Mar 31, 2015
We have audited the accompanying standalone financial statements of SOM
DATT FINANCE CORPORATION LIMITED ("the Company"), which comprise the
Balance Sheet as at March 31, 2015, the Statement of Profit and Loss,
the 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 are responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation of these standalone financial statements that give a
true and fair view of the financial position, financial performance and
cash flow of the Company in accordance with the accounting principles
generally accepted in India including 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 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 judgement and estimates that
are reasonable and prudent: and design, implementation and maintenances
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.
AUDITOR'S 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 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 assurances 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 judgement, 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 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 believer 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 of the 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.
EMPHASIS OF MATTERS
We draw the attention to the following notes :
a) The independent director has not been appointed in Board of the
Company as per provision of Section 149 (1) of the Companies Act, 2013.
b) The Company has not appointed any internal auditor as required by
Section 138 (1) and related notified (Accounts) Rules 13 (a) of the
Companies Act, 2013.
c) The Company has failed to appoint to appoint a Whole-time Company
Secretary as required under section 203 (1) of the Companies Act, 2013
read with Rule 8 of Companies (Appointment & Remuneration of Managerial
Personnel) 2014.
Our opinion is not qualified in respect of these matters.
REPORT ON OTHER LEGAL AND REGULATORY MATTERS
1. As required by the Companies (Auditors' 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 paragraph 3 & 4 of the Order, to
the extent applicable.
1. 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 beliefwere necessary for the
purpose of our audit.
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as it appears from our examination ofthose
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 accounts.
d) In our opinion, aforesaid standalone financial statement comply with
the Accounting Standards referred to in 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, and taken on record by the Board of
Directors, none of the directors is disqualified on March 31, 2015,
from being appointed as a director in terms of Section 164(2) of the
Act.
f) With respect o 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. There were no pending litigations which would impact the financial
position of the standalone financial statements.
ii. Provision has been made in the standalone financial statements as
required under the applicable law or accounting standards, for material
foreseeable losses, if any on long term contracts including derivative
contracts.
iii. There has been delay in transferring Rs. 11,09,725 required to be
transferred to the Investor Education and Protection Fund by the
Company.
Annexure to Independent Auditors' Report
Referred to in paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements "
of our report of even date.
i) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) The management during the year has not physically verified all the
assets but there is a regular programme of verification, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
verification.
ii) In respect of its inventories:
(a) The management has physically verified the stock of shares during
the year. In our opinion, frequency of the verification is reasonable.
(b) The procedures of physical verification of stock of shares followed
by the management are reasonable and adequate in relation to the size
of the company and the nature of its business.
(c) On the basis of our examination of the record of stock of shares,
we are of the opinion that, the Company is maintaining proper records
of shares. The discrepancies noticed on physical verification of shares
as compared to book records were not material and have been properly
dealt with in the books of account.
iii) The Company has not granted any loans, secured or unsecured, to
companies, firms, or other parties covered in the Register maintained
under Section 189 of the Companies Act, 2013.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to the purchase of shares, fixed assets and for
the sale of the shares. Further, on the basis of our examination and
according to the information and explanations given to us, we have
neither come across nor have been informed of any instance o of major
weakness in aforesaid internal control procedure.
v) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from public
during the year.
vi) In our opinion and 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 Companies Act,
2013 for the products of the Company.
vii) According to the information and explanations given to us, in
respect of statutory dues :-
(a) The Company has generally been regular in depositing undisputed
statutory dues including Provident Fund, Employee's State Insurance,
Income-Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, Cess and other statutory dues with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding for a period of more than six months from the date they
become payable as at March 31,2015.
(b) There are no dues in respect of Income tax, Sales tax, Customs
Duty, Excise Duty, Cess and other Statutory dues which have not been
deposited as on March 31,2015 on account of any dispute.
(c) There are delays in transferring the amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
viii) The Company does not have any accumulated losses at the end of
the financial year and has not incurred cash losses during the
financial year and in the immediately preceding financial year.
ix) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in the repayment of dues to financial
institutions or banks. The company has not issued any debentures.
x) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by its fellow
subsidiaries, associates and others, from banks or financial
institutions.
xi) According to the information and explanations given to us, the
Company has not raised any term loans during the year.
xii) Based upon the audit procedures performed and information and
explanations given by the management, we report that, no fraud on or by
the company has been noticed or reported during the course of our
audit.
