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Sai Baba Investment and Commercial Enterprises Ltd.

BSE: 538557 Sector: Financials
NSE: N.A. ISIN Code: INE706P01038
BSE 00:00 | 07 Aug 2.94 0
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NSE 05:30 | 01 Jan Sai Baba Investment and Commercial Enterprises Ltd
OPEN 2.94
PREVIOUS CLOSE 2.94
VOLUME 415
52-Week high 4.47
52-Week low 1.12
P/E
Mkt Cap.(Rs cr) 3
Buy Price 2.94
Buy Qty 111.00
Sell Price 2.94
Sell Qty 8752.00
OPEN 2.94
CLOSE 2.94
VOLUME 415
52-Week high 4.47
52-Week low 1.12
P/E
Mkt Cap.(Rs cr) 3
Buy Price 2.94
Buy Qty 111.00
Sell Price 2.94
Sell Qty 8752.00

Sai Baba Investment and Commercial Enterprises Ltd. (SAIBABAINVT) - Auditors Report

Company auditors report

TO THE MEMBERS OF

SAI BABA INVESTMENT & COMMERCIAL ENTERPRISES LIMITED.

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying Ind AS financial statements of SAI BABAINVESTMENT& COMMERCIAL ENTERPRISES LIMITED (‘the company') whichcomprise the Balance Sheet as at March 31 2019 the Statement of Profit and Lossincluding the statement of other comprehensive income the Cash flow statement and theStatement of change in Equity for the year ended and a summary of significant accountingpolicies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Companies Act 2013 (the ‘Act') in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at 31st March 2019 and its profit /(loss) (includingOther Comprehensive Income) its changes in equity and its cash flows for the year endedon that date subject to following qualifications-:

Qualifications-:

(a) The company is required to get registered with the RBI as Non-Banking financialcompany as required under section 45 IA of the Reserve Bank of India Act 1934 and therules made there under which has not been complied with.

(b) The only source of Income to the company is Interest on Loans given to the variousparties. Howsoever the amount of loan and interest thereon cannot be verified in theabsence of supporting evidences. The loan has been given by the management on the basis ofverbal agreement.

(c) The Company has yet to deposit its Income tax of Rs.1745850 for the Ay 2017-18and file its return of Income for the A.Y 2017-18.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the Ind AS financial statements under theprovisions of the Act and the Rules there under and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.

Responsibilities of Management and Those Charged with Governance for the StandaloneFinancial 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) Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) specifiedunder Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 andthe Companies (Indian Accounting Standards) Rules 2015 as amended by the Companies(Indian Accounting Standards) Rules 2017 under Section 133 of the Companies Act 2013.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the Ind AS financial statements the Board of Directors is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessthe Board of Directors either intends to liquidate the Company or to cease operations orhas no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the Ind AS financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these Standalone financial statements.

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

- Identify and assess the risks of material misstatement of the Standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3) (i) ofthe Companies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

- Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

- Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe Standalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

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

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order") as amended issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" a statement onthe matters specified in paragraphs 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 subject to ourqualifications in the report which to the best of our knowledge and belief were necessaryfor 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 it appears from our examination of those books;

c) the Balance Sheet and the Statement of Profit and Loss including the statement ofother comprehensive income the Cash Flow statement and the statement of changes in equitydealt with by this Report are in agreement with the books of account;

d) in our opinion the aforesaid Ind AS financial statements comply with the AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 Companies (Indian Accounting Standards) Rules 2015 as amended;

e) On the basis of written representations received from the directors as on March 312019 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2019 from being appointed as a director in terms of Section 164 (2) of theAct.

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 B"; and

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 explanations given to us:

f) The Company does not have any pending litigations which would impact its financialposition;

g) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

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

For S. Agarwal & Co.
Chartered Accountants
FRN: 000808N
B.S. Chaudhary
Place: New Delhi (Partner)
Date: 29th May 2019 M. No. : 406200

"Annexure A" to the Independent Auditors' Report

Referred to in paragraph 1 under the heading ‘Report on Other Legal &Regulatory Requirement' of our report of even date to the financial statements of theCompany for the Period ended March 31 2019:

(i) The company does not own any Property Plant & Equipment.

(ii) According to the information and explanations given to us the Company does nothave any inventory and hence reporting under clause 3(ii) of the Order is not applicable.

(iii) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Act.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Companies Act2013 in respect of grant of loans making investments and providing guarantees andsecurities as applicable.

(v) The Company has not accepted any deposits from the public within the meanings ofsection 73 to 76 of the Act and the rules framed there under to the extent notified.

(vi) To the best our knowledge and according to the information and explanations givento us the Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act in respect of the services rendered by the Company.

(vii) According to the information and explanations given to us in respect ofstatutory dues:

(a) The Company has been regular in depositing undisputed statutory dues includingIncome- tax Service Tax Goods and Service Tax Provident Fund Employees' StateInsurance cess and other material statutory dues applicable to it to the appropriateauthorities except Income Tax as given in our Qualification report.

(b) There are no undisputed amounts payable in respect of Income-tax Service TaxGoods and Service Tax Provident Fund Employees' State Insurance cess and other materialstatutory dues in arrears as at 31st March 2019 for a period of more than six months fromthe date they became payable except Income Tax as per our qualification report.

(c) There are no dues of Income-tax and Service Tax/GST as on 31st March 2019 onaccount of disputes.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of loans or borrowings to banks and dues todebenture holders. The Company has not taken any loan from government and financialinstitution.

(ix) In our opinion and according to the information and explanations given to us themoney raised by way of the term loans and debentures if any have been applied by theCompany during the year for the purposes for which they were raised other than temporarydeployment pending application of proceeds. The Company has not raised moneys by way ofinitial public offer/ further public offer (including debt instruments) .

(x) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud by its officers or employees onthe Company has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanations given to us theCompany has paid / provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of theOrder is not applicable. (xiii) In our opinion and according to the information andexplanations given to us the Company is in compliance with Section 188 and 177 of theCompanies Act 2013 where applicable for all transactions with the related parties andthe details of related party transactions have been disclosed in the financial statementsetc. as required by the applicable accounting standards.

(xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause 3(xiv) of the Order is not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsdirectors or persons connected with him and hence provisions of section 192 of the Act arenot applicable.

(xvi) In our opinion the company is required to be registered under section 45 IA ofthe Reserve Bank of India Act 1934.

For S. Agarwal & Co.
Chartered Accountants
FRN: 000808N
B.S. Chaudhary
Place: New Delhi (Partner)
Date: 29th May 2019 M. No. : 406200