SRG Housing Finance Limited
REPORT ON THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of SRG HousingFinance Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2017 the Statement of Pro t and Loss and the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.
MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of the 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 adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these financialstatements based on our audit. We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under. We conductedour audit in accordance with the Standards on Auditing specified under Section 143(10) ofthe Act. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the financial statementsare free from material misstatement.
An audit involves performing procedures to obtain audit evidence aboutthe amounts and the 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 a true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the financial statements.
In our opinion and to the best of our information and according to theexplanations given to us 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 a) In the case of the BalanceSheet of the state of affairs of the Company as at March 31st 2017. b) In the case ofthe Statement of Pro t and Loss of the profit for the year ended on that date; and c) Inthe case of the Cash Flow Statement of the cash flows for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor's Report) Order 2016("the Order") as issued by Central Government of India in terms of sub section(11) of section 143 of Companies Act 2013 (18 of 2013) we hereby give in the"Annexure" a statement on the matters specified in paragraphs 3 and 4 of theOrder to the extent applicable.
2. As required by Section 143(3) of the Act we report that: a. We havesought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit; b. In our opinionproper books of account as required by law have been kept by the Company so far as itappears from our examination of those books; c. The Balance Sheet Statement of Pro t andLoss and Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount; d. In our opinion the Balance Sheet Statement of Pro t and Loss and Cash FlowStatement comply with the Accounting Standards referred to in Section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014; e. On the basis of writtenrepresentations received from the directors as on 31st March 2017 and taken on record bythe Board of Directors none of the directors is disquali ed as on 31st March 2017 frombeing appointed as a director in terms of sub section (2) of section 164 of the CompaniesAct 2013; f. With respect to adequacy of internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure A"; 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 In our opinion and to the best of our information and according tothe explanations given to us:
i. The Company does not have any pending litigations which would impactits financial position;
ii. The Company did not have any long-term contracts includingderivatives contracts for which there were any material foreseeable losses;
iii. As represented by the company there is no amount required to betransferred to Investor Education and Protection Fund by the Company.
iv. The Company has provided requisite disclosures in the financialstatement as to holdings as well as dealings in Speci ed Bank Notes during the period from8th November 2016 to 30th December 2016. Based on audit procedures and relying on themanagement representation we report that the disclosures are in accordance with books ofaccount maintained by the Company- Refer Note 28
|For M/s Valawat & Associates || |
|Chartered Accountants || |
|(FRN: 003623C) || |
|Sd/- || |
|Jinendra Jain || |
|Partner || |
|M. No. 072995 || |
|Place: Udaipur ||Date: 10.05.2017 |