For A.S.GUPTA & CO.
CHARTERED ACCOUNTANTS
Firm Registration No : 302077E
S. N. CHAUDHURI
Place : Kolkata Partner
Date : 29th May, 2015 Membership No : 08158
Mar 31, 2014
We have audited the accompanying financial statements of M/s Som Datt
Finance Corporation Limited ("the Company"), which comprise the Balance
Sheet as at March 31,2014, the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended and a summary of
significant accounting policies and other explanatory information.
MANAGEMENT''S RESPONSIBILITYFOR 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 notified under the Companies Act, 1956 ("the
Act") read with the General Circular 15/2013 dated 13th September, 2013
of the Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013. This responsibility includes the design,
implementation and maintenances of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free form 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 Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurances about whether the financial statements are free
from material misstatements.
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 judgement, 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 the management,
as well as evaluating the overall presentation ofthe financial
statements.
We believer that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion. OPINION
Attention is invited a bout the following: -
During our scrutiny of Minute Book, we noted that the Board of
Directors in their Meeting dt. 23/08/2013, item no. 6, accorded its
approval for the issuance of duplicate share certificates in lieu of
original certificate ofthe 10 reputed listed company which were
lost/misplaced during earlier years
Subject to the foregoing observation, in our opinion and 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:
(a) In the case ofthe Balance Sheet, ofthe state of affairs ofthe
Company as at March 31,2014;
(b) In the case ofthe Statement of Profit and Loss, ofthe profit for
the year ended on that date;
and
(c) In the case ofthe Cash Flow Statement, ofthe cash flows for the
year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY MATTERS
1. As required by the Companies (Auditors'' Report) Order, 2003 ("the
order"), issued by the Central Government of India in terms of Section
227(4A) of the Act, we give in the Annexure statement on the matter
specified in paragraphs 4 and 5 ofthe Order.
2. AsrequiredbySection227(3)oftheAct,wereport that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b) In opinion, proper books of account as required by law have been
kept by the Company so far appears from our examination ofthose 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 accounts.
d) Except Accounting Standard 15 regarding Employee Benefit for
gratuity and Accounting Standard 18 regarding incomplete related party
disclosure, in our opinion, the Balance Sheet, the Statement of Profit
and Loss and the Cash Flow Statement comply with the Accounting
Standards notified under the Companies Act, 1956 ("Act") read with the
General Circular 15/2013 dated 13th September, 2013 of the Ministry of
Corporate Affairs in respect of Section 133 ofthe CompaniesAct, 2013.
e) On the basis of the 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 on March 31,2014, from
being appointed as a director in terms of Section274(1) (g) oftheAct.
Annexure to Independent Auditors'' Report
Referred to in paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our report of even da te.
i) a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The management during the year has not physically verified all the
assets but there is a regular programme of verification, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
verification
c) In our opinion and according to the information and explanations
given to us, no fixed assets have been disposed off by the company
during the year.
ii) a) The management has physically verified the stock of shares
during the year. In our opinion, frequency of the verification is
reasonable.
b) The procedures of physical verification of stock of shares followed
by the management are reasonable and adequate in relation to the size
of the company and the nature of its business.
c) On the basis of our examination of the record of stock of shares, we
are of the opinion that, the Company is maintaining proper records of
shares. The discrepancies noticed on physical verification of shares as
compared to book records were not material and have been properly dealt
with in the books of account.
iii) In respect of the loans, secured or unsecured granted or taken by
the Companies to /from Companies, firms or other parties covered in the
register maintained under Section 301 ofthe CompaniesAct, 1956 :
a) According to information and explanations given to us the Company
has not taken any loans secured or unsecured from companies, firm''s or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956. Consequently, the requirements of clauses 4
(iii) (f) to (g) of the order are not applicable.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to the purchase of shares, fixed assets and for
the sale of the shares. Further, on the basis of our examination and
according to the information and explanations given to us, we have
neither come across nor have been informed of any instance of major
weakness in aforesaid internal control procedures.
