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SSPN Finance Ltd.

BSE: 539026 Sector: Financials
NSE: N.A. ISIN Code: INE820R01017
BSE 00:00 | 04 Mar 28.75 -1.20
(-4.01%)
OPEN

31.30

HIGH

31.30

LOW

28.50

NSE 05:30 | 01 Jan SSPN Finance Ltd
OPEN 31.30
PREVIOUS CLOSE 29.95
VOLUME 108000
52-Week high 54.60
52-Week low 17.70
P/E 99.14
Mkt Cap.(Rs cr) 11
Buy Price 25.10
Buy Qty 4000.00
Sell Price 29.00
Sell Qty 4000.00
OPEN 31.30
CLOSE 29.95
VOLUME 108000
52-Week high 54.60
52-Week low 17.70
P/E 99.14
Mkt Cap.(Rs cr) 11
Buy Price 25.10
Buy Qty 4000.00
Sell Price 29.00
Sell Qty 4000.00

SSPN Finance Ltd. (SSPNFINANCE) - Auditors Report

Company auditors report

Independent Auditors' Report

To

The Members Of SSPN Finance Limited

Report on the Standalone Financial Statements

1. We have audited the accompanying Standalone nancial statements of SSPN FINANCELIMITED ("the company") which comprise the Balance Sheet as at March 31 2019the Statement of Pro t and Loss the Cash Flow Statement for the year then ended and asummary of signi cant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

2. 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 preparationof these nancial statements that give a true and fair view of the nancial positionnancial performance and cash ows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards speci ed underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

3. This responsibility also includes the maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting 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 internalnancial control that were operating e ectively for ensuring the accuracy and completenessof the accounting records relevant to the preparation and presentation of the nancialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

4. Our responsibility is to express an opinion on these nancial statements based on ouraudit.

5. We have taken into account the provisions of the Act and the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made thereunder.

6. We conducted our audit in accordance with the Standards on Auditing speci ed undersection 143(10) of the Act and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the nancial statements are free from material misstatement.

7. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the nancial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the nancialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal nancial control relevant to the Company's preparation of the nancialstatements that give true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made byCompany's Directors as well as evaluating the overall presentation of the nancialstatements.

8. We believe that the audit evidence we have obtained is su cient and appropriate toprovide a basis for our audit opinion on the nancial statements.

Opinion

9. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid nancial statements give the information required by the Act inthe manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the company as at 31March 2019 and its profit and its cash flows and changes in equity for the year ended onthat date subject to note (viii) of Annexure (A) to the Independent Auditors Report.

Report on other Legal and Regulatory Requirements

10. As required by ‘the Companies (Auditor's Report) Order 2016 ("theorder") issued by the Central Government of India in term of sub- section (11) of thesection 143 of the Act we give in the Annexure A a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

11. 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 appears from our examination of those books.

c) The Balance Sheet the Statement of Pro t and Loss and Cash Flow Statement dealtwith by this Reports are in agreement with the books of account.

d) In our opinion the aforesaid nancial statements comply with the AccountingStandards speci ed 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 March2019 taken on record by the Board of Directors none of the directors is disquali ed ason 31 March 2019 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 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. The Company has no pending litigation as at March 31 2019.

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

iii. The Company is not required to transfer amount required to be transferred to theInvestor Education and Protection Fund .

For A. Puri & Co.
Chartered Accountants
Firm Reg. No. 108231W
ASHOK PURI
(Proprietor)
Membership No. 13203
Place: Mumbai.
Date: 30th May2019

A NNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

(Referred to paragraph (9) under ‘Report on other legal and regulatoryrequirements' of our report of even date to the member of SSPN Finance Limited on theStandalone financial statements for the year ended March 31 2019) i. In respect of FixedAssets:

a. The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

b. The fixed assets of the Company have been physically verified by the Managementduring the year except the Office Premises at Ahmedabad and no material discrepancieshave been noticed on such verification. In our opinion the frequency of verification isreasonable.

ii. In respect of Inventories:

The Company is in the business of trading of commodities and does not hold anyinventory. Therefore the provisions of Clause 3(ii) of the said Order are not applicableto the Company.

iii. The company has not granted any loans secured or unsecured to companiesfirms or other parties covered in the register maintained under Section 189 of theCompanies Act 2013. Accordingly clause (iii) (a) to paragraph 3 of the order are notapplicable to the Company.

