| We have audited the accompanying financial statements of S R G
SECURITIES FINANCE LIMITED ("the Company") which comprise the Balance
Sheet as at 31st March 2015, the Statement of Profit and Loss and the
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
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Compa- nies Act, 2013 ("the Act") with respect
to the preparation of the 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 responsi- bility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding 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 esti- mates that are reasonable and prudent; and design,
implementation and maintenance of adequate inter- nal financial
controls, 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.
Auditor's 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 au-
dit to obtain reasonable assurance about whether the financial
statements are free from material mis- statement.
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 as-
sessment of the risks of material misstatement of the financial
statements, whether due to fraud or er- ror. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriate- ness of the accounting policies used and the
reasonableness of the accounting estimates made by the Company's
Directors, as well as evaluating the overall presentation of the
financial statements. We be- lieve that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our au-
dit 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, 2015
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. Report on Other Legal and Regulatory
Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order"), as issued by Cen- tral Government of India in terms of sub
section (11) of section 143 of Companies Act, 2013 (18 of 2013) we
hereby give in the Annexure a statement on the matters specified in
paragraphs 3 and 4 of the Order to the extent applicable.
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
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, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Re- port are in agreement with the books of
account;
d. in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
Section 133 of the Act read with Rule 7 of the Companies (Accounts)
Rules, 2014 ; and
e. on the basis of written representations received from the directors
as on 31st March 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2015, from being
appointed as a director in terms of sub section (2) of section 164 of
the Com- panies 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 Auditors)
Rules, 2014, In our opinion and to the best of our information and
according to the explanations given to us:
1. The Company does not have any pending litigations which would
impact its financial posi- tion;
2. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses;
3. As represented by the company, there is no amount required to be
transferred to Inves- tor Education and Protection Fund by the Company.
Annexure to the Auditors' Report
[Referred to in paragraph pertaining to "Report on Other Legal and
Regulatory Requirement" of
our Report of even date to the members of S R G SECURITIES FINANCE
LIMITED on the financial
statements for the year ended 31st March, 2015]
1. a) The Company is maintaining proper records showing full
particulars including quantitative de- tails and situation of fixed
assets.
b) Fixed Assets have been physically verified by the management during
the year and no discrep- ancies between the book records and the
physical inventory have been noticed. In our opinion, the frequency of
verification is reasonable.
2. According to the information and explanations given to us, the
Company has not having any Inven- tory and therefore paragraph 2 of the
Order is not applicable.
3. According to the information and explanations given to us, the
Company has not granted any loans to companies, firms or other parties
covered in the Register maintained under Section 189 of the Com- panies
Act, 2013; and therefore paragraph 3 of the Order is not applicable.
4. In our opinion and according to the information and explanations
given to us, having regard to the explanation there is adequate
internal control system commensurate with the size of the Company and
the nature of its business, for the purchase of fixed asset. Further,
on the basis of our examina- tion of the books and records of the
company, and according to the information and explanations given to us,
we have neither come across nor have been informed of any continuing
failure to correct major weakness in the aforesaid internal control
system.
5. The Company has not accepted any deposits from the public, within
the meaning of Sections 73 to 76 of Companies Act 2013 and the rules
framed there under.
6. As informed to us, the Central Government has not prescribed
maintenance of cost records under sub -section (1) of Section 148 of
the Act, in respect of the activities carried on by the Company
7. a) According to the information and explanations given to us and
records of the Company examined by us, in our opinion, the Company is
generally regular in depositing undisputed statutory dues in- cluding
provident fund, investor education and protection fund, employees state
insurance, income tax, value added tax, wealth tax, service tax, custom
duty, excise duty, cess and any other material statutory dues as
applicable with the appropriate authorities. There are no undisputed
statutory dues payable for a period of more than six months from the
date they became payable as at 31st March, 2015.
b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of income tax,
wealth tax, service tax, customs duty and cess as at 31st March 2015,
which has not been deposited on account of dispute.
c) According to the information and explanations given to us and
records of the Company examined by us, in our opinion, there are no
amounts payable to investor education and protection fund in accordance
with the relevant provisions of Companies Act, 1956 (1 of 1956) and
rules there under.
8. The Company has no accumulated losses as at 31st March, 2015 and it
has not incurred any cash losses in the financial year ended on that
date or in the immediately preceding financial year.
9. According to the information and explanations given to us and
records of the Company examined by us the company has not defaulted in
repayment of dues to any financial institution or bank at the Bal- ance
Sheet date.
10. In our opinion, and according to the information and the
explanation given to us, the com- pany has not given any guarantee for
loans taken by others from banks or financial institu- tions during the
year;
11. The Company has not obtained any Term loan during the year so this
para of order is not applicable.
12. Based on the audit procedures performed and information and
explanations given by the management, we report that we have not come
across any instances of fraud on or by the Company, noticed or reported
during the year, nor have we been informed of such case by management.
13. As per NBFC ( Reserve Bank of India) Directions, 1999, we report
that:
a) The Company has been allotted registration from RBI, Jaipur as per
section 14 I A of the Reserve Bank of India Act, 1934.
b) The Company is entitled to hold COR in terms of its Assets/ Income
pattern as on March 31, 2015.
c) In case of Non Banking Finance Company, not accepting public
deposit:-
i. ) The Board of Directors has passed resolution for not accepting
public deposit.
ii. ) The Company has not accepted any public deposit during the year
2014-2015.
iii. )The Company have complied with prudential norms relating to the
income recog- nisation, accounting standards, assets classification and
provisioning for bad and doubtful debts as applicable it.
For Valawat Jha Pamecha & Co.
Chartered Accountants
(FRN 008265 C)
Place: Udaipur
Dated: 25/05/2015
Sd/-
(Jinendra Jain)
Partner
M.No. 072995
|