Mar 31, 2018
INDEPENDENT AUDITORSâ REPORT THE MEMBERS OF
SAHARA HOUSINGFINA CORPORATION LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of SAHARA HOUSINGFINA CORPORATION LIMITED (âthe
Companyâ), which comprise the Balance sheet as at March 31,2018, the Statement of profit and loss and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with relevant rules issued there under. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorsâ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
While conducting the audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements.
The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2018 and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure A, a statement on the matters specified in the paragraph 3 and 4 of the Order to the extent applicable.
2. 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 best of 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 the Company so far as appears from our examination of those books;
c. the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this report are in agreement with the books of account;
d. in our opinion, the aforesaid financial statements comply with the Accounting Standards specified under section 133 of the Act, read with relevant rules issued thereunder;
e. on the basis of the written representations received from the directors as on March 31, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164 (2) of the Act;
f. with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in âAnnexure Bâ; and
g. with respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. the Company has disclosed the impact of pending litigation on its financial position in its financial statements (referred note no. 36(a) to the financial statements).
ii. the Company has made provision under the applicable law or accounting standards, for material foreseeable losses on long term contracts. The Company did not have any other long-term contracts including derivatives contracts.
iii. there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
ANNEXURE - A REFERRED IN INDEPENDENT AUDITORSâ
REPORT OF EVEN DATE
The Annexure referred to in our Independent Auditorsâ Report to the members of the Company on the financial statements for the year ended March 31,2018,we report that:
i. a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
b. These Fixed assets have been physically verified by the management at reasonable interval during the year pursuant to a Program for physical verification. No material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.
c. According to the information and explanation given to us and on the basis of examination of records of the Company, the title deeds of immovable properties are held in the name of the Company.
ii. The Company did not hold any inventory during the year. Accordingly clause ii of paragraph 3 of the Order is not applicable.
iii. According to the information and explanations given to us, the Company has not granted any loan, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013. Accordingly the clause iii (a), (b) and (c) of paragraph 3 of the Order are not applicable to the Company.
iv. In our opinion and according to the information and explanation given to us, the Company has not given loans, investment, guarantees and security during the year within the Section 185 and 186 of the Companies Act,2013. Accordingly, the clause iv of paragraph 3 of the Order is not applicable to the Company.
v. According to the information and explanations given to us, the Company has not accepted any deposit during the year. Accordingly the clause v of paragraph 3 of the Order is not applicable to the Company.
vi. According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of Section 148 of the Act in respect of the business of the company.
vii. a. According to the information and explanation given to
us, the Company is generally regular in depositing undisputed statutory dues including Income Tax, Service Tax, Goods & Service Tax, Cess and other statutory dues, as applicable with the appropriate authorities and no outstanding statutory dues as on the last day of the financial year concerned for more than six months from the date they became payable.
b. According to the information and explanation given to us, there were no due of the Income Tax, Service Tax, Goods & Service Tax, Cess and other statutory dues as applicable which have not been deposited on account of any dispute except for income tax of Rs. 3,878,240 for the assessment year 2010-11 as per the Income Tax Act, 1961 against which company had filed appeal before Commissioner of Income tax (Appeal) and deposited Rs. 776,000 as interim payment.
viii. According to the information and explanations given to us, the Company has not taken loan from bank or government. The Company has not defaulted in repayment to debenture holders and financial institutions during the year.
ix. According to the information and explanations given to us, the Company has not raised any money by way of initial public offer or further public offer (including debt instruments) and term loans. Accordingly, the clause ix of paragraph 3 of the order is not applicable to the Company.
x. According to the information and explanation given to us, no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.
xi. According to the information and explanations given to us, the Company has paid or provided managerial remuneration in accordance with the requisite approval mandated by the provisions of Section 197 read with Schedule V of the Companies Act 2013.
xii. The Company is not a Nidhi Company. Accordingly, the clause xii of paragraph 3 of the Order is not applicable to the Company.
xiii. The Company has complied with the provision of the section 177 and 188 of the Companies Act, 2013 with respect to transactions with the related parties and has disclosed the details as required by the applicable accounting standard in the Financial Statements.
xiv. According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debenture during the year under review. Accordingly, the clause xiv of paragraph 3 of the Order is not applicable to the Company.
xv. According to the information and explanations given to us, the Company has not entered into any non-cash transaction with directors or persons connected with him. Accordingly, the clause xv of paragraph 3 of the Order is not applicable to the Company.
xvi. The Company is not required to be registered under section 45-IA of Reserve Bank of India Act, 1934.
Annexure - B to the independent Auditorsâ Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of âSAHARA HOUSINGFINA CORPORATION LIMITEDâ (âthe Companyâ) as of March 31,2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (âICAIâ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For CHATURVEDI & PARTNERS
Chartered Accountants
Firm Registration No. 307068E
ANUJ MAHANSARIA
Place : New Delhi Partner
Dated : May 29, 2018 Membership No. 500819
Mar 31, 2016
THE MEMBERS OF SAHARA HOUSINGFINA CORPORATION LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of SAHARA HOUSINGFINA CORPORATION LIMITED
(âthe Companyâ), which comprise the Balance Sheet as at March 31, 2016, the Statement of profit and loss and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation and presentation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorsâ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2016 and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure A, a statement on the matters specified in the paragraph 3 and 4 of the Order.
