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Sastasundar Ventures Ltd.

BSE: 533259 Sector: Financials
NSE: SASTASUNDR ISIN Code: INE019J01013
BSE LIVE 15:23 | 14 Dec 129.00 -1.00
(-0.77%)
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135.80

HIGH

135.80

LOW

129.00

NSE 15:31 | 14 Dec 130.75 0.75
(0.58%)
OPEN

130.00

HIGH

131.00

LOW

129.00

OPEN 135.80
PREVIOUS CLOSE 130.00
VOLUME 2398
52-Week high 154.30
52-Week low 61.00
P/E
Mkt Cap.(Rs cr) 410
Buy Price 129.00
Buy Qty 34.00
Sell Price 131.85
Sell Qty 10.00
OPEN 135.80
CLOSE 130.00
VOLUME 2398
52-Week high 154.30
52-Week low 61.00
P/E
Mkt Cap.(Rs cr) 410
Buy Price 129.00
Buy Qty 34.00
Sell Price 131.85
Sell Qty 10.00

Sastasundar Ventures Ltd. (SASTASUNDR) - Auditors Report

Company auditors report

To the Members of Sastasundar Ventures Limited (formerly Microsec Financial ServicesLimited)

Report on the Financial Statements

We have audited the accompanying standalone financial statements of SastasundarVentures Limited (formerly Microsec Financial Services Limited) ("the Company")which comprise the Balance Sheet as at March 31 2017 the Statement of Profit and Lossand Cash Flow Statement for the year then ended and a summary of significant accoun ngpolicies and other explanatory informa on.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the ma ers stated in Sec on134(5) of the Companies Act 2013 ("the Act") with respect to the prepara on ofthese standalone financial statements that give a true and fair view of the financialPosition financial performance and cash flows of the Company in accordance with accoun ngprinciples generally accepted in India including the Accoun ng Standards specified undersec on 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 and theCompanies (Accoun ng Standards) Amendment Rules 2016. This responsibility also includesmaintenance of adequate accoun ng records in accordance with the provisions of the Act forsafeguarding of the assets of the Company and for preven ng and detec ng frauds and otherirregulari es; selection and applica on of appropriate accoun ng policies; makingjudgments and es mates that are reasonable and prudent; and the design implementa on andmaintenance of adequate internal financial control that were Operating e ec vely forensuring the accuracy and completeness of the accoun ng records relevant to the preparaon and presenta on of the financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accoun ngand audi ng standards and ma ers which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Audi ng issued by the Ins tute of Chartered Accountantsof India as specified under Sec on 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the 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 judgmentincluding 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’s prepara onof the financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evalua ng theappropriateness of accoun ng policies used and the reasonableness of the accoun ng esmates made by the Company’s Directors as well as evalua ng the overall presenta onof the financial statements. We believe that the audit evidence we have obtained is sucient and appropriate to provide a basis for our audit opinion on the standalone financialstatements.

Opinion

In our opinion and to the best of our informa on and according to the explana ons givento us the standalone financial statements give the informa on required by the Act in themanner so required and give a true and fair view in conformity with the accoun ngprinciples generally accepted in India of the state of a airs of the Company as at March31 2017 its loss 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-sec on (11) of secon 143 of the Act we give in the Annexure 1 a statement on the ma ers specified inparagraphs 3 and 4 of the Order.

2. As required by sec on 143 (3) of the Act we report that:

(a) We have sought and obtained all the informa on and explana ons which to the best ofour 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 theCompany so far as it appears from our examina on of those books;

(c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone financial statements comply with theAccoun ng Standards specified under sec on 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 and the Companies (Accoun ng Standards) Amendment Rules2016;

(e) On the basis of wri en representa ons received from the directors as on March 312017 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of sec on 164 (2) of theAct;

(f) With respect to the adequacy of the internal financial controls over financialReporting of the Company and the Operating e ec veness of such controls refer to ourseparate Report in "Annexure 2" to this report;

(g) With respect to the other ma ers 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 informa on and according to the explana ons given to us:

i. The Company has disclosed the impact of pending li ga ons on its financial Positionin its financial statements – Refer Note 21 to the standalone financial statements;

ii. The Company did not have any long-term contracts including deriva ve contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Educaon and Protec on Fund by the Company.

iv. The Company has provided requisite disclosures in Note 30 to these standalonefinancial statements as to the holding of Specified Bank Notes on November 8 2016 andDecember 30 2016 as well as dealings in Specified Bank Notes during the period fromNovember 8 2016 to December 30 2016. Based on our audit procedures and relying on themanagement representa on regarding the holding and nature of cash transac ons includingSpecified Bank Notes we report that these disclosures are in accordance with the books ofaccounts maintained by the Company and as produced to us by the Management.

