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Sai Capital Ltd.

BSE: 531931 Sector: Financials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Sai Capital Ltd
NSE 05:30 | 01 Jan Sai Capital Ltd

Sai Capital Ltd. (SAICAPITAL) - Auditors Report

Company auditors report


Report on the Standalone Financial Statements : We have audited the accompanyingFinancial Statements of SAI CAPITAL LIMITED. which comprise of the Balance Sheet asat 31st March 2017 and the Statement of Profit and Loss and the Cash Flow Statement forthe year ended on that date and a summary of significant accounting policies and Notes toAccounts annexed thereto.

Management's Responsibility for the Standalone Financial Statements : The Company'sBoard of Directors is responsible for the matters in section 134(5) of the Companies Act2013 ("the Act") with respect to the preparation and presentation of theseStandalone Financial Statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the Standalone FinancialStatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility : Our responsibility is to express an opinion on theseStandalone Financial Statements based on our audit. While conducting the audit we havetaken into account the provisions of the Act the accounting and auditing standards andmatters which are required to be included in the audit report under the provisions of theAct and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe Standalone Financial Statements are free from material misstatement. An audit involvesperforming procedures to obtain audit evidence about the amounts and disclosures in theStandalone Financial Statements. The procedures selected depend on the auditor's judgmentincluding the assessment of the risks of material misstatement of the Standalone FinancialStatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of theStandalone Financial Statements that give true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe Standalone Financial Statements. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our audit opinion on the StandaloneFinancial Statements.

Opinion : In our opinion and to the best of our information and according to theexplanations given to us the said Standalone Financial Statements read together with theSignificant Accounting Policies and the Notes on Standalone Financial Statements appearingthereon give the information required by the Act in the manner so required and give atrue and fair view in conformity with the accounting principles generally accepted inIndia of the state of affairs of the Company as at March 31 2017 and its loss and itscash flows for the year ended on that date.

Emphasis Matter

(a) The confirmation of transactions and balances of Loans & Advance areawaited form the respective parties till the conclusion of the audit and in absence ofsuch confirmation the entries recorded in the books have been relied upon and thereforesuch balances are as per books of accounts of the company and subject to reconciliationwith respective parties. (b) Investments in equity investments is notascertainable in absence of any reliable data / information with respect to the marketprice of quoted equity shares for the purpose of impairment testing however themanagement is of the opinion the realisable value of investments is at least equal to thebook value hence no further provision for dimunision in value has been made.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 ("the order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the Annexure a statement on the matters specified inparagraph 3 and 4 of the said Order to the extent applicable.

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 purpose of our audit; (b) In ouropinion proper books of account as required by law have been kept by the Company sofar as appears from our examination of those books; (c) The Balance Sheet and theStatement of Profit and Loss and Cash Flow dealt with by this Report are in agreement withthe books of account; (d) In our opinion the aforesaid Standalone Financial Statementscomply with the Accounting Standards specified under Section 133 of the Act read withRule 7 of the Companies (Accounts) Rules 2014; (e) On the basis of the writtenrepresentations received from the directors and taken on record by the Board ofDirectors we report that none of the directors is disqualified as on Current Year frombeing appointed as a director in terms of Sub-section (2) of Section 164 of the CompaniesAct 2013.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure to Auditors Report".

(g) 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 explanation given to us: i) Therewere no pending litigations which would impact the financial position of the Company. ii)The Company did not have any material foreseeable losses on long-term contracts includingderivative contracts. iii) There were no amounts which were required to be transferred tothe Investor Education and Protection Fund by the Company.

For A K G & CO.
Chartered Accountants
CA. Ankit Goel
Date : 30th May 2017 PARTNER
Place: New Delhi. Membership No. : 522308
Firm Registration No. : 004924N

Annexure to the Auditors' report

The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the financial statements for the year ended 31 March 2017 we report that: (i)(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable havingregard to the size of the Company and nature of its assets. No material discrepancies werenoticed on such physical verification.

(c) Since the company did not have any property during the year so question ofverification of Title Deed does not arise. Hence this point is not applicable.

(ii) The company do not have any inventory during the period covered under audit. ThusPara (ii) of order not applicable. iii) The company has granted any loans to the partiescovered in the register maintained under section 189 of the Companies Act 2013. a) Asexplained to us terms and conditions of grant of loan is not prejudicial to the interestof the company. b) In respect of loans granted by the company the interest & receiptis regular and the principal amount is repayable on demand. c) Since the loans taken andgranted by the company are repayable on demand no question of overdue amounts arises.

(iv) In our opinion and according to the information and explanation given to usthecompany has compiled with the provisions of section 185 and 186 of the Companies Act2013 with respect to the loans investments guarantees and securities given.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted deposit from the public. Thus paragraph 3(v) of the Order is notapplicable. (vi) The Central Government has not prescribed the maintenance of cost recordsunder section 148(1) of the Act for any of the services rendered by the Company.

(vii) (a) According to the records of the Company undisputed statutory dues includingProvident Fund Employees' State Insurance Income Tax Sales Tax Service Tax duty ofCustoms Duty of Excise Value Added Tax Cess and other statutory dues have beengenerally regularly deposited with the appropriate authorities. According to theinformation and explanations given to us no undisputed amounts payable in respect of theaforesaid dues were outstanding as at March 31 2017 for a period of more than six monthsfrom the date of becoming payable.

(b) According to the records examined by us and the information and explanations givento us there are no disputed amounts due in respect of income tax sales tax excise dutyEmployees provident fund Employee state insurance fund and other statutory dues at theend of the year.

(viii) In our opinion and based on our audit procedures company did not have anyoutstanding dues to financial institutions banks or debenture holders during the year.

(ix) In our opinion and according to the information and the explanations given to usthe Company has not raised any money by way of initial public offer or term loans. Thusparagraph (ix) of the Order is not applicable.

(x) In our opinion and according to the information and explanations given to us nofraud by the Company and no material fraud on the Company has been noticed or reportedduring the year.Thus Para (x) of the order not applicable.

(xi) As per the records available with the company the managerial remuneration is paidas per the provisions of section 197 read with Schedule V of the Companies Act.

(xii) The said company does not fall under the provisions of Nidhi Company. Thusparagraph (xii) of the Order is not applicable.

(xiii) As per the records obtained all transactions with related parties are incompliance with sections 177 and 188 of the Companies Act 2013 and details have beendisclosed in the Financial Statements as required by applicable accounting standards.

(xiv) As per the records obtained the company has not made any preferential allotmentor private placement of shares or debentures.Thus para not applicable.

(xv) As per the information obtained the company has not entered into any non-cashtransactions with director or persons connected with them.

(xvi) As per the records obtained the company is required to be registered undersection 45-IA of the Reserve Bank of India and the registration has been obtained..

For A K G & CO.
Chartered Accountants
CA. Ankit Goel
Date : 30th May 2017 PARTNER
Place: New Delhi. Membership No. : 522308
Firm Registration No. : 004924N