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S I Capital & Financial Services Ltd.

BSE: 530907 Sector: Financials
NSE: N.A. ISIN Code: INE417F01017
BSE 00:00 | 18 Feb 12.70 0
(0.00%)
OPEN

12.70

HIGH

12.70

LOW

12.70

NSE 05:30 | 01 Jan S I Capital & Financial Services Ltd
OPEN 12.70
PREVIOUS CLOSE 12.70
VOLUME 100
52-Week high 14.94
52-Week low 5.75
P/E
Mkt Cap.(Rs cr) 4
Buy Price 12.70
Buy Qty 100.00
Sell Price 13.47
Sell Qty 200.00
OPEN 12.70
CLOSE 12.70
VOLUME 100
52-Week high 14.94
52-Week low 5.75
P/E
Mkt Cap.(Rs cr) 4
Buy Price 12.70
Buy Qty 100.00
Sell Price 13.47
Sell Qty 200.00

S I Capital & Financial Services Ltd. (SICAPFIN) - Auditors Report

Company auditors report

To The Members of

SI CAPITAL & FINANCIAL SERVICES LIMITED CHENNAI

1. I have audited the accompanying financial statements of SI Capital& Financial Services Limited (‘the Company') which comprise the Balance Sheet asat March 31 2018 the Statement of Profit and Loss the Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

Management's responsibility for the Financial Statements

2. The Company's Board of Directors is responsible for the mattersstated in section 134 (5) of the

Companies Act 2013 ( "the Act")with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theAccounting 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 adequateaccounting records in accordance with the 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 judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial control that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditors Responsibility

3. My responsibility is to express an opinion on these financialstatements based on my audit.

4. I 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 thereunder.

5. I conducted my audit in accordance with the Standards on Auditingspecified under section 143(10) of the Act and other applicable pronouncements issued bythe Institute of Chartered Accountants of India. Those Standards and pronouncementsrequire that I comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

6. An audit involves performing procedures to obtain audit evidenceabout the amounts and disclosures in the financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the financial statements that give true and fair view in order todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on whether the Company has in place an adequate internalfinancial controls systems over financial reporting and the operating effectiveness ofsuch controls. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by the company'sdirectors as well as evaluating the overall presentation of the financial statements.

7. I believe that the audit evidence I have obtained is sufficient andappropriate to provide a basis for my audit opinion on the financial statements.

Opinion

8. In my opinion and to the best of my information and according to theexplanations given to me the aforesaid 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 31 2018 and its profitand its cash flows for the year ended on thatdate.

a) In the case of the Balance Sheet of the state of affairs of theCompany as at March 31 2018 ; b) In the case of the Statement of Profit and Loss of theprofit for the year ended on that date ‘ and c) In the case of the Cash FlowStatement of the 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(‘the Order') issued by the Central Government of India in terms of sub-section (11)of section 143 of the Act (the "Order") and on the basis of such checks of thebooks and records of the company as I considered appropriate and according to theinformation and explanations given to me I give in the Annexure A a statement on thematters specified in paragraph 3 and 4 of the Order.

10. As required by section 143(3) of the Act I report that: a. I havesought and obtained all the information and explanations which to the best of my knowledgeand belief were necessary for the purpose of my audit; b. in my opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from myexamination of those books; c. the Balance Sheet Statement of Profit and Loss and CashFlow Statement dealt with by this report are in agreement with the books of account; d. Inmy opinion the aforesaid financial statements comply with the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014; e. on the basis of written representations received from the directors as onMarch 31 2018 and taken on record by the Board of Directors none of the directors disqualifiedas on March 31 2018 from being appointed as a director in terms of section 164(2) of theAct; 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 myseparate Report in Annexure B to this report; g. With respect to the other matters to beincluded in the Auditor's Report in accordance with Rule 11 of the Companies (Audit andAuditors) Rules 2014 as amended in my opinion and to the best of my information andaccording to the explanations given to me: i) The Company has no pending litigation on itsfinancial position in its financial statement. ii) The Company did not have any materialforeseeable losses relating to long term contracts including derivative contracts. iii)There are no amounts which are required to be transferred to the Investor Education andProtection Fund by the Company.

Sd/-A M Thomas Chartered Accountant Membership No.022119

Place : Chennai Date : 23.05.2018

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 9 of the Independent Auditors' Report of evendate to the members of SI Capital & Financial Services Limited on the financialstatements for the year ended 31 March 2018)

1. (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) According to the information and explanation given to me all thefixed assets were physically verified during the year by the Management in accordance witha regular programme of verification which in my opinion provides for physicalverification of the fixed assets at reasonable intervals. According to the information andexplanation given to me no material discrepancies were noticed on such verification.

(c) According to the information and explanation given to me and on thebasis of my examination of the records of the Company the title deeds of immovableproperty are held in the name of the Company.

2. (a) As explained to me the inventories were physically verifiedduring the year by the Management. In my opinion the frequency of the verification isreasonable

(b) In my opinion and according to the information and explanationgiven to me the procedures of physical verification of inventories followed by theManagement were reasonable and adequate in relation to the size of the Company and thenature of its business.

