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Kailash Auto Finance Ltd.

BSE: 511357 | NSE: | Series: NA | ISIN: INE410O01022 | SECTOR: Finance - Leasing & Hire Purchase

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Annual Report

For Year :
2015 2014 2012 2010 2008 2006

Auditor's Report

We have audited the accompanying Balance Sheet of Messers KAILASH AUTO FINANCE LIMITED, KANPUR as at 31 March 2006 and the Profit and Loss Account for the year ended on that date, annexed thereto and the cash flow statement for the year ended on that date. These financial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement . An audit also includes examining , on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 1) As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of Section-227(4A) of the Companies Act, 1956. We annex hereto a statement on the matters specified in paragraph 4 of the said order, to the extent applicable to the company. 2) a) The physical existence and the valuation of repossessed stock and documentation of repossessed stocks sold and/or refinanced during the year is based on the management certificate. We could not physically verify the same since located in far off places ; b) Refer Note No-2 of Schedule-15 regarding non-provision of depreciation on expired leased assets amounting to Rs. 6109011/- up to 31.03.2006 (including Rs.9708/- for the year) and for expected loss on sale of these assets. Amount could not be ascertained in view of specific sale value for each assets The non- provision of depreciation has decreased the loss for the year by Rs.97Q8/- and the fixed assets before lease terminal adjustment are Increased by Rs. 6109011/- .The sale value of expired lease assets sold during the year is adjusted at the security value available in respect of each such case . c) Installments in respect of assets on hire amounting to Rs. 16854000/- debited to an associate concern in earlier years.as recovered by them , have been reversed during the year due to non recovery of installments by such sister concern. The evidence of the recovery/non recovery of such instalments are not available for our verification. However, the losses in respect of such un recovered installments have been provided for during the year. 3) As referred in Note No-V0 of Schedule- V5 the fall in value of investments in an Associate Company has been considered temporary in the opinion of the Board of Directors and has not been provided for accordingly. 4) Overall effect of our observation at Para-2 above :- Without considering the paras above the effect of which could not be determined had the observation made in Para-2(b) above been considered the loss for the year would have been Rs. 67743123.63 as against the reported figure of Loss before tax of Rs. 67733415.63 fixed assets before lease terminal adjustment would have been Rs. 3148786.26 as against the reported figure of Rs. 9257797.26. 5) Subject to our comments in Para-2 & 5(d) above :- 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 accounts as required by law have been kept by the company so far as appears from our examination of those books. c) The Balance Sheet and Profit & Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of accounts. d) In our opinion, the Balance Sheet and Profit and Loss Account and the Cash Flow Statement dealt with by this report comply with the Accounting Standard referred to in Sub-section-(3C) of Section-21! of the Companies Act. 1956. e) On the basis of the written representation received from the directors, and taken on record by the Board of Directors of the company, we report that none of the directors is disqualified as on 31 MARCH 2006 from being appointed as a director in terms of clause (g) of Sub Sec-(I) of Sec-274 of the Companies ActJ956. f) In our opinion and to the best of our information and according to the explanations given to us the said accounts read with the notes thereon give information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India : i) In the case of Balance Sheet of the State of Affairs of the Company as at 31.03.2006; ii) In the case of Profit & Loss Account of the LOSS for the year ended on that date; and iii) in the case of cash flow statement, of the cash flows for the year ended on that date. ANHEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH-1 OF OUR REPORT OF EVEN DATE i)) (a) The company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets, except in respect of lease assets^ (b) The fixed assets of the company other than lease assets are physically verified by the management at the end of the year . To the best of our knowledge no material discrepancies were noticed on such physical verification as compared with the book records. ; (c) During the year, the company has disposed off most of its lease assets and vehicles. According to the information and explanations given to us, we are of the opinion that such sale has not affected the going concern status of the company as the company is also engaged in other activities; ii) (a) The repossessed stocks has been physically verified by the management at the end of the year. In our opinion, the frequency of verification is reasonable ; (b) The procedures of physical verification of repossessed stock followed by the management are reasonable and adequate in relation to the size of the company and nature of its business ; (c) The company is maintaining proper records of repossessed stocks . To the best of our knowledge no material discrepancies was noticed on such verification between the physical stocks and the book records iii) (a) The company had granted unsecured loans/ advances during the year to companies, firm or other parties covered in the register maintained U/s-301 of the Companies Act, 1956, the details required are given hereunder: Particulars No.of Parties involved 8 Total Transactions (Rs.in Lacs) 143.72 Closing Balance (Rs.in Lacs) 112.88 (b) In our opinion, the rate of interest and other terms and conditions on which loans have been granted to companies, firms or other parties listed in the register maintained U/s-301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company . (c) As per the information made available to us, the aforesaid loans