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Shivansh Finserve Ltd.

BSE: 539593 Sector: Financials
NSE: N.A. ISIN Code: INE728Q01014
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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.75
PREVIOUS CLOSE 1.75
VOLUME 20
52-Week high 12.75
52-Week low 1.34
P/E 15.91
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.75
Sell Qty 85.00
OPEN 1.75
CLOSE 1.75
VOLUME 20
52-Week high 12.75
52-Week low 1.34
P/E 15.91
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.75
Sell Qty 85.00

Shivansh Finserve Ltd. (SHIVANSHFINSERV) - Auditors Report

Company auditors report

TO THE MEMBERS OF

SHIVANSH FINSERVE LIMITED (Formerly Mansarovar Financial Service Ltd) Report On theFinancial Statements

We have audited the accompanying financial statements of SHIVANSH FINSERVE LIMITED(Formerly Mansarovar Finanical Services Ltd.) ("the Company") which comprisethe Balance Sheet as at 31st March 2016 the Statement of Profit and Loss forthe year ended the cash flow statement for the year ended and a summary of significantaccounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position and financialperformance of the Company in accordance with the Accounting Standards notified under theCompanies Act 1956 ("the Act") read with the General Circular 15/2013 dated 13thSeptember 2013 of the Ministry of Corporate Affairs in respect of Section 133 of theCompanies Act 2013 and in accordance with the accounting principles respect of Section133 of Companies Act 2013 and in accordance with the accounting principles generallyaccepted in India. This responsibility includes the design implementation and maintenanceof internal control relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether 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 the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall 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.

2. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner 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 31stMarch 2016 and its profit and its cash flow for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act we give in the Annexure A hereto a statement on the matters specified in theparagraphs 3 and 4 of the said Order.

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

a. we have obtained all the information and explanations which to the best of ourknowledge 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 appears from our examination of those books

c. the Balance Sheet and Statements of Profit and Loss dealt with by this Report are inagreement with the books of account.

d. in our opinion the Balance Sheet and Statement of Profit and Loss 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 written representations received from the directors as on 31stMarch 2016 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in termssection 164(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 the Companies (Audit and Auditor's) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The company has disclosed the impact of pending litigation as at 31st March2016 on its financial position in its financial statements.

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 during the year ended 31st March2016.

For Kamlesh Bhojani & Associates
Chartered Accountants
(Firm's Registration No.127505W)
S/d
(KAMLESH BHOJANI)
Place : Ahmedabad (PROPRETOR)
Date : 08/09/2016 (M No. 119808)

ANNEXURE "A" TO INDEPENDENT AUDITOR'S REPORT

(Annexure referred to in paragraph 1 under the heading of "report on other Legaland Regulatory Requirements" of our report of even date to the members of ShivanshFinserve Ltd. (Formerly Mansarovar Financial Service Ltd) on the Standalone FinancialStatements for the year ended 31st March 2016)

i. In respect to Fixed assets:

The Company does not have any Fixed Assets so this clause is not Applicable.

ii. In respect of its inventories:

The Company does not have any Inventories so this clause is not applicable.

iii. In our opinion the Company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 189 ofthe Act.

iv. In our opinion and according to the information and explanations given to us thecompany has not made any investments loans and guarantees under section 185 and 186 ofthe Companies Act

v. The Company has not accepted any deposit during the year. Therefore the provisionsof clause (v) of paragraph 3 of the said Order are not applicable to the company.

vi. According to the information and explanations given to us Central Government hasnot prescribed maintenance of cost records under sub-section (1) of Section 148 of the Actin respect of activities carried on by the company. Therefore the provisions of clause(vi) of paragraph 3 of the said Order are not applicable to the company.

vii. In respect to Statutory dues:

a. According to the records of the company the company has been generally regularduring the year in depositing undisputed statutory dues including Provident FundEmployees' State Insurance Income tax Sales tax Wealth tax Service tax Customs DutyExcise Duty Value Added tax Cess and any other statutory dues as applicable to it withthe appropriate authorities. According to the information and explanations given to us noundisputed amounts payable in respect of such statutory dues were outstanding as at 31stMarch 2016 for a period of more than six months from the date of becoming payable.

b. In our opinion and according to the information and explanations given to us thereare no disputed dues in respect of sales tax Income Tax excise duty Service Tax Cessand other statutory dues payable by the company as on 31st March 2016.

viii. In our opinion and according to the information and explanation given to us thecompany has not defaulted in the repayment of loans or borrowing to banks or financialinstitutions. The company has not issued any debentures.

i. The company did not raise any money by way of public offer or Further Public Offer(including debt Instrument) and term loan during the year.

x. Based upon the audit procedures performed for the purposes of reporting the true andfair view of the Standalone Financial Statements and as per the information andexplanations even by the management we report that no fraud by the Company and nomaterial fraud on the Company has been noticed or reported during the course of our audit.

xi. According to the information and explanations given to us and based on ourexamination of the records of the company the company has not paid or provided managerialremuneration. Therefore this clause is not applicable

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

xiii. In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial statements as required by the applicable Accounting Standards.

xiv. Based upon the audit procedure performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year.

xv. Based upon the audit procedures performed and the information and explanation givenby the management the company has not entered into any non-cash transactions withdirectors or persons connected with him.

Accordingly the provisions of clause 3(xv) of the order are not applicable to thecompany and hence not commented upon.

xvi. In our opinion the company is not required to be registered under section 45IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3(xvi) ofthe order are not applicable to the company and hence not commented upon.

For Kamlesh Bhojani & Associates
Chartered Accountants
(Firm's Registration No.127505W)
S/d
(KAMLESH BHOJANI)
Place : Ahmedabad (PROPRETOR)
Date : 08/09/2016 (M No. 119808)

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph (f) under 'Report on Other Legal and Regulatory Requirements'of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSubsection 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ShivanshFinserve Ltd. (Formerly Mansarovar Financial Service Ltd) ("the Company") as ofMarch 31 2016 in conjunction with our audit of the standalone financial statements of theCompany 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. 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 the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information 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") issued by the Institute of Chartered Accountants of Indiaand the Standards on Auditing prescribed under Section 143(10) of the Companies Act 2013to the extent applicable to an audit of internal financial controls. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 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 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 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2016 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For Kamlesh Bhojani & Associates
Chartered Accountants
(Firm's Registration No.127505W)
S/d
(KAMLESH BHOJANI)
Place : Ahmedabad (PROPRETOR)
Date :08/09/2016 (M No. 119808)