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Sastasundar Ventures Ltd.

BSE: 533259 Sector: Financials
NSE: SASTASUNDR ISIN Code: INE019J01013
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OPEN 193.00
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VOLUME 41274
52-Week high 206.60
52-Week low 59.00
P/E
Mkt Cap.(Rs cr) 652
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 193.00
CLOSE 187.85
VOLUME 41274
52-Week high 206.60
52-Week low 59.00
P/E
Mkt Cap.(Rs cr) 652
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sastasundar Ventures Ltd. (SASTASUNDR) - Auditors Report

Company auditors report

To the Members of Sastasundar Ventures Limited

Report on the Audit of the Standalone Ind AS Fifinancial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statements of SASTASUNDARVENTURES LIMITED ("the Company") which comprise the Balance sheet as atMarch 31 2020 the Statement of Pro t and Loss (including Other Comprehensive Income) theCash Flow Statement and the Statement of Changes in Equity for the year then ended andnotes to the standalone Ind AS financial statements including a summary of signi cantaccounng policies and other explanatory informaon (hereina er referred to as "thestandalone Ind AS financial statements").

In our opinion and to the best of our informaon and according to the explanaons givento us the aforesaid standalone Ind AS financial statements give the informaon required bythe Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accoun ng Standards speci ed under secon 133of the Act read with Companies (Indian Accounng Standards) Rules 2015 as amended (IndAS) and other accounng principles generally accepted in India of the state of a airs ofthe Company as at March 31 2020 its loss including other comprehensive income its cashows and changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auding (SAs) as speci ed under secon 143(10) of the Act. Ourresponsibilies under those Standards are further described in the ‘Auditor'sResponsibilies for the Audit of the Standalone Ind AS Fifinancial Statements' secon of ourreport. We are independent of the Company in accordance with the ‘Code of Ethics'issued by the Instute of Chartered Accountants of India (ICAI) together with the ethicalrequirements that are relevant to our audit of the standalone Ind AS financial statementsunder the provisions of the Act and the Rules there under and we have ful lled our otherethical responsibilies in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is su cient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Key Audit Ma ers

Key audit ma ers are those ma ers that in our professional judgment were of mostsigni cance in our audit of the standalone Ind AS financial statements for the financialyear ended March 31 2020. These ma ers were addressed in the context of our audit of thestandalone Ind AS financial statements as a whole and in forming our opinion thereon andwe do not provide a separate opinion on these ma ers.

We have determined the matters described below to be the key audit matters to becommunicated in our report. We have fulfilled the responsibilities described in theAuditor's responsibilities for the audit of the standalone Ind AS fifinancial statementssection of our report including in relation to these matters. Accordingly our auditincluded the performance of procedures designed to respond to our assessment of the risksof material misstatement of the standalone Ind AS fifinancial statements. The results ofour audit procedures including the procedures performed to address the matters belowprovide the basis for our audit opinion on the accompanying standalone Ind AS fifinancialstatements.

Key Audit Ma er Auditor's Response
Permanent Diminu on of Non Current Investment in Subsidiaries Principal Audit Procedures
We iden ed non-current investments on various subsidiaries amounng to Rs. 26486.60 lakhs as a key audit ma er as the net-worth of the subsidiaries has declined considerably owing to losses and management has made signi cant judgment in determining the recoverable amounts of the investments. As set out in Note 7 to the standalone fifinancial statements the management concluded that the recoverable amount of each separate investment was higher than their carrying value and no diminution provision was required for the current year. Our procedures in relaon to the recoverability of non- current investments included tesng the key controls related to the assessment on the carrying value of its non-current investments and assessing the valuaon methodology; We obtained the audit report and standalone financial statements of the subsidiary company audited by other rm of Chartered Accountants to assess the financial posion of the Company. We obtained the valuation report based on which the recent equity funding was received by the subsidiary company during the year from a private equity..

