172@29@16@56!~!172@29@0@53!~!|commonstore|commonfiles|moneycontrol_header.php?cid=0&s_cid=0&radar_off=0&is_revamped_header=0&is_responsive=1&sec=PNC_ANNUALREPORT&priceinter=1&frommc=1!~!|commonstore|commonfiles|moneycontrol_header.php
Moneycontrol
SENSEX NIFTY
you are here:

Kailash Auto Finance Ltd.

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

BSE Live

Aug 08, 16:00
0.64 0.00 (0.00%)
Volume
No Data Available
24,041
  • Prev. Close

    0.64

  • Open Price

    0.64

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.64 (27583)

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

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

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 standalone financial statements of Kailash Auto Finance Limited (''the Company''), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Standalone Financial Statements The Company''s Board of Directors are 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 flow of the company in accordance with the accounting policies 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 provision of the Act for safeguarding of 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 prudence ; and design, implementation and maintenance of adequate internal financial controls, that are operating effectively for ensuring the adequacy 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 standalone financial statements based on our audit. We have taken into accounts 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 rules made thereunder. 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 the disclosures in the financial statements. The procedures selected depend on the auditors''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 consider 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 control system over financial reporting and the operating effectiveness of such control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by 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 financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, its profit or loss and its 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 Act, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the order, to the extent applicable. 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 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 it 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 aforesaid standalone 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. On the basis of written representations received from the directors as on 31st March, 2015, 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 Act; and f. With respect to the other matters to be included in the Auditor''s Reports 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 explanation given to us: i. The Company has disclosed the impact of pending litigation on its financial position in its financial statements - refer Note 23 of the financial statement. ii. The Company did not have any long term contracts including derivatives 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 INDEPENDENT AUDITORS'' REPORT With reference to the Annexure referred to in paragraph 1 in Report on Other Legal & Regulatory Requirements of the Independent Auditors Report to the members of the Company on the standalone financial statements for the year ended 31 March 2015, we report that: i. a The company has maintained proper records showing full particulars, including quantitative details and situation of the fixed assets. b The company has a regular programme of the physical verification of its fixed assets by which all fixed assets are verified in the phased manner. In our opinion, this periodicity of physical verification in reasonable having regard to the size of the company and the nature of its assets. According to the information and explanation given to us, no material discrepancies were noticed on such verification. ii. a The inventories have been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable. b The procedures for the 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 is maintaining proper records of inventories. There was no material discrepancies noticed on verification between the physical stock and 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 iv. 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 the business with regard to purchase of inventories and fixed assets and with regard to the sale of goods and services. We have not observed any major weakness in the internal control system during the course of the audit. v. According to the information and explanations given to us, the company has not accepted any deposits from the public during the year and accordingly the question of complying with section 73 and 76 of the Companies Act 2013 does not arise. vi. The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act for the Company. vii. a According to the information and explanations given to us and on the basis of our examination of the records of the company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Provident fund, Employees State Insurance, Income- tax, sales tax, Wealth tax, Service tax, Duty of excise, Value added tax and any other material statutory dues have been generally regularly deposited during the year by the company with the appropriate authorities. b According to the information and explanations given to us, the dues of Income- tax, sales tax, Wealth tax, Service tax, Duty of customs, Duty of excise, Value added Tax and any other material statutory dues which were not deposited on account of any disputes are as follows 1 . 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. 2. 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 1 995-96: 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. 3. 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 c According to the information and explanations given to us there was no amount which were required to be transferred to the Investor Education and Protection Fund in accordance with the relevant provisions of the companies Act, 1956 and rules framed there under. viii. The company has accumulated losses of Rs. 204.29 lacs at the end of the financial year and has not incurred cash losses in the financial year covered by our Audit and in the immediately preceding financial year. ix. In our opinion and according to the information and explanations given to us, the company does not have any outstanding dues to any bank or financial institution or debenture holders. x. 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 banks or financial institutions. xi. According to the information and explanations given to us the Company has not taken any term loan during the year. xii. According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year. For Anil Agrawal Chartered Accountants Anil Agrawal Proprietor Membership No: 79054 Place: Mumbai Date: May 30, 2015