v) a) According to the information and explanations given to us, we are
of the opinion that during the year, the transaction that were required
to be entered into the register maintained Under Section 301 ofthe
Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained Under Section 301 of
the Companies Act, 1956, during the year have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
vi) The Company has not accepted any deposits from the public during
the year. Hence the directive issued by the Reserve Bank of India and
the provision of Section 58A and 58AA of the Companies Act, and the
rules framed there under are not applicable. We are informed that no
order has been passed by the Company Law Board, National Company Law
Tribunal, Reserve Bank of India, any other court or any other tribunal
with regard to the public deposits.
vii) The Company does not have any system of internal audit.
viii) To the best of our knowledge and as explained, the Central
Government has not prescribed 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) According to the information and explanations given to us, in
respect of statutory dues :-
a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employee''s State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and other statutory dues have been
generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, except
Rs. 9,20,264 being Unpaid Dividend not transferred to Investor Educa
-tion and Protection Fund as required under Section 205C of the
Companies Act,1956, no undisputed amounts payable in respect of the
aforesaid dues were outstanding for a period of more than six months
from the date they become payable as at March 31,2014.
x) The Company does not have any accumulated losses and has not
incurred any cash losses in the current financial year and immediately
preceding financial year.
xi) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted any repayment of dues to financial
institutions or banks. The company has not issued any debentures.
xii) According to the information and explanations given to us and
based on the documents and record produced to us the company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other similar securities.
xiii) As the Company is not a chit fund/ nidhi/ mutual benefit fund/
society to which the provisions of special statute relating to chit
fund are applicable, paragraph 4(xiii) of the order is not applicable.
xiv) In respect of dealing/trading in securities and other investments,
in our opinion and according to the information and explanations given
to us, proper records have been maintained of the transactions and
contracts and timely entries have been made therein. The securities
have been held by the company, in its own name, except short comings
observed in our IndependentAuditors'' Report under para ''Opinion Item
(ii).
xv) We are informed that during the year, the company has not given any
guarantee for loans taken by its fellow subsidiaries, associates and
others, frombanks or financial institutions.
xvi) The company has not raised for any term loan during the year.
xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the company, we report
that during the year, no funds raised on short term basis have been
used for long term investments.
xviii) The company has not made any preferential allotment of shares
during the year.
xix) Since the company has not issued any debentures during the year,
paragraph 4(xix) of the Order is not applicable.
xx) The Company has not raised any money by way of public issue during
the year.
xxi) Based upon the audit procedures performed and information and
explanations given by the management, we report that, no fraud on or by
the company has been noticed or reported during the course of our
audit.
ForA.S.GUPTA&CO.
CHARTERED ACCOUNTANTS
FirmRegistrationNo: 302077E
CA U. BANERJEE
Place: Kolkata Partner
Date : May 29,2014 Membership No: 051608
Mar 31, 2013
REPORTOF THE FINANCIAL STATEMENTS
We have audited the accompanying financial statements of M/s Som Datt
Finance Corporation Limited ("the Company"), which comprise the Balance
Sheetasat March 31, 2013, the StatementofProfit and Loss and the Cash
Flow Statement for the year then ended andasummaryofsignificant
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 principles generally accepted in India including
Accounting Standards referred to in Section 211(3C) of the Companies
Act, 1956 (Âthe ActÂ). This responsibility includes the design,
implementation and maintenances of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free form material misstatement, whether
duetofraud 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 Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurances about whether the financial statements are free
from material misstatements.
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 judgement, 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 the
management,aswellasevaluating the overall presentation of the financial
statements.
We believer that the audit evidencewehave obtainedissufficient and
appropriateto provideabasis for our audit opinion.
OPINION
Subject to the foregoing observation, in our opinion and the best of
our information and according to the explanations giventous, the
aforesaid financial statements give the information requiredbytheAct in
the mannerso required and give a true and fair viewin conformity with
the accounting principles generally acceptedinIndia :
(a) Inthe caseofthe Balance Sheet,ofthe stateofaffairsof the
CompanyasatMarch 31, 2013;
(b) Inthe caseofthe StatementofProfit and Loss,ofthe profit for the
year endedonthat date; and
(c) Inthe caseofthe Cash Flow Statement,ofthe cash flows for the year
endedonthat date.
REPORTONOTHERLEGALANDREGULATORYMATTERS
1. As required by the Companies (Auditors'' Report) Order, 2003 ( Âthe
order ), issued by the Central Government of India in terms of Section
227(4A) of the Act, we give in the Annexure statement on the matter
specified in paragraphs 4 and5ofthe Order.