Other Informaon

The Company's management and Board of Directors are responsible for the otherinformaon. The other informaon comprises the informaon included in the Company's AnnualReport but does not include the standalone Ind AS financial statements and our auditor'sreport thereon.

Our opinion on the standalone Ind AS financial statements does not cover the otherinformaon and we do not express any form of assurance conclusion thereon.

In connecon with our audit of the standalone Ind AS financial statements ourresponsibility is to read the other informaon and in doing so consider whether the otherinformaon is materially inconsistent with the standalone Ind AS financial statements orour knowledge obtained in the audit or otherwise appears to be materially misstated. Ifbased on the work we have performed we conclude that there is a material misstatement ofthis other informaon we are required to report that fact. We have nothing to report inthis regard.

Responsibilies of Management and those Charged with Governance for the Standalone IndAS Fifinancial Statements

The Company's Board of Directors is responsible for the ma ers stated in secon 134(5)of the Act with respect to the prepara on of these standalone Ind AS financial statementsthat give a true and fair view of the financial posion financial performance includingother comprehensive income cash ows and changes in equity of the Company in accordancewith the accounng principles generally accepted in India including the Indian AccounngStandards (Ind AS) speci ed under secon 133 of the Act read with the Companies (IndianAccounng Standards) Rules 2015 as amended.This responsibility also includes maintenanceof adequate accounng records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for prevenng and detecng frauds and other irregularies;sele con and applicaon of appropriate accounng policies; making judgments and esmates thatare reasonable and prudent; and the design implementaon and maintenance of adequateinternal financial controls that were operang e ecvely for en suring the accuracy andcompleteness of the accounng records relevant to the preparaon and presentaon of thestandalone Ind AS financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the standalone Ind AS financial statements management is responsible forassessing the Company's ability to connue as a going concern disclosing as applicablema ers related to going concern and using the going concern basis of accounng unlessmanagement either intends to liquidate the Company or to cease operaons or has no realiscalternave but to do so.

Those Board of Directors is also responsible for overseeing the Company's financialreporng process.

Auditor's Responsibilies for the Audit of the Standalone Ind AS Fifinancial Statements

Our objecves are to obtain reasonable assurance about whether the standalone Ind ASfinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to in uence the economic decisions of userstaken on the basis of these standalone Ind AS financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepcism throughout the audit. We also:

Idenfy and assess the risks of material misstatement of the standalone Ind AS financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is su cient and appropriate to provide abasis for our opinion. The risk of not detecng a material misstatement resulng from fraudis higher than for one resulng from error as fraud may involve collusion forgeryintenonal omissions misrepresentaons or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under secon 143(3)(i) of theAct we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls system in place and the operang e ecveness of suchcontrols.

Evaluate the appropriateness of accounng policies used and the reasonableness ofaccounng esmates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounng and based on the audit evidence obtained whether a material uncertainty existsrelated to events or condions that may cast signi cant doubt on the Company's ability toconnue as a going concern. If we conclude that a material uncertainty exists we arerequired to draw a enon in our auditor's report to the related disclosures in thestandalone Ind AS financial statements or if such disclosures are inadequate to modifyour opinion. Our conclusions are based on the audit evidence obtained up to the date ofour auditor's report. However future events or condio ns may cause the Company to ceaseto connue as a going concern.

Evaluate the overall presentaon structure and content of the standalone Ind ASfinancial statements including the disclosures and whether the standalone Ind ASfinancial statements represent the underlying transacons and events in a manner thatachieves fair presentaon.

Materiality is the magnitude of misstatements in the standalone Ind AS financialstatements that individually or in aggregate makes it probable that the economicdecisions of a reasonably knowledgeable user of the standalone Ind AS financial statementsmay be in uenced. We consider quanta ve materiality and qualita ve factors in (i) planningthe scope of our audit work and in evaluang the results of our work; and (ii) to evaluatethe e ect of any iden ed misstatements in the standalone Ind AS financial statements.

