independent auditors
to the members of ICICI Venture Funds Management Company Limited
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of ICICI VENTURE FUNDS
MANAGEMENT COMPANY LIMITED ("the Company"), which comprise the Balance Sheet
as at March 31, 2014, the Statement of Profit and Loss and the Cash Flow Statement for the
year then ended and a summary of the significant accounting policies and other explanatory
information.
MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company’s Management is responsible for the preparation of 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 Standards notified under
the Companies Act, 1956 ("the Act") (which continue to be applicable in respect
of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated
September 13, 2013 of the Ministry of Corporate Affairs) and in accordance with the
accounting principles generally accepted in India. This responsibility includes the
design, implementation and maintenance of internal control 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 financial statements based on our
audit. We conducted our audit in accordance with the Standards on Auditing issued by the
Institute of Chartered Accountants of India. 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 control relevant to the Company’s preparation and fair
presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s internal control. An audit also includes evaluating
the appropriateness of the 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.
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:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at
March 31, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit of the Company for
the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows of the Company for the
year ended on that 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 in terms of Section 227(4A) of the Act, we
give in the Annexure a statement on the matters specified in paragraphs 4 and 5 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 our
knowledge and belief were necessary for the purposes 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 Flow Statement
dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement comply with the Accounting Standards notified under the Act (which continue
to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General
Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs).
(e) On the basis of the written representations received from the directors as on March
31, 2014 taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2014 from being appointed as a director in terms of Section 274(1)(g) of
the Act.
|
For Deloitte Haskins and Sells |
|
Chartered Accountants |
|
Firm Registration No.008072S |
|
Sd/- |
|
Sathya P. Koushik |
|
Partner |
| Mumbai, April 16, 2014 |
Membership No. 206920 |
annexure to the independent auditors’ report
(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory
Requirements’ section of our report of even date)
1. Having regard to the nature of the Company’s business during the year, clauses
ii, iii (b) to (d), (f) and (g), iv (in so far as it relates to purchase of inventory and
sale of goods), vi, viii, xii, xiii, xix and xx of the Order are not applicable to the
Company.
2. In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of the fixed assets.
(b) Some of the fixed assets of the Company were physically verified during the year by
the Management in accordance with a programme of verification which, in our opinion,
provides for physical verification of all the fixed assets at reasonable intervals.
According to the information and explanations given to us, no material discrepancies were
noticed on such verification.
(c) The fixed assets disposed-off during the year, in our opinion, do not constitute a
substantial part of the fixed assets of the Company and such disposal has, in our opinion,
not affected the going concern status of the Company.
3. The Company has neither granted nor taken any loans, secured or unsecured, to/from
companies, firms or other parties listed in the Register maintained under Section 301 of
the Companies Act, 1956.
4. In our opinion and according to the information and explanations given to us, there
is an adequate internal control system commensurate with the size of the Company and the
nature of its business with regard to purchase of fixed assets and the sale of services.
During the course of our audit, we have not observed any major weakness in such internal
control system.
5. To the best of our knowledge and belief and according to the information and
explanation given to us, there were no contracts or arrangements that were needed to be
entered in the register maintained in pursuance of Section 301 of the Companies Act 1956.
6. In our opinion, the Company has an internal audit system which is commensurate with
the size and nature of its business.
7. According to the information and explanations given to us in respect of statutory
dues:
(a) the Company has been generally regular in depositing undisputed statutory dues,
including Provident Fund, Investor Education and Protection Fund, Employees’ State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess
and any other material statutory dues with the appropriate authorities during the year.
(b) there were no undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Employees’ State Insurance, Income Tax, Sales Tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess and other material statutory dues
in arrears as at March 31, 2014 for a period of more than six months from the date they
became payable.
(c) Details of dues of Income-Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty and Cess which have not been deposited as on March 31, 2014 on account of
disputes are given below:
| Statute |
Nature of Dues |
Forum where Dispute is pending |
Period to which the amount relates |
Amount Involved(Rs. in million) |
| The Income Tax Act 1961 |
Income tax inclusive of interest |
Commissioner of Income Tax, Appeals. |
2008-2009 and 2009-2010 |
7.6 |
8. The Company does not have accumulated losses at the end of the financial year and
has not incurred cash losses during the year and in the immediately preceding financial
year.
9. In our opinion and according to the information and explanations given to us, the
Company has not defaulted in repayment of dues to banks. There are no dues to financial
institutions and the Company has not issued any debentures.
10. Based on our examination of records and evaluation of the related internal
controls, the Company has maintained proper records of the transactions and contracts in
respect of its dealing in shares, securities, debentures and other investments and timely
entries have been made therein. The aforesaid securities have been held by the Company in
its own name.
11. The Company has not given any guarantee for loans taken by others from banks or
financial institutions.
12. In our opinion and according to the information and explanations given to us, the
term loans have been applied for the purposes for which they were obtained, other than
temporary deployment pending application.
13. In our opinion and according to information and explanations given to us, and on an
overall examination of the Balance Sheet, we report that funds raised on short-term basis
have not been used during the year for long-term investment.
14. The Company has not made any preferential allotment of shares to parties and
companies covered in the Register maintained under section 301 of the Act.
15. To the best of our knowledge and according to the information and explanations
given to us, no fraud by the Company and no material fraud on the Company has been noticed
or reported during the year.
|
For Deloitte Haskins and Sells |
|
Chartered Accountants |
|
Firm Registration No.008072S |
|
Sd/- |
|
Sathya P. Koushik |
|
Partner |
| Mumbai, April 16, 2014 |
Membership No. 206920 |
+91-9892691696
