We have audited the accompanying financial statements of MANSI FINANCE
(CHENNAI) LIMITED ( ''the Company'' ) which comprises the balance sheet
as at 31st March 2015 , the statement of Profit & Loss Account and 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 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 financial statements that give a true and
fair few 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 (Account) 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.
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 and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules mad there under.
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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedure
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 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 over financial reporting and 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 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 on the financial
In our opinion and to the best of our information and explanations
given to us , 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 March 31,2015 and
its profit and its cash flows for the year ended on that date.
Report on other legal & regulatory requirements
1. As required by the Companies (Auditor''s Report) order, 2015 issued
by the Central Government of India in terms of sub section (11) of
section 143 of the Companies Act, 2013, We annexed hereto a statement
on the matters specified in paragraphs 3 & 4 of the said order, to the
2. As required by section 143 (3) of the Act, we report that :
(a) We have sought and obtained all the information and explanation
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 such
(c) The Balance Sheet , Statement of Profit & Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account of the Company.
(d) 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) 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
(f) With respect to the other matters to be included in the Auditor''s
Report in accordance with Rule 11of 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 to the
(ii) The Company did not have any long term contracts including
derivatives contracts for which there were any material foreseeable
(iii) There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
The annexure referred to in our Independent Auditors'' Report to the
members of the Company on the financial statement for the year ended 31
March 2015, we report that :
1 (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
(b) All these assets have been physically verified by the management at
reasonable intervals. As Informed to us no material discrepancy have
been noticed between the physical verification and books of the
2. Physical verification of Inventory is not applicable since the
company has not traded in goods during the year.
3. During the year Company has not taken/granted any loans from
Companies and firms listed in the Register maintained under section 189
of the Companies Act,2013. Company availed Loans from
directors/Corporate. The rate of interest and terms and conditions of
the loan are, prima facie, not prejudicial to the interest of the
Company. There is no overdue amount of loans taken.
4. In our opinion and according to the 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 regard
purchase of fixed assets. - During the course of audit, no major
weakness has been noticed in the above controls and therefore the
reporting of the same does not arise.
5. The Company has not received any public deposits during the year.
6. The Central Government has not prescribed the maintenance of cost
records under section 148 (1) of the Act, in respect of the activities
carried on by the Company.
7. (a) According to the records of the Company and information and
explanations given to us, the Company has generally been regular in
depositing undisputed statutory dues, including Income Tax, Tax
Deducted at Source and other material statutory dues applicable to it,
with the appropriate authorities. As explained to us, the Company did
not have any dues on account of Provident Fund, Employees State
Insurance, duty of excise and customs
(b) According to the information and explanations given to us, there
were no undisputed amounts payable in respect of income tax, Wealth
Tax, Customer Duty, Excise Duty, Sales Tax, VAT, Cess and other
material statutory dues in arrears/were outstanding as at 31March 2015
for a period of more than six months from the date they became payable.
However , according to information and explanations given to us, the
following dues of Income Tax have not been deposited by the Company on
account of dispute :
Particulars Amount(Rs) Period to which Forum where
amount relates the dispute is
Income Tax 42,087 Financial year Commissioner of
2003-2004 (Appeals) Chennai
Income Tax 119,420 Financial year Commissioner of
2004-2005 (Appeals) Chennai
Income Tax 452,270 Financial year Commissioner of
2011-2012 (Appeals) Chennai
( c) There were no amounts which required to be transferred by the
Company to the Investor Education and Protection Fund.
8. Company does not have any accumulated loss at the end of the
financial year and has not incurred cash losses during the current and
immediately preceding financial years.
9. In our opinion and according to the information and explanations
given to us, there is no amount due to a financial institution and
debenture holders. However in the case of dues to bank, the Company has
not defaulted in payments.
10. According to the information and explanations given to us, the
company has not given any guarantees for loans taken by others from
financial institutions or banks.
11. According to the information and explanations given to us, the
company has not raised any term loan during the year.
12. According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
FOR M/S. SIROHIA & CO
Firm Reg. No.003875S
PLACE : CHENNAI PARTNER
DATE : 29-05-2015 M.No.207094