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SVP Housing Ltd.

BSE: 539041 Sector: Infrastructure
NSE: N.A. ISIN Code: INE369Q01017
BSE 12:48 | 03 Dec 4.50 -0.19
(-4.05%)
OPEN

4.50

HIGH

4.50

LOW

4.50

NSE 05:30 | 01 Jan SVP Housing Ltd
OPEN 4.50
PREVIOUS CLOSE 4.69
VOLUME 7500
52-Week high 12.50
52-Week low 3.59
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.90
Sell Qty 2500.00
OPEN 4.50
CLOSE 4.69
VOLUME 7500
52-Week high 12.50
52-Week low 3.59
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.90
Sell Qty 2500.00

SVP Housing Ltd. (SVPHOUSING) - Auditors Report

Company auditors report

To

The Members

SVP Housing Limited

Formerly known as Mahabir Metallex Limited

New Delhi.

Report on the standalone Financial Statements

We have audited the accompanying financial statements of SVP Housing Limited (formerlyknown as Mahabir Metallex Limited) which comprise the Balance Sheet as at March 31 2020and the Statement of Profit and Loss for the year ended and a summary of significantaccounting policies and other explanatory information.

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 2019and profit/loss and its cash flows for the year ended on that date.

Basis of opinion

We conducted our audit in accordance with the standards auditing(SAs) specified undersection 143(10) of The Companies Act 2013. Our responsibilities under those standards arefurther described in the Auditor's responsibilities for the audit of the financialstatements section of our report. We are independent of the company in accordance with thecode of ethics issued by The Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of The Companies Act 2013 and the rules there under and we have fulfilled ourother ethical responsibilities in accordance with these requirements and the code ofethics. We believe that the audit evidence we have obtained is sufficient and appropriateto provides a basis for our opinion.

Responsibility of managements for the standalone Financial Statements

1. The Company's Board of Directors is responsible for the matters in Section 134(5) ofthe Companies Act 2013 ("the act") with respect to preparation of thesestandalone financial statements that give a true and fair view of the financial positionand financial performance (change in the equity) & cash flow of the Company inaccordance with the Accounting Principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rule 2014. This responsibility also includes the maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the company and for preventing and detecting the frauds and otherirregularities selection and application of appropriate accounting policies makingjudgments and estimates that are reasonable and prudent and design implementation andmaintenance of internal financial control that were operating effectively for ensuring theaccuracy and completeness of accounting records relevant to the preparation and fairpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error

In preparing the financial statements managements is responsible for assessing thecompany ability to continue as a going concern disclosing as applicable matters relatedto going concern and using the basis of accounting unless managements either intends toliquidate the company or to cease operations or has no realistic alternative but to do so

Those board of directors are also responsible for overseeing the company's financialreporting process.

Auditor's Responsibility for the audit of the financial statements

Our objective are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatements whether due to fraud orerror and to issue an auditor's report that are includes our opinion . reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detects a material misstatements when its exists .misstatements can arise from fraud or error and are considered to influence the economicdecisions of matters if individually or in the aggregate they could reasonably beexpected to influence the economics decisions of users taken on the basis of thesefinancial statements.

Report on Other Legal and Regulatory Requirements

As required by ‘the Companies (Auditor's Report) Order 2016' issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure B a statement on thematters specified in paragraphs 3 and 4 of the order.

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

We have sought and obtained all the information and explanations which to the best ofour knowledge and belief were necessary for the purposes of our audit

a) 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.(and proper returns adequatefor the purpose of our audit have been received from the branches not visited by us)

b) The Balance Sheet and the Statement of Profit and Loss dealt with by this Report arein agreement with the books of account.

c) In our 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.

d) On the basis of written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2020 from being appointed as a director in terms ofSection 164(2) of the Act.

e) With respect to adequacy of the internal financial controls over financial reportingof the Company and the operating effectiveness of such controls refer to our separatereport in Annexure A.

f) With respect to the other matters included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to ourbest of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which could impact its financialposition in the financial statements.

ii. The Company has made provision as at March 31 2020 as required under theapplicable law or accounting standards for material foreseeable losses if any on longterm contracts including derivative contracts.

iii. There were no amounts required to be transferred to the Investor Education andProtection Fund by the Company for the year ended March 31 2020.