2. 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 best of 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 the Company so far as appears from our examination of those books;
c. the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this report are in agreement with the books of account;
d. in our opinion, the aforesaid financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
e. on the basis of the written representations received from the directors as on March 31, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016 from being appointed as a director in terms of Section 164 (2) of the Act;
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in âAnnexure Bâ; and
g. with respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. the Company does not have any pending litigations which would impact its financial position.
ii. the Company has made provision under the applicable law or accounting standards, for material foreseeable losses on long term contracts. The Company did not have any other long-term contracts including derivatives contracts.
iii. there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
ANNEXURE - A REFERRED IN INDEPENDENT AUDITORS
REPORT OF EVEN DATE
The Annexure referred to in our Independent Auditorsâ Report to the members of the Company on the financial statements for the year ended March 31, 2016, we report that:
i. a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
b. These fixed assets have been physically verified by the management at reasonable interval during the year pursuant to a program for physical verification. No material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.
c. According to the information and explanation given to us and on the basis of examination of records of the Company, the title deeds of immovable properties are held in the name of the Company.
ii. The Company did not hold any inventory during the year. Accordingly clause (ii) Para 3 of the Order is not applicable.
iii. According to the information and explanations given to us, the Company has not granted any loan, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013. Accordingly the clause iii (a), (b) and (c) of paragraph 3 of the Order are not applicable to the Company.
iv. In our opinion and according to the information and explanation given to us, the Company has not given loans, investment, guarantees and security during the year within the Section 185 and 186 of the Companies Act, 2013. Accordingly, the clause (iv) of paragraph 3 of the Order is not applicable to the Company.
v. According to the information and explanations given to us, the Company has not accepted any deposit during the year. Accordingly the clause (v) of paragraph 3 of the Order is not applicable to the Company.
vi. As informed to us, the Central Government has not prescribed maintenance of cost records under sub-section (1) of Section 148 of the Act in respect of the business of the company.
vii. a. According to the information and explanation given
to us, the Company is generally regular in depositing undisputed statutory dues including income tax, service tax, cess and other statutory dues, as applicable with the appropriate authorities and no outstanding statutory dues as on the last day of the financial year concerned for more than six months from the date they became payable.
b. According to the information and explanation given to us, there were no due of the income tax, service tax, cess and other statutory dues as applicable which have not been deposited on account of any dispute.
viii. According to the information and explanations given to us, the Company has not taken loan from bank or financial institution or government. The Company has not defaulted in repayment to debenture holders during the year.
ix. According to the information and explanations given to us, the Company has not raised any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, the clause (ix) of paragraph 3 of the Order is not applicable to the Company.
x. According to the information and explanations given to us, no fraud by the company or on the company by its officers or employees has been noticed or reported during the year.
xi. According to the information and explanations given to us, the Company has paid or provided managerial remuneration in accordance with the requisite approval mandated by the provisions of Section 197 read with Schedule V of the Companies Act, 2013.
xii. The Company is not a Nidhi Company. Accordingly, the clause xii of paragraph 3 of the Order is not applicable to the Company.
xiii. The Company has complied with the provision of the section 177 and 188 of the Companies Act, 2013 with respect to transactions with the related parties and has disclosed the details as required by the applicable accounting standard in the Financial Statements.
xiv. According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debenture during the year. Accordingly, the clause xiv of paragraph 3 of the Order is not applicable to the Company.
xv. According to the information and explanations given to us, the Company has not entered into any non-cash transaction with directors or person connected with him. Accordingly, the clause xv of paragraph 3 of the Order is not applicable to the Company.
xvi. The Company is not required to be registered under section 45-IAof Reserve Bank of India Act, 1934.
Annexure - B to the Auditorsâ Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of âSAHARA HOUSINGFINA CORPORATION LIMITEDâ (âthe Companyâ) as of March 31, 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (âICAIâ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For CHATURVEDI & CO.
Chartered Accountants
Firm Registration No. 302137E
Pankaj Chaturvedi
Place : New Delhi Partner
Date : May 30, 2016 Membership No. 091239
Mar 31, 2015
We have audited the accompanying standalone financial statements of
SAHARA HOUSINGFINA CORPORATION LIMITED ("the Company"), which comprise
the Balance sheet as at March 31,2015, the Statement of profit and loss
account and cash flow statement for the year then ended, 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 stated
in Section 134(5) ofthe Companies Act, 2013 ("the Act") with respect to
the preparation and presentation of these standalone financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including
the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal financial control
relevant to the Company's preparation of the financial statements that
give a true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide 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
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, ofthe state of affairs of the Company as
at March 31,2015 and its Profit and its 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, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in the paragraph 3 and 4 of the
Order, to the extent applicable.
2. 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 best of 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 the Company so far as appears from our examination of
those books.
c. the Balance Sheet, the Statement of Profit & Loss and the Cash Flow
dealt with by this report are in agreement with the books of account.
d. In our opinion, the aforesaid standalone financial statements
comply with the Accounting Standards specified under section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
e. on the basis of the written representations received from the
directors as on March 31, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act;
f. with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The company does not have any pending litigations which would impact
its financial position.
ii. the Company has made provision, as required under the applicable
law or accounting standards for material foreseeable losses. The
Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE REFERRED IN INDEPENDENT AUDITORS REPORT OF EVEN DATE
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the standalone financial statements for the
year ended March 31,2015, we report that:
i. a. The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. These Fixed assets have been physically verified by the management
at reasonable interval during the year pursuant to a Programme for
physical verification. No material discrepancies were noticed on such
verification. In our opinion, this periodicity of physical verification
is reasonable having regard to the size of the Company and the nature
of its assets.
ii. The Company being a Housing Finance Company, the provisions
related to inventories as mentioned in clause 3 (ii) of the Order is
not applicable.
iii. According to the information and explanations given to us, the
Company has not granted any loan, secured or unsecured, to companies,
firms or other parties covered in the register maintained under Section
189 of the Companies Act, 2013. Accordingly the clause iii (a) and (b)
of paragraph 3 of the Order are not applicable to the Company.
