You are here » Home » Companies » Company Overview » Sawaca Business Machines Ltd

Sawaca Business Machines Ltd.

BSE: 531893 Sector: Others
NSE: N.A. ISIN Code: INE248B01015
BSE LIVE 15:15 | 22 Sep 2.20 0.10
(4.76%)
OPEN

2.20

HIGH

2.20

LOW

2.19

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 2.20
PREVIOUS CLOSE 2.10
VOLUME 1780
52-Week high 4.90
52-Week low 1.75
P/E
Mkt Cap.(Rs cr) 2
Buy Price 2.20
Buy Qty 3920.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2.20
CLOSE 2.10
VOLUME 1780
52-Week high 4.90
52-Week low 1.75
P/E
Mkt Cap.(Rs cr) 2
Buy Price 2.20
Buy Qty 3920.00
Sell Price 0.00
Sell Qty 0.00

Sawaca Business Machines Ltd. (SAWACABUSINESS) - Auditors Report

Company auditors report

TO

THE MEMBERS OF SAWACA BUSINESS MACHINES LIMITED

Report on the Financial Statements :

We have audited the accompanying financial statements of SAWACA BUSINESS MACHINESLIMITED ("the Company") which comprise the Balance Sheet as at 31/03/2016 theStatement of Profit and Loss and Cash flow statement for the year then ended and asummary of the 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 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 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 maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of 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.

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 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 andthe 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 of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall 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 on the financial statements.

Qualified Opinion :

We would like to draw attention to the fact that balance confirmations and transactionconfirmations were not made available to us in some cases in absence of which we are notin position to comment on deviation in the balances or execution of transactions.

Report on Other Legal and Regulatory Requirements :

1. As required by the Companies (Auditor’s Report) Order 2016 issued by thecentral government in terms of section 143(11) of the Act we give in a Annexure astatement on the matter specified in paragraph 3 and 4 of the order.

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 and dealt with by thisReport 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 as on 31/03/2016taken on record by the Board of Directors none of the directors is disqualified as 31/03/2016from being appointed as a director in terms of Section 164 (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 regarding pending litigation has been incorporated under CARO 2016.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

Date : 27/05/2016 FOR Marmik G. Shah & Associates
Place : Ahmedabad (Chartered Accountants)
FRN: 135024W
Marmik Shah
(Partner)
M.No. : 133926

"Annexure A" to the Independent Auditors’ Report of even date on theStandalone Financial Statements of SAWACA BUSINESS MACHINES LIMITED

Reports under The Companies (Auditor’s Report) Order 2016 (CARO 2016) for theyear ended on 31st March 2016

To

The Members of SAWACA BUSINESS MACHINES LIMITED

(1) In Respect of Fixed Assets :

(a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. However the situation of Fixed Assetwere not identify as they are mostly Misc.

Assets.

(b) As informed to us Fixed assets have been physically verified by the management atreasonable intervals; No material discrepancies were noticed on such verification.

(c) N.A

(2) In Respect of Inventories :

As informed to us Inventories have been physically verified by the management atreasonable intervals; No material discrepancies were noticed on such verification.

(3) Compliance under section 189 of The Companies Act 2013 :

As represented to us the company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the register maintained u/s 189 of thecompanies Act-2013.

(a) NA

(b) NA.

(c) NA.

(4) Compliance under section 185 and 186 of The Companies Act 2013 :

While doing transaction for loans investments guarantees and security provisions ofsection 185 have been complied with however threshold limit specified under 186 of theCompanies Act 2013 has been crossed during the year.

(5) Compliance under section 73 to 76 of The Companies Act 2013 and Rules framed thereunder while accepting Deposits :

The company has not accepted any Deposits.

(6) Maintenance of cost records :

The Company is not required to maintain cost records pursuant to the Rules made by theCentral Government for the maintenance of cost records under sub-section (1) of section148 of the Companies Act 2013.

(7) Deposit of Statutory Dues :

(a) The company is regular in depositing with appropriate authorities undisputedstatutory dues including Provident fund Investor education protection fundEmployees‘ state insurance Income tax Sales tax Wealth tax Service tax Customduty Excise duty Cess and other material statutory dues applicable to it except for thecases shown in Annexure A.

(b) There is no dispute with the revenue authorities regarding any duty or tax payable.

(8) Repayment of Loans and Borrowings

The company has not defaulted in repayment of dues to financial institution bank ordebenture holders.

(9) Utilization of Money Raised by Public Offers and Term Loan For which they Raised

The company has not raised any money by way of initial public offer or further publicoffer {including debt instruments) and term loans during the year. Hence this clause isnot applicable.

(10) Reporting of Fraud During the Year :

Based on our audit procedures and the information and explanation made available to usno such fraud noticed or reported during the year.

(11) Managerial Remuneration :

Managerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.

(12) Compliance by Nidhi Company Regarding Net Owned Fund to Deposits Ratio :

As per information and records available with us The company is not Nidhi Company.

(13) Related party compliance with Section 177 and 188 of companies Act - 2013 :

Yes All transactions with the related parties are in compliance with section 177 and188 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards.

(14) Compliance under section 42 of Companies Act - 2013 regarding Private placement ofShares or Debentures :

The Company has not issued any debenture and therefore this clause is not applicable.

(15) Compliance under section 192 of Companies Act – 2013 :

The company has not entered into any non-cash transactions with directors or personsconnected with him.

(16) Requirement of Registration under 45-IA of Reserve Bank of India Act 1934 :

The company is not required to be registered under section 45-IA of the Reserve Bank oflndia Act.

Annexure detail of (7)(a) :

Related To Authority Financial Year Amount Remarks
Income Tax Act Income Tax Act 2008-09 250000.00
Income Tax Act Income Tax Act 2009-10 238000.00
Income Tax Act Income Tax Act 2010-11 780000.00
Income Tax Act Income Tax Act 2011-12 615000.00

 

Date : 27/05/2016 FOR Marmik G. Shah & Associates
Place : Ahmedabad (Chartered Accountants)
FRN: 135024W
Marmik Shah
(Partner)
M.No. : 133926

"Annexure B" to the Independent Auditor’s Report of even date on theFinancial Statements of SAWACA BUSINESS MACHINES LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of SAWACABUSINESS MACHINES LIMITED ("The Company") as of March 31 2016 in conjunctionwith our audit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls :

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company’s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors’ Responsibility :

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence amount the adequacyof the internal financial control system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reportingassessing the risk that a material weakness exists and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend upon on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting :

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting :

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion :

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting issues by the Institute of CharteredAccountants of India.

Date : 27/05/2016 FOR Marmik G. Shah & Associates
Place : Ahmedabad (Chartered Accountants)
FRN: 135024W
Marmik Shah
(Partner)
M.No. : 133926