For Anil Ram & Associates

Chartered Accountants

ICAI Firm Registration No. 011986N

(Dinesh Jain)

Partner

Membership No.: 525787

UDIN: 20525787AAAACF1655

Place: New Delhi

Dated: June 30 2020

Annexure (A) to the Independent Auditors' Report

Referred to in paragraph 10(f) of the Independent Auditor's Report of even date to themembers of SVP Housing Limited (formerly known as Mahabir Metallex Limited) on thefinancial statements for the year ended March 31 2020:

Report on the Internal Financial Controls under clause (i) of the sub-section 3 ofSection 143 of the Act:

1. We have audited the internal financial controls over financial reporting of SVPHousing Limited (formerly known as Mahabir Metallex Limited) ("the Company") asof March 31 2020 in conjunction with our audit of the standalone financial statements ofthe Company for 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 Accountants of India (ICAI). These responsibilitiesinclude of the design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the orderly and efficient conduct ofits business including adherence to company's policies the safeguarding of its assetsthe prevention and detection of its frauds and errors the accuracy and completeness ofthe accounting records and the timely preparation of reliable financial information asrequired under the act.

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 Sec 143(10) of the Act to the extent applicable to an audit of internal financialcontrols both applicable to an audit of internal financial controls and both issued bythe ICAI. Those standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate 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 exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

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 systemover 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 financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) 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 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 material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2020 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 Anil Ram & Associates

Chartered Accountants

ICAI Firm Registration No. 011986N

(Dinesh Jain)

Partner

Membership No.: 525787

UDIN: 20525787AAAACF1655

Place: New Delhi

Dated: June 30 2020

Annexure (B) to the Independent Auditors' Report

Referred to in paragraph 9 of the Independent Auditors' Report of even date to themembers of SVP Housing Limited (formerly known as Mahabir Metallex Limited) on thefinancial statements for the year ended March 31 2020.

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

(b) A substantial portion of the fixed assets has been physically verified by themanagement during the period and in our opinion the frequency of verification isreasonable having regard to the size of the Company and the nature of its assets. Nomaterial discrepancies were noticed on such physical verification.

2. There were no inventories at the end of the previous financial year except housingproject purchased during the year which is valued at cost incurred till the end ofFinancial Year.

3. The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained underSection 189 of the Act. Therefore the provisions of Clause 3(iii) (iii)(a) (iii)(b) and(iii)(c) of the said Order are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Companies Act 2013in respect of the loans and investments made and guarantees and security provided by it.

5. The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the Rules framed there under to the extentnotified.

6. The Central Government of India has not specified the maintenance of cost recordsunder sub-section (1) of Section 148 of the Act for any of the products of the Company.

7. (a) According to the information and explanations given to us and the records of thecompany the company is not regular in depositing with appropriate authorities undisputedstatutory dues including Provident Fund Investor Education Protection Fund EmployeesState Insurance Income Tax Sales Tax Wealth Tax Custom Duty Excise Duty Service TaxValue Added Tax Cess and other material statutory dues applicable to it and few delayshave been observed.

(b) According to the information and explanations given to us no undisputed amountpayable in respect of Income Tax Wealth Tax Sales Tax Customs Duty and Excise DutyService Tax Value Added Tax Cess etc. were outstanding as at 31st March 2020 for aperiod of more than six months from the date they became payable.

8. 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.

9. In our opinion and according to the information and explanations given to us themoneys raised by way of term loans have been applied for the purposes for which they wereobtained. The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments).

10. 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. The company has not given any guarantee for loans taken by others from bank orfinancial institutions.

11. The Company has paid/ provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct. In our opinion the term loans have been applied for the purpose for which they wereraised.

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

13. The Company has not entered into transactions with related parties as per theprovisions of Sections 177 and 188 of the Act.

14. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review. Accordingly theprovisions of Clause 3(xiv) of the Order are not applicable to the Company.

15. The Company has not entered into any non-cash transactions with its directors orpersons connected with him. Accordingly the provisions of Clause 3(xv) of the Order arenot applicable to the Company.

16. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.

For Anil Ram & Associates

Chartered Accountants

ICAI Firm Registration No. 011986N

(Dinesh Jain)

Partner

Membership No.: 525787

UDIN: 20525787AAAACF1655

Place: New Delhi

Dated: June 30 2020

.