For S.R. Batliboi & CO. LLP

Chartered Accountants

ICAI Firm Registra on Number: 301003E/E300005

per Bhaswar Sarkar

Partner

Membership Number: 55596

Place of Signature: Kolkata

Date: May 26 2017

ANNEXURE -1

TO

THE MEMBERS OF SASTASUNDAR VENTURES LIMITED (FORMERLY MICROSEC FINANCIAL SERVICESLIMITED)

[REFERRED TO IN OUR REPORT OF EVEN DATE]

(i) (a) The Company has maintained proper records showing full Particularsincluding quan ta ve details and situa on of fixed assets.

(b) Fixed assets were physically verified by the management during the year and nomaterial discrepancies were no ced on such verifica on.

(c) According to the informa on and explana ons given by the management the tle deedsof immovable proper es included in fixed assets are held in the name of the Company.

(ii) The Company is a Core Investment Company and is not required to maintaininventory. Consequently the requirements of paragraph 3 (ii) of the Companies(Auditor’s report) Order 2016 ("the Order") are not applicable to theCompany and hence not commented upon.

(iii) (a) The Company has granted loans to a company covered in the registermaintained under sec on 189 of the Companies Act 2013. In our opinion and according tothe informa on and explana ons given to us the terms and condi ons of the grant of suchloans are not prejudicial to the company's interest.

(b) The Company has granted loans that are re-payable on demand to a company coveredin the register maintained under sec on 189 of the Companies Act 2013. We are informedthat the company upon demand has received repayment of such loan during the year andthere has been no default on the part of the party to whom the money has been lent. Thepayment of interest has been regular.

(c) There are no amounts of loans granted to companies firms or other par es listed inthe register maintained under sec on 189 of the Companies Act 2013 which are overdue formore than ninety days.

(iv) In our opinion and according to the informa on and explana ons given to usprovisions of sec on 185 and 186 of the Companies Act 2013 where applicable in respect ofloans given investments made guarantees and securi es given in respect of financialassistance obtained by the wholly owned subsidiaries from banks have been complied with bythe Company.

(v) The Company has not accepted any deposits within the meaning of Sec ons 73 to76 of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended).Accordingly the provisions of clause 3(v) of the Order are not applicable.

(vi) To the best of our knowledge and as explained the Central Government has notprescribed the maintenance of cost records under sec on 148(1) of the Companies Act 2013for the services rendered by the Company.

(vii) (a) The Company is regular in deposi ng with appropriate authori esundisputed statutory dues including provident fund income-tax service tax cess andother material statutory dues applicable to it. During the year the Company did not haveany dues towards sales tax employee’s state insurance duty of customs duty ofexcise and value added tax.

(b) According to the informa on and explana ons given to us no undisputed amountspayable in respect of provident fund income-tax service tax cess and other materialstatutory dues were outstanding at the year end for a period of more than six monthsfrom the date they became payable. During the year the Company did not have any duestowards sales tax employees’ state insurance duty of customs duty of excise andvalue added tax.

(c) According to the records of the Company the dues outstanding of income-tax andservice tax on account of any dispute are as follows:

Name of the statute Nature of dues Amount (Rs.) Period to which the amount relates Forum where dispute is pending
The Income Tax Act 1961 Disallowances of certain expenses 51611 Assessment Year 2012-13 Commissioner of Income Tax (Appeals)
The Income Tax Act 1961 Disallowances of certain expenses 5318451 Assessment Year 2009-10 Hon’ble High Court of Calcua
Finance Act 1994 Service Tax 6076073 Financial Year 2007-08 2008-09 2009-10 2010- 11 2011-2012 Customs Central Excise and Service Tax Appellate Tribunal

According to the informa on and explana on given to us there are no dues towards salestax duty of customs duty of excise and value added tax which have not been deposited onaccount of any dispute.

(viii) Based on our audit procedures and as per the informa on and explana onsgiven by the management the Company did not have any outstanding dues to a financial instu on banks or government. There were no outstanding debentures during theyear.Accordingly the provisions of paragraph 3 (viii) are not applicable to the Companyand hence not commented upon.

