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Viji Finance Ltd.

BSE: 537820 | NSE: VIJIFIN |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE159N01027 | SECTOR: Finance - General

BSE Live

May 19, 16:00
0.37 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
5,827
10-Day
4,325
30-Day
10,935
38
  • Prev. Close

    0.37

  • Open Price

    0.37

  • Bid Price (Qty.)

    0.39 (80)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

May 26, 10:05
0.35 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
55,066
10-Day
111,381
30-Day
165,288
21,652
  • Prev. Close

    0.35

  • Open Price

    0.40

  • Bid Price (Qty.)

    0.35 (350700)

  • Offer Price (Qty.)

    0.40 (180827)

Annual Report

For Year :
2017 2016 2015 2014 2013

Auditor's Report

Report on the Standalone Finance Statements

We have audited the accompanying standalone financial statements of Viji Finance Limited (A Company) Registered Address 11/2 UshaGani Joora Compound Indore (Madya Pradesh), which comprise tine Balance Sheet as at March 31, 2017, and the Statement of Profit and Loss and Cash Flow Statement for the year ended March 31, 2017and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the standalone 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 and presentation 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. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of I he 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 [he accuracy'' and completeness of the accounting records, relevant to the preparation and presentation of tine standalone 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 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 tine 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 (he standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about I he amounts and the disclosures in the standalone financial statements. The procedures selected depend on the auditor''s Judgment, including the Assessment of the risks (if material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant lit to the Company''s preparation of the standalone 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 the accounting policies used and the reasonableness of the accounting estimates made by (lie Company''s Directors, as well as evaluating the overall presentation of the standalone 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 statement.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the standalone financial statements give the information required by the Act in the manner so required and give a time 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, 2017;

{b} In the case of the Statement of Profit and T.oss, of the profit for the year ended on that date; and

(c) in the ease 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, 2016 (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.

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 purposes of our audit.

(b) In our opinion proper hooks of account as required by Jaw 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 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 the written representations received from the directors as on 31 March 2017 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2017 from being appointed as a director in terms of Section 164 (2) of the Act;

(f) With respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls, refer to our separate report in ''Annexure R'';

(g) with respect to the other matters to he included in the Auditor''s Report in accordance with Rule 11 of (lie 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. there were no pending litigation as at 31s1 March 2017 which would impact the standalone financial position of the company.

ii. The company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative eon tracts.

iii. There an'' no amounts which am required to be transferred to the Investor Education and Protection Fund by the company during the year ended 3V March 2017.

iv. The company had provided requisite disclosures in Note no. 13.1 to this standalone financial statement as to holdings as well as dealing in specified bank note during the period from 8th November 2016 to 30th December 2016. Based on our audit procedures and relying on the management representation regarding the holding and nature of cash transactions, including Specified Bank Notes, we report that these disclosures are in accordance with the books of accounts maintained by the Company and as produced to us by the Management.

Annexure A to the Independent Auditors'' Report

The Annexure referred to in our Independent Auditors'' Report to the members of the Company on the standalone financial statements for the year ended 31 March 2017, we report that:

1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of the fixed assets;

(b) The management during the year has physically verified all the assets and there is a regular program of verification which, in our opinion, Is reasonable having regard to the size of the Company and the nature of its a a sets. No material discrepancies were noticed on such verification.

(c} The company does not own any immovable property.

II. The Company is a service company] primarily rendering financial services. Accordingly, it does not hold any physical inventories. Thus, paragraph (ii) of the order is not applicable to the Company.

III. According to information and explanations given to us, the Company has not granted any loans, secure or unsecured to companies, firms or other parties covered in the register maintained u/s 189 of the Companies Act, 2013.

IV. In our opinion and according to the information and explanation given to us, the company has complied with the provision of Section 185 and 186 of the Act, with respect lo loans and investment made.

V. The Company has not accepted any deposits from the public.

VI. As per information & explanations given to us that the maintenance of cost records has not been prescribed by the Central Government, under subsection 1 of section 148 of the Companies Act, 2013, for any product or services of 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 hooks of account in respect of undisputed statutory dues including provident fund, income-tax, sales tax, value added tax, duty of customs, service tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained lo us, the Company did not have any dues on account of employees'' state insurance and duty of excise.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, value added tax, duty of customs, service tax, eras and other material statutory dues were in arrears as at 31 March 2017 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, there are no dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax of cess, which have not been deposited on account of any dispute in various offices, of the Company as a whole as on 31st March, 2017.

VIII. The company has not defaulted in repayment of loans or borrowing to a financial institution, bank, Government or dues to debenture holders

IX, The Company did not raise any money by way of initial public offer or further public offer (including debt instruments} and term loans during the year. Accordingly, paragraph (ix) of the order is not applicable.

X. According to the information and explanation?; given to us, no material fraud on nr by the company by its officers to employees has been noticed or reported during the course of our audit.

XI. According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.

XII. In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly paragraph (xii) of the order is not applicable.

XIII- According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with Sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.

XIV. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

XV. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph (xv) of the order is not applicable.

XVI. The Company is registered under section 45-1A of the reserve bank, of India Act, 1934 bearing registration No. 03-00080 Dt- 29|h October, 199S- Granting the company to carry of the business of a nonbanking financial company.

ANNEXLRE TO THE INDEPENDENT AUDITOR''S REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF VIJ] FIN A NCF. LIMITED

Referred to in paragraph 2(f) of the Independent Auditors'' Report of even date to the members of Viji Finance Limited on the standalone financial statements for the year ended March 31, 2017.

Report on The Internal) Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Act

1. We have audited the internal financial controls over financial reporting of Viji Finance Limited (''‘the Company) as of March 31, 2017 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Management''s Responsibility for Internal Financial Controls

2. The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICA1). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditor''s Responsibility

3. Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) and the Standards on Auditing deemed to be prescribed under section 143(10) of the Act to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Cur audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.

5- We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial Controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

6. A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that

(1) pertain to thy maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles,, and I hat receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could .have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over financial Reporting;

7. Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not he detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are Subject to the risk that the internal financial Control Over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

8. In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31''1 , 2017, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the (Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the institute of Chartered Accountants of India.

ANNEXTURE TO THE AUDITORS REPORT OF EVEN DATED OF VIJI FINANCE I.TD. INDORE ON THE

ACCOUNTS FOR THE YEAR ENDED 31st MARCH, 2017.

1. The Company has obtained registration under section 45TA of the Reserve Bank of India Act, 1934 vide certificate no. 03-00080 Dt. 29u‘ October, 1998.

2. The Board of Directors of the Company has passed ii resolution for not holding any public deposit as on date as well as non-acceptance of any public deposit in future without obtaining written prior permission from the Reserve Bank of India.

3. The Company has not accepted any public deposit during the financial year ended on 3T'' March, 2017.

4. The Company has complied with the prudential nor ins relating to income recognition, accounting standards and assets classification as applicable to it, subject to Notes to the accounts.

5. Necessary provision, if any has been made for ail bad and doubtful debts during the year ending 3lft March, 2017.

AS PER OUR REPORT ATTACHED EVEN DATE

For SPARK & Associates

Chartered Accountants

FRN: D05313C

Pankaj Kumar Gupta

Partner

Membership No.404644

Place: Indore

Date: May 30'', 2017