iv. In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the Company and the nature of its
business with regard to purchases of fixed assets and for the sale of
goods and services. The activities of the company do not involve
purchase of inventory and the sale of goods. During the course of our
audit, we have neither observed nor have been informed of any
continuing failure to correct major weaknesses in internal control
system of the company.
v. According to the information and explanations given to us, the
Company has not accepted any deposit as per the directives issued by
the Reserve Bank of India and the provisions of sections 73 to 76 or
any other relevant provisions of the Companies Act, 2013 and the rules
framed there under. Accordingly the clause (v) of paragraph 3 of the
Order is not applicable to the Company.
vi. According to the information and explanation given to us, the
company is not required to maintain the cost records pursuant sub
section (1) of Section 148 of the Companies Act, 2013. Accordingly, the
clause (vi) of paragraph 3 of the Order is not applicable to the
Company.
vii. a. The Company is generally regular in depositing undisputed
statutory dues including provident fund, employee state insurance,
income tax, sales tax, service tax, duty of customs, value
added tax, cess and other statutory dues, as applicable with the
appropriate authorities. There is no undisputed amount outstanding for
a period of six months from the date they became payable.
b. According to the information and explanation given to us, there were
no disputed amounts payable in respect of income tax, sales tax,
service tax, duty of customs, value added tax or cess as at March
31,2015.
c. According to the information and explanations given to us, no
amounts were required to be transferred to Investor Education and
Protection Fund in accordance with the relevant provisions of the
Companies Act,1956 (1 of 1956) and rules made thereunder. Accordingly
the clause vii (c) of paragraph 3 of the Order are not applicable to
the Company.
viii. The Company does not have accumulated losses more than fifty
percent of its net worth at the end of financial year March 31,2015.
The company has not incurred cash losses in this financial year and in
the immediately preceding year.
ix. According to the information and explanations given to us, the
company has not defaulted in repayment of dues to bank. There were no
due to financial institution and debenture holder during the financial
year.
x. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions. Accordingly the clause x of paragraph 3 of
the Order are not applicable to the Company.
xi. According to the information and explanations given to us, term
loans were applied for the purpose for which the loans were obtained.
xii. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the course of our audit.
For CHATURVEDI & CO.
Chartered Accountants
Firm Registration No. 302137E
Pankaj Chaturvedi
Place : New Delhi Partner
Date : May 29, 2015 Membership No. 091239
Mar 31, 2014
We have audited the accompanying financial statements of SAHARA
HOUSINGFINA CORPORATION LIMITED, which comprise the Balance Sheet as at
March 31,2014, and the StatementofProfit and Loss and Cash Flow
Statement forthe year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibilityforthe Financial Statements Management is
responsible forthe preparation of these financial statements that give
a true and fair view of the financial position, financial performance
and cash flows of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956 ("the Act") read with the General Circular 15/2013
dated September 13,2013 of the Ministry of Corporate Affairs in respect
of section 133 of the Companies Act, 2013. This responsibility includes
thedesign, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whetherdueto fraud or error. Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we complywith
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor''s
judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal
control relevantto the Company''s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the entity''s internal control. An
audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made
by management, as well as evaluating theoverall presentation of the
financial statements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis forour audit
opinion. Opinion
In ouropinion and to the best ofour information and according to the
explanations given to us, the financial statements give
the information required by the Act, in the manner so required
and give atrue and fairview in conformity with the accounting
principlesgenerally accepted in India:
i. in the caseofthe Balance Sheet, of the stateof affairsof the Company
as at March 31,2014.
ii. in the caseofthe StatementofProfit and Loss, of the profit forthe
year ended on thatdate; and
iii. in the caseofthe Cash Flow Statement, ofthe cash flows forthe year
ended on thatdate.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order1''), as amended issued by the Central Government of India in terms
of sub-section (4A) of Section 227 of the Act, we give in theAnnexure a
statement on the matters specified in paragraphs 4 and 5 ofthe Order.
2. As required by section 227(3) of the Act, we reportthat:
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessaryforthe purposesofour
audit.
b. In our opinion, proper books of account as required by law have been
kept by the Company so far as appearsfrom our examination ofthose
books.
c. The Balance Sheet, the Statement ofProfit and Loss and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
d. In ouropinion, the Balance Sheet, StatementofProfit and Loss, and
Cash Flow Statement complywith the Accounting Standards referred to in
sub-section (3C) of section 211 ofthe Companies Act, 1956.
e. On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none ofthe directors is disqualified as on March 31, 2014 from being
appointed as a director in terms of clause (g) of sub-section (1)of
Section 274 ofthe Act.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF REPORT ON OTHER LEGAL AND
REGULATORY REQUIREMENTS OF OUR REPORT OF EVEN DATE
i. a. The Company has maintained proper records showing
full particulars including quantitative details and situation of fixed
assets.
b. Fixed assets have been physically verified by the management during
the year pursuant to a programme for physical verification of fixed
assets, which in our opinion, is reasonable having regard to the size
of the Company and the nature of its assets. According to the
information and explanations given to us, no material discrepancies
were noticed on such verification.
c. The fixed assets disposed off during the period, in our opinion, do
not constitute a substantial part of the fixed assetsof the Company and
such disposal has, in ouropinion, not affected thegoing concern status
of the Company.
ii. The Company being a Housing Finance Company, the provisions related
to inventories as mentioned in clause 4 (ii) ofthe Order is not
applicable.
iii. a. According to the information and explanationsgiven
to us, the Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 301 of the Act. Accordingly, the provisions of clause 4
(iii) (a), (b), (c) and (d) of the Companies (Auditors'' Report) Order,
2003 are not applicable to the Company.
b. The Company has taken unsecured loans from two Companies listed in
the Register maintained under Section 301 of the Companies Act, 1956.
