We have audited the accompanying financial statements of GLANCE FINANCE
LIMITED (the Company), which comprise the Balance Sheet as at 31st
March, 2015 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 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 gives 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 judgements
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 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 have 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 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 standalone
In our opinion and to the best of our information and according to the
explanations 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
a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) In the case of the Statement of Profit and Loss, 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 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 Companies Act 2013, we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4
of the Order.
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
(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
(d) In our opinion, the aforesaid Financial Statement comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Comanies (Accounts) Rules, 2014.
(e) On the basis of 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 in terms of Section 164 (2) of the
(f) With respect to the other matters to be included in the Auditor''s
Report in accordance with the Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanantions given to us, we report
i) The Comapny does not have any pending litigations which would impact
its financial position.
ii) The Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
iii) There were no amounts which were required to be transferred to the
Investors Education and Protection Fund by the Company.
ANNEXURE TO INDEPENDENT AUDITOR''S REPORT
The Annexure referred to in paragraph 1 under the ''Report on Other
Legal and Regulatory Requirements'' our report to the members of GLANCE
FINANCE LIMITED, (''the Company'') for the year ended on March 31, 2015.
We report that : i) In respect of its fixed assets :
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
(b) The Company has a regular programme of physical verification of
fixed assets which is , in our opinion, reasonable having regard to the
size of the Company and the nature of its assets. In accordance with
this programme, during the year and no material discrepancies have been
noticed on such verification.
ii) In respect of its inventories :
(a) The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) On the basis of our examination of the records of inventory, we are
of the opinion that the Company is maintaining proper records of
inventory. There were no material discrepancies noticed on physical
verification of inventories as compared to the book records.
iii) The Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013 and hence provisions of
paragraph 3(iii) of the aforesaid Order are not applicable to the
iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods. During the course of our audit, no major weakness has been
noticed in the internal controls system. There is no sale of services.
v) In our opinion and according to the information and explanations
given to us, the company has not accepted deposits from the public to
which provisions of Sections 73 to Section 76 or any other relevant
provisions of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014 are applicable. No order has been passed by the
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any Court or any other Tribunal.
vi) In our opinion and according to the information and explanations
given to us maintenance of cost records under sub-section (1) of the
Section 148 of the Companies Act, 2013 has not been prescribed by the
vii) (a) According to the records of the company, the company is
generally regular in depositing with appropriate authorities undisputed
statutory dues including provident fund, investor education protection
fund, employees'' state insurance, income-tax, sales-tax, service tax,
wealth tax, custom duty, excise-duty, cess and other statutory dues
applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, employee''s
state insurance, income tax, wealth tax, service tax, sales tax,
customs duty, excise duty, value added tax or cess and other statutory
dues were outstanding, as at 31-3-2015 for a period of more than six
months from the date they became payable.
(c) According to the records of the Company, and information and
explanations given to us due of sales tax, income tax, customs tax /
wealth-tax excise duty / cess that have not been deposited on account
of any disputes.
(d) No amount is required to be transferred to Investor''s Education and
Protection Fund in accordance with Section 205C(2) of the Companies
Act, 1956 (1 of 1956) and Rules made thereunder.
viii) The Company does not have accumulated losses. The Company has not
incurred any cash losses during the financial year covered by our audit
and in the immediately preceding financial year.
ix) Based on our audit procedures and according to the information and
explanations given to us by the management, we are of the opinion that
the Company has not defaulted in repayment of dues to financial
institutions and bank.
x) The Company has not given any guarantee for loans taken by others
from bank or financial institution and accordingly requirement of
Paragraph 3(x) of the aforesaid Order are not applicable to the
xi) The Company has not raised term loans during the year.
xii) Based upon the audit procedures performed and information and
explanations given by the management, no fraud on or by the Company has
been noticed or reported during the year.
For and on behalf of
P K J & CO
2, Gulmohar Complex, ICAI Firm Regn. No. 124115W
Opp. Anupam Cinema,
Station Road, Goregaon (E),
Mumbai - 400 063.
Date : 14th May, 2015 (PADAM JAIN)
Membership No. 071026