Sensex 27208.61 -297.85 -1.08%
Nifty 8174.1 -92.9 -1.12%
BSE: 531179 | NSE: | ISIN: INE109C01017
Market Cap: [Rs.Cr.] 50.24 | Face Value: [Rs.] 10
Industry: Finance & Investments
The Members of
ARMAN FINANCIAL SERVICES LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of ARMAN FINANCIAL SERVICESLIMITED ("the Company"), which comprise the Balance Sheet as at March 31,2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position, financial performance and cash flows of theCompany in accordance with the Accounting Standards referred to in sub-section (3C) ofsection 211 of the Companies Act, 1956 ("the Act") read with the GeneralCircular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respectof section 133 of the Companies Act, 2013. This responsibility includes the design,implementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment, including the assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error. In making those risk assessments, the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness of theentity's internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.
In our opinion and to the best of our information and according to the explanationsgiven to us, the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:
i. In the case of the Balance Sheet, of the state of affairs of the Company as at March31, 2014;
ii In the case of the Statement of Profit and Loss, of the profit for the year ended onthat date; and
iii In the case of the Cash Flow Statement, of the cash flows for the year ended onthat date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003 ("the Order")issued by the Central Government of India in terms of sub-section (4A) of section 227 ofthe Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the best of ourknowledge 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 theCompany so far as appears from our examination of those books;
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt withby this Report are in agreement with the books of account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash FlowStatement comply with the Accounting Standards referred to in subsection (3C) of section211 of the Companies Act, 1956 read with the General Circular 15/2013 dated 13th September2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act,2013.
e) On the basis of written representations received from the directors as on March 31,2014, and taken on record by the Board of Directors, none of the directors is disqualifiedas on March 31, 2014, from being appointed as a director in terms of clause (g) ofsub-section (1) of section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to the rate at whichthe cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued anyRules under the said section, prescribing the manner in which such cess is to be paid, nocess is due and payable by the Company.
|For, J. T. Shah & Co.|
|[Firm Regd. No. 109616W]|
|Place : Ahmedabad||(J. J. Shah)|
|Date : 12/05/2014||Partner|
|[M. No. 45669]|
ANNEXURE TO INDEPENDENT AUDITOR'S REPORT
(Referred to in paragraph 1 of "Report on Other Legal and regulatoryRequirements" of our report of even date.)
1) In respect of Fixed Assets:
a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
b. As per the information and explanations given to us, all the fixed assets have beenphysically verified by the management during the year. We are informed that no materialdiscrepancies were noticed on such verification.
c. During the year, the Company has not disposed off any major/substantial part of thefixed assets.
2) The Company does not have Inventory, therefore the provisions of clause 4(ii) of theCompanies (Auditor's Report) order, 2003 is not applicable to the Company.
3) In respect of loans, secured or unsecured, granted or taken by the company to/fromcompanies, firms or other parties covered in the register maintained under section 301 ofthe Companies Act, 1956 :
a. As per the information and explanation given to us, the Company has granted loan toone company covered under the register maintained under section 301 of the Companies Act,1956. The year end balance is amounting to Rs. 114.72 Lacs and the maximum amount involvedduring the year was Rs. 2270.80 Lacs.
b. In our opinion and according to the information and explanations given to us, incase of loans granted during the period, the rates of interest, wherever applicable andother terms and conditions are not prima facie prejudicial to the interest of the company.
c. In our opinion and according to the information and explanations given to us, theCompany is regular in receipt of principal and interest there on.
d. In our opinion and according to the information and explanations given to us, theCompany is regular in recovery of principal and interest there on.
e. During the year under audit, there are eleven such parties covered in the registermaintained under section 301 of the Companies Act, 1956 from whom the company has takenloans. The year end balance is amounting to Rs. 10.09 Lacs and the maximum amount involvedduring the year was Rs. 195.47 Lacs.
f. In our opinion and according to the information and explanations given to us, incase of loans taken during the period, the rates of interest, wherever applicable andother terms and conditions are not prima facie prejudicial to the interest of the company.
g. In our opinion and according to the information and explanations given to us, theCompany is regular in repayment of principal and interest there on.
4) In our opinion, and according to the information and explanations given to us, thereare adequate internal control procedures commensurate with the size of the Company and thenature of its business with regard to fixed assets and sale of services. During the courseof our audit, no major weakness has been noticed in the internal controls.
