Order, 2015 is not applicable.
(iii) The Company has not granted any loan secured or unsecured to
companies, firms or other party covered in the register maintained
under section 189 of the Companies Act, 2013. Accordingly, paragraphs
3(iii) (a) and (b) of the Order are not applicable.
(iv) 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 with regard to purchase of fixed assets and sale of services.
There is no purchase of inventory and sale of goods. During the course
of our audit, we have not observed any continuing failure to correct
major weaknesses in internal controls.
(v) The Company has not accepted any deposits from the public during
the year under audit hence the directives issued by Reserve Bank of
India and provisions of sections 73 & 76 or any other relevant
provisions of the Companies Act and the rules framed there under are
(vi) The Central Government has not prescribed the maintenance of cost
records under sub-section (1) of section 148 of the Companies Act,
(vii) (a) The company wherever applicable, is generally regular in
depositing undisputed statutory dues including provident fund, investor
education & protection fund, income tax, sales tax, wealth tax, service
tax, excise duty, cess and other statutory dues to appropriate
According to the information and explanations given to us, no
undisputed amount in respect of aforesaid statutory dues were
outstanding for the period of more than six months from the date they
(b) The details of disputed statutory dues as at March 31, 2015 that
have not been deposited by the company, are as under:
(Rs. in Lacs
Sr Dispute under Amount Period to which the Forum where dispute
No. (Rs.) amount pertain is pending
1 Income Tax Act, 1961 2.72 A.Y 2008-09 CIT
(c) The 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 thereunder has been
transferred to such fund within time.
(viii) The Company neither has any accumulated losses nor has incurred
any cash losses during the financial year covered by our audit and the
immediately preceding financial year.
(ix) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
banks. The company has not obtained any borrowings from financial
institution and by way of debentures.
(x) To the best of our knowledge and belief and according to the
information and explanations given to us the Company has not given any
guarantee for loans taken by others from banks or financial
xi) The Company has not obtained any term loan during the year.
xii) On the basis of our examination of documents and records and
according to the information and explanations given to us no fraud on
or by the company has been noticed or reported during the year.
For KANTILAL PATEL & CO.,
Firm Regn. No. 104744W
[Mayank S. Shah]
Place : Ahmedabad Partner
Date : May 09, 2015 Membership No.: 44922