granted by the company are repayable on demand and no such demand has been made during the year; (d) There is no overdue amount more than rupees one lacs in respect of the aforesaid loans (.please refer to Poinl-iii)(c) above); (e) The company had taken unsecured loans/ advances during the year from the companies, firm or other parties covered in the register maintained U/s-301 of the Companies Act, 1956, the details required are given hereunder: Particulars No.of Parties involved 10 Total Transactions (Rs.in Lacs) 130.69 Closing Balance (Rs.in Lacs) 54.82 (0 In our opinion, the rate of interest and other terms and conditions on which loans have been taken from the companies, firms or other parties listed in the register maintained U/s-301 of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the company . (g) As per the information made available to us, the aforesaid loans taken by the company are repayable on demand and no such demand has been made during the year; (h) There is no overdue amount more than rupees one lacs in respect of the aforesaid loans (please refer to Point-iii)(g) above) ; iv) In our opinion and according to the information and explanations given to us. there are adequate internal control system commensurate with the size of (he company and the nature of its business with regard to purchases of fixed assets, and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control; v) (a) According to the information and explanations given to us by the company , we are of the opinion that the particulars of contracts or arrangements referred to in Sec-301 that need to be entered into the register maintained U/s-301 of the Companies Act, 1956 have been so entered ; (b) In our opinion and according to the information and explanations given lo us, there are no transactions (excluding loans referred under Para-(iii) above) made in pursuance of contracts or arrangements entered in the register maintained U/s-301 of the Companies Act. 1956, exceeding the value of rupees five lacs in respect of any party during the year ; vi) In the case of public deposits received by the company the directives issued by the Reserve Bank of India and the provisions of Sections-58A and 58AA and other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975, have been complied with except for delay in filing of returns and as per information made available to us no order has been passed by the Company Law Board or National Company Law Tribunal or RBI or any court or any other Tribunal with regard to the deposits ; vii) The company has an Internal Audit System commensurate with the size and nature of its business which should be strengthened in respect of reporting and action thereon ; viii) The company is in the business of financing and hence maintenance of cost records under Clause-(d) of sub-section-( 1) of Section-209 of the Companies Act 1956 is not applicable ; ix) (a) According to the information and explanations given to us the company is not regular in depositing with appropriate authorities undisputed amount of provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and any other statutory dues applicable to it and no undisputed amounts payable were outstanding as at 31st March, 2006, for a period of more than six months from the date they become payable, except service tax of Rs 624162.23, Tax Deducted at source of Rs 10213780, Professional Tax Rs 8583 80, Provident Fund Rs. 122640.00 and ESI Rs. 16058.00; (b) According to the records of the company, dues in respect of income tax, wealth tax, service tax, sales tax, custom duty and excise duty, cess, which have not been deposiied on account of any dispute are as under; Name of Statute Nature of the Amount Period to Forum where dispute is Dues (Rs.in Lacs) which the pending amount relates Income Tax Laws Income Tax 00.39 Asstt Year income lax Apppellate 1996-97 Tribunal x) The accumulated losses at the end of the year of the company are more than fifty percent of its net worth and the company has incurred cash losses in the current financial year and in the immediately preceding financial year; xi) The company has not defaulted in repayment of dues to Financial Institutions. Banks or Debenture holders, except cash credit account with Punjab & Sindh Bank amounting to Rs 66038608/- as on 31.03.2006 for which settlement has been approved by Punjab & Sindh Bank xii) The company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities ; xiii) In our opinion, the company is not a chit fund, nidhi or mutual benefit fund/ societies. Therefore, the provisions of the Clause-4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company ; xiv) In our opinion, the company is not dealing or trading in shares, securities, debentures and other investments. In respect of investment in shares, securities the same are held by (he company in its own name except the shares of an associate company namely Kailash Vahan Udyog Limited. xv) In our opinion and according to the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank;, and financial institutions ; xvi) The company has not taken any term loan during the year accordingly the provisions of para 4(xvi)of the Companies (Auditors Report) Order 2003 are not applicable to the Company ; xvii) According to the information and explanations given to us and on the basis of an overall examination of the balance sheet of the company, in our opinion, there are no funds raised during the year on a short-term basis which have been used for long-term investment; xviii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained U/s-301 of the Act during the year; xix) The company has not issued any debentures, hence the provisions of Para-4(xix) of Companies (Auditors Report) Order, 2003 are not applicable ; xx) The company has not raised any money by public issue during the >car , xxi) During the course of our examination of the books and records of the Company carned out in accordance with the generally accepted auditing practices in India, and according to the information and e\planations given to us no fraud on or by the Company has been noticed or reported during the year by (he Company ; for MITTAL GUPTA & COMPANY Chartered Accounts M.No.71426. Place : Kanpur Dated : 1st September. 2006