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Srestha Finvest Ltd.

BSE: 539217 Sector: Financials
NSE: N.A. ISIN Code: INE606K01023
BSE 00:00 | 20 Jul 9.00 0.32
(3.69%)
OPEN

9.00

HIGH

9.00

LOW

9.00

NSE 05:30 | 01 Jan Srestha Finvest Ltd
OPEN 9.00
PREVIOUS CLOSE 8.68
VOLUME 5
52-Week high 14.48
52-Week low 6.55
P/E 225.00
Mkt Cap.(Rs cr) 74
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 9.00
CLOSE 8.68
VOLUME 5
52-Week high 14.48
52-Week low 6.55
P/E 225.00
Mkt Cap.(Rs cr) 74
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Srestha Finvest Ltd. (SRESTHAFINVEST) - Auditors Report

Company auditors report

To

The Members of

SRESTHA FINVEST LIMITED

Report on the Standalone Ind AS Financial Statements

I have audited the accompanying financial statements of SRESTHA FINVEST LIMITED ('thecompany') which comprise the Balance Sheet as at 31 March 2017 the Statement of Profitand Loss the statement of the Cash Flows and Statement of changes in equity for the yearended 31st March 2017 and a summary of significant accounting policies and otherexplanatory information (herein after referred to as "standalone Ind AS financialstatements ").

Management's 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 cash flows and changes in equity of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) prescribed under Section 133 of the Act read with relevant rulesissued thereunder. This responsibility also includes the 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; and design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring 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

My responsibility is to express an opinion on these financial statements based on myaudit.

I 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 there under.

I have conducted my audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that I 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 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 true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.

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

Opinion

In my opinion and to the best of my information and according to the explanations givento me the aforesaid financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India including the of the financial position of thecompany as at 31st March 2017.

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2017;

b) in the case of the 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.

d) In the case of statement of changes in equity

Report on other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order2016("the Order")asamended issued by the Central Government of India in terms of section 143(11) of theAct2013 I give in the "Annexure A" a statement on the matters specified in theparagraphs 3 and 4 of the Order to the extent applicable.

As required by section 143(3) of the Act I report that:

a) I have sought and obtained all the information and explanations which to the best ofmy knowledge and belief were necessary for the purposes of my audit.

b) `In my opinion proper books of account as required by law have been kept by theCompany so far as it appears from my examination of those books;

c) the Balance Sheet the Statement of Profit and Loss the statement Cash flows andthe Statement of changes in equity dealt with by this Report are in agreement with thebooks of accounts.

d) In my 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 written representations received from the directors as on 31 March2017 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2017 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 is attached asseparate report in "Annexure B".

g) With respect to the other matters included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules2014 in my opinion and to ourbest of my information and according to the explanations given to me :

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

iv. The company has provided requisite disclosures in its standalone Financialstatements as to holdings as well as dealing in specified bank notes during the periodfrom November 2016 to 30 December2016 and these are in the books of accounts maintainedby the company also mentioned in notes to the standalone financial statements.

For K Subramanyam & Co.
Chartered Accountants
Firm Reg. No. 004146S
Sd/-
K Subramanyam
Place: Chennai Proprietor
Dated: 30/05/2017 MembershipNo.023663

"Annexure A" to the Independent Auditors Report

Referred to in paragraph 1 under the heading "Report on Other Legal &Regulatory Requirement" of my report of even date to the financial statement of thecompany for the year ended 31/03/2017:

1. In respect of its fixed assets:

(a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Fixed Assets have been physically verified by the management in a phasedmanner designed to cover all the items over a period of three years which in my opinionis reasonable having regard to the size of the company and its nature of its business.Pursuant to the program a portion of fixed assets have been physically verified by themanagement of the company during the year and no material discrepancies between the booksrecords and the physical fixed assets have been noticed.

( c) There are no immovable properties in the company.

2. In respect of its inventories:

There are no inventories in the Company during the year.

3. In my opinion the Company has not granted any loan secured or unsecured tocompanies firms Limited Liability partnerships or other parties covered in the registermaintained under section 189 of the Companies Act 2013. Accordingly the provisions ofclause 3 (iii) (a) to ( c) of the order are not applicable to the company and hence notcommented upon. There are however regular business transactions and prima facie are notprejudicial to the interest of the company.

4. In my opinion and according to the information and explanation and 186 of theCompanies Act 2013 In respect of loans investments' guarantees and security.

5. The company has not accepted any deposits from the public and hence the directivesissue by Reserve Bank of India and the provisions of section 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposits) Rules 2015 withregard to the deposits accepted from the public are not applicable.

6. I have been informed by the management that the Central Government has notprescribed maintenance of cost records under (1) of section 148 of the Companies Act 2013in respect of activities carried on by the Company.

7. In Respect of Statutory Dues:

a. According to information and explanations given to me and on the basis of myexamination of the books of account and records the company has been regular indepositing undisputed statutory dues including provident fund investor education andprotection fund employees' state insurance income-tax sales-tax wealth tax customduty excise duty cess and other statutory dues with the appropriate authorities.According to the information and explanation given to me no undisputed amounts payable inrespect of income tax wealth tax sales tax customs duty and excise duty wereoutstanding at the yearend for a period of more than six months from the date they becamepayable.

b. According to the information and explanations given to me there are no reportabledues or disputes under the relevant clause.

8. In my opinion and according to the information and explanations given by managementI am of the opinion that the company has not defaulted in repayment of the dues tofinancial institutions or bank or debenture holders.

9. Based on the audit procedures performed and the information and explanations givenby the management the company has not raised any money through initial public offer orfurther public offer including debt instruments and term loans. Accordingly theprovisions of clause 3(ix) of the Order are not applicable to the company.

10. Based on the audit procedures performed and the information and explanations' givenby the management I report that no fraud by the company or on the company by its officersor employees have been noticed or reported during the year.

11. Based on the audit procedures performed and the information and explanations givenby the management the managerial remuneration has been paid or provided in accordancewith the requisite approvals as mandated by the provisions of section 197 read withSchedule V of the Companies Act 2013.

12. In my opinion the company is not a Nidhi company. Therefore the provisions of theclause 4 (xii) of the order are not applicable to the company.

13. In my opinion all transactions with the related parties are in compliance with thesection 177 and 188 of the Companies Act 2013 and the details have been disclosed in thefinancial statements as required by the applicable accounting standards.

14. Based on the audit procedures performed and the information and explanations givenby the management the company has raised moneys by way of preferential offer to extent ofRs 12.50 crores and has duly complied with provisions as stated in sec 42 of the CompaniesAct 2013 and also as per the SEBI LODR Guidelines in this regard. The company has notraised any monies through private placement of shares or fully or partly convertibledebentures during the year under review. Accordingly the provisions of clause 3(xiv) ofthe Order are applicable to the extent have been duly complied with by the company.

15. Based on the audit procedures performed and the information and explanations givenby the management the company has not entered into any non-cash transactions with thedirectors or persons connected with them. Accordingly the provisions of clause 3(xv) ofthe Oder are not applicable to the company and hence not commented upon.

16. In my opinion the company is carrying on the business of non banking financecompany and is required to be registered under section 45IA of the Reserve Bank of IndiaAct 1934 and accordingly as per the provisions of the clause 3(xvi) of the Order thecompany has duly been registered with the Reserve Bank of India and complied with theapplicable regulations in this regard.

For K Subramanyam & Co.
Chartered Accountants
Firm Reg. No. 004146S
Sd/-
K Subramanyam
Place: Chennai Proprietor
Dated: 30/05/2017 MembershipNo.023663