The maximum amount involved during the year and year- end balance is T
1,198,508,817/-.
c. In our opinion, the rate of interest and other terms and conditions
on which loan had been taken, are prima facie not prejudicial to the
interest of the Company.
d. The Company is regular in repaying the principal amounts and the
payment of interest wherever stipulated.
iv. In our opinion and according to the information and
explanationsgiven to us, there exists an adequate internal control
system commensurate with the size ofthe Company and the nature of its
business with regard to purchases
The activitiesofthe Company do not involve purchase of inventory and
thesaleofgoods. During the courseofour audit, we have neither observed
nor have been informed of any continuing failure to correct major
weaknesses in internal control system ofthe Company.
v. a. In ouropinion and according to the information and
explanationsgiven to us, the particulars of all contracts or
arrangements that needed to be entered into the register required to be
maintained under Section 301 of the Companies Act, 1956 have been so
entered. b. According tothe information and explanationsgiven to us,
there was no transaction with regard to sale, purchase, or supply of
goods, materials or services exceeding the valueof rupees five lacs in
respect of any party, in pursuance of contracts or arrangements entered
in the register maintained under Section 301 oftheCompanies Act, 1956.
vi. The Company has not accepted any deposits from the public in the
current year within the meaning of Sections 58Aand 58AA ofthe Companies
Act, 1956, the rules framed there-under and the Revised Housing Finance
Companies (NHB) Directions, 2010 with regard to the deposits accepted
from the public. We are informed by the management that no order has
been passed by the Company Law Board, or Reserve Bank of India or any
Courtor any other Tribunal.
vii. In ouropinion, the Company has an internal audit system
commensurate with the size and nature of its business.
viii. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under clause (d) of sub-section (1)of Section 209 of the Companies Act,
1956 forthe products of the Company.
ix. a. According tothe information and explanationsgiven
to us, the Company is generally regular in depositing with the
appropriate authorities undisputed statutory dues including provident
fund, investor education and protection fund, employees'' state
insurance, income tax, wealth tax, service tax, cess and any other
statutory dues applicable to it. We were informed that the operations
of the Company during the year did not give rise to any liability for
sales tax, custom duty, excise duty and anyother statutory dues. There
are
dues which have remained outstanding as at March 31,2014 for a period
of more than six months from thedatethey became payable.
b. Accordinglo informalion andexplanalionsgivenlo us, there are no dues
of income lax, sales lax, wealth lax, service lax ,cusloms duly, excise
duly or cess or any olher slalulory dues which have nol been deposiled
on accounl of anydispule.
x. The Company does nol have any accumulaled losses al lhe end of lhe
financial year. The Company has nol incurred cash losses in lhe
financial year covered by our audil and in lhe immedialely preceding
financial year.
xi. In our opinion and according lo lhe informalion and explanalions
given lo us, we are of lhe opinion lhal lhe Company has nol defaulled
in repaymenl of dues lo financial inslilulions, bank ordebenlure
holders.
xii. In our opinion and according lo lhe informalion and explanalions
given lo us, lhe Company has mainlained adequale records where lhe
Company hasgranled loans and advances on lhe basis ofsecurily by wayof
pledge of residenlial houses and properties. The Company has nol
granled any loans and advances by way of pledge ofshares, debenlures
and olher securilies.
xiii. In ouropinion, lhe Company is nol a chil fund or a nidhi/ mulual
benefilfund/ sociely. Accordingly, lhe provisions of clause 4 (xiii) of
lhe Companies (Auditors'' Report) Order, 2003 are nol applicable lolhe
Company.
xiv. According lo lhe informalion and explanalions given lo us, lhe
Company is nol dealing or lrading in shares, securilies, debenlures and
olher inveslmenls. Accordingly, lhe provisions of clause 4 (xiv) of lhe
Companies (Auditors'' Report) Order, 2003 are nol applicable lolhe
Company.
xv. According lo lhe informalion and explanalions given lo us, lhe
Company has nol given anyguaranlee for loans laken by olhers from bank
or financial inslilulions.
xvi. In our opinion, and according lo lhe informalion and
explanalionsgiven lo us, lerm loans have been applied forlhe purposes
forwhich lhey were raised.
xvii. The Company is engaged in lhe housing finance business and is
governed by Nalional Housing Bank [NHB] guidelines for raising deposils
and deploymenl of ils funds in ils business and lhe company has
followed lhe NHB guidelines for fond raising and ils deploymenl and
adhering lo lhe Assel Liabilily Committee (ALCO) Managemenl guidelines
prescribed by NHB and accordingly based on lhose guidelines we confirm
lhal lhe company has nol used ilsshorllerm funds in long lerm
inveslmenls.
xviii. The Company has nol made any preferenlial allolmenlof shareslo
parlies and companies covered inlhe regisler mainlained under seclion
301 oflheAcl. Accordingly, clause4(xviii) oflheorder is nol applicable.
xix. The redeemabledebenlures issued bylhe Company are unsecured in
nalure. Accordingly, clause 4(xix) of lhe order is nol applicable.
xx. The Company has nol raised money lhrough public issue of shares
during lhe year. Accordingly, clause 4(xx) of lhe order is not
applicable.
xxi. According lo lhe informalion and explanalions given to us, no
fraud on or by lhe Company has been noliced or reported during lhe
courseofour audit.
For CHATURVEDI & CO.
Chartered Accountants
Firm Registration No. 302137E
Pankaj Chaturvedi
Place: Kolkata Partner
Date : May29,2014 MembershipNo.091239
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Sahara
Housingfina Corporation Limited, which comprise the Balance Sheet as at
March 31, 2013, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor''s
judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal
control relevant to the Company''s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act, in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
i. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013.
ii. in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
iii. in the 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 (Auditors'' Report) Order, 2003 (the
Order), as amended issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
2. As required by section 227(3) of the Act, we report that:
a. we have obtained all the information and explanations, which to the
best of 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 the Company so far as appears from our examination of
those books.
c. the Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this report are in agreement with the
books of account.
