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Sagar Systech Ltd.

BSE: 511254 Sector: Financials
NSE: N.A. ISIN Code: N.A.
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Sagar Systech Ltd. (SAGARSYSTECH) - Auditors Report

Company auditors report

TO THE MEMBERS OF SAGAR SYSTECH LIMITED

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of SAGAR SYSTECH LIMITED("the company") having CIN: L65990MH1984PLC032779 which comprise the BalanceSheet as at 31 March 2016 the Statement of Profit and Loss the Cash Flow Statement forthe year then ended and a summary of significant accounting policies and otherexplanatory information.

MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company’s Board of Directors are responsible for the matters in section 134(5)of the Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

AUDITOR’S RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe 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 theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by Company’s Directors as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India;

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2016;

b) in the case of the Statement of Profit and Loss of the profit for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" a statement on the mattersspecified in the paragraph 3 and 4 of the order.

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 bestof 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 theCompany so far as appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31 March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2016 from being appointed as a director in terms of Section 164(2) of theAct.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; and

(g) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. We have been informed by the Company that the pending litigations against theCompany would not impact its financial position.

ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. There has been no instance where the Company is required to transfer any amount tothe Investor Education and Protection Fund.

For Chaitanya C. Dalal & Co.
Chartered Accountants
Firm Reg. No. 101632W
Chaitanya C. Dalal
Partner
Membership No:. 35809
Place: Mumbai
Date: 25/05/2016

Annexure A to the Independent Auditors’ Report

Re: Sagar Systech Limited

The Annexure referred to in our Independent Auditors’ Report with reference to theCompanies (Auditor’s Report) Order 2016 ("the Order") to the members ofthe Company on the Financial Statement for the year ended 31st March 2016 wereport that:

(i) The Company does not have any Fixed Assets for the year ended. Hence para 3(i)(a)3(i)(b) and 3(i)(c) of the Order is not applicable.

(ii) The Company does not have any physical inventories. Hence para 3(ii) of the Orderis not applicable.

(iii) The company has not granted any loans secured or unsecured to the company firmLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013. Hence para 3(iii) of the Order is not applicable.

(iv) According to the information and explanations given to us the company has notgiven any loan guarantee or security to any person during the year ended 31stMarch 2016

(v) The company has not accepted any deposits during the year ended 31stMarch 2016.

(vi) The Central Government has not prescribed the maintenance of cost records u/s148(1) of the Act.

(vii) (a) According to the information and explanations given to us and on the basis ofexamination of the records of the company amount deducted and accrued in the books ofaccounts in respect of undisputed statutory dues including of Provident FundEmployees’ State Insurance Income-tax Sales-tax Service Tax Custom Duty ExciseDuty Value Added Tax Cess and any other statutory dues with the appropriate authoritieshave regularly deposited during the year by the company. Further as per the explanationsgiven to us the company does not have any dues on account of Provident FundEmployees’ State Insurance Income- tax Sales-tax Service Tax Custom Duty ExciseDuty and Cess.

Further according to the information and explanations given to us no undisputed amountpayable in respect of Provident Fund Employees’ State Insurance Income-taxSales-tax Service Tax Custom Duty Excise Duty Cess and any other statutory dues werein arrears as on 31st March 2016 for a period of more than 6 months from thedate of become payable.

(viii) On the basis of the books and records produced before us and as per theinformation and explanations to us the Company has not defaulted in repayment of any duesto any financial institution bank or debenture holders.

(ix) During the year ended 31st March 2016 the company has not raised anymoney either through public deposit or through term loan therefore para 3(ix) of the orderis not applicable.

(x) According to the information and explanations given to us and on the basis of theaudit conducted by us no fraud on or by the company has been noticed or reported duringthe year.

(xi) On the basis of the information and explanations given to us the company has notpaid any managerial remuneration during the year ended 31st March 2016 hencepara 3(xi) of the order is not applicable.

(xii) The company is not a Nidhi Company hence para 3(xii) of the order is notapplicable.

(xiii) Based on our audit procedures and according to the information and explanationsgiven to us the company has not entered into any transaction with the related partiesduring the year ended 31st March 2016.

(xiv) According to the information and explanation given to us the company has neithermade any preferential allotment nor any private placement of shares or fully or partlyconvertible debentures during the year ended 31st March 2016.

(xv) During the year ended 31st March 2016 the company has not entered intoany non-cash transactions with the directors or persons connected with him.

(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934 as it is not a Non-Banking Finance Company.

For Chaitanya C Dalal & Co.
Chartered Accountants
Firm Registration No.: 101632W
Chaitanya C. Dalal
Partner
Membership No.: 035809
Place: Mumbai
Date: 25/05/2016

Annexure B to the Independent Auditors’ Report

Re: Sagar Systech Limited

The Annexure referred to in our Independent Auditors’ Report with reference to theInternal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of theCompanies Act 2013 ("the Act") to the members of the Company on the FinancialStatement for the year ended 31st March 2016.

We have audited the internal financial controls over financial reporting of SagarSystech Limited ("the Company") as of March 31 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate:

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls issued by the Institute ofChartered Accountants of India.

These responsibilities includes design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company’s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company's Internal FinancialControls over Financial Reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by The Institute ofChartered Accountants of India and deemed to be prescribed under section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls and the guidelines issued bythe Institute of Chartered Accountants of India. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depends on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that

(a) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(b) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company;

(c) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as on 31st March 2016based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls issued by the Institute of Chartered Accountants ofIndia.

For Chaitanya C Dalal & Co.
Chartered Accountants
Firm Registration No.: 101632W
Chaitanya C. Dalal
Partner
Membership No.: 035809
Place: Mumbai
Date: 25/05/2016.