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Libord Finance | Auditor's Report > Finance - Investments > Auditor's Report from Libord Finance - BSE: 511593, NSE: N.A
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Libord Finance

BSE: 511593|ISIN: INE212B01011|SECTOR: Finance - Investments
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Mar 14
Auditor's Report (Libord Finance) Year End : Mar '15
Report on the Financial Statements
 
 We have audited the accompanying standalone financial statements of
 Libord Finance Limited (the Company), which comprise the Balance
 Sheet as at March 31, 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 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 standalone
 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 there under.
 
 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 misstatements.
 
 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 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 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
 financial statements.
 
 Opinion
 
 In our opinion, and to the best of our information and according to the
 explanations given to us, the accompanying 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:
 
 (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
 subsection (1) 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 information and explanation which to
 the best of our knowledge and belief were necessary for the purposes of
 our audit;
 
 b) In our opinion, proper books of accounts as required by the law have
 been kept by the Company so far as it appears from our examination of
 those books;
 
 c) The Company had no Branch offices during the year under audit.
 
 d) The Balance Sheet, the Profit and Loss Statement, and the Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 account;
 
 e) 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;
 
 f) On the basis of the written representations received from the
 directors as on March 31, 2015, taken on record by the Board of
 Directors, none of the directors is disqualified as on March 31, 2015,
 from being appointed as a director in terms of Section 164 (2) of the
 Act;
 
 g) 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 explanation given to us :
 
 i.  The Company does not have any pending litigations which would
 impact its financial position
 
 ii.  The Company has no long-term contracts including derivative
 contracts; as such the question of commenting on any material
 foreseeable losses thereon does not arise iii.  There has not been an
 occasion in case of the group during the year under report to transfer
 any sums to the Investor Education and Protection Fund. The question of
 delay in transferring such sums does not arise
  
 
 ANNEXURE REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING REPORT ON OTHER
 LEGAL AND REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE TO THE
 MEMBERS OF THE LIBORD FINANCE LIMITED, WE REPORT THAT :
 
 Clause Sub Particulars
 
 (i) (a) The Company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 (b) As per information provided to us, the Company has a regular
 programme of physical verification of its fixed assets by which fixed
 assets are verified in a phased manner over a period. In accordance
 with this programme, certain fixed assets were verified during the year
 and no material discrepancies were noticed on such verification. In our
 opinion, this periodicity of physical verification is reasonable having
 regard to the size of the Company and the nature of its assets.
 
 (ii) The Company is a service company, primarily rendering consultancy
 services. Accordingly, it does not hold any physical inventories. Thus,
 paragraph 3(ii) of the Order is not applicable.
 
 (iii) The Company has not granted any loan to parties covered in the
 register maintained under section 189 of the Companies Act, 2013 (''the
 Act''). Thus, paragraph 3(iii) of the Order is not applicable.
 
 (iv) In our opinion and according to explanation given to us, there are
 adequate internal control procedures commensurate with the size of the
 company and the nature of its business with regards to purchase of
 fixed assets and sale of service.  The activities of the Company do not
 involve purchase of inventory and the sale of goods. We have not
 observed any major weakness in the internal control system during the
 course of the audit.
 
 (v) The Company has not accepted deposit from the public.
 
 (vi) The Central Government has not prescribed the maintenance of cost
 records under section 148(1) of the Act, for any of the services
 rendered by 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, income tax, sales tax, wealth
 tax, service tax, duty of customs, value added tax, cess and other
 material statutory dues have been 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 and duty of excise.
 
 According to the information and explanations given to us, no
 undisputed amounts payable in respect of provident fund, income tax,
 sales tax, wealth tax, service tax, duty of customs, value added tax,
 cess and other material statutory dues were in arrears as at 31 March
 2015 for a period of more than six months from the date they became
 payable.
 
 (b) According to the information and explanations given to us and the
 records of the Company examined by us, there are no dues of income-tax,
 sales-tax, wealth-tax, service-tax, customs duty, and excise duty which
 have not been deposited on account of any dispute.
 
 (c) According to the information and explanations given to us the
 amounts, if any, which were required 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 there under
 has been transferred to such fund within time.
 
 (viii) The Company has accumulated losses of Rs 2,18,222 at the end of
 the financial year. However the Company has not incurred cash losses in
 the financial year covered by our audit and in the immediately
 preceding financial year.
 
 (ix) The Company did not have any outstanding dues to financial
 institutions, banks or debenture holders during the year.
 
 (x) In our opinion and according to the information and the
 explanations given to us, the Company has not given any guarantee for
 loans taken by others from banks or financial institutions.
 
 (xi) The Company did not have any term loan outstanding during the
 year.
 
 (xii) Based on the audit procedures performed and information and
 explanation given by the management, we report that no fraud on or by
 the company has been noticed or reported during the year.
 
                                   For Amar Bafna & Associates 
 
                                   Chartered Accountants 
 
                                   FRN No. 114854W
 
 
 
                                   Amar Bafna
 
                                   Partner 
 
                                   M.No.048639
 
 Place : Mumbai 
 
 Date : May 28, 2015
Source : Dion Global Solutions Limited
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