We communicate with those charged with governance regarding among other ma ers theplanned scope and ming of the audit and signi cant audit ndings including any signi cantde ciencies in internal control that we idenfy during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relao nships and other ma ers that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the ma ers communicated with those charged with governance we determine those maers that were of most signi cance in the audit of the standalone financial statements ofthe current period and are therefore the key audit ma ers. We describe these ma ers in ourauditor's report unless law or regulaon precludes public disclosure of about the ma er orwhen in extremely rare circumstances we determine that a ma er should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interests of such communicaon.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-secon (11) of secon 143 of theAct we give in the "Annexure A" a statement on the ma ers speci ed inparagraphs 3 and 4 of the Order.

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

(a) We have sought and obtained all the informaon and explanaons which to the best ofour 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 examinaon of those books;

(c) The Balance Sheet the Statement of Pro t and Loss including the Statement of OtherComprehensive Income the Cash Flow Statement and Statement of Changes in Equity dealtwith by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Indian Accounng Standards speci ed under Secon 133 of the Act read with Companies(Indian Accounng Standards) Rules 2015 as amended;

(e) On the basis of the wrien representaons received from th e directors as on March31 2020 taken on record by the Board of Directors none of the directors is disquali edas on March 31 2020 from being appointed as a director in terms of Secon 164 (2) of theAct;

(f) With respect to the adequacy of the internal financial controls with reference tothese standalone Ind AS financial statements and the operang e ecveness of such controlsrefer to our separate Report in "Annexure B" to this report;

(g) In our opinion the managerial remuneraon for the year ended March 31 2020 hasbeen paid / provided by the Company to its directors in accordance with the provisions ofsecon 197 read with Schedule V to the Act

(h) With respect to the other ma ers to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our informaon and according to the explanaons given to us:

i. Pending ligaons (other than those already recognized in the accounts) havingmaterial impact on the financial posion of the Company have been disclosed in thestandalone Ind AS financial statements as required in terms of accounng standards andprovisions of the Companies Act 2013. Refer Note 25 to the standalone Ind AS financialstatements

ii. The Company did not have any long-term contracts including deriva ve contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducaon and Protecon Fund by the Company..

For Singhi & Co.

Chartered Accountants

Firm‘s Registra on No. 302049E

Rajiv Singhi

Partner

Membership No. 053518 UDIN : 20053518AAAAAW3127

Place: Kolkata Dated: 29th June 2020

ANNEXURE - A TO THE INDEPENDENT AUDITORS' REPORT

Annexure A referred to in paragraph 1 of our report of even date on the other legal andregulatory requirements (Sastasundar Ventures Limited)

(i) a. The Company has maintained proper records showing full parculars includingquanta ve details and situaon of property plant & equipment.

b. All property plant and equipment were physically veri ed by the management in theprevious year in accordance with a planned programme of verifying them once in three yearswhich in our opinion is reasonable having regard to the size of the Company and thenature of its assets.

c. According to informaon and explanaons given to us and on the basis of our examinaonof the records of the Company the tle deeds of immovable properes included in PropertyPlant & Equipment are held in the name of the Company as at the balance sheet date.

(ii) The Company's business does not involve inventories and accordingly therequirements under paragraph 3(ii) of the Order are not applicable to the Company.

(iii) a. The Company has granted loans to the companies covered in the registermaintained under Secon 189 of the Companies Act 2013. The terms and condions of the grantof such loans are not prima facie prejudicial to the interest of the Company.

b. According to the informaon and explanaon given to us the company has granted loansthat are repayable on demand to a company covered in the register maintained under secon18 9 of the Companies Act 2013. We are informed that the company upon demand has receivedrepayment of such loan during the year and there has been no default on the part of theparty to whom the money has been lent. The payment of interest has been regular.

c. There are no amounts of loans granted to companies rms or other pares listed in theregister maintained under secon 189 of the Companies Act 2013 which are overdue for morethan ninety days.

