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Sai Industries Ltd.

BSE: 530905 Sector: Financials
NSE: N.A. ISIN Code: N.A.
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Sai Industries Ltd. (SAIINDS) - Auditors Report

Company auditors report

To

THE MEMBERS

SAI INDUSTRIES LIMITED

Report on the Financial Statements

We have audited the accompanying Financial Statements of SAI INDUSTRIES LIMITEDwhich comprise of the Balance Sheet as at 31st March 2015 and the Statement of Profitand Loss and the Cash Flow Statement for the year ended on that date and a summary ofsignificant accounting policies and Notes to Accounts annexed thereto.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 (“the Act”) with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows 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 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 financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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 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 financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness ofthe Company's internal control. 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.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the said Financial Statements read together with the Significant AccountingPolicies and the Notes on Financial Statements appearing thereon give the informationrequired by the Companies Act 1956 in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2015 and its profit and its cash flowsfor the year ended on that date.

Special Mention

a) Investments in equity investments is not ascertainable in absence of any reliabledata / information with respect to the market price of quoted equity shares for thepurpose of impairment testing however the management is of the opinion the releasablevalue of investments is at least equal to the book value hence no further provision fordiminishment in value has been made.

Report on other Legal and Regulatory Requirements

1 As required by the Companies (Auditor's Report) Order 2015 ("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.

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 purpose of our audit;

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

(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this report are in 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 and takenon record by the Board of Directors we report that none of the directors is disqualifiedas on 31ST MARCH 2015 from being appointed as a director in terms of Section 164(2) ofthe Companies Act 2013.

(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 explanation given to us:

i) There were no pending litigations which would impact the financial position of theCompany.

ii) The Company did not have any material foreseeable losses on long-term contractsincluding derivative contracts.

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

AUDITOR'S REPORT
AS PER OUR REPORT OF EVEN DATE
sd/-
For AKG & Co.
Chartered Accountants
(CA. Anil K. Goel)
PLACE: NEW DELHI PARTNER
DATE : 14.08.2015 M. O. 083454
Firm's 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 2015 we report that:

(i) In respect of fixed assets;

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) As explained to us the fixed assets including equipment on lease have beenphysically verified by the Management during the year in a phased periodical manner whichin our opinion is reasonable having regard to the size of the Company and nature of itsassets. No material discrepancies were noticed on such verification.

(ii) In respect of inventories;

a) Since the company had no inventory during FY 2014-15 question of verification ofinventory does not arise.

b) Since the company had no inventory this clause is not applicable.

c) Since the company had no inventory this clause is not applicable.

(iii) In respect of loans secured or unsecured granted by the Company to companiesfirms or other parties covered in the register maintained under Section 189 of theCompanies Act 2013:

The Company has granted loans to parties covered in the register maintained undersection 189 of the Companies Act 2013 ('the Act') and.

a) In respect of loans granted by the company the interest & receipt is regularand the principal amount is repayable on demand.

b) The amount overdue is not more than 1 Lac hence this clause is not applicable.

iv) In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the Company and thenature of its business for the purchase of inventory fixed assets and also for the saleof goods. During the course of our audit we have not observed any major weaknesses ininternal controls system.

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 not applicable.

vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company.

vii) In respect of statutory dues:

(a) According to the records of the Company undisputed statutory dues includingProvident Fund Investor Education and Protection Fund Employees' State InsuranceIncome-Tax Sales-tax Wealth Tax Service Tax Customs Duty Excise Duty Cess and otherstatutory dues whichever applicable have been regularly deposited with the appropriateauthorities. According to the information and explanations given to us no undisputedamounts payable in respect of the aforesaid dues were outstanding as at 31st March 2015for a period of more than six months from the date of become payable.

(b) The disputed statutory dues aggregating to Rs. 12.51 Lacs plus interest due (notascertained yet) that have not been deposited on account of matters pending before theappropriate authority are as under:

S. No. Name of the Statute Nature of dues Forum where dispute is pending Period to which the amount Pending
1. IT ACT 1961 Demand Petition rejected by the Hon'ble Supreme Court however company intends to file review petition before the same court. 95-96

(c) According to the records of the Company there are no amounts that are due to betransferred to the Investor Education and Protection Fund in accordance with the relevantprovisions of the Companies Act 1956 (1 of 1956) and rules made thereunder. (viii)Accumulated losses of the Company are more than fifty percent of its net worth. Thecompany has incurred cash losses during the financial year covered by our audit as wellas in immediate preceding year.

(ix) In our opinion and according to the information and explanations given to us thecompany has defaulted in repayment of dues to financial institutions.

(x) In our opinion and according to the information and the explanations given to usthe Company has not given any guarantee for loans taken by others from banks or financialinstitutions.

(xi) The Company has not raised any new term loan during the year.

(xii) 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.

For AKG & Co
Chartered Accountants
sd/-
(CA. Anil K. Goel)
PARTNER
PLACE: NEW DELHI M. NO. : 083454
DATE : 14.08.2015 Firm's Registration No. : 004924N