(ix) According to the informa on and explana ons given by the management theCompany has not raised any money by way of ini al public o er further public o er debtinstruments or term loans.Consequently Reporting under clause (ix) is not applicable tothe Company and hence not commented upon.

(x) Based upon the audit procedures performed for the purpose of Reporting the trueand fair view of the financial statements and according to the informa on and explana onsgiven by the management we report that no fraud by the Company or no fraud on the Companyby the Officers and employees of the Company has been no ced or reported during the year.

(xi) According to the informa on and explana ons given by the management themanagerial remunera on has been paid / provided in accordance with the requisite approvalsmandated by the provisions of sec on 197 read with Schedule V to the Companies Act 2013.

(xii) In our opinion the Company is not a nidhi company. Therefore the provisionsof clause 3(xii) of the order are not applicable to the Company and hence not commentedupon.

(xiii) According to the informa on and explana ons given by the management transacons with the related par es are in compliance with sec on 177 and 188 of Companies Act2013 where applicable and the details have been disclosed in the notes to the financialstatements as required by the applicable accoun ng standards.

(xiv) According to the informa on and explana ons given to us and on an overallexamina on of the balance sheet the Company has not made any preferen al allotment orprivate placement of shares or fully or partly conver ble debentures during the year underreview and consequently Reporting requirements under clause 3(xiv) are not applicable tothe Company and not commented upon.

(xv) According to the informa on and explana ons given by the management theCompany has not entered into any non-cash transac ons with directors or persons connectedwith him.

(xvi) As fully explained under Note 27 to the financial statements the Company isnot required to obtain registra on under the provisions of sec on 45-IA of the ReserveBank of India Act 1934.

For S. R. Batliboi & CO. LLP

Chartered Accountants

ICAI Firm Registra on Number: 301003E/E300005

per Bhaswar Sarkar

Partner

Membership Number: 55596

Place of Signature: Kolkata

Date: May 26 2017

ANNEXURE - 2 TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE STANDALONEFINANCIAL STATEMENTS OF SASTASUNDAR VENTURES LIMITED (FORMERLY MICROSEC FINANCIAL SERVICESLIMITED)

Report on the Internal Financial Controls under Clause (i) of Sub-sec on 3 of Sec on143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial Reporting of SastasundarVentures Limited (formerly Microsec Financial Services Limited) ("the Company")as of March 31 2017 in conjunc on with our audit of the standalone financial statementsof 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 essen al components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Ins tute of Chartered Accountants of India. These responsibili es includethe design implementa on and maintenance of adequate internal financial controls thatwere Operating e ec vely for ensuring the orderly and e cient conduct of its businessincluding adherence to the Company’s policies the safeguarding of its assets thepreven on and detec on of frauds and errors the accuracy and completeness of the accounng records and the mely prepara on of reliable financial informa on as required underthe 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 Audi ng as specified under sec on143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls and both issued by the Ins tute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial Reporting was established and maintained and if suchcontrols operated e ec vely 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 Operating e ecveness. 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 tes ng and evalua ng the designand Operating e ec veness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgement 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 su cient and appropriate toprovide a basis for our audit opinion on the internal financial controls system overfinancial 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 theprepara on of financial statements for external purposes in accordance with generallyaccepted accoun ng 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 transac ons anddisPositions of the assets of the company; (2) provide reasonable assurance that transacons are recorded as necessary to permit prepara on of financial statements in accordancewith generally accepted accoun ng principles and that receipts and expenditures of thecompany are being made only in accordance with authorisa ons of management and directorsof the company; and (3) provide reasonable assurance regarding preven on or mely detec onof unauthorised acquisi on use or disPosition of the company's assets that could have amaterial e ect on the financial statements.

Inherent Limita ons of Internal Financial Controls Over Financial Reporting

Because of the inherent limita ons 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 projec ons of any evalua on 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 condi ons 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 e ec vely as at March 31 2017 based on theinternal control over financial Reporting criteria established by the Company consideringthe essen al components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Ins tute of CharteredAccountants of India.

For S. R. Batliboi & CO. LLP

Chartered Accountants

ICAI Firm Registra on Number: 301003E/E300005

per Bhaswar Sarkar

Partner

Membership Number: 55596

Place of Signature: Kolkata

Date: May 26 2017