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956.
e. on the basis of written representations received from the Directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the Directors is disqualified as on March 31, 2013 from being
appointed as a Director in terms of clause (g) of sub-section (1) of
section 274 of the Act.
ANNEXURE REFERRED TO IN PARAGRAPH REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS OF OUR REPORT OF EVEN DATE
i. a. The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. Fixed assets have been physically verified by the management during
the year pursuant to a programme for physical verification of fixed
assets, which in our opinion, is reasonable having regard to the size
of the Company and the nature of its assets. According to the
information and explanations given to us, no material discrepancies
were noticed on such verification.
c. No fixed assets have been disposed off during the year and
therefore do not affect the going concern status of the Company.
ii. The Company being a Housing Finance Company, the provisions related
to inventories as mentioned in clause 4 (ii) of the Order is not
applicable.
iii. a. According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under Section
301 of the Act. Accordingly, the provisions of clause 4 (iii) (a), (b),
(c) and (d) of the Companies (Auditors'' Report) Order, 2003 are not
applicable to the Company.
b. During the year, the Company accepted fresh unsecured loans as 10%
Non-Convertible Redeemable Debentures of Rs. 250,000,000/- from one
Company listed in the Register maintained under Section 301 of the
Companies Act, 1956, which is in addition to one Company already listed
in the Register. The maximum amount involved during the year and
year-end balance in respect of both the Companies is Rs. 899,900,652/- &
Rs. 250,000,000/- respectively.
c. In our opinion, the rate of interest and other terms and conditions
on which loan had been taken, are prima facie not prejudicial to the
interest of the Company.
d. The Company is regular in repaying the principal amounts and the
payment of interest wherever stipulated.
iv. In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the Company and the nature of its
business with regard to purchases of fixed assets and with regard to
the sale of services. The activities of the Company do not involve
purchase of inventory and the sale of goods. During the course of our
audit, we have neither observed nor have been informed of any
continuing failure to correct major weaknesses in internal control
system of the Company.
v. a. In our opinion and according to the information and explanations
given to us, the particulars of all contracts or arrangements that
needed to be entered into the register required to be maintained under
Section 301 of the Companies Act, 1956 have been so entered.
b. According to the information and explanations given to us, there was
no transaction with regard to sale, purchase, or supply of goods,
materials or services exceeding the value of rupees five lacs in
respect of any party, in pursuance of contracts or arrangements entered
in the register maintained under Section 301 of the Companies Act,
1956.
vi. The Company has not accepted any deposits from the public in the
current year within the meaning of Sections 58A and 58AA of the
Companies Act, 1956, the rules framed there-under and the Revised
Housing Finance Companies (NHB) Directions, 2010 with regard to the
deposits accepted from the public. Accordingly, in our opinion clause
(vi) of Para 4 of the Companies (Auditors'' Report) Order, 2003 is not
applicable to the Company for the current year. We are informed by the
management that no order has been passed by the Company Law Board, or
Reserve Bank of India or any Court or any other Tribunal.
vii. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
viii. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under clause (d) of sub-section (1) of Section 209 of the Companies
Act, 1956 for the products of the Company.
ix. a. According to the information and explanations given to us, the
Company is generally regular in depositing with the appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees'' state insurance,
income tax, wealth tax, service tax, cess and any other statutory dues
applicable to it. We were informed that the operations of the Company
during the year did not give rise to any liability for sales tax,
custom duty, excise duty and any other statutory dues. There are no
undisputed amounts payable in respect of these dues which have remained
outstanding as at March 31, 2013 for a period of more than six months
from the date they became payable.
b. According to information and explanations given to us, there are no
dues of income tax, sales tax, wealth tax, service tax ,customs duty,
excise duty or cess or any other statutory dues which have not been
deposited on account of any dispute.
x. The Company does not have any accumulated losses at the end of the
financial year. The Company has not incurred cash losses in the
financial year covered by our audit and in the immediately preceding
financial year.
xi. In our opinion and according to the information and explanations
given to us, we are of the opinion that the Company has not defaulted
in repayment of dues to financial institutions, bank or debenture
holders.
xii. In our opinion and according to the information and explanations
given to us, the Company has maintained adequate records where the
Company has granted loans and advances on the basis of security by way
of pledge of residential houses and properties. The Company has not
granted any loans and advances by way of pledge of shares, debentures
and other securities.
xiii. In our opinion, the Company is not a chit fund or a nidhi /mutual
benefit fund/ society. Accordingly, the provisions of clause 4 (xiii)
of the Companies (Auditors'' Report) Order, 2003 are not applicable to
the Company.
xiv. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments. Accordingly, the provisions of clause 4 (xiv) of the
Companies (Auditors'' Report) Order, 2003 are not applicable to the
Company.
xv. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
xvi. In our opinion, and according to the information and explanations
given to us, term loans have been applied for the purposes for which
they were raised.
xvii. The Company is engaged in the housing finance business and is
governed by National Housing Bank [NHB] guidelines for raising deposits
and deployment of its funds in its business and the Company has
followed the NHB guidelines for fund raising and its deployment and
adhering to the Asset Liability Committee (ALCO) Management guidelines
prescribed by NHB and accordingly based on those guidelines we confirm
that the company has not used its short term funds in long term
investments.
xviii. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act. Accordingly, clause 4(xviii) of the order is not
applicable.
xix. The redeemable debentures issued by the Company during the year
are unsecured in nature. Accordingly, clause 4(xix) of the order is not
applicable.
xx. The Company has not raised money through public issue of shares
during the year. Accordingly, clause 4(xx) of the order is not
applicable.
xxi. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For CHATURVEDI & CO.
