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Auditor Report of SRG Housing Finance Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of SRG Housing Finance Limited ("the Com- pany") which comprise the Balance Sheet as at 31st March 2015, 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 Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Compa- nies Act, 2013 ("the Act") with respect to the preparation of the 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 responsi- bility 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 the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and esti- mates that are reasonable and prudent; and design, implementation and maintenance of adequate inter- nal 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 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 au- dit to obtain reasonable assurance about whether the financial statements are free from material mis- statement.

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 as- sessment of the risks of material misstatement of the financial statements, whether due to fraud or er- ror. 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. An audit also includes evaluating the appropriate- ness 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 be- lieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our au- dit 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,

a) In the case of the Balance Sheet , of the state of affairs of the Company as at March 31, 2015

b) In the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

c) 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 (Auditor's Report) Order, 2015 ("the Order"), as issued by Cen- tral Government of India in terms of sub section (11) of section 143 of Companies Act, 2013 (18 of 2013) we hereby give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of 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 purpose of our audit;

b. 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 Re- port 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 Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014 ; and

e. on the basis of written representations received from the directors as on 31st March 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2015, from being appointed as a director in terms of sub section (2) of section 164 of the Com- panies Act, 2013.

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:

1. The Company does not have any pending litigations which would impact its financial posi- tion;

2. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses;

3. As represented by the company, there is no amount required to be transferred to Inves- tor Education and Protection Fund by the Company.

Annexure to the Auditors' Report [Referred to in paragraph pertaining to "Report on Other Legal and Regulatory Requirement" of our Report of even date to the members of SRG HOUSING FINANCE LIMITED on the financial statements for the year ended 31st March, 2015]

1. a) The Company is maintaining proper records showing full particulars including quantitative de- tails and situation of fixed assets.

b) Fixed Assets have been physically verified by the management during the year and no discrep- ancies between the book records and the physical inventory have been noticed. In our opinion, the frequency of verification is reasonable.

2. According to the information and explanations given to us, the Company has not having any Inven- tory and therefore paragraph 2 of the Order is not applicable.

3. According to the information and explanations given to us, the Company has not granted any loans to companies, firms or other parties covered in the Register maintained under Section 189 of the Com- panies Act, 2013; and therefore paragraph 3 of the Order is not applicable.

4. In our opinion and according to the information and explanations given to us, having regard to the explanation there is adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of fixed asset. Further, on the basis of our examina- tion of the books and records of the company, and according to the information and explanations given to us, we have neither come across nor have been informed of any continuing failure to correct major weakness in the aforesaid internal control system.

5. The Company has not accepted any deposits from the public, within the meaning of Sections 73 to 76 of Companies Act 2013 and the rules framed there under.

6. 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 activities carried on by the Company

7. a) According to the information and explanations given to us and records of the Company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues in- cluding provident fund, investor education and protection fund, employees state insurance, income tax, value added tax, wealth tax, service tax, custom duty, excise duty, cess and any other material statutory dues as applicable with the appropriate authorities. There are no undisputed statutory dues payable for a period of more than six months from the date they became payable as at 31st March, 2015.

b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of income tax, wealth tax, service tax, customs duty and cess as at 31st March 2015, which has not been deposited on account of dispute.

c) According to the information and explanations given to us and records of the Company examined by us, in our opinion, there are no amounts payable to investor education and protection fund in accordance with the relevant provisions of Companies Act, 1956 (1 of 1956) and rules there under.

8. The Company has no accumulated losses as at 31st March, 2015 and it has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year.

9. According to the information and explanations given to us and records of the Company examined by us the company has not defaulted in repayment of dues to any financial institution or bank at the Bal- ance Sheet date.

10. In our opinion, and according to the information and the explanation given to us, the com- pany has not given any guarantee for loans taken by others from banks or financial institu- tions during the year;

11. The Term loans obtained during the year were applied by the Company for the purpose for which they were obtained.

12. Based on the audit procedures performed and information and explanations given by the management, we report that we have not come across any instances of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by management.

13. As per the Housing Finance Companies (NHB) Directions 2010, we report that:

i) The company is registered with NHB under section 29 of NHB Act, 1987 before 12th June, 2000 vide registration no. 02.0032.02 dated 24.05.2002 /02.0056.04 dated 15.04.2004.

ii ) The company has complied with the provisions of section 29 c of the National Housing Bank Act, 1987.

iii) The capital adequacy ratio has been shown in the notes of the accounts and which is as per the norms.

iv) In case of housing finance company, not accepting public deposit:-

- The Board of Directors has passed resolution for not accepting public deposit.