2. As requiredby Section 227(3)oftheAct,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 purposeofour
audit.
b) In opinion, proper books of account as required by law have been
kept by the Company so far appears from our examinationofthose 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 ofaccounts.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement comply with theAccounting Standards
referredto inSection 211(3C)ofthe CompaniesAct, 1956.
e) On the basis of the 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 on March 31, 2013,
from being appointed asa directorintermsofSection 274(1) (g)oftheAct.
Annexure to Independent Auditors'' Report
Referred to in paragraph 1 under the heading of ÂReport 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) The management during the year has not physically verified all the
assets but there is a regular programme of verification, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. Nomaterial discrepancies were noticedonsuch
verification
c) In our opinion and according to the information and explanations
given to us, no fixed assets have been disposed offbythe company during
the year.
ii) a) The management has physically verified the stock of shares
during the year. In our opinion, frequency of the verification is
reasonable.
b) The procedures of physical verification of stock of shares followed
by the management are reasonable and adequatein relationtothe sizeofthe
company and the natureofits business.
c) On the basis of our examination of the record of stock of shares, we
are of the opinion that, the Company is maintaining proper records of
shares. The discrepancies noticed on physical verification of shares as
comparedtobook records were not material and have been properly dealt
within the books ofaccount.
iii) In respectof the loans, secured or unsecured granted or taken by
the Companies to/from Companies, firmsor other parties coveredinthe
register maintained under Section 301ofthe CompaniesAct, 1956 :
a) The Company had given a loan to an associate company in the earlier
year whose maximum balance outstandingatany time during the year was
Rs. 3,00,00,000/- and the year end balance is NIL.
b) In our opinion and according to information and explanation given to
us, the rate of interest and other terms and conditions of the loan
given by the Company, are not prima-facie prejudicial to the interest
of the Company.
c) The Companyisregularinrecoveryofprincipal and interest.
d) Thereisnooverdue amount recoverable.
e) According to information and explanations given to us the Company
has not taken any loans secured or unsecured from companies, firm''s or
other parties covered in the register maintained under section 301 of
the Companies Act, 1956. Consequently, the requirements of clauses 4
(iii) (f) to (g) of the order are not applicable.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to the purchase of shares, fixed assets and for
the sale of the shares. Further, on the basis of our examination and
according to the information and explanations given to us, we have
neither come across nor have been informed of any instance of major
weaknessin aforesaid internal control procedures. v) a) According to
the information and explanations given to us, we are of the opinion
that during the year, the transaction that were required to be entered
into the register maintained Under Section 301 of the Companies Act,
1956 have beensoentered. b) In our opinion and according to the
information and explanations given to us, the transactions made in
pursuance of contracts or arrangements entered in the register
maintained Under Section 301 of the Companies Act, 1956, during the
year have been made at prices which are reasonable having regard to
prevailing market prices atthe relevant time. vi) The Company has not
accepted any deposits from the public during the year. Hence the
directive issued by the Reserve Bank of India and the provision of
Section 58A and 58AA of the Companies Act, and the rules framed there
under are not applicable. We are informed that no order has been passed
by the Company Law Board, National Company Law Tribunal, Reserve Bank
of India, any other court or any other tribunal with regard to the
public deposits. vii) The Company does not have any systemofinternal
audit.
viii) To the best of our knowledge and as explained, the Central
Government has not prescribed 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) Accordingtothe information and
explanations givento us,inrespectofstatutory dues :- a) According to
the records of the Company, undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employee''s
State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service Tax, Custom
Duty, Excise Duty, Cess and other statutory dues have been generally
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, except Rs. 9,20,264 being
Unpaid Dividend not transferred to Investor Education and Protection
Fund as required under Section 205C of the Companies Act,1956, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding foraperiodofmore than six months from the date they become
payableasatMarch 31, 2013. b) The details of dues of Income tax which
have not been deposited as on 31st March 2013 on account of disputes
are given below:
Particulars Forum where
Dispute is
pending Period of
which the
amount Amount
relates Involved
Income Tax D.C.I.T A.Y 2000-01 2,85,519
Income Tax Assessing
Officer(ITO) A.Y 2001-02 14,64,062
Income Tax A.C.I.T A.Y 2002-03 10,092
Income Tax A.C.I.T A.Y 2007-08 5,92,009
x) The Company does not have any accumulated losses and has not
incurred any cash losses in the current financial year and
immediatelypreceding financial year.