Chartered Accountants
Firm Registration No. 302137E
Pankaj Chaturvedi
Place : Kolkata Partner
Date : May 29, 2013 Membership No. 091239
Mar 31, 2012
1. We have audited the attached Balance Sheet of Sahara Housingfina
Corporation Limited, as at March 31, 2012, the Statement of Profit and
Loss and also the Cash Flow Statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance whether the financial
statements are free of material mis-statement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
3. As required by the Companies (Auditors' Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to above, we
report that:
a. We have obtained all the information and explanations, which to the
best of 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 the Company so far as appears from our examination of
those books;
c. The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956;
e. On the basis of written representations received from the
Directors, as on March 31, 2012 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
March 31, 2012 from being appointed as a Director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956;
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
i. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2012;
ii. in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
iii. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE
i. a. The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. Fixed assets have been physically verified by the management during
the year pursuant to a programme for physical verification of fixed
assets, which in our opinion, is reasonable having regard to the size
of the Company and the nature of its assets. According to the
information and explanations given to us, no material discrepancies
were noticed on such verification.
c. There was no disposal of fixed assets during the year, however a
Fixed Asset was written-off.
ii. The Company being a Housing Finance Company, the provisions related
to inventories as mentioned in clause 4 (ii) of the Order is not
applicable.
iii. a. According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under Section
301 of the Act. Accordingly, the provisions of clause 4 (iii) (a), (b),
(c) and (d) of the Companies (Auditors' Report) Order, 2003 are not
applicable to the Company.
b. The Company has taken unsecured loan from a company listed in the
Register maintained under Section 301 of the Companies Act, 1956. The
maximum amount involved during the year and year end balance is Rs.
600,100,797/-.
c. In our opinion, the rate of interest and other terms and conditions
on which loan had been taken, are prima facie not prejudicial to the
interest of the Company.
d. The Company is regular in repaying the principal amounts and the
payment of interest wherever stipulated.
iv. In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the Company and the nature of its
business with regard to purchases of fixed assets and with regard to
the sale of services. The activities of the Company do not involve
purchase of inventory and the sale of goods. During the course of our
audit, we have neither observed nor have been informed of any
continuing failure to correct major weaknesses in internal control
system of the Company.
v. a. In our opinion and according to the information and explanations
given to us, the particulars of all contracts or arrangements that
needed to be entered into the register required to be maintained under
Section 301 of the Companies Act, 1956 have been so entered.
b. According to the information and explanations given to us, there was
no transaction with regard to sale, purchase, or supply of goods,
materials or services exceeding the value of rupees five lacs in
respect of any party, in pursuance of contracts or arrangements entered
in the register maintained under Section 301 of the Companies Act,
1956.
vi. The Company has not accepted any deposits from the public in the
current year within the meaning of Sections 58A and 58AA of the
Companies Act, 1956, the rules framed there-under and the Revised
Housing Finance Companies (NHB) Directions, 2010 with regard to the
deposits accepted from the public. Therefore in our opinion clause (vi)
of Para 4 of the Companies (Auditors' Report) Order, 2003 is not
applicable to the Company for the current year. We are informed by the
management that no order has been passed by the Company Law Board, or
Reserve Bank of India or any Court or any other Tribunal.
vii. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
viii. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under clause (d) of sub-section (1) of Section 209 of the Companies
Act, 1956 for the products of the Company.
ix. a. According to the information and explanations given to us, the
Company is generally regular in depositing with the appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees' state insurance,
income tax, wealth tax, service tax, cess and any other statutory dues
applicable to it. We were informed that the operations of the Company
during the year did not give rise to any liability for sales tax,
custom duty, excise duty and any other statutory dues. There are no
undisputed amounts payable in respect of these dues which have remained
outstanding as at March 31, 2012 for a period of more than six months
from the date they became payable.
b. According to information and explanations given to us, there are no
dues of income tax, sales tax, wealth tax, service tax, customs duty,
excise duty or cess or any other statutory dues which have not been
deposited on account of any dispute.
x. The Company does not have any accumulated losses at the end of the
financial year. The Company has not incurred cash losses in the
financial year covered by our audit and in the immediately preceding
financial year.
xi. In our opinion and according to the information and explanations
given to us, we are of the opinion that the Company has not defaulted
in repayment of dues to financial institutions, bank or debenture
holders.
xii. In our opinion and according to the information and explanations
given to us, the Company has maintained adequate records where the
Company has granted loans and advances on the basis of security by way
of pledge of residential houses and properties. The Company has not
granted any loans and advances by way of pledge of shares, debentures
and other securities.
xiii. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore the provisions of clause 4 (xiii) of
the Companies (Auditors' Report) Order, 2003 are not applicable to the
Company.
xiv. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments. Accordingly, the provisions of clause 4 (xiv) of the
Companies (Auditors' Report) Order, 2003 are not applicable to the
Company.
xv. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
xvi. In our opinion, and according to the information and explanations
given to us, term loans have been applied for the purposes for which
they were raised.
xvii. The Company is engaged in the housing finance business and is
governed by National Housing Bank (NHB) guidelines for raising deposits
and deployment of its funds in its business and the company has
followed the NHB guidelines for fund raising and its deployment and
adhering to the Asset Liability Committee (ALCO) Management guidelines
prescribed by NHB and accordingly based on those guidelines we confirm
that the company has not used its short term funds in long term
investments and vice versa.
xviii. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act. Accordingly, clause 4(xviii) of the order is not
applicable.
xix. The Company has not issued any debentures during the year.
xx. The Company has not raised money through public issue of shares
during the year. Accordingly, clause 4(xx) of the order is not
applicable.
xxi. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For CHATURVEDI & CO.
