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Sahara Housing Fina Corporation Ltd.

BSE: 511533 Sector: Financials
NSE: N.A. ISIN Code: INE135C01012
BSE LIVE 15:40 | 21 Sep 81.75 -1.75
(-2.10%)
OPEN

82.00

HIGH

86.80

LOW

80.90

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 82.00
PREVIOUS CLOSE 83.50
VOLUME 1771
52-Week high 121.90
52-Week low 44.05
P/E 24.26
Mkt Cap.(Rs cr) 57
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 82.00
CLOSE 83.50
VOLUME 1771
52-Week high 121.90
52-Week low 44.05
P/E 24.26
Mkt Cap.(Rs cr) 57
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sahara Housing Fina Corporation Ltd. (SAHARAHOUSING) - Auditors Report

Company auditors report

THE MEMBERS OF

SAHARA HOUSINGFINA CORPORATION LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of SAHARA HOUSINGFINACORPORATION LIMITED ("the Company") which comprise the Balance Sheet as atMarch 31 2016 the Statement of profit and loss and cash flow statement for the year thenended 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors’ 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 andthe disclosures 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 a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation 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 ofour 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 of the state of affairs of the Company as at March31 2016 and its profit and its 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 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 matters specified inthe paragraph 3 and 4 of the Order.

2. As required by section 143 (3) ofthe Act we report that:

a. we have sought and obtained all the information and explanations which to the bestofour 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 the Cash Flow Statementdealt with 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 the written representations received from the directors as on March31 2016 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 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 ofsuch 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. the Company does not have any pending litigations which would impact its financialposition.

ii. the Company has made provision under the applicable law or accounting standardsfor material foreseeable losses on long term contracts. The Company did not have any otherlong-term contracts including derivatives contracts.

iii. there were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For CHATURVEDI & CO.

Chartered Accountants

Firm Registration No. 302137E

Pankaj Chaturvedi

Partner

Membership No. 091239

Place : New Delhi

Date : May 30 2016

ANNEXURE - A REFERRED IN INDEPENDENT AUDITORS REPORT OF EVEN DATE

The Annexure referred to in our Independent Auditors’ Report to the members of theCompany on the financial statements for the year ended March 312016 we report that:

i. a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b. These fixed assets have been physically verified by the management at reasonableinterval during the year pursuant to a program for physical verification. No materialdiscrepancies were noticed on such verification. In our opinion this periodicity ofphysical verification is reasonable having regard to the size ofthe Company and the natureof its assets.

c. According to the information and explanation given to us and on the basis ofexamination of records of the Company the title deeds of immovable properties are held inthe name of the Company.

ii. The Company did not hold any inventory during the year. Accordingly clause (ii)Para 3 ofthe Order is not applicable.

iii. According to the information and explanations given to us the Company has notgranted any loan secured or unsecured to companies firms or other parties covered inthe register maintained under Section 189 of the Companies Act 2013. Accordingly theclause iii (a) (b) and (c) of paragraph 3 of the Order are not applicable to the Company.

iv. In our opinion and according to the information and explanation given to us theCompany has not given loans investment guarantees and security during the year withinthe Section 185 and 186 of the Companies Act 2013. Accordingly the clause (iv) ofparagraph 3 of the Order is not applicable to the Company.

v. According to the information and explanations given to us the Company has notaccepted any deposit during the year. Accordingly the clause (v) of paragraph 3 of theOrder is not applicable to the Company.

vi. As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 ofthe Act in respect ofthe business of thecompany.

vii. a. According to the information and explanation given to us the Company isgenerally regular in depositing undisputed statutory dues including income tax servicetax cess and other statutory dues as applicable with the appropriate authorities and nooutstanding statutory dues as on the last day of the financial year concerned for morethan six months from the date they became payable.

b. According to the information and explanation given to us there were no due of theincome tax service tax cess and other statutory dues as applicable which have not beendeposited on account of any dispute.

viii. According to the information and explanations given to us the Company has nottaken loan from bank or financial institution or government. The Company has not defaultedin repayment to debenture holders during the year.

ix. According to the information and explanations given to us the Company has notraised any money by way of initial public offer or further public offer (including debtinstruments) and term loans during the year. Accordingly the clause (ix) of paragraph 3of the Order is not applicable to the Company.

x. According to the information and explanations given to us no fraud by the companyor on the company by its officers or employees has been noticed or reported during theyear.

xi. According to the information and explanations given to us the Company has paid orprovided managerial remuneration in accordance with the requisite approval mandated by theprovisions of Section 197 read with Schedule V ofthe Companies Act 2013.

xii. The Company is not a Nidhi Company. Accordingly the clause xii of paragraph 3 ofthe Order is not applicable to the Company.

xiii. The Company has complied with the provision of the section 177 and 188 oftheCompanies Act 2013 with respect to transactions with the related parties and hasdisclosed the details as required by the applicable accounting standard in the FinancialStatements.

xiv. According to the information and explanations given to us the Company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debenture during the year. Accordingly the clause xiv of paragraph 3 of theOrder is not applicable to the Company.

xv. According to the information and explanations given to us the Company has notentered into any non-cash transaction with directors or person connected with him.Accordingly the clause xv of paragraph 3 ofthe Order is not applicable to the Company.

xvi. The Company is not required to be registered under section 45-IAof Reserve Bank ofIndia Act 1934.

For CHATURVEDI & CO.

Chartered Accountants

Firm Registration No. 302137E

Pankaj Chaturvedi

Partner

Membership No. 091239

Place : New Delhi

Date : May 30 2016

Annexure - B to the Auditors’ Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of "SAHARAHOUSINGFINA CORPORATION LIMITED" ("the Company") as of March 312016 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

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 over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required underthe 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 ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material 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 depend 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 (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls overfinancialreporting including the possibilityof 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 controloverfinancial 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 overfinancial reporting and such internal financial controlsoverfinancial reporting were operating effectively as at March 312016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For CHATURVEDI & CO.

Chartered Accountants

Firm Registration No. 302137E

Pankaj Chaturvedi

Partner

Membership No. 091239

Place : New Delhi

Date : May 30 2016