(c) In my opinion and according to the information and explanationsgiven to me the Company has maintained proper records of its inventories and no materialdiscrepancies were noticed on physical verificationand the same have been properly dealtwith in the books of account.

3. As informed the Company has granted unsecured loan to party coveredin the register maintained under section 189 of the Companies Act 2013.

a) The terms and conditions of the grant of such loans are notprejudicial to company's interest ; b) The repayment of principal and payment of interesthas been stipulated and the repayments and receipts are regular ; c) The amounts are notoverdue.

4. The Company has not granted any loans or provided any guarantees orsecurity to the parties covered under section 185. In my opinion and according to theinformation and explanations given to me the Company has compiled with the provisions ofsection 186 of the Companies Act 2013 in respect of investments made by it.

5. In my opinion and according to the information and explanationsgiven to me the Company has not accepted deposits from the public during the year.

6. In my opinion and according to the information and explanationsgiven to me the Central Government has not prescribed the maintenance of cost recordsunder Section 148 (1) of the Companies Act 2013 for the activities of the Company.

7. According to the information and explanations given to me inrespect of statutory dues:

(a) The Company has generally been regular in depositing undisputedstatutory dues including Provident FundIncome Tax Service Tax Valued Added Tax Goodsand Service Taxand other material statutory dues applicable to it with the appropriateauthorities.

(b) There were no undisputed amounts payable in respect of ProvidentFund Income Tax Service Tax Valued Added Tax Goods and Service Tax and other materialstatutory dues in arrears as at March 31 2018 for a period of more than six months fromthe date they became payable.

(c) According to the information and explanation given to me there areno dues in respect of Provident Fund Income Tax Service Tax Valued Added Tax Goods andService Tax that have not been deposited with the appropriate authorities on account ofany dispute.

(d) According to the information and explanations given to me noamount is required to be transferred to investor Education and Protection Fund inaccordance with the relevant provisions for the Companies Act 1956 and the rules madethere under.

8. As the Company does not have any loans or borrowings from anyfinancial institution banks government nor has it issued any debentures as at theBalance Sheet date the provisions of clause 3(viii) of the Order are not applicable.

9. The Company did not raise any money by way of initial public offeror further public offer (including debt instrument) and term loans during the year.Accordingly paragraph 3(ix) of theOrder are not applicable.

10. During the course of my examination of the books and records of theCompany carried out in accordance with the generally accepted auditing practices inIndia and according to the information and explanations given to me I have neither comeacross any instance of material fraud by the Company or on the Company by its officers oremployees noticed or reported during the year not have I been informed of any such caseby the management 11. According to the information and explanation given to me and basedon my examination of the records of the Company the Company has paid / provided formanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of Section 197 read with Schedule V to the Act.

12. In my opinion and according to the information and explanationsgiven to me the Company is not a nidhiCompany. Accordingly paragraph 3(xii) of the Orderare not applicable.

13. According to the information and explanations given to me and basedon my examination of the records of the company transactions with related parties are incompliance with Section 177 and Section 188 of the Act where applicable and details ofsuch transactions have been disclosed in the financial statements as required by theapplicable accounting standards.

14. The Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3(xiv) of the Order are not applicable tothe Company.

15. The Company has not entered into any non-cash transactions with itsdirectors or persons connected with him. Accordingly the provisions of Clause 3(xv) ofthe Order are not applicable to the Company.

16. The Company was registered as Non Deposit Accepting Non-BankingFinancial Company. The Company is registered under Section 45-IA of the Reserve Bank ofIndia Act 1934.

Sd/-

A M Thomas Chartered Accountant Membership No.022119

Place : Chennai Date : 23.05.2018

ANNEXURE B TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 10(f) of the Independent Auditors' Report ofeven date to the members of SI

Capital & Financial Services Limited on the financial statementsfor the year ended 31 March 2018)

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

1. I have audited the internal financial controls over financialreporting of SI Capital & Financial Services Limited ("the Company") as ofMarch 31 2018 in conjunction with my audit of the financial statements of the Company forthe year ended on that date.

Management's Responsibility for Internal Financial Controls

2. The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India (ICAI).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

3. My responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on my audit. I conducted my audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under Section 143(10) of the Companies

Act 2013 to the extent applicable to an audit of internal financialcontrols both applicable to an audit of Internal Financial Controls and both issued bythe ICAI. Those Standards and the Guidance Note require that I 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.

4. My audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial controls system over financial reporting andtheir operating effectiveness. My audit of internal financial controls over financialreporting included obtaining an understanding of internal financial controls overfinancial reporting assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error.

5. I believe that the audit evidence I have obtained is sufficient andappropriate to provide a basis for my audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

6. A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 FinancialReporting

7. Because of the inherent limitations of internal financial controlsover financial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

8. In my opinion the Company has in all material respects anadequate internal financial control system over financial reporting and such internalfinancial controls over financial reporting were operating effectively as at March 312018 based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls over Financial Reporting issued by theInstitute of Chartered Accountants of India.

Sd/-

A M Thomas Chartered Accountant Membership No.022119

Place

Chennai

Date

23.05.2018