The Members of Sai Capital Limited
Report on the Standalone Financial Statements
We have audited the accompanying Financial Statements of Sai Capital Limited. whichcomprise of the Balance Sheet as at 31st March 2019 and the Statement of Profit and Lossand the Cash Flow Statement for the year ended on that date and a summary of significantaccounting policies and Notes to Accounts annexed thereto.
Management's Responsibility for the Standalone 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 andpresentation of these Standalone Financial Statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes the maintenance of adequateaccounting records in accordance with the provision of the Act for safeguarding of theassets of the Company and for preventing and detecting the frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of internal financial control that were operating effectively for ensuringthe accuracy and completeness of the accounting records relevant to the preparation andpresentation of the Standalone Financial Statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these Standalone Financial Statementsbased on our audit. While conducting the audit we have taken into account the provisionsof the Act the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules madethereunder.
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 Standalone Financial Statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Standalone Financial Statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theStandalone Financial Statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Standalone Financial Statements that give true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by Company's Directors as well as evaluating the overallpresentation of the Standalone Financial Statements.
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.
The financial statements of the Company for the year ended 31 March 2017 were auditedand reported by another firm of Chartered Accountants M/s For AKG & Co. vide theirreport dated 30th May 2017. The Balance Sheet as at 31 March 2017 as per the auditedfinancial statements regrouped or restated where necessary have been considered asopening balances for the purpose of these financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the said Standalone Financial Statements read together with the SignificantAccounting Policies and the Notes on Standalone Financial Statements appearing thereongive the information required by 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 March 31 2018 and its loss and its cash flows forthe year ended on that date.
(a) The confirmation of transactions and balances of Loans & Advance areawaited form the respective parties till the conclusion of the audit and in absence ofsuch confirmation the entries recorded in the books have been relied upon and thereforesuch balances are as per books of accounts of the company and subject to reconciliationwith respective parties.
(b) Investments in equity investments is not ascertainable in absence of anyreliable data / information with respect to the market price of quoted equity shares forthe purpose of impairment testing however the management is of the opinion therealisable value of investments is at least equal to the book value hence no furtherprovision for dimunision in value has been made.
Our opinion is not modified in respect of this matter.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order 2016 ("the order")issued by the Central Government of India in terms of subsection (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.
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 and the Statement of Profit and Loss and Cash Flow dealt with bythis Report are in agreement with the books of account;
(d) In our opinion the aforesaid Standalone Financial Statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (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 Current Year from being appointed as a director in terms of Sub-section (2) ofSection 164 of the Companies Act 2013.
(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 to Auditors Report".
(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 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.
| ||For ||Aditya Agarwal & Associates |
| || ||Chartered Accountants |
| || ||CA. Aditya Agarwal |
|Date : 28th May 2019 || ||Partner |
|Place : New Delhi || ||Membership No. : 073073 |
| || ||Firm Regn. No.: 004568C |