TO THE MEMBERS OF MONEY MASTERS LEASING & FINANCE LTD.
Report on the Financial Statements
We have audited the accompanying financial statements of Money Masters Leasing &
Finance Ltd ("the company"), which comprise the Balance Sheet as at 31 March
2023, the Statement of Profit and Loss, the Cash Flow Statement and a summary of
significant accounting policies and other explanatory information for the year then ended.
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters 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. This
responsibility also includes the maintenance of adequate accounting records in accordance
with the provision of the Act for safeguarding of the assets of the Company and for
preventing and detecting the 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 internal financial control, 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.
Auditors Responsibility
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 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
disclosures in the financial statements. The procedures selected depend on the auditors
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 Companys preparation of the financial statements that give true and fair
view in order to design audit procedures that are appropriate in the circumstances. An
audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by Companys 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 the 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;
a) in the case of the Balance Sheet, of the state of affairs of the Company as at March
31, 2023; b) in the case of the Statement of Profit and Loss, of the profit for the year
ended on that date; and c) in the case of the Cash Flow Statement, of the cash flows for
the year ended on that date.
Emphasis of Matters
1) As required by the Companies (Auditors Report) order, 2016 (" the
Order"), as amended, issued by the Central Government of India in terms of sub
section (11) of section 143 of the Act, we give in Annexure ‘A, a statement on the
matters specified in paragraph 3 and 4 of the said order.
2) The Company is a Non- Banking Financial Company not accepting public deposit and the
Certificate of Registration No. B-13.02156 dated 2nd February, 2017 from Reserve Bank of
India has been issued to the Company.
3) The company has complied with the prudential norms relating to income recognition,
accounting standards, assets classification and provisioning for bad and doubtful debts as
applicable to it.
4) The financial statements of the Company have been prepared on a going concern basis.
Our opinion is not modified in respect of these matters.
Report on other Legal and Regulatory Requirements
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 books of account as required by law have been kept by the
Company so far as appears from our examination of those books (and proper returns adequate
for the purposes of our audit have been received from the branches not visited by us)
c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow Statement dealt
with by this Report are in agreement with the books of account.
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) The going concern matter described in sub-paragraph (4) under the Emphasis of
Matters paragraph above
f) On the basis of written representations received from the directors as on 31 March,
2023, taken on record by the Board of Directors, none of the directors is disqualified as
on 31 March, 2023, from being appointed as a director in terms of Section 164(2) of the
Act.
| For M/s. Nipa N Shetty & Co |
| Chartered Accountants |
| Nipa Rohit |
| Proprietor |
| Membership No.122319 |
| Place: Mumbai |
| 30th May 2023 |
| UDIN : 23122319BGSUOU8844 |
Annexure "A" To the Independent Auditors Report
(Referred to in paragraph 1 under "Emphasis of Matter" of our report of even
date)
| S. No. Particulars |
Auditors Remark |
| (i) (a) whether the company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets; |
Yes |
| (b) whether these fixed assets have been physically verified by the management at
reasonable intervals; whether any material discrepancies were noticed on such verification
and if so, whether the same have been properly dealt with in the books of account; |
Yes |
| (ii) (a) whether physical verification of inventory has been conducted at reasonable
intervals by the management; |
Not Applicable |
| (b) are the procedures of physical verification of inventory followed by the
management reasonable and adequate in relation to the size of the company and the nature
of its business. If not, the inadequacies in such procedures should be reported; |
Not Applicable |
| (c) whether the company is maintaining proper records of inventory and whether any
material discrepancies were noticed on physical verification and if so, whether the same
have been properly dealt with in the books of account; |
Not Applicable |
| (iii) (iii) whether the company has granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained under section 189 of
the Companies Act. If so, |
No |
| (a) whether receipt of the principal amount and interest are also regular; and |
Not Applicable |
| (b) if overdue amount is more than rupees one lakh, whether reasonable steps have been
taken by the company for recovery of the principal and interest; |
Not Applicable |
| (iv) is there an adequate internal control system commensurate with the size of the
company and the nature of its business, for the purchase of inventory and fixed assets and
for the sale of goods and services? Whether there is a continuing failure to correct major
weaknesses in internal control system. |
Not Applicable |
| (v) in case the company has accepted deposits, whether the directives issued by the
Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant
provisions of the Companies Act and the rules framed there under, where applicable, have
been complied with? If not, the nature of contraventions should be stated; If an order has
been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India
or any court or any other tribunal, whether the same has been complied with or not? |
Yes |
| (vi) where maintenance of cost records has been specified by the Central Government
under sub-section (1) of section 148 of the Companies Act, whether such accounts and
records have been made and maintained; |
Not Applicable |
| (vii) (a) is the company regular in depositing 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
with the appropriate authorities and if not, the extent of the arrears of outstanding
statutory dues as at the last day of the financial year concerned for a period of more
than six months from the date they became payable, shall be indicated by the auditor. |
Yes |
| (b) in case 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 or cess have not been deposited on account of
any dispute, then the amounts involved and the forum where dispute is pending shall be
mentioned. (A mere representation to the concerned Department shall not constitute a
dispute). |
Not Applicable |
| (c) whether the amount required to be transferred to investor education and protection
fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and
rules made thereunder has been transferred to such fund within time. |
Not Applicable |
| (viii) whether in case of a company which has been registered for a period not less
than five years, its accumulated losses at the end of the financial year are not less than
fifty per cent of its net worth and whether it has incurred cash losses in such financial
year and in the immediately preceding financial year; |
Not Applicable |
| (ix) whether the company has defaulted in repayment of dues to a financial institution
or bank or debenture holders? If yes, the period and amount of default to be reported; |
No |
| (x) whether the company has given any guarantee for loans taken by others from bank or
financial institutions, the terms and conditions whereof are prejudicial to the interest
of the company; |
No |
| (xi) whether term loans were applied for the purpose for which the loans were
obtained; |
Yes |
| (xii) whether any fraud on or by the company has been noticed or reported during the
year; If yes, the nature and the amount involved is to be indicated. |
NA |
| (xiii) Whether managerial remuneration has been paid / provided in accordance with the
requisite approvals mandated by the provisions of section 197 read with schedule V to the
Companies Act? If not, state the amount involved and steps taken by the company for
securing refund of the same. |
Yes |
| (xiv) Whether the Nidhi Company has complied with the Net Owned Fund in the ratio of
1: 20 to meet out the liability and whether the Nidhi Company is maintaining 10% liquid
assets to meet out the unencumbered liability. |
NA |
| (xv) Whether all transactions with the related parties are in compliance with Section
188 and 177 of Companies Act, 2013 where applicable and the details have been disclosed in
the Financial Statements etc as required by the accounting standards and Companies Act,
2013. |
Yes |
| (xvi) Whether the company has made any preferential allotment / private placement of
shares or fully or partly convertible debentures during the year under review and if so,
as to whether the requirement of Section 42 of the Companies Act, has been complied with |
No |
|
For M/s. Nipa N Shetty & Co |
|
Chartered Accountants |
| Date- 30th May, 2023 |
Nipa Rohit |
| Place- Mumbai |
Membership number: 122319 |
|
UDIN : 23122319BGSUOU8844 |
+91-9892691696