Chartered Accountants
Firm Registration No. 302137E
D R Baid
Partner
Membership No. 10517
Place : Kolkata
Date : May 30, 2012
Mar 31, 2011
1. We have audited the attached Balance Sheet of Sahara Housingfina
Corporation Limited, as at March 31, 2011, the Profit and Loss Account
and also the Cash Flow Statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance whether the financial
statements are free of material mis-statement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
3. As required by the Companies (Auditors' Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to above, we
report that:
a. We have obtained all the information and explanations, which to the
best of 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 the Company so far as appears from our examination of
those books;
c. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d. In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
e. On the basis of written representations received from the
Directors, as on March 31, 2011 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
March 31, 2011 from being appointed as a Director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956;
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
i. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2011;
ii. in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
iii. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE
i. a. The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. Fixed assets have been physically verified by the management during
the year pursuant to a programme for physical verification of fixed
assets, which in our opinion, is reasonable having regard to the size
of the Company and the nature of its assets. According to the
information and explanations given to us, no material discrepancies
were noticed on such verification.
c. There was no disposal of fixed assets during the year, however a
Fixed Asset was written-off.
ii. The Company being a Housing Finance Company, the provisions related
to inventories as mentioned in clause 4 (ii) of the Order is not
applicable.
iii. a. According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under Section
301 of the Act. Accordingly, the provisions of clause 4 (iii) (a), (b),
(c) and (d) of the Companies (Auditors' Report) Order, 2003 are not
applicable to the Company.
b. The Company has taken unsecured loan from a company listed in the
Register maintained under Section 301 of the Companies Act, 1956. The
maximum amount involved during the year and year end balance is Rs.
600,100,797/-.
c. In our opinion, the rate of interest and other terms and conditions
on which loan had been taken, are prima facie not prejudicial to the
interest of the Company.
d. The Company is regular in repaying the principal amounts and the
payment of interest wherever stipulated.
iv. In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the Company and the nature of its
business with regard to purchases of fixed assets and with regard to
the sale of services. The activities of the Company do not involve
purchase of inventory and the sale of goods. During the course of our
audit, we have neither observed nor have been informed of any
continuing failure to correct major weaknesses in internal control
system of the Company.
v. a. In our opinion and according to the information and explanations
given to us, the particulars of all contracts or arrangements that
needed to be entered into the register required to be maintained under
Section 301 of the Companies Act, 1956 have been so entered.
b. According to the information and explanations given to us, there was
no transaction with regard to sale, purchase, or supply of goods,
materials or services exceeding the value of rupees five lacs in
respect of any party, in pursuance of contracts or arrangements entered
in the register maintained under Section 301 of the Companies Act,
1956.
vi. The Company has not accepted any deposits from the public in the
current year within the meaning of Sections 58A and 58AA of the
Companies Act, 1956, the rules framed there-under and the Revised
Housing Finance Companies (NHB) Directions, 2010 with regard to the
deposits accepted from the public. Therefore in our opinion clause (vi)
of Para 4 of the Companies (Auditors' Report) Order, 2003 is not
applicable to the Company for the current year. We are informed by the
management that no order has been passed by the Company Law Board, or
Reserve Bank of India or any Court or any other Tribunal.
vii. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
viii. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under clause (d) of sub-section (1) of Section 209 of the Companies
Act, 1956 for the products of the Company.
ix. a. According to the information and explanations given to us, the
Company is generally regular in depositing with the appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees' state insurance,
income-tax, wealth tax, service tax, cess and any other statutory dues
applicable to it. We were informed that the operations of the Company
during the year did not give rise to any liability for sales tax,
custom duty, excise duty and any other statutory dues. There are no
undisputed amounts payable in respect of these dues which have remained
outstanding as at March 31, 2011 for a period of more than six months
from the date they became payable.
b. According to information and explanations given to us, there are no
dues of income tax, sales tax, wealth tax, service tax, customs duty,
excise duty or cess or any other statutory dues which have not been
deposited on account of any dispute.
x. The Company does not have any accumulated losses at the end of the
financial year. The Company has not incurred cash losses in the
financial year covered by our audit and in the immediately preceding
financial year.
xi. In our opinion and according to the information and explanations
given to us, we are of the opinion that the Company has not defaulted
in repayment of dues to financial institutions, banks or debenture
holders.
xii. In our opinion and according to the information and explanations
given to us, the Company has maintained adequate records where the
Company has granted loans and advances on the basis of security by way
of pledge of residential houses and properties. The Company has not
granted any loans and advances by way of pledge of shares, debentures
and other securities.
xiii. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore the provisions of clause 4 (xiii) of
the Companies (Auditors' Report) Order, 2003 are not applicable to the
Company.
xiv. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments. Accordingly, the provisions of clause 4 (xiv) of the
Companies (Auditors' Report) Order, 2003 are not applicable to the
Company.
xv. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
xvi. In our opinion, and according to the information and explanations
given to us, term loans have been applied for the purposes for which
they were raised.
xvii. The Company is engaged in the housing finance business and is
governed by National Housing Bank [NHB] guidelines for raising deposits
and deployment of its funds in its business and the company has
followed the NHB guidelines for fund raising and its deployment and
adhering to the Asset Liability Committee (ALCO) Management guidelines
prescribed by NHB and accordingly based on those guidelines we confirm
that the company has not used its short term funds in long term
investments and vice versa.
xviii. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act. Accordingly, clause 4(xviii) of the order is not
applicable.
xix. The Company has not issued any debentures during the year.
xx. The Company has not raised money through public issue of shares
during the year. Accordingly, clause 4(xx) of the order is not
applicable.
xxi. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For CHATURVEDI & CO.
