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Devki Leasing and Finance | Auditor's Report > Finance - Leasing & Hire Purchase > Auditor's Report from Devki Leasing and Finance - BSE: 530765, NSE: N.A
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Devki Leasing and Finance

BSE: 530765|ISIN: INE510B01018|SECTOR: Finance - Leasing & Hire Purchase
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Mar 13
Auditor's Report (Devki Leasing and Finance) Year End : Mar '14
We have audited the accompanying financial statements of Devki Cyber
 Securities Private Limited (the Company), which comprise the Balance
 Sheet as at March 31, 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
 
 Management is responsible for 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 Standards referred to in sub-section (3C) of section 211
 of the Companies Act, 1956 ( the Act ). 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 of error.
 
 Auditor 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 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 risk 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. 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
 explanation given to us, the 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;
 
 (a) In the case of Balance Sheet , of the state of affairs of the
 Company as at March 31,2014;
 
 (b) In the case of the Profit and Loss Account, of the Profit for the
 year ended on that date ; and
 
 (c) In the case of the Cash Flow Statement, of the cash flows for the
 year ended on the 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 of the matters specified in Paragraphs 4 and 5 of the Order.
 
 2.  As required by section 227(3) of the Act, We report that ;
 
 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 so far as appears from our examination of those
 books.
 
 c.  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.
 
 d.  In our opinion , the Balance Sheet , Statement of Profit and Loss ,
 and Cash flow Statement comply with the Accounting Standards referred
 to in sub-section (3C) of Section 211 of the Companies Act, 1956 ;
 
 e.  On the basis of written representation 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 director in terms of clause (g) of sub section (1) of
 section 274 of the Companies Act, 1956 ;
 
 ANNEXURE TO THE INDEPENDENT AUDITORS REPORT
 
 [Referred to in paragraph 1 under the heading of Report on Other Legal
 and Regulatory Requirement of our report of even date]
 
 1 (a) The Company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 (b) All the assets have been physically verified by the management
 during the year and no material discrepancies were noticed on such
 verification. In our opinion, the frequency of verification is
 reasonable.
 
 (c) None of the substantial part of fixed assets has been disposed off
 during the year.
 
 2.  (a) The stock of shares and securities has been physically verified
 by the management at reasonable intervals during the year. In our
 opinion the frequency of verification is reasonable.
 
 (b) In our opinion and according to the information and explanations
 given to us, the procedure of physical verification of stock of shares
 & securities followed by the management are reasonable and adequate in
 relation to the size of the Company and nature of its business.
 
 (c) The Company has maintained proper records of inventory and the
 discrepancies noticed on verification between the physical stocks and
 book records were not material and have been properly dealt with in the
 books of account.
 
 3.  (a) According to the information and explanation given to us, the
 Company has not granted any loans, secured or unsecured to companies,
 firm or other parties covered in the register maintained under Section
 301 of the Companies Act, 1956.  Accordingly, the provision of clause
 4(iii) (a) to (d) of the order are not applicable to the Company and
 hence not commented upon.
 
 (b) According to the information and explanation given to us, the
 Company has not taken any loans, secured or unsecured from companies,
 firm or other parties covered in the register maintained under Section
 301 of the Companies Act, 1956. Accordingly, the provision of clause
 4(iii)(e) to (g) of the order are not applicable to the Company and
 hence not commented upon.
 
 4.  In our opinion and according to the information and explanations
 given to us The Company has an adequate internal control procedure
 commensurate with the size and nature of its business, for the purchase
 of inventory and fixed assets and for the sale of goods. During the
 course of our audit we have not observed any continuing failure to
 correct major weaknesses in internal controls.
 
 5.  In our opinion and according to the information and explanations
 given to us all the transactions that need to be entered into the
 register maintained under section 301 of the act have been properly
 entered and are made at prices which are reasonable having regard to
 the prevailing market price at the relevant time.
 
 6.  In our opinion and according to the information and explanations
 given to us, the Company has not accepted any deposit from the public
 as governed by the provision of Section 58A and 58 AA of the Companies
 Act, 1956 and rules framed their under.
 
 7.  In our opinion, the Company has as an Internal Audit system
 commensurate with the size and nature of its business.
 
 8.  According to the information and explanations given to us, we are
 of the opinion that no cost records maintenance has been prescribed by
 the Central Govt. under section 209 (1) (b) of the Companies Act, 1956.
 
 9.  (a) The company is regular in depositing with the appropriate
 authorities undisputed statutory dues including provident fund,
 employees'' state insurance, income tax, sales tax, wealth tax, custom
 duty, excise duty, cess and other material statutory dues applicable to
 it.
 
 (b) According to the information and explanations given to us and there
 is no undisputed amount payable in respect of income tax, sales tax,
 wealth tax, custom duty, excise duty, and cess were in arrears, as at
 the last day of the financial year concerned for a period of more than
 six months from the date they become payable.
 
 (c) According to the information and explanations given to us, there
 are no dues of income tax, sales tax, wealth tax, custom duty, excise
 duty, and cess, which have not been, deposited on account of any
 dispute
 
 10.  The Company has no accumulated losses at the end of the financial
 year and it has not incurred cash loss during the financial year
 concerned by our audit and has incurred loss in the immediately
 preceding financial year.
 
 11.  In our opinion and according to the information and explanations
 given to us, the company has not taken any loan from bank or financial
 institution. Hence requirement of this clause is not applicable to the
 company.
 
 12.  In our opinion and according to the information and explanations
 given to us, the company has not granted loans & advances on the basis
 of security by way of pledge of share, debentures and other securities.
 
 13.  As the company is not a Nidhi /Mutual Benefit Fund /Society
 /Investment Company, the reporting requirement under point no. (xii),
 (xiii), (xiv) are not applicable to the company.
 
 14.  In our opinion the company has maintained proper records of
 transactions and contracts in securities and other investments. Timely
 entries have been made in the records. The shares and securities held
 in investments and stock in trade is held by the company in its own
 name.
 
 15.  According to information and explanations given to us, we are of
 the opinion that the company has not given any guarantee for loans
 taken by others from banks & other financial institutes
 
 16.  According to the information and explanation given to us, the
 company has not taken any term loan during the year; hence requirement
 of this clause is not applicable to the company.
 
 17.  According to the information and explanation given to us and on an
 overall examination of the Balance Sheet of the company, we report that
 the no funds raised on short-term basis have been used for long term
 investment.
 
 18.  In our opinion and according to the information and explanations
 given to us, the company has not made any preferential allotment of
 shares during the year to parties and companies covered in the register
 maintained under section 301 of the Companies Act, 1956.
 
 19.  The company has not issued debentures during the year hence the
 question of creation of securities for debenture dose not arises.
 
 20.  The company has not raised any funds by Public issue; clause (xx)
 of the order is not applicable.
 
 21.  In our opinion and according to the information and explanations
 given to us, no fraud on or by the company has been noticed or reported
 during the course of our audit.
 
                                              For A.B.DOSHI & CO.
                                            Chartered Accountants
                                    Firm Registration No. 001577C
 
 Place: Indore                                Ashwini Kumar Doshi
 Date: May 30, 2014                                    Proprietor
                                           Membership .No. 031460
Source : Dion Global Solutions Limited
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