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Updated:22 Aug, 2019, 15:57 PM IST

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Updated:22 Aug, 2019, 16:01 PM IST

INDEPENDENT AUDITORS' REPORT

TOTHE MEMBERS OF SATIN CREDITCARE NETWORK LIMITED,

1. Report on the Financial Statements

We haw audited the accompanying financial statements of Satin Credit care Network Limited ('the Company1) 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.

2. Management's Responsibility for the Financial Statements

The Comptny's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act,2013 (hereinafter referred to as "the Act") with respect to t he preparation o f ties e financial statements that giwa 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 Rule7 of the Companies (Accounts) Rules, 2014. This responsibility also includes for 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 aid prudent, and the design, implementation and maintenance of adequate internal financial controls, that were operating effectible for ensuring the accuracy– and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that g i w a t n i e and fair view aid are free from material misstatement, whether due to fraud or error.

3. Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. While conducting the audit, we haw 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 pro visions of the Act and the Rule; made the render.

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 reassurance 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 auditors 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 ex pressing an opinion on whether the Company has an adequate internal financial controls system over financial reporting in place and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness o f t h e accounting estimates made by the Company's Board of Directors, as well as evaluating the overall presentationof the financial statements.

We believe that the audi t evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

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 acroimtingp–inriplftsgrnrrally Jwwpltvt in India, of th<* State of Affairs oft!** Company as at 31st March 7015, its profit and its cash flows for the year ended on t hat date.

5. Report on Other Legal and Regulatory Requirements

A. As required by the Companies (Auditor's Report) Order, 2015("the Order"), issued by the Central Government of India in terms ofsub–9ecti on (1 l)of section 143 of the Act, we give ir. The Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

B. 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 haw been kept by the company so far a sit 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 the Cash Flow statement comply with the accounting  standards specified under section 133 of the Comprise Act2C 13 readwithRule7 of the Companies (Accounts) Rules  2014.

(e) On the basis of written representations received from the Director as on 31st March 2015 and taken on record by the  Board of Directors, none of the directors of the Company is disqualified as on 31 st March 2015, from being appointed as  a director in terms of section 164(2) of the Act; and

(f) With respect to the other matt era to be included in the Auditor's Report in accordance with Rule 11 of the Companies  (Audi and Auditor's) Rules, 2014, in our opinion and to the best of our information and according to the explanations  given to us:

i. There were no pendinglitigationswhichwouldimpaclthefinancialpositionof thecompany.

ii. The company did not have any outstanding long term contracts including derivative contracts as at 31st March  2015 for which there were any material foreseeable losses; and

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by  the Company.

ANNEXURETO THE INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 1 under t he heading "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. The fixed assets acquired on amalgamation of Satin Intel licomm Limited with the company with the appointed datecf 1.4.2006 and the effective date as on 3.122007 are still in the name of the erstwhile company Satin In telecomm Limited. The process of transferof these assets in the name of the company is under process.

(b) The fixed assets were physically verified during the year by the management ina phased periodic manner in accordance with a regular programme of verification which, in cur opinion, provides for physical verification of all fixed assets at reasonable intervals having regard tothe 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.

(ii) The Company's business does not involve inventories and, accordingly the requirements of paragraph 4(ii) of the Order are not applicable to the Company and hence not commented for.

(iii) Accotding to the information and explanations given to us, (he company has not granted any loans to company, firm or other party listed in the register maintained under section 189 c–f the Companies Act,2013.Accoidingly ,the provisions of clause

3(iiiXa)(b) of the order are not applicable to the company.

(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 purchases of fixed asset s and for sale of services. The activities of the company do not involve purchase of inventory and sale of goods. During the course of our audit, we have not observed any continuing failure to correct any major weakness in internal control system of the Company.

(v) According to the information and explanations given to us, the Company has not accepted any deposits from the public. The company is a'Non Banking Financial Company–Micro Finance Institutions' (NBFC– MFIs)

(vi) The Central Government of India has not prescribed the maintenance of cost records under Section 148(1) of the Act for any of the srtvir.esren Henvlhy t h e c o m p a n y

(vii) (a) According to the information and explanations given to us anion the basis of our examination of the records of the company, the company has been regular in depositing with appropriate authorities undisputed statutory dues including provident fond, employees' state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, value–added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with appropriate au throatiest.

(b) According to the information and explanations given ous .noundisputeda mounts payable in respect of provident fund, employees’ state insurance, income tax, wealth tax, service tax, value added tax, customs duty, excise duty and cess  were n arrears as at 31.03.2015 for a period of more than s ix months from the date they became payable.

(c) According to the information and explanation given to us ,there are no dues of v–alue added tax, custom duty, wealth tax,  service tax, excise duty and cess which have not teen deposited on account of any dispute. However .according to  information and explanation, the following Dues of incomes tax which have not been deposited as on 3 Is t March 2015 on account of dispute is given below

d) According to the information and explanation given to us, the rewere no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company in accordance with the relevant provisions o f t h e Companies Act 1956(1 of 1956) and rules made there under

(viii) The company does not have any accumulated losses at the end of the financial year and has not in cuired cash losses in the  financial year covered by our audit and in the immediately y preceding financial year.

(ix) Based on our audit procedures and according to the in formation and explanations given to us, the company has not defaulted in  repayment of dues to any financial institution, bank or debenture holders.

(x) In our opinion and according to the information and explanations given to us, the company has not given guarantees for loan take n by others from banks or financial institutions.

(xi) In our opinion and according to the information and explanations given to us, the term loans (both secured and unsecured) availed by tie company were, prima facie, applied by the company during the year for the purposes for which they were obtained, other than temporary' deployment in liquid assets payable on demand, pending final utilization.

(xii) According to the information and explanations given to us, no fraud by the company and no material fraud on the company was noticed or reported during the year, although there have been few instances of loans becoming doubtful of recovery consequent upon fraudulent misrepresentation by the borrowers, the amounts whereof are not material in the context o f t h e size o f t h e company and the nature of its business and which have not been provided for.

For A K. Gangaher & Co.

Chartered Accountants

A K.Gangaher

Proprietor

Membership NO. 0*3674

Firm ICAI Registration no.004588N

Place: Delhi

Dated: 25 th May, 2015

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