(iv) In our opinion and according to the informaon and explanaon given to us theCompany has complied with the provisions of secon 185 and 186 of the Companies Act 2013with respect to the loans given investments made guarantees and securies given inrespect of financial assistance obtained by wholly owned subsidiaries from banks.

(v) The Company has not accepted any deposit covered under sec ons 73 to 76 of theCompanies Act 2013 and the Companies (Acceptance of Deposits) Rules 2014 (as amended)during the year. Therefore provisions of clause 3(v) of the Order are not applicable tothe Company.

(vi) The maintenance of cost records has not been prescribed by the Central Governmentunder the secon 148 (1) of the Act read with companies (Cost Records and Audit) Rules2014 as amended for the goods/product manufactured by the Company.

(vii) a. According to the informaon and explanaon given to us and on the basis of therecords the company is generally regular in deposing undisputed statutory dues whereverdeducted including provident fund income-tax goods and service tax sales tax servicetax duty of customs duty of excise value added tax cess and other material statutorydues with the appropriate authories. There was no undisputed outstanding statutory dues asat the yearend for a period of more than six months from the date they became payable.

b. According to informaon and explanaon given to us and on the basis of examinaon ofthe records of the Company there are no dues outstanding of income tax sales taxservice tax duty of customs duty of excise goods and service tax and value added tax onaccount of any dispute other than the following:

Name of the statute Nature of dues Period to which it relates Amount (Rs. in Lakhs) Forum where dispute pending
Finance Act 1994 Service Tax Fifinancial Year 2007-08 2009-102010-112011-12 6591073 Customs Central Excise and Service Tax Appellate Tribunal

(viii) According to the informaon and explanaon given to us the Company did not haveany outstanding loans or borrowing dues in respect of a financial instuon or bank or togovernmen t or dues to debenture holders during the year. Therefore the provisions ofclause 3(viii) of the Order are not applicable.

(ix) During the year the Company did not raise any money by way of inial public o eror further public o er (including debt instruments). Further in our opinion and explanaonsgiven to us term loans raised during the year were applied for the purpose for whichloans were raised.

(x) Based upon the audit procedures performed for the purpose of reporng the true andfair view of the standalone Ind AS

financial statements and according to the informaon and explanaons given to us nofraud by the Company or no fraud on the Company by its o cers and employees has been nocedor reported during the year.

(xi) The managerial remuneraon has been paid/ provided in accordance with the requisiteapprovals mandated by the provisions of secon 197 read with Schedule V to the CompaniesAct 2013.

(xii) In our opinion the Company is not a Nidhi company. Therefore the provisions ofclause 3 (xii) of the Order are not applicable.

(xiii) According to the informaon and explanaons given to us transacons with therelated pares are in compliance with secon 177 and 188 of the Companies Act 2013 whereverapplicable and details for the same have been disclosed in the standalone Ind AS financialstatements as required by the applicable Indian accounng standards.

(xiv) The Company has not made any preferenal allotment or private placement of sharesor fully or partly converble debentures during the year under review. Therefore theprovisions of clause 3(xiv) of the Order are not applicable.

(xv) According to the informaon and explanaons given to us by the management and on thebasis of our examinaon of the records the company has not entered into any non-cashtransac ons with directors or persons connected with directors. Therefore the provisionsof clause 3(xv) of the Order are not applicable.

(xvi) As fully explained under Note 18 on other equity to the standalone Ind ASfifinancial statements the Company is not required to obtain registration under section45-IA of the Reserve Bank of India Act 1934.

For Singhi & Co.

Chartered Accountants

Firm‘s Registra on No. 302049E

Rajiv Singhi

Partner

Membership No. 053518 UDIN : 20053518AAAAAW3127

Place: Kolkata Dated: 29th June 2020

(Referred to in paragraph 2(vi) under ‘Report on Other Legal and RegulatoryRequirements' secon of our report to the Members of Sastasundar Ventures Limited of evendate)

Report on the Internal Fifinancial controls with reference to the Standalone Ind ASFifinancial Statements under Clause (i) of Sub - secon 3 of Secon 143 of the CompaniesAct 2013 ("the Act")

We have audited the internal financial controls with reference to the standalone Ind ASfinancial statements of SASTASUNDAR VENTURES LIMITED (‘the Company") asof March 31 2020 in conjuncon with our audit of the standalone Ind AS financialstatements of the Company for the year ended on that date.

