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Sandesh Ltd.

BSE: 526725 Sector: Services
NSE: SANDESH ISIN Code: INE583B01015
BSE LIVE 15:15 | 20 Nov 961.50 -6.15
(-0.64%)
OPEN

984.25

HIGH

984.25

LOW

961.10

NSE 15:31 | 20 Nov 956.75 -7.00
(-0.73%)
OPEN

974.75

HIGH

979.55

LOW

951.00

OPEN 984.25
PREVIOUS CLOSE 967.65
VOLUME 362
52-Week high 1025.80
52-Week low 818.75
P/E 9.66
Mkt Cap.(Rs cr) 728
Buy Price 961.50
Buy Qty 25.00
Sell Price 973.00
Sell Qty 19.00
OPEN 984.25
CLOSE 967.65
VOLUME 362
52-Week high 1025.80
52-Week low 818.75
P/E 9.66
Mkt Cap.(Rs cr) 728
Buy Price 961.50
Buy Qty 25.00
Sell Price 973.00
Sell Qty 19.00

Sandesh Ltd. (SANDESH) - Auditors Report

Company auditors report

The Annexure referred to in Independent Auditor's Report on the standalone Ind ASfinancial statements for the year ended 31 March

2017 we report that:

1. In respect of fixed assets:

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

b. The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of two years. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets.

c. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

2. In respect of Inventories:

The inventories have been physically verified by the management at reasonable intervalsand no material discrepancies noticed.

3. In respect of loans granted to parties covered in the register maintained u/s 189 ofthe Act:

The Company has not granted any loans secured or unsecured to companies firmsLimited Liabilities Partnerships or other parties covered in the register maintained underSection 189 of the Act. Therefore the provisions of Clause 3 (iii) [(a) to (c)] of thesaid Order are not applicable to the Company.

4. In respect of compliance of section 185 and 186 of the Act:

In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.

5. In respect of deposits:

The Company has not accepted any deposits.

6. In respect of maintenance of cost records:

The Central Government has not prescribed the maintenance of cost records under section148(1) of the Act for any of the services rendered by the Company.

7. In respect of statutory dues:

a. According to the information and explanations given to us and the records of theCompany examined by us in our opinion the Company is generally regular in depositing theundisputed statutory dues including provident fund employeesRs state insurance incometax sales tax service tax duty of customs value added tax cess and other materialstatutory dues as applicable with appropriate authorities. As explained to us theCompany did not have any dues on account of duty of excise.

b. According to the information and explanations given to us and the records of theCompany examined by us in our opinion no undisputed amounts payable as applicable werein arrears as at March 312017 for a period of more than six months from the date theybecame payable.

c. According to the information and explanations given to us and the records of theCompany examined by us there are no dues of sales tax service tax income tax duty ofcustoms value added tax and cess which have not been deposited on account of any dispute.

8. In respect of dues to financial institutions / banks / debentures:

The Company has not defaulted in the repayment of dues to the bank. The company did notborrow from financial institutions and issue debentures.

9. In respect of money raised by way of public offer and application of term loan:

The Company did not raise any money by way of initial public offer or further publicoffer (including debt instruments) and no fresh term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

10. In respect of fraud:

According to the information and explanations given to us no fraud by the Company oron the Company by its officers or employees has been noticed or reported during the courseof our audit.

11. In respect of managerial remuneration in accordance with Section 197 of the Act:

According to the information and explanations give to us and based on our examinationof the records of the Company the Company has paid/provided for managerial remunerationin accordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Act.

12. In respect of Nidhi company:

In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

13. In respect of transactions with related parties in compliance of section 177 and188 of the Act and its disclosures:

According to the information and explanations given to us and based on our examinationof the records of the Company transactions with the related parties are in compliancewith sections 177 and 188 of the Act where applicable and details of such transactionshave been disclosed in the financial statements as required by the applicable accountingstandards.

14. In respect of preferential allotment or private placement of shares or debentures:

According to the information and explanations give to us and based on our examinationof the records of the Company the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the year.

15. In respect of non-cash transactions with directors or persons:

According to the information and explanations given to us and based on our examinationof the records of the Company the Company has not entered into non-cash transactions withdirectors or persons connected with him. Accordingly paragraph 3(xv) of the Order is notapplicable.

16. In respect of company is required to be registered under section 45-IA of theReserve Bank of India Act 1934:

The Company is not required to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934.

For Manubhai & Shah LLP
Chartered Accountants
ICAI Firm Registration No. 106041W / W100136
(K. B. Solanki)
Place: Ahmedabad Partner
Date : May 27 2017 Membership No.110299

ANNEXURE - B TO THE INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in Independent Auditor's Report on the standalone Ind ASfinancial statements for the year ended 31 March 2017 we report that:

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 The SandeshLimited ("the Company") as of 31 March 2017 in conjunction with our audit of thestandalone Ind AS financial statements of the Company for the year ended on 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'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor's 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 prescribed under section143(10) of the Act to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively 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 controls systemover 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 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 at 31 March 2017 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 Manubhai & Shah LLP
Chartered Accountants
ICAI Firm Registration No. 106041W / W100136
(K. B. Solanki)
Place: Ahmedabad Partner
Date : May 27 2017 Membership No.110299