We have audited the accompanying financial statements of Comfort Fincap
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2015, the Statement of Profit and Loss and 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
Management is responsible for 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
Accounting Standards referred to in Section 133 of the Companies Act,
2013 read with Rule 7 of the Company (Accounts) Rules, 2014. 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.
Auditor's 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 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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgement, 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. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by 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, 2015; and
b) in the case of the Profit and Loss Account, of the Profit for the
year ended on that date.
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Emphasis of Matter
We draw your attention to :
There was a violation of RBI Guidelines on exposure norms in the case
of Shri. Pawan Kumar Sawarmal where the exposure was Rs.5,05,86,757/-
as on 31st Mach 2015. The owned fund of the company as on 31st March
2014 stood at Rs.22.04 crore. Therefore the single and group exposure
limits of 15% and 25% worked out to Rs.3.31 crore and Rs.5.51 crore.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("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 paragraphs 3 and 4 of the Order.
2. As required by section 143(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 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 appears from our examination of those
books;
c) The Balance Sheet, the Statement of Profit and Loss 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
comply with the Accounting Standards Section 133 of the Companies Act,
2013, With Rule 7 of Companies (Accounts) Rules, 2014;
e) On the basis of written representations received from the directors
as on March 31, 2015, and 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 clause of Section 164(2) of the
Companies Act, 2013;
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and
Auditor's) 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 litigations which would impact the 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 contracts
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure to Independent Auditor's Report
The annexure referred to in our report to the member of Comfort Fincap
Limited for the year ended 31st March 2015, we report that :
1. In respect of its Fixed Assets :
(a) The company has maintained proper records showing full particulars
including quantitative details and situation of its fixed assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. In respect of its inventories:
(a) the stock in trade of shares and securities held in the physical
format has been physically verified and those held in dematerialized
format have been verified from the relevant statements received from
the depositories during the year, by the management.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of shares and
securities followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stock
of shares and securities by the management as compared to book records.
3. According to information and explanation given to us, the company
has not granted, secured or unsecured loan to companies, firms or other
parties covered in the register maintained under section 189 of the
Companies Act, and hence sub-clause (a) and , (b) of clause (iii) of
the Order are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories, fixed assets and with regard
to the sale of goods and services. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. The company has not accepted any deposits from the public.
6. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under sub-section (1) of section 148 of the Act.
7. (a) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the company is generally regular though there are slight
delays in depositing the undisputed statutory dues including provident
fund, investor education & protection fund , employees' state insurance,
Income Tax , wealth tax, custom duty, duty of excise, Value added tax,
cess and any other statutory dues as applicable with the appropriate
authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of provident fund, Income Tax,
Sales Tax, Wealth Tax, Service tax, duty of customs, value added tax,
cess and other material statutory dues were in arrears as at 31 March,
2015 for a period of more than six months from the date they became
payable.
(b) According to the information and explanations given to us, there
are no dues payable in respect of income tax, wealth tax, service tax
and cess which have not been deposited with the appropriate authorities
on account of any dispute.
(c) As explain to us, the company does not any dues on account of
investor education and protection fund
8. As The Company does not have any accumulated loss and has not
incurred cash loss during the financial year covered by our audit and
in the immediately preceding financial year.
9. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to any bank.
10. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
11. The company has not raised any term loans.
12. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Bansal Bansal & Co.
Chartered Accountants
FRN: 100986W
Sd/-
Jatin Bansal
Place : Mumbai Partner
Date : 30th May, 2015 Membership No.:135399
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