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S E Power Ltd.

BSE: 534598 Sector: Others
NSE: SEPOWER ISIN Code: INE735M01018
BSE 09:07 | 06 Dec 21.05 1.00
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NSE 00:00 | 03 Dec 20.00 0.95
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OPEN 21.05
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VOLUME 2401
52-Week high 21.05
52-Week low 2.33
P/E
Mkt Cap.(Rs cr) 85
Buy Price 21.05
Buy Qty 934.00
Sell Price 0.00
Sell Qty 0.00
OPEN 21.05
CLOSE 20.05
VOLUME 2401
52-Week high 21.05
52-Week low 2.33
P/E
Mkt Cap.(Rs cr) 85
Buy Price 21.05
Buy Qty 934.00
Sell Price 0.00
Sell Qty 0.00

S E Power Ltd. (SEPOWER) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

M/S S. E. POWER LIMITED VADODARA

REPORT ON THE STANDALONE IND AS FINANCIAL STATEMENTS

OPINION

We have audited the accompanying Standalone Ind AS Financial Statementsof M/S S. E. POWER LIMITED (“the Company”) which comprises the BalanceSheet as at March 31 2020 the Statement of Pro t and Loss (including Statement of OtherComprehensive Income) Statement of changes in equity and statement of cash flows for theyear then ended and notes to the standalone Ind AS Financial Statements including asummary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone Ind AS Financial Statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the Indian Accounting Standards prescribed under section 133 of the Actread with the Companies (Indian Accounting Standards) Rules 2015 as amended (“IndAS”) and other accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2020 and statement of profit and loss (includingStatement of Other Comprehensive Income) Statement of changes in equity) and its cashflows for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements inaccordance with the Standards on Auditing specified under section 143(10) of the Act(SAs). Our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Ind AS Financial Statements section ofour report. We are independent of the Company in accordance with the Code of Ethics issuedby the Institute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the standalone Ind AS financial statementsunder the provisions of the Act and the Rules made thereunder and we have fulfilled ourother ethical responsibilities in accordance with these requirements and the ICAI's Codeof Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the standalone Ind AS financialstatements.

RESPONSIBILITY OF MANAGEMENT FOR THE STANDALONE IND AS FINANCIALSTATEMENTS

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Companies Act 2013 (“the Act”) with respect to thepreparation of these standalone Ind AS Financial Statements that give a true and fair viewof the financial position financial performance changes in equity and cash flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the accounting Standards (Ind AS) specified under section 133 of the Act readwith the Companies (Indian Accounting Standards) Rules 2015 as amended. 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 appropriateimplementation and maintenance of accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the standalone Ind AS Financial Statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing thecompany's financial reporting process

AUDITOR'S RESPONSIBILITY FOR THE AUDIT OF THE STANDALONE IND ASFINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether thestandalone Ind AS Financial Statements as a whole are free from material misstatementwhether due to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone Ind AS FinancialStatements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

l Identify and assess the risks of material misstatement of thefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

Obtain an understanding of internal control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Companies Act 2013 we are also responsible for expressing our opinionon whether the company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.

Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

As required by the Companies (Auditor's Report) Order 2016 (“theOrder”) issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the Annexure 'A' a statement on thematters specified in paragraphs 3 and 4 of the 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 explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

b. In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books.

c. The audit of all the branch of ces of the Company has beenconducted by us hence section 143(8) is not applicable;

d. The Balance Sheet the Statement of Pro t and Loss includingOther Comprehensive Income Statement of Changes in Equity and the Cash Flow Statementdealt with by this Report are in agreement with the books of account

e. In our opinion the aforesaid standalone Ind AS FinancialStatements comply with the Indian Accounting Standards specified under Section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014.

f. On the basis of the written representations received from thedirectors as on 31st March 2020 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2020 from being appointed as a director interms of Section 164 (2) of the Act.

g. With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in “Annexure B”.

h. With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinion and to the best of our information and according to the explanationsgiven to us:

i) The Company does not have any pending litigations (other than inthe ordinary course of business) which would impact its financial position.

ii) The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses. iii) Therehas been no delay in transferring amounts required to be transferred to the InvestorEducation and Protection Fund by the Company.

