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Gujarat Lease Financing Ltd.

BSE: 500174 | NSE: GLFL |

Shares falling in the `Trade-to-Trade` or `T-segment` are traded in this series and no intraday is allowed. This means trades can only be settled by accepting or giving the delivery of shares.
Series: BE | ISIN: INE540A01017 | SECTOR: Finance - Leasing & Hire Purchase

BSE Live

Apr 03, 16:00
1.40 0.06 (4.48%)
Volume
AVERAGE VOLUME
5-Day
327
10-Day
1,548
30-Day
1,511
3
  • Prev. Close

    1.34

  • Open Price

    1.40

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Apr 03, 15:32
1.30 -0.05 (-3.70%)
Volume
AVERAGE VOLUME
5-Day
626
10-Day
5,898
30-Day
5,057
222
  • Prev. Close

    1.35

  • Open Price

    1.30

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

We have audited the accompanying standalone financial statements of GUJARAT LEASE FINANCING LIMITED (the Company), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss and the Cash Flow Statement, and a summary of the significant accounting policies and other explanatory information for the year then ended. Management''s Responsibility for the Standalone 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 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. Auditors'' Responsibility 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 andmatters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder. 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 the 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 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 qualified audit opinion on the standalone financial statements. Basis for Qualified Opinion Attention is invited to the Note 2.20 (c) regarding non-recognition of income of interest on tax refunds amounting to Rs.1,060.94 lacs (Previous year ended 31st March, 2014: Rs.1,033.66 lacs) and short provision of tax of Rs.277.21 lacs (Previous year ended 31st March, 2014: Rs.284.96 lacs). Had the aforesaid amount on tax refund been accounted for in the books of account, the accumulated losses as at 31st March, 2015 would have been Rs.16,752.40lacs (Previous year ended 31st March, 2014: Rs. 16,780.33 lacs) as against reported figure of Rs.17,536.13 lacs (Previous year ended 31st March, 2014: Rs. 17,529.03 lacs), provision for taxation net of advance tax would have been converted to advance tax net of provision Rs.1.79 lacs (Previous year ended 31st March, 2014: Rs. 1.97 lacs) as against reported figure of Rs.781.94 lacs (Previous year ended 31st March, 2014: Rs. 746.73 lacs) This matter was also qualified in our report on the financial statements for the year ended 31st March 2014. Qualified Opinion In our opinion and to the best of our information and according to the explanations given to us,except for the effects of the matter described in the Basis for Qualified Opinion paragraph above, 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 loss and its cash flows for the year ended on that date. Emphasis of Matter We draw attention to Note 1 to the financial statement regarding preparation of the financial statement of the Company on going concern basis for the reasons stated therein. The appropriateness of this assumption of going concern is dependent upon the continued support from one of the promoter group company and the resolution of the tax dispute referred to in the said note. Our opinion is not modified in respect of this matter. 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 in terms of Section 143(11) of the Act, 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) Except for the effects of the matter described in the Basis for Qualified Opinion paragraph above, 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) Except for the effects of the matter described in the Basis for Qualified Opinion paragraph above, 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) The matter described in the Basis for Qualified Opinion paragraph above, and the going concern matter described in the Emphasis of Matter paragraph above, in our opinion, may have an adverse effect on the functioning of the Company. (f) On the basis of the written representations received from the directors as on31stMarch, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31stMarch, 2015 from being appointed as a director in terms of Section 164 (2) of the Act. (g) The qualification relating to the maintenance of accounts and other matters connected therewith are as stated in the Basis for Qualified Opinion paragraph above. (h) 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 its financial statements - Refer Note 2.5and 2.18to the financial statements; ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses; iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT (Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date) 1. Having regard to the nature of the Company''s business / activities during the year, clauses (ii) and (vi) of paragraph 3 of the Order are not applicable to the Company. 2. 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 fixed assets were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verification. 3. 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. 4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of fixed assets. During the course of our audit we have not observed any continuing failure to correct major weaknesses in such internal control system. 5. According to the information and explanations given to us, the Company has not accepted any deposit during the year. 6. According to the information and explanations given to us, in respect of statutory dues: (a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Sales tax, Income-tax, Service Tax, and other material statutory dues applicable to it with the appropriate authorities. Other dues mentioned in clause 7(a) of para 3 of the Order were not applicable to the Company during the year. (b) There were no undisputed amounts payable in respect of Provident Fund, Income-tax, Sales Tax, Service Tax and other material statutory dues in arrears as at March 31,2015 for a period of more than six months from the date they became payable. Other dues mentioned in clause 7(b) of para 3 of the Order were not applicable to holding and subsidiaries during the year. (c) There are no dues of Income-tax and Service Tax which have not been deposited as on March 31, 2015 on account of disputes. Details of dues of Sales Tax which have not been deposited as on 31st March, 2015 on account of disputes are given below: Statute Nature of Dues Forum where Period to which Dispute is the amount pending relates Central Sales Demand of Sales Tax 1989-90 to Tax Act,1956 Tax and Penalty Tribunal 1994-95 Statute Amount involved(Rs. in lacs) Central Sales 21.12 Tax Act,1956 (d) There are no amounts that are due to be transferred to the Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and Rules made thereunder. 7. The accumulated losses of the Company at the end of the financial year are not less than fifty percent of its net worth. The Company has incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. 8. In our opinion and according to the information and explanations given to us, the Company has not borrowed any monies from banks, financial institutions or through issue of debentures. 9. According to the information and explanations given to us, the Company has not given guarantees for loans taken by others from banks and financial institutions. 10. In our opinion and according to the information and explanations given to us, the Company has not obtained any term loans during the year. 11. To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year. For C.C.Chokshi & Co. Chartered Accountants (Firm''s Registration No. 101876W) Hemendra L. Shah 20th May, 2015 Partner MUMBAI (Membership No. 33590)