xi) Based onour audit procedures and onthe information and explanations
givenby the management, we are ofthe opinion that the company has not
defaulted any repaymentofduestofinancial institutionsorbanks. The
company has not issued any debentures.
xii) According to the information and explanations given to us and
based on the documents and record produced to us the company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other similar securities.
xiii) As the Company is not a chit fund/ nidhi/ mutual benefit fund/
society to which the provisions of special statute relating to chit
fund are applicable, paragraph 4(xiii) of the orderis not applicable.
xiv) In respect of dealing/trading in securities and other investments,
in our opinion and according to the information and explanations given
to us, proper records have been maintained of the transactions and
contracts and timely entries have been made therein. The securities
have been heldbythe company,inits own name.
xv) We are informed that during the year, the company has not given any
guarantee for loans takenby its fellow subsidiaries, associates and
others, from banks orfinancial institutions.
xvi) The company has not raised for any term loanduring the year.
xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the company,wereport
that during the year,nofunds raisedonshort term basis have been used
for long term investments.
xviii) The company has not made any preferential allotmentofshares
during the year.
xix) Sincethe company hasnot issued any debentures during the year,
paragraph 4(xix)ofthe Orderisnot applicable.
xx) The Company has not raised any moneybywayofpublic issue during the
year.
xxi) Based upon the audit procedures performed and information and
explanations givenbythe management, wereport that, no fraudonor by the
company hasbeen noticedorreported during the courseofour audit.
For A. S. GUPTA & CO.
CHARTERED ACCOUNTANTS
Firm Registration No:302077E
S.C.SEN
Place: Kolkata Partner
Dated : 27th May, 2013 Membership No. 13679
Mar 31, 2012
1. We have audited the attached Balance Sheet of Som Datt Finance
Corporation Limited as at 31st March'2012 and also the Statement of
Profit & Loss and 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 auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. 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 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 (Auditor's Report) Order' 2003 as
amended by the Companies (Auditor's Report) (Amendment) Order 2004
issued by the Central Government of India in terms of sub-section (4A)
of Section 227 of the Companies Act' 1956' of India (the 'Act') we
enclose as Annexure' a statement of the matters specified in Paragraphs
4 and 5 of the said order.
4. Further to our comments in the Annexure referred to in paragraph 3
above' we report that:
(i) We have obtained all the information and explanations' which to the
best of our knowledge and belief were necessary for the purpose of the
audit'
(ii) 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.
(iii) 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.
(iv) 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.
(v) On the basis of written representations received from the directors
as on' 31st March 2012 and taken on record by the Board of Directors' we
report that none of the directors is disqualified as on 3 f March' 2012
from being appointed as a director of the Company under clause (g) of
sub-section (1) of Section 274 of the Companies Act' 1956.
5. In our opinion and to the best of our information and according to
the explanations given to us' the accounts read with the accounting
policies and Notes on 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 slate of affairs of the
Company as at 31 st'March' 2012.
ii) in the case of the Statement of Profit and Loss' of the profit of
the Company for the year ended on that date.
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 Auditors' Report to the
Members of Som Datt Finance Corporation Limited on the accounts for the
year ended 31st March' 2012.
i) a) The Company has maintained proper records showing full
particulars' including quantitative details and situation of fixed
assets.
b) The management during the year has not physically verified all the
assets but there is a regular programme of verification' which in our
opinion is reasonable' having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
verification
c) In our opinion and according to the information and explanations
given to us' no fixed assets have been disposed off by the company
during the year.
ii) a) The management has physically verified the inventory during the
year. In our opinion' frequency of the verification is reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c) On the basis of our examination of the record of inventories' we are
of the opinion that' the Company is maintaining proper records of
inventories. The discrepancies noticed on physical verification of
inventories as compared to book records were not material and have been
properly dealt with in the books of account.
iii) In respect of the loans' secured or un secured granted or taken by
the Companies to /from Companies ' firms or other parties covered in
the register maintained under section 301 of the Companies Act 1956:
" (a) The Company has given a loan to an associate company whose
maximum balance outstanding at any time during the year was Rs.
3'00'00'000/- and the year end balance is Rs. 3'00'00'000/-.