- The Company has not accepted any public deposit during the year of audit 2014- 2015.

- The Company has complied with prudential norms relating to income recognition, accounting standards, assets classification and provisioning for bad and doubtful debts as applicable to it.

For Valawat Jha Pamecha & Co. Chartered Accountants (FRN 008265 C)

Place: Udaipur Dated: 25/05/2015

Sd/-

(Jinendra Jain)

Partner M.No. 072995


Mar 31, 2014

We have audited the accompanying financial statements of SRG Housing Finance Limited ("the Company"],which comprise the Balance Sheet as at March 31, 2014, 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 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 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.

Auditor''s 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 , but not for the purpose of expressing an opinion on the effectiveness of the Company''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 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:

(a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

(b) In the case of the statement of Profit and Loss, of the profit for the year ended on that date ; and

(c) 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 (Auditor''s Report] Order, 2003 ("the Order"] 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 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 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 comply with 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;

(e) On the basis of written representations received from the directors as on March 31, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2014, from being appointed as a director in terms of section 274 (l](g] of the Companies Act, 1956.

ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT

(Referred to in paragraph 1 under "Report on other legal and regulatory requirements” of our report of even date)

Having regard to the nature of the Company''s business / Activities /results during the year , clauses (ii] , (viii] ,(xiii] of paragraph 4 of the order are not applicable to the Company. In respect of the other clauses, we report as under:

1. a] The company has maintained proper record showing full particulars including quantitative details and situation of fixed assets.

b] As explained to us, the assets have been physically verified by the management during the year. We are informed that no material discrepancies were noticed on such physical verification.

c] In our opinion, during the year, the company has not disposed off any substantial/major part of fixed assets.

2. The Company has not granted / taken any loan to / from Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act,1956 . Consequently, requirement of clauses (iii , b to iii g ] of paragraph 4 of the order are not applicable.

3. In our opinion and according to the information and explanations given to us, there exists adequate internal control procedures commensurate with the size of the company and nature of its business with regard to the purchase of inventory and fixed assets, and with regard to the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls.

4. To the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that there were no contracts or arrangements that needs to be entered in the register maintained under section 301 of the Companies Act, 1956. Consequently, requirement of clauses (v,a] and (v,b] of paragraph 4 of the order not applicable.

5. In our opinion and according to the information and explanations given to us, the company has not accepted deposits from the public and therefore, the provisions of section 58AA of the companies Act, 1956 and Rules there under are not applicable.

6. In our opinion, the internal audit functions carried out during the year by firm of Chartered Accountants appointed by the Management have been commensurate with the size of the Company and the nature of its business.

7. According to the records of the company and information and explanations given to us, the company is regular in de Dositins undisputed statutory dues.

8. The company neither has any accumulated losses nor has incurred any cash losses during the financial year covered by our audit and the immediately preceding financial year.

9. Based on our audit procedures and on the basis of 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 and banks.

10. According to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

11. According to us the company is not dealing or trading in shares, securities debentures & other investments.

12. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks and financial institutions.

13. According to the records examined by us and information and explanations given to us, the company has availed term loan during the year and prima facie applied by the company during the year for the purposes for which the loan were obtained.

14. According to the records examined by us and according to the information and explanations given to us, on overall basis, funds raised on short term basis have, prima facie, not been used during the year for long terms investment and vice versa.

15. According to the information and explanations given to us, the company has not made any preferential allotment of shares during the year.

16. According to the information and explanations given to us, the company has not issued debentures during the year.

17. The company has not raised the money, by way of public issue during the year.

18. 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 was noticed or reported during the year.

As per the Housing Finance Companies (NHB) Directions 2010 , we report that:

i. The company is registered with NHB under section 29 of NHB Act, 1987 before 12th June, 2000 vide registration no. 02.0032.02 dated 24.05.2002 /02.0056.04 dated 15.04.2004.

ii. The company has complied with the provisions of section 29 c of the National Housing Bank Act, 1987.

iii. The capital adequacy ratio has been shown in the notes of the accounts and which is as per the norms.

iv. In case of housing finance company, not accepting public deposit:-

a] The Board of Directors have passed resolution for not accepting public deposit.

b] The Company has not accepted any public deposit during the year of audit 2013-2014.

c] The Company have complied with prudential norms relating to income recognition, accounting standards, assets classification and provisioning for bad and doubtful debts as applicable to it.

v. The Other provisions of the para are not applicable to the Company.



For Valawat Jha Pamecha & Co. Chartered Accountants (FRN 008265 C)

Place: Udaipur Dated: 29/05/2014 Sd/- Jinendra Jain Partner M.No.072995


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of SRG Housing Finance Limited ("the Company"), 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

The Company''s 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"), and in accordance with the accounting principles generally accepted in India. 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.

