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Savani Financials Ltd.

BSE: 511577 Sector: Financials
NSE: N.A. ISIN Code: INE304E01010
BSE LIVE 14:38 | 17 Nov 11.27 0.52
(4.84%)
OPEN

11.00

HIGH

11.27

LOW

10.28

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 11.00
PREVIOUS CLOSE 10.75
VOLUME 116
52-Week high 14.69
52-Week low 6.35
P/E 53.67
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 11.27
Sell Qty 206.00
OPEN 11.00
CLOSE 10.75
VOLUME 116
52-Week high 14.69
52-Week low 6.35
P/E 53.67
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 11.27
Sell Qty 206.00

Savani Financials Ltd. (SAVANIFINANCIAL) - Auditors Report

Company auditors report

TO THE MEMBERS OF

SAVANI FINANCIALS LIMITED

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of SAVANIFINANCIALS LIMITED ("the Company") which comprise the Balance Sheet as at31st March 2017 the Statement of Profit and Loss the Cash Flow Statement for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Standalone Financial Statements.

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone 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 of 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.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4. 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.

5. 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.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the 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.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

8. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2017 its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. 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 paragraphs 3 and 4 of the Order.

10. 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 it 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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (2) of the Act.

(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";

(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 has no pending litigations as at 31st March 2017;

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

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

iv. The Company did not have any holdings or dealings in Specified Bank Notes duringthe period from 8th November 2016 to 30th December 2016.– Refer Note 11[F].

For SCA AND ASSOCIATES
Chartered Accountants
(Firm Regn. No. 101174W)
(Samir Gaglani)
Place : Mumbai Partner
Date : 29th May 2017 Mem. No.117496

"ANNEXURE A" TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THESTANDALONE FINANCIAL STATEMENTS OF SAVANI FINANCIALS LIMITED

i) The company has no Fixed Assets during the year hence the requirements of clause3(i) (a) to (c) are not applicable to the company.

ii) In respect of its inventories: The company has not carried any inventory during theyear. Accordingly clauses 3(ii) of the Order are not applicable.

iii) According to the information and explanations given to us the company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under section 189 of the Act. Accordingly the clauses 3(iii) (a)to (c) of the Order are not applicable;

iv) According to the information and explanations given to us the Company has noloans investments and guarantees covered by the provisions of section 185 and 186 of theCompanies Act 2013. Accordingly the clause 3(iv) is not applicable to the company.

v) The Company has not accepted any deposit from public. We are informed by themanagement that no order has been passed by the Company Law Board or National Company LawTribunal or Reserve Bank of India or any court or any other Tribunal.

vi) We are informed that the Central Government has not prescribed the maintenance ofCost records pursuant to the rules made under section 148 (1) of the Act 2013.

vii) a) The company is regular in depositing undisputed statutory dues includingProvident Fund Employees’ State Insurance Income Tax Sales-Tax Wealth TaxService Tax duty of customs duty of excise value added tax cess and any otherstatutory dues with appropriate authorities where applicable. According to theinformation and explanations given to us there are no undisputed amounts payable inrespect of such statutory dues which have remained outstanding as at 31st March 2017 fora period of more than six months from the date they became payable.

b) According to the records of the company there are no dues outstanding in respect ofincome-tax sales-tax wealth-tax service tax duty of customs duty of excise valueadded tax and cess on account of any dispute.

viii) The company does not have any borrowings from Financial Institutions or bank orby way of debentures.

ix) The Company has neither raised money by way of initial public offer nor the Companyhas obtained any term loans. Accordingly the clauses 3(ix) of the Order is notapplicable.

x) On the basis of our examination and according to the information and explanationsgiven to us no fraud by the Company or any fraud on the company by its officers oremployees has been noticed or reported during the year nor have we been informed of anysuch case by the management.

xi) On the basis of our examination and according to the information and explanationsgiven to us the company has not paid managerial remuneration accordingly the provisionsof section 197 read with schedule V of the Companies Act 2013 are not applicable.

xii) In our opinion the company is not a Nidhi Company. Therefore the provisions ofclause 3(xii) of the Order are not applicable to the company.

xiii) According to the information and explanations given to us the Company has notdealt in any transactions with the related parties therefore provisions of Section 188and 177 of the Companies Act 2013 are not applicable to the Company.

xiv) According to the information and explanations given to us the Company has notmade any preferential allotment / private placement of shares or fully or partlyconvertible dentures during the year under review. Accordingly the requirements ofSection 42 of the Companies Act 2013 are not applicable.

xv) According to the information and explanations given to us the Company has notentered into any non-cash transactions with the directors or persons connected with him.Accordingly provisions of Section 192 of the Companies Act 2013 are not applicable.

xvi) The Company being a Non-Banking Financial Company (NBFC) is registered withReserve Bank of India (RBI) as per the requirements of Section 45-IA of the Reserve Bankof India Act 1934.

For SCA AND ASSOCIATES
Chartered Accountants
(Firm Regn. No. 101174W)
(Samir Gaglani)
Place : Mumbai Partner
Date : 29th May 2017 Mem. No.117496

"ANNEXURE B" TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THESTANDALONE FINANCIAL STATEMENTS OF SAVANI FINANCIALS LIMITED

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 SAVANIFINANCIALS LIMITED ("the Company") as of March 31 2017 in conjunction withour audit 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 Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding 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.

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 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 both issued by theInstitute of Chartered Accountants of India. Those Standards and the Guidance Note requirethat 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 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 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 processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 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 March 31 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 SCA AND ASSOCIATES
Chartered Accountants
(Firm Regn. No. 101174W)
(Samir Gaglani)
Place : Mumbai Partner
Date : 29th May 2017 Mem. No.117496