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Margo Finance Ltd.

BSE: 500206 | NSE: | Series: NA | ISIN: INE680B01019 | SECTOR: Finance - Leasing & Hire Purchase

BSE Live

Sep 23, 16:00
22.35 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
930
10-Day
1,796
30-Day
3,132
1,043
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    22.35

  • Open Price

    21.35

  • Bid Price (Qty.)

    0.00 (0)

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NSE Live

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

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Margo Finance is not listed on NSE

Annual Report

For Year :
2015 2014 2012 2011 2010 2009 2007 2006

Auditor's Report

We have audited the accompanying financial statements of the Company Margo Finance Limited (''the Company''), which comprises the Balance Sheet as at 31st March, 2015, Statement of Profit and Loss 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 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. These responsibilities also include 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. Auditor''s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provision of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provision of the Act and 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 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 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 statement 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 the 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 financial statements. Opinion In our opinion and to the best of our information and according to the 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 31st March, 2015 and its loss and its cash flows for the year ended on that date. Report on other Legal and Regulatory Matters 1. As required by the Companies (Auditors'' Report) Order, 2015 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, the Statement of Profit and Loss, and the Cash Flows Statement dealt with by this Report are in agreement with the books of account; (d) in our opinion, the aforesaid financial statement comply with the Accounting Standards specified under Section 133 of the Act, read with the Rule 7 of the Companies (Accounts) Rules, 2014; (e) on the basis of 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. (f) With respect to the other matters to be included in 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) There are no pending litigation affecting financial position hence no disclosure is required to be made. (ii) There are no long term contracts including derivatives contracts hence no provision is required to be made. (iii) The clause is not applicable as there is no amount required to be transferred to the Investor Education and Protection Fund by the Company. Annexure to the Independent Auditors'' Report (i) (a) The Company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets. (b) As explained to us, all the fixed assets have been physically verified by the management according to a regular program, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies with respect to book records were noticed on such verification. (ii) There is no inventory, therefore the clause no. (ii) (a), (b) and (c) of the order are not applicable to the Company. (iii) The Company has granted loans to parties covered in the register maintained under Section 189 of the Companies Act, 2013. The total amount outstanding on 31-03-2015 was nil. The maximum amount outstanding during the year was Rs. 1,800,000/-. (a) According to the information and explanations given to us, parties to whom loans have been granted have repaid the principal amount as per stipulation, wherever applicable. (b) According to the information and explanations given to us and on the basis of examination of records of the Company, Company has taken reasonable steps for recovery of principal and interest where overdue amount is more than rupees one lakh. (iv) According to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets and for rendering of services. During the course of our audit, no major weakness has been noticed in the internal controls. (v) According to the information given to us, the Company has not accepted any deposits from the public. (vi) The provisions of Section 148(1) of the Companies Act, 2013 regarding maintenance of cost records are not applicable to the Company. (vii) (a) According to the information and explanations given to us and on the basis of our examination of 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 Customs, Duty of Excise, Value Added Tax, Cess and any other statutory dues to the extent applicable, have generally been regularly deposited. (b) According to the information and explanations given to us, the Company does not have any Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess which have not been deposited with the appropriate authority on account of any dispute. (c) According to the information and explanations given to us and based on our examination of records of the Company, there is no amount which required to be transferred to Investor Education and Protection Fund. (viii) The Company does not have any accumulated losses at the end of the financial year. The Company has not incurred any cash losses during the current financial year whereas the Company had incurred cash losses in the immediate preceding financial year. (ix) According to information and explanations given to us, the Company has not defaulted in repayment of dues to bank and financial institutions. (x) According to the information and explanations given to us, the Company has not given guarantee for loans taken by others from banks or financial institutions. (xi) According to the information and explanations given to us and on an overall examination of records of the Company, we report that Company has not raised any term loan during the year. (xii) Based on the audit procedures performed and 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 our audit. For AVK & ASSOCIATES Chartered Accountants Firm Registration No. 002638N Parul Gupta Place : Delhi Partner Dated : 14th May, 2015 FCA-095539