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Sumedha Fiscal Services Ltd.

BSE: 530419 Sector: Financials
NSE: N.A. ISIN Code: INE886B01012
BSE LIVE 15:45 | 17 Nov 42.20 -0.50
(-1.17%)
OPEN

41.25

HIGH

43.95

LOW

41.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 41.25
PREVIOUS CLOSE 42.70
VOLUME 24217
52-Week high 49.00
52-Week low 13.20
P/E 7.43
Mkt Cap.(Rs cr) 34
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 41.25
CLOSE 42.70
VOLUME 24217
52-Week high 49.00
52-Week low 13.20
P/E 7.43
Mkt Cap.(Rs cr) 34
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sumedha Fiscal Services Ltd. (SUMEDHAFISCAL) - Auditors Report

Company auditors report

To the Members of SUMEDHA FISCAL SERVICES LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of SUMEDHA FISCALSERVICES LIMITED (‘the Company’) which comprise the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss and the Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Standalone 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 preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards 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 the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the 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 financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial 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 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 but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors 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 on the standalone financial statement

Opinion

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:

(a) in the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2016; (b) in the case of the Statement of Profit and Loss of the profit for theyear ended on that date; and (c) in the case of the Cash Flow Statement of the cash flowsfor 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-section (11) ofsection 143 of the Act we give in the Annexure A a statement on the matters specified inthe paragraph 3 and 4 of the 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 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 sheetthe statement of profit and loss and the cash flow statement dealt with by this Report arein agreement with the books of account; (d) in our opinion the aforesaid standalonefinancial statements comply with the Accounting Standards specified under Section 133 ofthe Act read with Rule 7 of the Companies (Accounts) Rules 2014; (e) on the basis of thewritten representations received from the directors as on 31 March 2016 and taken onrecord by the Board of Directors none of the directors is disqualified as on 31 March2016 from being appointed as a director in terms of Section 164 (2) of the Companies Act2013.

(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"; and (g) with respect to the other matters to beincluded in the Auditor’s Report in accordance with Rule 11 of the Companies (Auditand Auditors) Rules 2014 in our opinion and to the best of our information and accordingto the explanations given to us: i. The Company does not have any pending litigationswhich would impact its financial position. ii. The Company did not have any long-termcontracts including derivative contracts for which there were any foreseeable losses. iii.There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

For ARSK & ASSOCIATES
Chartered Accountants
Firm's Reg. No. : 315082E
CA. Ravindra Khandelwal
Place: Kolkata Partner
Date: 28th May 2016 Membership No. 054615

ANNEXURE - A TO THE AUDITORS’ REPORT

The Annexure A referred to in our Independent Auditors’ Report to the members ofthe SUMEDHA FISCAL SERVICES LIMITED on the standalone financial statements for the yearended 31st March 2016.

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

1. a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. b) The fixed assets have beenphysically verified by the management during the year which in our opinion isreasonable having regard to the size of the company and the nature of its assets. Asinformed no material discrepancies were noticed on such verification. c) According to theinformation and explanations given to us and on the basis of our examination of therecords of the Company the title deeds of immovable properties are held in the name ofthe Company.

2. The management has conducted the physical verification of inventory at reasonableintervals during the year.

As informed no material discrepancies were noticed on such physical verification.

3. According to the information and explanation given to us the Company has grantedunsecured loan to its subsidiary company covered in the register maintained under section189 of the Companies’ Act 2013. a) The terms and condition of the grant of such loanare not prejudicial to the company’s interest. b) In respect of aforesaid unsecuredloan the principal amount is repayable on demand and receipt of interest is regular. c)There are no overdue for more than ninety days in respect of the loans granted to itsSubsidiary Company.

4. In respect of loans investments guarantees and security the company has compliedwith the provisions of section 185 and 186 of the Companies Act 2013.

5. The Company has not accepted any deposits from the public within the meaning ofSection 73 to 76 or any other relevant provisions of the Act and the rules framed thereunder.

6. The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company.

7. (a) According to the information and explanations given to us and the books andrecords examined by us the company is regular in depositing with the appropriateauthorities the undisputed statutory dues relating to Provident Fund Employees StateInsurance Income tax Sales Tax Wealth Tax Service Tax Duty of Customs Duty ofExcise Value Added Tax Cess and other statutory dues as applicable to it have beenregularly deposited during the year by the Company with the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of Income tax Service Tax Cess and other material statutory dues werein arrears as at 31 March 2016 for a period of more than six months from the date theybecame payable.

(b) According to the information and explanations given to us there are no dues ofincome tax service tax sales tax wealth-tax custom duty excise duty and cess whichhave not been deposited on account of any dispute except as under :

Name of the statute Nature of dues Amount (Rs.) Period to which the amount relates Forum where dispute is pending
Income-tax Act 1961 Income Tax 115615 AY 2008-09 Commissioner of Income Tax (Appeals)

8. The Company has not defaulted in repayment of loans or borrowing to financialinstitution bank or to debenture holders.

9. In our opinion and according to the information and explanation given to us theCompany has not raised money by way of initial public offer or further public offer andhas applied the term loans for the purpose for which the loans have been obtained.

10. According to the information and explanations given to us no material fraud on orby the Company has been noticed or reported during the course of our audit.

11. According to the information and explanations given to us managerial remunerationhas been paid / provided in accordance with the requisite approvals mandated by theprovisions of section 197 read with schedule V to the Companies Act.

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

13. All transactions with the related parties held in the Company are in compliancewith section 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the Financial Statements etc. as required by the applicable accountingstandards.

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

15. 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.

16. In our opinion and as per information and explanation provided the company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For ARSK & ASSOCIATES
Chartered Accountants
Firm's Reg. No. : 315082E
CA. Ravindra Khandelwal
Place: Kolkata Partner
Date: 28th May 2016 Membership No. 054615

ANNEXURE - B TO THE AUDITORS’ REPORT

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 SUMEDHAFISCAL SERVICES LIMITED ("the Company") as of March 31 2016 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 responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company’s policies the safeguarding of its assetsthe prevention 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.

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 Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor’s judgement including the assessment of the risks of materialmisstatement 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 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 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 2016 based on"the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India".

For ARSK & ASSOCIATES
Chartered Accountants
Firm's Reg. No. : 315082E
CA. Ravindra Khandelwal
Place: Kolkata Partner
Date: 28th May 2016 Membership No. 054615