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Kailash Auto Finance Ltd.

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

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Kailash Auto Finance is not traded on BSE in the last 30 days

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Kailash Auto Finance is not listed on NSE

Annual Report

For Year :
2015 2014 2012 2010 2008 2006

Auditor's Report

We have audited the accompanying financial statements of ''KAILASH AUTO FINANCE LIMITED (the Company), which comprise the Balance Sheet as at 31st March, 2014, the statement of Profit & Loss Account and the Cash flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information. MANAGEMENTS 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 principles generally accepted in India, including the accounting Standards notified under the Companies Act, 1956 read with the General Circular 08/2014 dated 04th April, 2014, issued by the Ministry of Corporate Affairs. 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 or error. AUDITORS 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 the 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 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 and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Company''s internal control. 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 explanations given to us, the financial statements give the information required by the Companies Act,1956(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 the Balance Sheet, of the state of affairs of the Company as at March 31, 2014; b) In the case of the statement of Profit and Loss , of the profit of the Company for the year ended on the date; and c) In the case of the Cash Flow statement, of the cash flow for the year ended on that 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 Section 227(4A) of the Act, we give in the Annexure a statement on 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) That 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) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in sub section (3c) of section 211 of the Companies, Act 1956 read with the General Circular 08/2014 dated 04th April 2014, issued by the Ministry of Corporate Affairs. 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 a director in terms of section 274 (1)(g) of the Companies Act,1956. ANNEXURE TO INDEPENDENT AUDITORS REPORT ANNEXURE TO THE AUDITORS REPORT (REFERRED TO IN OUR REPORT OF EVEN DATE TO THE MEMBERS OF KAILASH AUTO FINANCE LIMITED AS AT AND FOR THE YEAR ENDED 31ST MARCH, 2014) 1 A The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. B The fixed assets have been physically verified by the Management during the year and no material discrepancies were identified on such verification. C There was no substantial disposal of Fixed assets during the year. 2 A The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable. B In our opinion and according to the information and explanation given to us, 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 The Company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventories as compared to the book records. 3 A According to the information and explanations given to us, the company has not granted loans, secured or unsecured to companies firms or other parties covered in the register maintained u/s 301 of the Companies Act, 1956. Accordingly, the provisions 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 explanations given to us, the company has not taken loans, secured or unsecured from companies firms or other parties covered in the register maintained u/s 301 of the Companies Act, 1956. Accordingly, the provisions 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 information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and nature of its business with regards to purchase of inventory and fixed assets and for the sale of inventories. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system of the company. 5 A In respect of the contract or arrangements referred to in Section 301 of the Companies Act, 1956, in our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements that need to be entered in the register maintained under Section 301 of the Companies Act, 1956 have been so entered. B In our opinion and according to the information and explanation given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of Rs. 5,00,000 in respect of each party during the year have been made at prices which appear reasonable as per information available with the Company. 6 The Company has not accepted deposits from public within the purview of section 58-A or Section 58-AA of the Companies Act, 1956 7 In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. 8 To the best of our knowledge and as explained, the Central Government has not prescribed maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 for the Services rendered by the company. 9 According to the information and explanations given to us and on the basis of our examination of the records of the company, amounts deducted or accrued in the books of accounts in respect of undisputed statutory dues including provident fund, Income Tax, Service Tax and other material statutory dues have been generally regularly deposited during the year by the company with the appropriate authorities. As explained to us, the company did not have any dues on account of Employees State Insurance, Wealth Tax, Cess and Investor Education and Protection Fund.According to the information and explanations given to us and the records of the company examined by us, the dues of income tax, sales tax, Wealth tax, service tax, custom duty, and excise duty which have not been deposited on account of any dispute are as follows: Interest Tax: Assessment Year 1998-99, 1999-2000 and 2000-2001 cases are pending before Allahabad High Court by the Income Tax Department against the order of ITAT where in it is held that the Finance Charges on Hire Purchase is not interest but a profit. 1. Income Tax: a. Assessment Year 2001-2002 and 2002-2003 are pending before Allahabad High Court (by the Deptt.) against the order of the ITAT wherein depreciation is allowed at the rate of 40% on leased vehicles. b. Assessment Year 1996-1997 is pending before Allahabad High Court against the penalty order passed by the ITAT. c. Assessment Year 2004-05: Case is pending before ITAT (u/s 254) and before High Court against the legal ground that case cannot be opened u/s 148 before completion of 12 months in which return of income was originally filed. d. Assessment Year 2006-07: Case is pending before CIT (Appeals) Kanpur against the order of the Assessing Officer. e. Assessment Year 2007-08: Case is pending for assessment before DCIT -6 Kanpur. f. Assessment Year 1995-96: We have filed a Writ Petition before Lucknow High Court under the KAR VIVAD SAMADHAN SCHEME and matter is pending before Lucknow High Court. g. Assessment Year 1992-93: Application is pending for appeal effect to be given before the Assessing Officer. The quantification of above liabilities has not been done on account of cases pending before the authority. 2. Legal Cases: a. Disputed Case of Bhubaneswar Branch for recovery of Rs. 4.45/- Lacs deposited in court. b. Disputed Case of Citi Corp for recovery of Rs. 3.04/- Lacs of Alwar Branch.c. Disputed Case liabilities of Rs 3.08/- Lacs repayable if claimed by the customer 10 The Company has accumulated losses as at the end of financial year which is less than fifty percent of its net worth and it has neither incurred cash losses in the current financial year and nor there was cash loss in the immediately preceding financial year. 11 The company did not have outstanding dues in respect of financial institution, bank or debenture holders during the year. . 12 According to the information and explanations given to us and based on the documents and records produced before us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13 In our opinion, the company is not a chit fund or nidhi/mutual benefit fund/ Society. Accordingly, the provisions of clause 4(xiii) of the order are not applicable to the company and hence not commented upon. 14 The Company has maintained proper records of the transactions and contracts of its trading or dealing in shares, securities, debentures and other investments and timely entries have been made therein. All shares, securities, debentures and other investments have been held by the company in its own name. 15 According to the information and explanations given to us, the Company has not given guarantee for loan taken by others from banks or financial institutions. 16 The Company did not have any term loans outstanding during the year. 17 According to the information and explanations given to us, and on the basis of an Overall examination of the Balance Sheet of the Company, we report that no funds raised on short- term basis have been used for long term investment. 18 The company has not made preferential allotment of shares during the year to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956. 19 The company does not have any outstanding debentures during the year. 20 The Company has not raised any money by public issue during the year. 21 Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given by the management, we report that no fraud on or by the company has been noticed or reported during the year. For Anil Agarwal Chartered Accountants Anil Agrawal Proprietor Membership No: 79054 Place: Mumbai Date: May 30, 2014