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SSPN Finance Ltd.

BSE: 539026 Sector: Financials
NSE: N.A. ISIN Code: INE820R01017
BSE LIVE 19:12 | 19 Oct Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 18.00
PREVIOUS CLOSE 18.00
VOLUME 6000
52-Week high 18.50
52-Week low 17.00
P/E 40.91
Mkt Cap.(Rs cr) 3
Buy Price 17.00
Buy Qty 6000.00
Sell Price 18.50
Sell Qty 6000.00
OPEN 18.00
CLOSE 18.00
VOLUME 6000
52-Week high 18.50
52-Week low 17.00
P/E 40.91
Mkt Cap.(Rs cr) 3
Buy Price 17.00
Buy Qty 6000.00
Sell Price 18.50
Sell Qty 6000.00

SSPN Finance Ltd. (SSPNFINANCE) - Auditors Report

Company auditors report

To

The members of

SSPN FINANCE LIMITED

REPORT ON FINANCIAL STATEMENTS

We have audited the accompanying financial statements of SSPN FINANACE LIMITED ("theCompany") which comprise the Balance Sheet as at March 31 2016 the Statement ofProfit and Loss for the year then ended Cash Flow Statement for the year ended on thatdate and a summary of significant accounting policies and other explanatory information.

MANAGEMENTS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on ouraudit. 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.

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.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

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

BASIS FOR QUALIFIED OPINION

The company has not registered and enrolled itself as per the provisions of theMaharashtra State Tax on Profession Trades Calling and Employment Act 1975 whichattracts Tax Liability under the Act along with interest and penalty under the provisionsdue thereon. The extent of liability is not determinable in absence of availability ofinformation in this regards. To this extent the Profit and Loss Account balance is overstated and the Current Liabilities are under stated.

QUALIFIED OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the Basis of QualifiedOpinion paragraph above and subject matter described under "Emphasis of Matter"the financial statements give the information required by the Act in the manner sorequired and give a true and fair view in conformity with the accounting principlesaccepted in India.

a. In the case of the Balance Sheet of the state of affairs of the company as at March312016;

b. In the case of Statement of Profit and Loss of the Profit for the year ended onthat date; and

c. In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

EMPHASIS OF MATTER

Attention is invited to the following:

1. Minutes of the meeting of the Board of Directors and General Meeting of the memberswere not produced before us for our verification.

2. The Internal Audit Report for the year ended March 31 2016 has not been producedbefore us for our verification.

3. The accounting records have not been properly kept. The registers required by theCompanies Act to be kept by the company have not been properly kept in accordance with theAct.

4. The company carries on Finance Activities and hence by the guidelines issued by theReserve Bank of India the company complies to be a Non-Banking Financial Company (NBFC).This requires the company to get itself registered with the Reserve Bank of India as aNBFC but the company has not made any formal application with the Reserve Bank of Indiato get itself registered.

5. The company is carrying exceptionally large Cash Balances in the Books. This isprejudicial to the interest of the company.

6. The Company has purchased 21600 shares of Globe Commercial Limited in January 2015amounting to Rs.395000/-. The said shares have not yet been transferred in the name ofthe company.

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 Companies Act 2013 we enclose in the Annexure a statement on the matter specified inthe paragraphs 3 and 4 of the said Order.

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 purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany except for the matter referred in the "Emphasis of Matter" at point no.3 so far as appears from our examination of those books.

c) The Balance Sheet Statement of Profit and Loss and Cash Flow dealt with by thisReport are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on March312016 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164 (2) of theAct.

f) 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 does not have any pending litigations which would impact its financialposition.

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.

For PANKAJ P. SANGHAVI & CO.
Chartered Accountant
Firm Reg. No. 107356W
Sd/-
Date: 30.05.2016 (Ankit P. Sanghavi)
Place: Mumbai M.No.131353

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

The Annexure referred to in Our Report of even date to the members of SSPN FINANACELIMITED on the accounts of the company for the year ended March 31 2016. On the basis ofsuch checks as we considered appropriate and according to the information and explanationsgiven to us during the course of our audit we report that:

I. In respect of its Fixed Assets:

a) The Company has maintained Fixed Assets Register. However the same has not producedbefore us for our verification.

b) The fixed assets were physically verified during the year by the management atregular interval during the year. However the physical verification report was notproduced before us for our verification.

c) No disposal of a substantial part of fixed assets of the Company has taken placeduring the year.

II. This being a Service oriented company Clause (ii) paragraph 3 of CARO 2015 is notapplicable to the company.

III. The company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the Act.

IV. In our opinion and according to the information and explanations given to usduring the course of audit there is an adequate internal control system commensurate withthe size of the company and the nature of its business with regards to purchase of fixedassets. In our opinion and according to the information and explanations given to usthere is no continuing failure to correct major weakness in internal control system.Provision in respect of purchase of inventory and sale of goods and services is notapplicable as the company has not commenced any business activities.

V. The company has not accepted any deposits from the public in accordance with theprovisions of section 73 to 76 of the Act and the Rules framed there under.

VI. The Central Government has not prescribed the maintenance of cost records under subsection (1) of Section 148 of the Act for the business carried out by the Company.Accordingly paragraph 3 (vi) of the order is not applicable.

VII. a. According to the information and explanations given to us the Company hasdelayed in depositing undisputed statutory dues including Income Tax and other statutorydues with the appropriate authorities.

The company has not registered and enrolled itself as per the provisions of theMaharashtra State Tax on Profession Trades Calling and Employment Act 1975 whichattracts Tax Liability under the Act. The extent of liability is not determinable inabsence of availability of information in this regards.

b. According to the information and explanations given to us there are no statutorydues which have not been deposited with the appropriate authorities on account of anydispute.

c. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund in accordance with the relevant provisions of the CompaniesAct 1956 (1 of 1956) and rule made there under.

VIII. The Company does not have accumulated losses at the end of the financial year.Accordingly Paragraph 3 (viii) of the Order is not applicable.

IX. The Company has not defaulted in repayment of dues to a Financial Institution orBank.

X. The Company has not given any guarantees for loan taken by others from bank andfinancial institutions. Accordingly Paragraph 3 (x) of the Order is not applicable.

XI. In our opinion according to the information and explanations given to us thecompany has not taken any term loan from the banks and financial institutions.Accordingly Para 3 (xi) of the Order is not applicable.

XII. During the course of our examination of books and records of the Company carriedout in accordance with generally accepted auditing practices in India and according tothe information and explanations given to us we have neither come across any instances ofmaterial fraud on or by the Company noticed or reported during the year nor have we beeninformed of such case by the management.

For PANKAJ P. SANGHAVI & CO.
Chartered Accountant
Firm Reg. No. 107356W
Sd/-
Date: 30.05.2016 (Ankit P. Sanghavi)
Place: Mumbai M.No.131353