iv. In our opinion and according to the information and explanations given to usthe Company has complied with the provisions of Section 185 and 186 of the Companies Act2013 with respect to loans investments guarantees and security made.

v. According to the information and explanations given to us and in our opinionthe company has not accepted any deposits from the public and hence the directives issuedby the Reserve bank of India and the provisions of Section 73 to 76 or any other relevantprovisions of the Act and Companies (Acceptance of deposit) Rule 2014 with regard to thedeposits accepted from the public are not applicable.

vi. The company has not accepted any deposits from the public within the meaningof section 73 74 75 and 76 of the acts and the rules framed there under to the extentnotified.

vii. The Central Government of India has not specified the maintenance of costrecords under sub- section (1) of Section 148 of the Act for any of the products of theCompany.

viii. In respect of statutory dues:

a) According to the information and Explanation given to us and records of the Companyas produced and examined by us in our opinion the company is regular in depositing theundisputed statutory dues in respect of Income-tax Sales-tax Service-tax Goods &Services Tax Act cess and any other material statutory dues as applicable with theappropriate authorities. However the Company is not deducting professional tax from itsemployees and to the extent of that amount the company is liable to deposit the saidamount along with interest and penalty thereon.

b) As explained to us the Company did not have any statutory disputed amounts payablein respect of Income-tax Sales-tax Service tax Goods & Services Tax Act and othermaterial statutory dues were in arrears as at 31st March 2019 for a period of more thansix months from the date they became payable.

ix. According to the records of the Company examined by us and the information andExplanation given to us the Company has not defaulted in repayment of loans or borrowingsto any financial institution or bank or Government or dues to debenture holders as at thebalance sheet date.

x. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

xi. The Company has paid/ provided for managerial remuneration in accordance withthe requisite approvals mandated by the provisions of Section 197 read with Schedule V tothe Act.

xii. As the Company is not a Nidhi Company and the Nidhi Rules 2014 are notapplicable to it the provisions of Clause 3(xii) of the Order are not applicable to theCompany.

xiii. The Company has entered into transactions with related parties in compliancewith the provisions of Section 177 and 188 of the Act. The details of such related partytransactions have been disclosed to the financial statements as required under AccountingStandard (AS 18) Related Party disclosures specified under Section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014.

xiv. The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.Accordingly the provisions of Clause 3(xiv) of the order are not applicable to theCompany.

xv. The Company has not entered into non cash transactions with its director(s)[and/or] persons connected with him Accordingly the provisions of Clause 3 (xv) of theOrder are not applicable to the Company.

xvi. The Company is not required to be registered under Section 45-IA of theReserve Bank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Orderare not applicable to the Company.

For A. Puri & Co.
Chartered Accountants
Firm Reg. No. 108231W
ASHOK PURI
(Proprietor)
Membership No. 13203
Place: Mumbai.
Date: 30th May 2019

A NNEXURE B TO THE INDEPENDENT AUDITORS' REPORT

(Referred to paragraph (10) (f) under ‘Report on other legal and regulatoryrequirements' of our report of even date to the member of SSPN Finance limited on theStandalone financial statements for the year ended March 31 2019)

Report on the Internal Financial Controls under Clause (i) of Sub section 3 of Section143 of the Act

1. We have audited the internal financial controls over financial reporting of SSPNFinance Limited (‘the Company') as of March 31 2019 in conjunction with our audit ofthe standalone financial statements of the Companyfor the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountant of India (ICAI). These responsibilitiesinclude the design Implementation and maintenance of adequate Internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of fraud 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

3. 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 accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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 exits and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risk ofmaterial misstatement of the Standalone financial statements whether due to fraud orerror.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemsover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of Standalone financial statement for external purpose in accordancewith generally accepted accounting principles. A Company's internal financial control overfinancial reporting includes those policies and procedures that

i. Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

ii. Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of Standalone financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorizations of management and directors of the company; and

iii. Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the Standalone financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

7. 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

8. In our opinion the Company has in all materials respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2019 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For A. Puri & Co.
Chartered Accountants
Firm Reg. No. 108231W
ASHOK PURI
(Proprietor)
Membership No. 13203
Place: Mumbai.
Date: 30th May2019

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