Management's Responsibility for Internal Fifinancial Controls

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal financial control with reference to theStandalone Ind AS Fifinancial Statement criteria established by the Company consideringthe essenal components of internal control stated in the Guidance Note on Audit ofInternal Fifinancial Controls over Fifinancial Reporng ("the Guidance Note")issued by the Instute of Chartered Accountants of India (ICAI). These responsibilie sinclude the design implementaon and maintenance of adequate internal financial controlsthat were operang e ecvely for ensuring the orderly and e cient conduct of its businessincluding adherence to Company's policies the safeguarding of its assets the prevenonand detecon of frauds and errors the accuracy and completeness of the accounng recordsand the mely preparaon of reliable financial informaon as required u nder the CompaniesAct 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols with reference to the Standalone Ind AS financial statements based on our audit.We conducted our audit in accordance with the Guidance Note and the Standards on Audingissued by ICAI and deemed to be prescribed under secon 143(10) of the Companies Act 2013to the extent applicable for the 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 with reference to Standalone Ind AS Fifinancial Statements was established andmaintained and if such controls operated e ecvely in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls with reference to the standalone Ind AS financialstatements and their operang e ecveness. Our audit of internal financial controls withreference to the standalone Ind AS financial statements included obtaining anunderstanding of internal financial controls with reference to the standalone Ind ASfinancial statements assessing the risk that a material weakness exists and tesng an devaluang the design and operang e ecveness of internal contr ol based on the assessedrisk. The procedures selected depend on the auditor's judgment including the assessmentof the risks of material misstatement of the financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is su cient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemwith reference to the standalone Ind AS financial statements.

Meaning of Internal Fifinancial Controls with reference to the standalone Ind ASfinancial statements

A Company's internal financial controls with reference to the standalone Ind ASfinancial statements is a process designed to provide reasonable assurance regarding thereliability of financial reporng and the preparaon of standalone Ind AS financialstatements for external purposes in accordance with generally accepted accounngprinciples. A company's internal financial control with reference to the standalone Ind ASfinancial statements includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly re ect the transacons and disposions of the assets of the company ;

(2) provide reasonable assurance that transacons are recorded as necessary to permitpreparaon of the standalone Ind AS financial statements in accordance with generallyaccepted accounng principles and that receipts and expenditures of the company are beingmade only in accordance with authorizaon of management and directors of the company; and

(3) provide reasonable assurance regarding preven on or mely detecon of unauthorizedacquision use or disposion of the company's assets that could have a material e ect onthe standalone Ind AS financial statements.

Inherent Limitaons of Internal Fifinancial Controls with referen ce to the standaloneInd AS financial statements

Because of the inherent limitaons of internal financial controls with reference to thestandalone Ind AS financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projecons of any evaluaon of the internal financial controlswith reference to the standalone Ind AS financial statements to future periods are subjectto the risk that the internal financial controls with reference to the standalone Ind ASfinancial statements may become inadequate because of changes in condions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls with reference to the standalone Ind AS financial statement and suchinternal financial controls with reference to the standalone Ind AS financial statementswere operang e ecvely as at March 31 2020 based on the inte rnal control with referenceto the standalone Ind AS financial statement criteria established by the Companyconsidering the essenal components of internal control stated in the Guidance Note issuedby ICAI.

For Singhi & Co.

Chartered Accountants

Firm‘s Registra on No. 302049E

Rajiv Singhi

Partner

Membership No. 053518 UDIN : 20053518AAAAAW3127

Place: Kolkata Dated: 29th June 2020

.