(b) In our opinion and according to information and explanation given
to us' the rate of interest and other terms and conditions of the loan
given by the Company' are not prima-facie prejudicial to the interest
of the Company.
(c) The principal amount and interest which is receivable on demand
whose interest is received in full during the year.
(d) In respect of aforesaid loan ' the Company is regular in receiving
the interest as stipulated and the principle is receivable on demand.
(e) The Company has taken a loan from an associate company whose
maximum balance involved during the Year and the year end balance of
such loans are Rs. 3'00'00'000/- and Nil respectively.
(f) The rate of interest and terms and conditions on which loan have
taken by the company are not prima-facie prejudicial to the interest of
the Company.
(g) In respect of aforesaid loan the company have repaid the principle
in full and interest amounting to Rs. 9'00'000/- have been paid after
the accounting period.
iv) In our opinion and according to the information and explanations
given to us' there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to the purchase of inventories 'fixed assets and
for the sale of the stock. Further' on the basis of our examination and
according to the information and explanations given to us' we have
neither come across nor have been informed of any instance of major
weakness in aforesaid internal control procedures.
v) (a) According to the information and explanation/s given to us' we
are of the opinion that during the year' the transaction that were
required to be entered into the register maintained Under Section 301
of the Companies Act' 1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us' the transactions made in pursuance of contracts or
arrangements entered in the register maintained Under Section 301 of
the Companies Act' 1956' during the year have been made at prices which
are reasonable having regard to prevailing market prices at the
relevant time.
vi) The Company has not accepted any deposits from the public during
the year. Hence the directive issued by the Reserve Bank of India and
the provision of Section 5 8 A and 5 8 AA of the Companies Act' and the
rules framed there under are not applicable. We are informed that no
order has been passed by the Company Law Board' National Company Law
Tribunal' Reserve Bank of India' any other court or any other tribunal
with regard to the public deposits.
vii) In our opinion' the Company has an internal audit system for part
of the year which commensurate with the size and the nature of its
business.
viii) To the best of our knowledge and as explained' the Central
Government has not prescribed 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) According to the information and explanations given to us' in
respect of statutory dues :-
(a) The Company has generally been regular in depositing undisputed
dues including Provident Fund' Investor Education and Protection fund.
Employee's State Insurance' Income-tax' Sales tax' Wealth tax ' Service
tax ' Custom duty. Excise duty' Cess and any other material statutory
dues applicable to it' '
There were no dues on account of Cess under section 441A of the the
Companies Act 1956' since the date from which the aforesaid section
comes into force' has not yet been notified by the Central Government
There were no undisputed amounts payable in respect of Income tax'
Wealth tax. Custom duty' Excise duty. Cess and other material statutory
dues in arrears as at 31sl March 2012 for a period of more than 6
months from the date they become payable.
(b) The details of dues of Income tax which have not been deposited as
on 3P1 March 2012 on account of disputes are given below:
Particulars Forum where
Dispute is
pending Period of
which the
amount Amount
relates Involved
Income Tax D.C.l.T A.Y 2000-01 2'85'519
Income Tax Assessing
Officer ( 1TO) A.Y2001-02 14'64'062
Income Tax A.C.I.T A.Y2002-03 10'092
Income Tax A.C.l.T AY 2007-08 5.92'009
x) The Company does not have any accumulated losses and has not
incurred any cash losses in the current financial year and immediately
preceding financial year.
xi) Based on our audit procedures and on the information and
explanations given by the management' we are of the opinion that the
company has not de faulted any repayment of dues to financial
institutions or banks. The company has not issued any debentures.
xii) According to the information and explanations given to us and
based on the documents and record produced to us the company has not
granted loans and advances on the basis of security by way of pledge of
shares' debentures and other similar securities.
xiii) As the Company is not a chit fund/ nidhi/ mutual benefit fund/
society to which the provisions of special statute relating to chit
fund are applicable' paragraph 4(xiii) of the order is not applicable.
xiv) In respect of dealing/trading in securities and other investments'
in our opinion and according to the information and explanations given
to us' proper records have been maintained of the transactions and
contracts and timely entries have been made therein. The securities
have been held by the company' in its own name.
xv) We are informed that during the year' the company has not given any
guarantee for loans taken by its fellow subsidiaries' associates and
others' from banks or financial institutions.
xvi) The company has not raised for any term loan during the year.
xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the company' we report
that during the year' no funds raised on short term basis have been
used for long term investments.
xviii) The company has not made any preferential allotment of shares
during the year.
xix) Since the company has not issued any debentures during the year'
paragraph 4(xix) of the Order is not applicable.
xx) The Company has not raised any money by way of public issue during
the year.
xxi) Based upon the audit procedures performed and information and
explanations given by the management' we report that' no fraud on or by
the company has been noticed or reported during the course of our
audit.
