You are here » Home » Companies » Company Overview » Som Datt Finance Corporation Ltd

Som Datt Finance Corporation Ltd.

BSE: 511571 Sector: Financials
NSE: SOMDUTTFIN ISIN Code: INE754C01010
BSE 00:00 | 14 Feb 22.40 0
(0.00%)
OPEN

22.85

HIGH

22.85

LOW

22.40

NSE 05:30 | 01 Jan Som Datt Finance Corporation Ltd
OPEN 22.85
PREVIOUS CLOSE 22.40
VOLUME 51
52-Week high 23.30
52-Week low 2.85
P/E 448.00
Mkt Cap.(Rs cr) 22
Buy Price 22.85
Buy Qty 50.00
Sell Price 22.40
Sell Qty 2152.00
OPEN 22.85
CLOSE 22.40
VOLUME 51
52-Week high 23.30
52-Week low 2.85
P/E 448.00
Mkt Cap.(Rs cr) 22
Buy Price 22.85
Buy Qty 50.00
Sell Price 22.40
Sell Qty 2152.00

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

Company auditors report

To The Members of M/s Som Datt Finance Corporation Limited New Delhi

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENT

We have audited the accompanying standalone financial statements of Somdatt FinanceCorporation Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2018 the statement of Profit and Loss and the cash flow statement for the yearthen ended and notes to the standalone financial statements including a summary ofsignificant accounting policies and other explanatory information.

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 preparation ofthese standalone financial statements that give a true and fair view of the financialposition and financial Performance and the cash flow 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) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatement that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's 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 the auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Companies Act 2013. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders 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 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 standalone financial statements.

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 of the State of Affairs of the Companyas at March 31 2018 and its Profit and its cash flow for the year ended on that date.

Emphasis of Matters

We draw the attention to the following note:-

1) The Company has not appointed any internal auditor as required by section 138(1) andrelated notified (Accounts) Rules 13(a) of the Companies Act 2013.

Our Opinion is not qualified in respect of these matters.

Report on Other Legal and Regulatory Requirements

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 ofthe 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.

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 Sheet the Statement of Profit and Loss and the cash flow statementdealt with by this Report are in agreement with the books of account.

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

(e) On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms of Section164 (2) of the 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 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. There were no pending litigations which would impact the financial position of thestandalone financial statements.

ii. Provision has been made in the standalone financial statements as required underthe applicable law or accounting standards for material forseeable losses if any onlong term contracts including derivative contracts.

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

Annexure A to the Independent Auditors' Report

The Annexure referred to in our report to the members of Som Datt Finance CorporationLimited ('the Company') for the year Ended 31st March 2018. We report that:

The Annexure referred to in our report to the members of Som Datt Finance CorporationLimited ('the Company') for the year Ended 31st March 2018. We report that:

i. (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 havinf regardto the size of the Company and nature of its assets. No material discrepancies werenoticed on such verification.

(c) According the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the company.

i. The management has physically verified the stock of shares during the year. Nomaterial discrepancies were noticed on physical verification conducted by management.

ii. According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited Liabilitypartnerships or other parties covered in the Register maintained under section 189 of theCompanies Act 2013. Accordingly paragraph 3 (iii) of the Order is not applicable to theCompany.

iii. According to the information and explanations given to us the company hascomplied with the provisions of section 185 and I86 of the Companies Act 2013 In respectof loans investments guarantees and security.

iv. According to the information and explanations given to us the Company has notaccepted any deposits from the public during the year in terms of the provisions ofSections 73 to 76 or any other relevant provisions of the Act and the rules framed thereunder. Accordingly paragraph 3 (v) of the Order is not applicable to the Company.

v. The Central Government has not prescribed maintenance of cost records undersub-section (1) of Section 148 of the Companies Act 2013 for the business activitiescarried out by the Company. Thus reporting under clause 3(vi) of the order is notapplicable to the Company.

vi. The Central Government has not prescribed maintenance of cost records undersub-section (1) of Section 148 of the Companies Act 2013 for the business activitiescarried out by the Company. Thus reporting under clause 3(vi) of the order is notapplicable to the Company.

vii. (a) According to information and explanations given to us and on the basis of ourexamination of the books of account and records the Company has been generally regularin depositing undisputed statutory dues including Provident Fund Employees StateInsurance Income-Tax Sales tax Service Tax Value added Tax Cess and any otherstatutory dues with the appropriate authorities According to the information andexplanations given to us no undisputed amounts payable in respect of the above were inarrears as at March 31 2018 for a period of more than six months from the date on whenthey become payable.

b) According to the information and explanation given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added taxoutstanding on account of any dispute.

vii. In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to financial institutions or banks. TheCompany has not taken any loan either from financial institutions or from the governmentand has not issued any debentures.

viii. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not raised moneys by way of initial public offeror further public offer including debt instruments and term Loans. ix. During the courseof our examination of the book and records of the Company carried out in accordance withthe generally accepted auditing practices in India and according to the explanation andinformation given to us no material fraud by the Company or on the Company by itsofficers or employees has been noticed or reported during the course of out audit.

x. According to the information and explanation 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.

xi. In our opinion the Company is not a Nidhi Company. Accordingly paragraph 3 (xii)of the Order is not applicable to the Company.

xii. According to the information and explanation given to us and on the basis of theexamination of the records of the company transactions with the related parties are incompliance with section 177 and 188 of Companies Act 2013 and the details have beendisclosed in the Financial Statements as required by the applicable accounting standards.

xiii. According to the information and explanation given to us and on the basis of theexamination 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 under review. Accordingly paragraph 3 (xiv) of the Order is not applicable tothe Company

xiv. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company.

xv. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company.

xvi. The Company is registered under section 45-IA of the Reserve Bank of India Act1934.

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 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 SomdattFinance Corporation Limited ('the Company') as at 31 March 2018 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended and as onthat date.

Management's Responsibility for the Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial control based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin guidance note on Audit of Internal Financial Control over Financial Reporting issued bythe Institute of Chartered Accountants of India ('ICAI'). These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating 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 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 accordingwith the Guidance Note on Audit of Internal Financial Control over financial reporting(the 'Guidance Note') and the standards on Auditing issued by ICAI and deemed to beprescribed under Section 143 (10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting were established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditors' judgment including the assessment of the risks ofmaterial misstatement 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 internal financial controls systemover 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 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 thattransaction are recorded as necessary to permit preparation of financial statement inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with generally withauthorization of the Management and Directors of the Company; and (3) Provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the Company assets that could have a material effect on the financialstatements.

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 2018 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 D.S. TALWAR & CO.
CHARTERED ACCOUNTANTS
Firm Registration No : 000993N
SHRADHA TALWAR
Place : New Delhi Partner
Date : 30/05/2018 Membership No : 514698