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Sai Baba Investment and Commercial Enterprises Ltd.

BSE: 538557 Sector: Financials
NSE: N.A. ISIN Code: INE706P01020
BSE LIVE 15:13 | 26 Sep 28.90 -0.55
(-1.87%)
OPEN

28.90

HIGH

28.90

LOW

28.90

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 28.90
PREVIOUS CLOSE 29.45
VOLUME 1650
52-Week high 57.60
52-Week low 13.75
P/E 412.86
Mkt Cap.(Rs cr) 326
Buy Price 0.00
Buy Qty 0.00
Sell Price 28.90
Sell Qty 577861.00
OPEN 28.90
CLOSE 29.45
VOLUME 1650
52-Week high 57.60
52-Week low 13.75
P/E 412.86
Mkt Cap.(Rs cr) 326
Buy Price 0.00
Buy Qty 0.00
Sell Price 28.90
Sell Qty 577861.00

Sai Baba Investment and Commercial Enterprises Ltd. (SAIBABAINVT) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

SAI BABA INVESTMENT AND COMMERCIAL ENTERPRISES LIMITED

1. REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of SAI BABA INVESTMENT ANDCOMMERCIAL ENTERPRISES LIMITED which comprise the Balance Sheet as at 31stMarch 2016the Statement of Profit and Loss for the year then ended and a summary of significantaccounting policies and other explanatory information.

2. MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

3. AUDITOR’S RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation and fair presentation of the financial statements that give a true and fairview in order to design audit procedures that are appropriate in the circumstances butnot for the purpose of expressing an opinion on whether the company has in place anadequate internal financial controls system over financial reporting and the operatingeffectiveness of such controls. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the financial statements.

4. OPINION

In our opinion and to the best of our information and according to the explanationgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2016 and its profit for the year ended on that date.

5. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. This report includes a statement on the matters specified in paragraph 3 and 4of the Companies (Auditor’s Report) Order 2016(‘the order’) issued by theCentral Government of India in terms of sub-section (11) of section 143 of the CompaniesAct 2013 since in our opinion and according to the explanation given to us the said Orderis applicable to the company.

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 bestof our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books

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

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms of Section164 (2) of the Act.

(f) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact itsfinancial position.

ii. The Company did not have any long term contracts including derivative contractsfor which there were any foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the company.

For Priyank M Shah

(Chartered Accountant)

CA Priyank M Shah

(Proprietor)

Membership No: 143951

Place: Mumbai

Date: 27th May 2016