For A. S. GUPTA & CO.
CHARTERED ACCOUNTANTS
Place : Kolkata
Firm Registration No: 302077E
Dated: 24th May'2012
S.C.SEN
Partner
Membership No. 13679
Mar 31, 2010
1. We have audited the attached Balance Sheet of Som Datt Finance
Corporation Limited as at 31st March,2010 and also the Profit and Loss
Account and 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 auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. 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 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 as
amended by the Companies (Auditors Report) (Amendment) Order 2004
issued by the Central Government of India in terms of sub-section (4A)
of Section 227 of the Companies Act, 1956, of India (the Act) we
enclose as Annexure, a statement of the matters specified in Paragraphs
4 and 5 of the said order.
4. Further to our comments in the Annexure referred to in paragraph -
3 above, we report that :
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of the
audit,
(ii) 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.
(iii) The Balance Sheet, Profit and Loss Account and Cash flow
Statement dealt with by this report are in agreement with the books of
account. .
(iv) 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.
(v) On the basis of written representations received from the directors
as on, 31st March 2010 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2010 from being appointed as a director of the Company under clause (g)
of sub-section (1) of Section 274 of the Companies Act, 1956.
5. In our opinion and to the best of our information and according to
the explanations given to us, the accounts read with the accounting
policies and notes given in Schedule 12, 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 31s,March, 2010.
ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date.
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 Auditors Report to the
Members of Som Datt Finance Corporation Limited on the accounts for the
year ended 31s March, 2010.
i) a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The management during the year has not physically verified all the
assets but there is a regular programme of verification, which in our
opinion is reasonable, having regard to the size of the Company and
nature of its assets. No material discrepancies were noticed on such
verification.
c) In our opinion and according to the information and explanations
given to us, no fixed assets have been disposed off by the Company
during the year.
if) a) The management has physically verified the inventory during the
year. In our opinion, frequency of the verification is reasonable.
b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
c) On the basis of our examination of the record of inventories, we are
of the opinion that, the Company is maintaining proper records of
inventories. The discrepancies noticed on physical verification of
inventories as compared to book records were not material and have been
properly dealt with in the books of account.
iii) a) As informed the company has not granted any loan secured or
unsecured from companies, Firm or other parties covered in the register
maintained under section 301 of the Companies Act, 1956. Therefore, the
provision of clause 4(iii) (a) to (d) or the Companies (Auditors
Report) Order 2003 (as amended) are not applicable.
b) The Company has taken an unsecured loan from one of its directors
covered in the register maintained u/ s 301 of Companies Act, 1956. The
maximum balance involved during the year and the year end balance of
such loan was Rs. 25 lacs & Rs. 3 lacs respectively
The Company has taken an interest free inter-corporate loan from a
subsidiary company covered in the register maintained u/s 301 of the
Companies Act, 1956. The maximum balance involved during the year and
the year end balance of such loan was Rs. 20,26,467/- and Rs.
11,73,513/- respectively.
c) The rate of interest and terms and conditions on which loans have
been taken by the Company are not prime facie prejudicial to the
interest of the Company.
d) In respect of aforesaid loans, the Company is regular in repaying
the principal amount as stipulated and is also regular in payment of
interest, where applicable.
iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and the nature of its
business with regard to the purchase of inventories ,fixed assets and
for the sale of the stock. Further, on the basis of our examination and
according to the information and explanations given to us, we have
neither come across nor have been informed of any instance of major
weakness in aforesaid internal control procedures.
v) a) According to the information and explanation/s given to us, we
are of the opinion that during the year, the transaction that were
required to be entered into the register maintained Under Section 301
of the Companies Act, 1956 have been so entered. b) In our opinion and
according to the information and explanations given to us, the
transactions made in pursuance of contracts or arrangements entered in
the register maintained Under Section 301 of the Companies Act, 1956,
during the year have been made at prices which are reasonable having
regard to prevailing market prices at the relevant time.
