Shree Salasar Investments Ltd.
|BSE: 503635||Sector: Financials|
|NSE: N.A.||ISIN Code: N.A.|
|BSE 05:30 | 01 Jan||Shree Salasar Investments Ltd|
|NSE 05:30 | 01 Jan||Shree Salasar Investments Ltd|
|BSE: 503635||Sector: Financials|
|NSE: N.A.||ISIN Code: N.A.|
|BSE 05:30 | 01 Jan||Shree Salasar Investments Ltd|
|NSE 05:30 | 01 Jan||Shree Salasar Investments Ltd|
TO THE MEMBERS OF SHREE SALASAR INVESTMENTS LIMITED
Report on the Financial Statements:
We have audited the accompanying standalone financial statements of SHREE SALASARINVESTMENTS LIMITED ("the Company") which comprise the Balance Sheet as atMarch 31 2017 the Statement of Profit and Loss the Cash Flow Statement for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation as required for fair present of financial statements.
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 standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions 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 the auditors judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company s preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the
Company s Directors as well as evaluating the overall presentation of the financialstatements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2017 and its profit and its cash flows for the yearended on that date.
Emphasis of Matter:-
Lising of newly allotted shares is in process and allotment of shares is subject tocompliance with Registrar of Companies. (Refer Note no. 2) our report is not qualified inrespect of this matter.
Report on Other Legal and Regulatory Requirements
As required by the companies (Auditor s Report) Order2016 ( the order ) issued by thecentral government of India in term of sub-section (11) of section 143 of the Act we givein the Annexure A a statement on the matters specified in the paragraph 3 and 4 ofthe order-
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 ouropinion proper books of account as required by law have been kept by the Company so faras it appears from our examination of those books. c) The Balance Sheet theStatement of Profit and Loss and the Cash Flow Statement dealt with by this Report are inagreement with the books of account. d) In our opinion the aforesaid financialstatements comply with the Accounting Standards specified under Section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules 2014. e) On the basis of the writtenrepresentations received from the directors as on 31st March 2017 taken onrecord by the Board of Directors none of the directors is disqualified as on 31stMarch 2017 from being appointed as a director in terms of Section 164 (2) of the Act. f)With respect to the adequacy of the internal financial controls over financial reportingof the Company and the operating effectiveness of such controls refer to our separateReport in Annexure B to Auditors' Report. g) With respect to the other matters tobe included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit andAuditors) Rules 2014 in our opinion and to the best of our information and according tothe explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements.
ii. The Company has made provision as required under the applicable law oraccounting standards for material foreseeable losses if any on long-term contractsincluding derivative contracts.
iii. There has been no delay in transferring amounts required to be transferred tothe
Investor Education and Protection Fund by the Company.
iv. The Company has provided requisite disclosures in its financial statements as toholding as well as dealing in Specified Bank Notes during the period from 8thNovember 2016 to 30th December 2016 and these are in accordance with thebooks of accounts maintained by the Company.
ANNEXURE "A" TO AUDITORS REPORT OF SHREE SALASAR INVESTMENTS
For the year ended 31st March 2017
1. a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
b) The Company has a regular program of physically verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years.inaccordance with the program certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion thisperiodically of physical verification is reasonable having regards to the size of thecompany and the nature of its assets. c) According to the information and explanationgiven to us and on the basis of our examination of the records of the company There is noimmovable property hence the para is not applicable.
2. The Company has no inventory during the year hence this para is not applicable.
3. (a) As per the information and explanations given to us the company has grantedUnsecured loans to associate companies/ parties Covered in the register maintained underSection 189 of the Companies Act.
(b) the schedule of repayment of the principal and the payment of the interest has notbeen stipulated and hence we ate unable to comment as to whether repayment /receipt of theprincipal amount and the interest are regular.
(c) since he schedule of repayment has not been stipulated the provisions of clause3(iii)(c) of the order are not applicable to the company.
4. In our opinion According to the information and explanation given to us the companyhas complied with the provision of section 185 and 186 of the Act with respect to theloan and investments made. However section 186 is not applicable as the company isInvestment Company.
5. As per the information and explanations given to us the company has not accepteddeposits whether the directives issued by the Reserve Bank of India and the provisions ofsections 73 to 76 or any other relevant provisions of the Companies Act and the rulesframed there under
6. The Central government has not prescribed the maintenance of cost records undersection 148 (1) of the Companies Act & as informed to us the same has also not beenmaintained.
7. a) According to the information and explanation given to us and based on the booksand records examined by us the Provident Fund Investor Education and Protection FundEmployees' State Insurance Income Tax Sales Tax Service Tax Custom Duty Excise Dutycess and other statutory dues wherever applicable have been generally depositedregularly during the year with appropriate authorities. There are no outstanding statutorydues as on 31st March 2017 for a period of more than six months from the datethey become payable. Except income tax liability for AY 2012-13 of Rs 22.96 Lakhs.
b) According to the information and explanation given to us and based on the books andrecords examined by us there are no dues of Income Tax Sales Tax Wealth Tax ServiceTax Custom Duty Excise Duty cess and other statutory dues wherever applicable whichhave not been deposited on account of any dispute.
8. As per the information and explanation given to us the Company has not defaulted inrepayment of dues to banks and did not have any amount outstanding to financialinstitutions or debenture holders.
9. The Company did not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loan during the year Accordingly thispara is not applicable.
10. According to the information and explanation given to us no fraud on or by thecompany has been noticed or reported during the year.
11. As per the information and explanations given to us and based on our examination ofthe record of the company the company has not paid/provided for managerial remunerationin accordance with the provision of section 197 read with schedule V to the Act hencethis para is not applicable.
12. In our opinion and according to the information and explanation given to us the
Company is not a nidhi company. Accordingly this para is not applicable.
13. According to the information and explanation given to us and based on ourexamination of the record of the company transaction with the related parties are inaccordance with the section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statement as required by the applicableAccounting standards.
14. During the year The Company raised money through private placement by way of issueof optionally convertible share warrants fully the allotment of share warrant are subjectof compliance of section 42 and others provisions of the Act however the amounts raisedhave been used for the purposes for which the fund were raised.
15. According to the information and explanation given to us and based on ourexamination of the record of the company the company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly this para is notapplicable.
16. The Company is not required to be registered under section 45-IA of reserve bank of
To The Independent Auditor's Report of Even Date on the Financial Statements of
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 ("theCompany") as of March 31 2017 in conjunction with our audit of the financialstatements 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 criteria established by the Company considering the sizeof company and essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of
India ("the Guidance Note"). These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to company s policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies Act 2013.
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 deemed tobe prescribed under section 143(10) of the Companies Act 2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial Controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness.
Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor s judgment including the assessment of the risks of materialmisstatement of the 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 controls systemover financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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.
In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlswere operating effectively as at March 31 2017 based on the assessment of essentialcomponents of internal controls over financial reporting stated in the Guidance Notecarried out by the Company and representation to that effect is made available to us bythe Company.