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Som Datt Finance Corporation Ltd.

BSE: 511571 Sector: Financials
NSE: SOMDUTTFIN ISIN Code: INE754C01010
BSE 00:00 | 20 Apr 4.55 0
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NSE 05:30 | 01 Jan Som Datt Finance Corporation Ltd
OPEN 4.55
PREVIOUS CLOSE 4.55
VOLUME 800
52-Week high 7.63
52-Week low 4.37
P/E 35.00
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.55
CLOSE 4.55
VOLUME 800
52-Week high 7.63
52-Week low 4.37
P/E 35.00
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Som Datt Finance Corporation Ltd. (SOMDUTTFIN) - Auditors Report

Company auditors report

To The Members of M/s Som Datt Finance Corporation Limited REPORT OF THE STANDALONEFINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of SOM DATT FINANCECORPORATION LIMITED ("the Company") which comprise the Balance Sheet as atMarch 31 2017 the Statement of Profit and Loss the Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation (hereinafter referred to as "standalone Ind AS financial statement).

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE IND AS FINANCIAL STATEMENTS

The Company's Board of Directors are responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance and cash flow of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ins AS) specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgement andestimates that are reasonable and prudent: and design implementation and maintenances ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the standalone Ind AS financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit. We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under.

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143 (10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurances about whether the standalone Ind AS financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the standalone Ind AS financial statements. The procedures selected dependon the auditor's judgement including the assessment of the risks of material misstatementof the standalone Ind AS financial statements whether due to fraud or error. In makingthose risk assessments the auditor considers internal financial control relevant to theCompany's preparation of the standalone Ind AS financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstancesbut not for the purpose of expressing an opinion on whether the Company has in place anadequate internal financial controls system over financial reporting and the operatingeffectiveness of such controls. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made by theCompany's Board of Directors as well as evaluating the overall presentation of thestandalone Ind AS financial statements.

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

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 312017 and its profit and its cash flows for the year ended on thatdate.

EMPHASIS OF MATTERS

We draw the attention to the following notes :

a) The Company has not appointed any internal auditor as required by Section 138 (1)and related notified (Accounts) Rules 13 (a) ofthe Companies Act 2013.

b) The Company has failed to appoint to appoint a Whole-time Company Secretary asrequired under section 203 (1) of the Companies Act 2013 read with Rule 8 of Companies(Appointment & Remuneration of Managerial Personnel) 2014.

Our opinion is not qualified in respect of these matters.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditors' Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section 11 of Section 143 of theAct we give in the "Annexure - A" a statement on the matters specified inparagraph 3 & 4 ofthe Order to the extent applicable.

2. 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 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 examination ofthose 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 accounts.

d) In our opinion aforesaid standalone Ind AS financial statement comply with theAccounting Standards referred to in Section 133 ofthe Act read with Rule 7 oftheCompanies (Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on March31 2017 and taken on record by the Board of Directors none of the directors isdisqualified on March 31 2017 from being appointed as a director in terms of Section164(2) ofthe 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 other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us :

i. There were no pending litigations which would impact the financial position ofthestandalone Ind AS financial statements.

ii. Provision has been made in the standalone Ind AS financial statements as requiredunder the applicable law or accounting standards for material foreseeable losses if anyon long term contracts including derivative contracts.

iii. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in the standalone Ind AS financialstatements as regards its holding and dealings in Specified Bank Notes defined in theNotification S.O. 3407(E) dated November 8 2016 of the Ministry of Finance during theperiod from November 8 2016 to December 30 2016. Based on the audit procedures performedand the representations provided to us by the management we report that the disclosuresare in accordance with the books of account maintained by the Company and as produced tous by the Management.

For A.S.GUPTA & CO.
CHARTERED ACCOUNTANTS
Firm Registration No : 302077E
S. N. CHAUDHURI
Place : Kolkata Partner
Date : 30th May 2017 Membership No : 08158

Annexure A to the Independent Auditors' Report

Referred to in paragraph 1 under "Report on Other Legal and RegulatoryRequirements" of our report of even date.

i) In respect of its fixed assets:

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

(b) The management during the year has not physically verified all the assets but thereis a regular programme of verification which in our opinion is reasonable having regardto the size of the Company and nature of its assets. No material discrepancies werenoticed on such verification.