vi) The Company has not accepted any deposits from the public during
the year. Hence the directive issued
by the Reserve Bank of India and the provision of Section 58A and 58 AA
of the Companies Act, and the rules framed there under are not
applicable. We are informed that no order has been passed by the
Company Law Board, National Company Law Tribunal, Reserve Bank of
India, any other court or any other tribunal with regard to the public
deposits.
vii) In our opinion, the Company has an internal audit system
commensurate with the size and the nature of it business.
viii) To the best of our knowledge and as explained, the Central
Government has not prescribed maintenance of cost records under clause
(d) of sub-section (1) of section 209 of the Companies Act, 1956 for
the product of the Company.
ix) (a) According to the information and explanations given to us,
there are no undisputed statutory due payable in respect of Provident
Fund, Investor Education and Protection fund, Employees Stati
Insurance, income-tax, sales tax, wealth tax , service tax , custom
duty, excise duty, cess and any othe material statutory dues
applicable, with the appropriate authorities which are outstanding as
at 31st Marcl 2010 for a period of more than six months from the date
they became payable.
(b) According to the information and explanations given to us, the dues
of income tax, sale tax, wealth tax service tax, custom duty, excise
duty, cess which have not but deposited on account of any dispute and
inform where the dispute is pending as on 31st March 2010 are as under
:
Nature of Nature of Dues Amount Assessment Forum ashore
statute Pending
Income Tax Disallowance of MAT credit
of Assessment Year 285,519 2000-01 Deputy Commis
-sioner
1997-98 to the extent of
Rs. 771,790 and also the of Income
Tax Cirde. 5
Company have not received
order U/s 143(3) as
such Company is not liable
for demand.
Income Tax Self Assessment tax of
Rs. 63,796 not accepted by 76,597 2002-03 Income Tax
Officer
the I.T.O instead tax
payable shown as Rs. 63,796 5(1)
along with interest of
Rs. 12,800 u/s 234 B & 234C.
The amount of Rs.76,597
raised by the I.T.O. by his
intimation u/s 143(1).
However rectification u/s 154
filed to department and also
no order u/s 143(3)
was received. Therefore the
Company is not liable
for demand
Income Tax The demand raised u/s 143(1)
include interest u/s
234B & 234C amounting
Rs. 189,853. Company 10,69,291 2003-04 Deputy
Commissioner
disputed the demand
on the ground that "Tax" of Income
Tax Circle-5
calculated @ 35% on flat
rate on total Income. But
the above total income
included Rs. 27,98,507 as
dividend on Mutual Fund on
which tax should be @ 10%
U/s 115BBB. Further no credit
given for TDS of Rs 8,67,000.
Due to non availability of
Refund u/ s 143(3), this
demand have not been considered.
x) The Company does not have any accumulated losses and has not
incurred any cash losses in the current financial year and immediately
preceding financial year.
xi) Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted any repayment of dues to financial
institutions or banks. The company has not issued any debentures.
xii) According to the information and explanations given to us and
based on the documents and record produced to us the company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other similar securities.
xiii) As the Company is not a chit fund/ nidhi/ mutual benefit fund/
society to which the provisions of special statute relating to chit
fund are applicable, paragraph 4(xiii) of the order is not applicable.
xiv) In respect of dealing/trading in securities and other investments,
in our opinion and according to the information and explanations given
to us, proper records have been maintained of the transactions and
contracts and timely entries have been made therein. The securities
have been held by the company, in its own name.
xv) We are informed that during the year, the company has not given any
guarantee for loans taken by its fellow subsidiaries, associates and
others, from banks or financial institutions.
xvi) The company has not raised for any term loan during the year.
xvii) According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the company, we report
that during the year, no funds raised on short term basis have been
used for long term investments.
xviii) The company has not made any preferential allotment of shares
during the year.
xix) Since the company has not issued any debentures during the year ,
paragraph 4(xix) of the Order is not applicable.
xx) The Company has not raised any money by way of public issue during
the year.
xxi) Based upon the audit procedures performed and information and
explanations given by the management, we report that, no fraud on or by
the company has been noticed or reported during the course of our
audit.
ForA.S. Gupta & Co.
Chartered Accountants
Firm Registration No: 302077E
S.C.Sen
Place: Kolkata Partner
Date : 29.05.2010 Membership No 13679
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