Chartered Accountants
Firm Registration No. 302137E
PANKAJ CHATURVEDI
Partner
Place : Lucknow
Membership No. 091239
Date : May 30, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of Sahara Housingfina
Corporation Limited, as at March 31, 2010, the Profit and Loss Account
and also the Cash Flow Statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Companys management. Our responsibility is to express an opinion
on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance whether the financial
statements are free of material mis-statement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to above, we
report that:
a. We have obtained all the information and explanations, which to the
best of 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 the Company so far as appears from our examination of
those books;
c. The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d. In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
e. On the basis of written representations received from the
Directors, as on March 31, 2010 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
March 31, 2010 from being appointed as a Director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956;
f. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
i. in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2010;
ii. in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
iii. in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE
i. a. The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b. Fixed assets have been physically verified by the management during
the year pursuant to a programme for physical verification of fixed
assets, which in our opinion, is reasonable having regard to the size
of the Company and the nature of its assets. According to the
information and explanations given to us, no material discrepancies
were noticed on such verification.
c. There was no disposal of fixed assets during the year.
ii. The Company being a Housing Finance Company, the provisions related
to inventories as mentioned in clause 4 (ii) of the Order is not
applicable.
iii. a. According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under Section
301 of the Act. Accordingly, the provisions of clause 4 (iii) (a), (b),
(c) and (d) of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
b. The Company has taken unsecured loan from a company listed in the
Register maintained under Section 301 of the Companies Act, 1956. The
maximum amount involved during the year and year end balance is Rs.
600,100,797/-.
c. In our opinion, the rate of interest and other terms and conditions
on which loan had been taken, are prima facie not prejudicial to the
interest of the Company.
d. The Company is regular in repaying the principal amounts and the
payment of interest wherever stipulated.
iv. In our opinion and according to the information and explanations
given to us, there exists an adequate internal control system
commensurate with the size of the Company and the nature of its
business with regard to purchases of fixed assets and with regard to
the sale of services. The activities of the Company do not involve
purchase of inventory and the sale of goods. During the course of our
audit, we have neither observed nor have been informed of any
continuing failure to correct major weaknesses in internal control
system of the Company.
v. a. In our opinion and according to the information and explanations
given to us, the particulars of all contracts or arrangements that
needed to be entered into the register required to be maintained under
Section 301 of the Companies Act, 1956 have been so entered.
b. According to the information and explanations given to us, there was
no transaction with regard to sale, purchase, or supply of goods,
materials or services exceeding the value of rupees five lacs in
respect of any party, in pursuance of contracts or arrangements entered
in the register maintained under Section 301 of the Companies Act,
1956.
vi. The Company has not accepted any deposits from the public in the
current year within the meaning of Sections 58A and 58AA of the
Companies Act, 1956, the rules framed there-under and the Housing
Finance Companies (NHB) Directions, 2001 with regard to the deposits
accepted from the public. Therefore in our opinion clause (vi) of Para
4 of the Companies (Auditors Report) Order, 2003 is not applicable to
the Company for the current year. We are informed by the management
that no order has been passed by the Company Law Board, or Reserve Bank
of India or any Court or any other Tribunal.
vii. In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
viii. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under clause (d) of sub- section (1) of Section 209 of the Companies
Act, 1956 for the products of the Company.
ix. a. According to the information and explanations given to us, the
Company is generally regular in depositing with the appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees state insurance,
income- tax, wealth tax, service tax, cess and any other statutory dues
applicable to it. We were informed that the operations of the Company
during the year did not give rise to any liability for sales tax,
custom duty, excise duty and any other statutory dues. There are no
undisputed amounts payable in respect of these dues which have remained
outstanding as at March 31, 2010 for a period of more than six months
from the date they became payable.
b. According to information and explanations given to us, there are no
dues of income-tax, sales tax, wealth tax, service tax .customs duty,
excise duty or cess or any other statutory dues which have not been
deposited on account of any dispute.
x. The Company does not have any accumulated losses at the end of the
financial year. The Company has not incurred cash losses in the
financial year covered by our audit and in the immediately preceding
financial year.
xi. In our opinion and according to the information and explanations
given to us, we are of the opinion that the Company has not defaulted
in repayment of dues to financial institutions, banks or debenture
holders.
xii. In our opinion and according to the information and explanations
given to us, the Company has maintained adequate records where the
Company has granted loans and advances on the basis of security by way
of pledge of residential houses and properties. The Company has not
granted any loans and advances by way of pledge of shares, debentures
and other securities.
xiii. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore the provisions of clause 4 (xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
xiv. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments. Accordingly, the provisions of clause 4 (xiv) of the
Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
xv. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
xvi. In our opinion, and according to the information and explanations
given to us, term loans have been applied for the purposes for which
they were raised.
xvii. The Company is engaged in the housing finance business and is
governed by National Housing Bank [NHB] guidelines for raising deposits
and deployment of its funds in its business and the company has
followed the NHB guidelines for fund raising and its deployment and
adhering to the Asset Liability Committee (ALCO) Management guidelines
prescribed by NHB and accordingly based on those guidelines we confirm
that the company has not used its short term funds in long term
investments and vice versa.
xviii. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the Act. Accordingly, clause 4(xviii) of the order is not
applicable.
xix. The Company has not issued any debentures during the year.
xx. The Company has not raised money through public issue of shares
during the year. Accordingly, clause 4(xx) of the order is not
applicable.
xxi. According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
course of our audit.
For CHATURVEDI & CO.
Chartered Accountants
Firm Registration No.302137E
PANKAJ CHATURVEDI
Partner
Place : Noida Membership No. 091239
Date : May 28, 2010