Auditor''s 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 co mply 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 ris k assessments, the auditor cons iders 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 , but not for the purpose of expressing an opinion on the effectiveness of the Company''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 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 aforesaid financial statements give the information required by the Act in the manner so required and give a t rue and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013 ;

(b) in the case of the Profit and Loss Account, of the profit for the year ended on that date ; and

(c) 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 (Auditor''s Report) Order, 2003 ("the Order") 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 repo rt 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 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 wit,h by this report, comply with the Accounting Standards referred to in section 211(3C) of the Companies Act, 1956;

(e) On the basis of written representations received from the directors as on March 31, 2013 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 section 274 (l)(g) of the Companies Act, 1956.

ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT (Referred to in paragraph 1 under ''Report on Other Legal and Regularity Requirements'' section of our report of even date)

Having regard to the nature of the Company''s business / Activities /results during the year, clauses (ii) , (viii) ,(xiii) of paragraph 4 of the order are not applicable to the Company. In respect of the other clauses, we report as under:

1. a. The company has maintained proper record showing full particulars including quantitative details and situation of fixed assets.

b. As explained to us, the assets have been physically verified by the management during the year. No material discrepancies were noticed on such physical verification.

c. In our opinion, during the year, the company has not disposed off any substantial/major part of fixed assets

2. The Company has neither granted nor taken any loans , secured or unsecured, to /from companies, firms or other parties covered in the register maintained under section 301 of the companies Act, 1956 .

3. 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 nature of its business with regard to the purchase of inventory and fixed assets, and with regard to the sale of goods. During the course of our audit, we have not observed any major weaknesses in internal controls.

4. In respect of transactions entered in the register maintained in pursuance of section 301 of the companies Act, 1956.

a) Based on audit procedures applied by us, to the best of our knowledge and belief and according to the information and explanations given t o us, we are of the opinion that the transactions that needed to be entered into the register maintained under section 301 have been so entered.

b) In our opinion and according to the information and explanations given to us, there are no transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the companies Act,1956 aggregating during the year to Rs.5,00,000/ - (Rupees Five Lacs Only) or more in respect of any party.

5. In our opinion and according to the information and explanations given to us, the company has not accepted deposits from the public and therefore, the provisions of section 58AA of the companies Act, 1956 and Rules there under.

6. In our opinion, the company has an internal audit system commensurate with the size and the nature of its business.

7. According to the records of the company and information and explanations given to us, the company has been regular in depositing undisputed statutory dues.

8. The company does not have accumulated losses as at the end of the year and the company has not incurred cash losses during current and the immediately preceding financial year.

9. Based on our audit procedures and on the basis of 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 and banks.

10. According to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

11. According to us the company is not dealing or trading in shares, securities debentures & other investments.

12. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks and financial institutions.

13. According to the records examined by us and information and explanations given to us, the company has availed term loan during the year and prima facie applied by the company during the year for the purposes for which the loan were obtained.

14. According to the records examined by us and according to the information and explanations given to us, on overall basis, funds raised on short term basis have, prima facie, not been used during the year for long terms investment and vice versa.

15. The company has not made any preferential allotment of shares to parties and companies covered under register maintained under section 301 of the companies Act,1956 during the year.

16. The company has not issued debentures during the year.

17. The company has raised the money, by way of public issue during the year and utilized the funds for the purposes money was raised .

18. 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 was noticed or reported during the year.

As per the Housing Finance Companies (NHB) Directions 2010, we report that:

i. The company is incorporated before 1 2th June, 2000 and registered with NHB under section 29 of NHB Act, 1987 vide registration no. 02.0032.02 dated 24.05.2002 /02.0056.04 dated 15.04.2004. ii. The company has complied with the provisions of section 29 c of the National Housing Bank Act, 1987.

iii. The capital adequacy ratio has been shown in the notes of the accounts and which is as per the norms. iv. In case of housing finance company, not accepting public deposit: -

a) The Board of Directors have passed resolution for not accepting public deposit. bj The Company has not accepted any public deposit during the year of audit 2012 -2013. c) The company have complied with prudential norms relating to income recognition, accounting standards, assets classification and provisioning for bad and doubtful debts as applicable to it. v. The Other provisions of the para are not applicable to the Company.

For Valawat Jha Pamecha & Co.

Chartered Accountants

FRN 008265 C

Place: Udaipur (Jinendra Jain)

Dated: 24.04.2013 Partner: M. No. 072995

 
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