ANNEXURE 'A' TO THE INDEPENDENT AUDITOR'S REPORT OF M/S S. E. POWERLIMITED

(Referred to in our Report of even date for F. Y. 2019-20)

i. The Company has maintained proper records to show fullparticulars including quantitative details and situation of fixed assets. As explained tous the fixed assets have been physically veri ed by the management at reasonableinterval. According to the information and explanations given to us no materialdiscrepancies were noticed on such veri cation.

According to information and explanations given to us the title deedsof immovable properties are held in the name of the company.

ii. As explained to us inventories have been physically veri ed bythe management at reasonable interval.

In our opinion and according to information and explanations given tous no material discrepancies were noticed on physical veri cation.

iii. The Company has not granted any loans secured or unsecured tocompanies rms LLP or other parties listed in the register maintained under Section 189of the Companies Act 2013.

iv. According to the information and explanations given to us theprovisions of section 185 and 186 of the Companies Act 2013 in respect of loansinvestments guarantees and security have been complied with.

v. Directives issued by Reserve Bank of India and Provisions ofSection 73 to 76 or any other relevant provisions of The Companies Act 2013 and the ruledframed there under are not applicable to the Company.

vi. Maintenance of cost records under sub-section (1) of section148 of the Companies Act 2013 are not applicable to the company.

vii. According to the information and explanations given to us theCompany has been regular in depositing with appropriate authorities undisputed statutorydues and there are no undisputed amounts of Income Tax Good and Service Tax CessEmployees State Insurance Wealth Tax Customs Duty Provident Fund etc. outstanding as atthe last day of financial year concerned for a period of more than six months from thedate they became payable.

There are no dues of Income Tax Good and Service Tax Custom DutyValue Added Tax on account of any dispute.

viii. The Company has not defaulted in the repayment of loans orborrowings to a Financial Institution or Bank or Government or due to Debenture holders.

ix. According to the information and explanations given to us theCompany had not raised money by way of initial public offer or further public offer duringthe year. The term loan raised during the year has been utilized for the purpose for whichit has been taken.

x. According to the information and explanations given to us nofraud by the company or any fraud on the company by its of cers or employees has beennoticed or reported during the year.

xi. According to the information & explanations given to usprovision of section 197 read with Schedule V to the Companies Act 2013 for managerialremuneration paid or provided have been complied with.

xii. According to the information & explanation given to usthe Company is not Nidhi Company; therefore this clause is not applicable to the company.

xiii. According to the information & explanation given to usthe provisions of section 177 and 188 of the Companies Act 2013 regarding transactionwith related parties have been complied with and details of the transaction as perapplicable accounting standard have been disclosed in the notes to accounts of thefinancial statements.

xiv. According to the information & explanation given to usthis clause is not applicable to the company because the company has not made preferentialallotment or private placement of share or fully or partly convertible debenture duringthe year.

xv. According to the information & explanation given to us nonon-cash transactions with directors or persons connected with him have been taken placeduring the year hence the provisions of section 192 of the Companies Act 2013 are notapplicable to the company.

xvi. According to the information & explanation given to usthe company does not require to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934.

ANNEXURE 'B' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in our Report of even date for F. Y. 2019-20)

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUBSECTION 3 OF SECTION 143 OF THE COMPANIES ACT 2013

We have audited the internal financial controls over financialreporting of M/S S. E. POWER LIMITED as of 31st March 2020 in conjunction with ouraudit of the Standalone Ind AS financial statements of the Company for the year ended onthat date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India ('ICAI').These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the “Guidance Note”) and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. 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 aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;

(2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directors of thecompany; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the company's assets thatcould have a material effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIALREPORTING

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31st March 2020 basedon the internal control over financial reporting criteria established by the Companyconsidering the 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.

Place : New Delhi For R. LAL & COMPANY
Date :28.07.2020 Chartered Accountants
Firm Reg. No. 000926C
Sd/-
(CA. RAM LAL AGRAWAL)
Proprietor
Membership No. 017583

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