5) In respect of contract or arrangements covered under Section 301 of the CompaniesAct, 1956:
a. Based on the audit procedures applied by us and according to the information andexplanations provided by management, we are of the opinion that the contract orarrangements that need to be entered into the register maintained under section 301 havebeen so entered.
b. In our opinion and according to the information and explanations given to us, thetransactions made in pursuance of contracts or arrangements entered in the registersmaintained under section 301 of the Act, in respect of any party during the year have beenmade at prices which are reasonable having regard to prevailing market prices at therelevant time.
6) During the year, the Company has not accepted any deposits from the public withinthe meaning of provisions of Sections 58A and 58AA and relevant other provisions of theCompanies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975.
7) In our opinion, the internal audit system commensurate with the size and nature ofits business.
8) As informed to us, the maintenance of cost records have not been prescribed by theCentral Government under section 209(1) (d) of the Companies Act, 1956, for the year underreview.
9) In respect of Statutory Dues:
a. According to information and explanations given to us and on the basis of ourexamination of records of the Company, the Company is regular in depositing undisputedstatutory dues in respect of Income Tax, Sales Tax, Service Tax, Provident Fund and othermaterial statutory dues.
b. According to the information and explanations given to us, no undisputed amountspayable in respect of Income Tax, Sales Tax, Service Tax, Provident Fund and othermaterial statutory dues were outstanding, as at 31st March, 2014 for a period of more thansix months from the date they became payable.
c. According to the records of the Company, the dues of sales tax, income tax, customs,wealth-tax, excise duty, cess which have not been deposited on account of disputes and theforum where the dispute is pending are as under:
|Name of the Statute||Nature of the Dues||Period to which the amount relates (A.Y.)||Amount (Rs. In Lacs)||Forum where dispute is pending|
|Income Tax Act, 1961||Income Tax||2011-12||5.71||Commissioner of Income Tax (Appeal)|
10) The company has no accumulated losses and has not incurred any cash losses duringthe financial period under review or in the immediately preceding financial year.
11) In our opinion and according to the information and explanations given to us, thecompany has not defaulted in repayment of dues to a financial institution, bank ordebenture holders.
12) The Company has not granted any loans and advances by way of pledge of Shares,Debentures and other securities.
13) The provisions of any special statute applicable to Chit Fund, Nidhi or Mutualbenefit Fund / Societies are not applicable to the Company.
14) In our opinion, the Company is not dealing in respects of shares, securities,debentures and other investments and hence clause 4 (xiv) of the Companies (AuditorsReport) Order, 2003 is not applicable.
15) According to the information and explanations given to us, the Company has givenguarantee of Rs. 2200 Lacs for loans taken by its subsidiary from bank or financialinstitutions, the terms and conditions whereof in our opinion are not pramia-faciaprejudicial to the interest of the Company.
16) In our opinion, and according to the information and explanations given to us, onoverall basis, the term loans have been applied for the purpose for which they wereobtained.
17) According to the information and explanations given to us and on an overallexamination of the balance sheet of the company, we report that the no funds raised onshort-term basis have been prima-facie used for long-term investment.
18) During the year, the Company has made preferential allotment of shares to partiescovered in the register maintained under section 301 of the Companies Act, 1956. In ouropinion, each of transaction has been made at price, which is not prejudicial to theinterest the Company.
19) The Company has not issued any Secured Debentures and therefore the question ofcreating the securities in respect thereof does not arise.
20) During the year, the Company has not raised any money by way of Public issues.
21) Based upon the audit procedures performed and information and explanations given bythe management, we report that no fraud on or by the Company has been noticed or reportedduring the course of our audit.
|For, J. T. Shah & Co.|
|[Firm Regd. No. 109616W]|
|Place : Ahmedabad||(J. J. Shah)|
|Date : 12/05/2014||Partner|
|[M. No. 45669]|
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Chinubhai R Shah , Chairman
Jayendra B Patel , Vice Chairman & MD & CEO
Kaushikbhai D Shah , Director
Ritaben J Patel , Director
Company Head Office / Quarters:
502-503 Sakar III,
Off Ashram Road Opp Old High S,
Phone : Gujarat-91-079-27541989/30005000 / Gujarat-
Fax : Gujarat-91-079-27543666 / Gujarat-
E-mail : firstname.lastname@example.org
Web : http://www.armanindia.com
Sharepro Services India Pvt Lt
Devnandan Mega Mall ,Office No 416-420 ,4th Floor Ashram Rd ,Ahmedabad-380006
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