(c) in our opinion and according to information and explanations given to us and on thebasis of the records of the Company the title deeds ofthe immovable properties are heldin the name ofthe Company.

ii) The management has physically verified the stock of shares during the year. In ouropinion frequency of the verification is reasonable.The discrepancies noticed on physicalverification of shares as compared to book records were not material and have beenproperly dealt with in the books of account.

iii) In our opinion and according to the information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firms LimitedLiability Partnership or other parties covered in the Register maintained under Section189 of the Companies Act 2013. Accordingly paragraph 3(v) of the Order is not applicableto the Company.

iv) In our opinion and according to the information and explanations given to us theCompany has complied with provisions of Section 185 and 186 of Companies Act 2013 inrespect of loans investments guarantees and security.

v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from public during the year in terms of theprovisions of Sections 73 to 76 or any other relevant provisions of the Act and the rulesframed thereunder. Accordingly paragraph 3(v) ofthe Order is no applicable to theCompany.

vi) In our opinion and according to the information and explanations given to us theCentral Government has not prescribed maintenance of cost records under sub-section 1 ofSection 148 of the Companies Act 2013 for the products of the Company.

vii) According to the information and explanations given to us in respect of statutorydues :-

(a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employee's State Insurance Income-Tax Sales Tax Wealth TaxService Tax Custom Duty Excise Duty Cess and other statutory dues with the appropriateauthorities. According to the information and explanations given to us no undisputedamounts payable in respect of the aforesaid dues were outstanding for a period ofmore thansix months from the date they become payable as at March 312017.

(b) There are no dues in respect of Income tax Sales tax Customs Duty Excise DutyCess and other Statutory dues which have not been deposited as on March 312017 on accountof any dispute.

viii) Based on our audit procedures and on the information and explanations given bythe management we are of the opinion that the Company has not defaulted in the repaymentof dues to financial institutions or banks. The company has not issued any debentures.

ix) According to the information and explanations given to us the Company has notraised any term loans during the year. The Company has not raised money by way of initialpublic offer or further public offer (including debt instruments) during the year.

x) To the best of our knowledge and according to the information and explanations givento us no fraud by the Company and no fraud on the Company has been noticed or reportedduring the year nor have we been informed of such case by the management.

xi) According to the information and explanations given to us managerial remunerationhas been paid or provided in accordance with requisite approvals mandated by theprovisions Section 197 read with Schedule V to the Act.

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

xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the standalone Ind AS financial statements as requiredby the applicable accounting standards.

xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company theCompany has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

xvi) The Company is registered under section 45-IA of the Reserve Bank of IndiaAct1934.

For A.S.GUPTA & CO.
CHARTERED ACCOUNTANTS
Firm Registration No : 302077E
S. N. CHAUDHURI
Place : Kolkata Partner
Date : 30th May 2017 Membership No : 08158

Annexure B to the Independent Auditor's Report of Som Datt Finance Corporation Ltd.

(Refer to in paragraph 2(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) ofSub-section 3 of Section 143of the Act

We have audited the internal financial controls over financial reporting of Som DattFinance Corporation Limited ("the Company") as of March 31 2017 in conjunctionwith our audit of the standalone Ind AS financial statements of the Company for the periodended on that date

Management's Responsibility for the 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 includesdesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the 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 Act.

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 Control Over Financial Reporting(the 'Guidance Note') issued by the Institute of Chartered Accountants of India and theStandards on Auditing prescribed under Section 143(10) of the Act to the extentapplicable to an audit of internal financial controls. Those Standards and Guidance Noterequire that 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 reporting andoperating effectiveness. Our audit of internal financial controls over financial reportinginclude obtaining and understanding of internal financial controls over financialreporting assessing these risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the standalone Ind AS financial statements whether dueto fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis of our audit opinion on the Company's internal financial controls overfinancial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company's internal financial controls over financial reporting is a process ofdesigned to provide reasonable assurance regarding the reliability of financial reportingand the presentation of financial statements for purpose in accordance with generallyaccepted accounting principles. A Company's internal financial controls over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddisposition 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 of timely detection of unauthorized acquisition use or disposition ofcompany'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 to 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 controlsover 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 2017 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 A.S.GUPTA & CO.
CHARTERED ACCOUNTANTS
Firm Registration No : 302077E
S. N. CHAUDHURI
Place : Kolkata Partner
Date : 30th May 2017 Membership No : 08158