You are here » Home » Companies » Company Overview » Salem Erode Investments Ltd

Salem Erode Investments Ltd.

BSE: 540181 Sector: Financials
NSE: N.A. ISIN Code: INE894E01028
BSE 00:00 | 17 Feb 1.31 0
(0.00%)
OPEN

1.31

HIGH

1.31

LOW

1.31

NSE 05:30 | 01 Jan Salem Erode Investments Ltd
OPEN 1.31
PREVIOUS CLOSE 1.31
VOLUME 100
52-Week high 1.31
52-Week low 1.31
P/E 2.43
Mkt Cap.(Rs cr) 2
Buy Price 1.31
Buy Qty 15130.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.31
CLOSE 1.31
VOLUME 100
52-Week high 1.31
52-Week low 1.31
P/E 2.43
Mkt Cap.(Rs cr) 2
Buy Price 1.31
Buy Qty 15130.00
Sell Price 0.00
Sell Qty 0.00

Salem Erode Investments Ltd. (SALEMERODEINV) - Auditors Report

Company auditors report

To the Members of SALEM ERODE INVESTMENTS LIMITED Report on the Standalone FinancialStatements

We have audited the accompanying standalone financial statements of SALEM ERODEINVESTMENTS LIMITED ('the Company') which comprise the Balance Sheet as at 31stMarch 2018 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

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)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance 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 judgements 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.

Auditor's Responsibility

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 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 standalone 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 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 thestandalone financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of the accounting policies used and the reasonableness of theaccounting estimates made by the 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.

Opinion

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:

i. In the case of the Balance Sheet of the state of affairs of the Company asat 31 March 2018;

ii. In the case of the Statement of Profit and Loss of the profit for the yearended on that date; and

iii. In the case of the Cash Flow Statement of the cash flows for the yearended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ('the Order') asamended issued by the Central Government of India in terms of sub-section (11) of section143 of the Act we give in the Annexure-A a statement on the matters specified inthe 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 the Cash Flow Statementdealt with by this 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) The observations on financial transactions do not reveal any matters which have anyadverse effect on the functioning of the Company.

(f) On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms of Section164 (2) of the Act.

(g) There is no qualification in relation to accounts maintained by the Company.

(h) 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.

(i) 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. TheCompany does not have any pending litigations which would impact its financial position.ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses. iii. There has been no delay intransferring amounts required to be transferred to the Investor Education and Protection

Fund by the Company in accordance with the provisions of Companies Act 2013 (18 of2013) and rules made there under.

For S. MANDAL & CO.
Chartered Accountants
(Firm's Registration No. 314188E)
(S. L. Mandal)
Place: Kolkata Partner
Date: The 25 day of May 2018 Membership No. 051834

ANNEXURE – "" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1 under "Report on Other Legal and RegulatoryRequirements" section of our report to the Members of SALEM ERODE INVESTMENTSLIMITED (The Company) of even date.)

1. a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

b) These assets have been physically verified by the management at reasonableintervals. No material discrepancies were noticed on such verification.

c) According to the information and explanation given to us the company does not holdany immovable properties in its name.

2. Clause (ii) of the order is not applicable in case of this Company as theinventories are kept in demat form.

3. a) The Company has granted unsecured loan to a party covered in the registermaintained under section 189 of the Companies Act 2013 and the maximum amount involvedduring the year as well as the year ending balance is ` 581.57 Lacs.

b) The company is regular in receipt of Principal and interest due on loan.

c) No amount is overdue for more than 90 days.

4. According to the information and explanation given to us the provisions of section185 and 186 of the Companies Act 2013 have been complied with.

5. The Company has not accepted any deposits under the provisions of section 73 to 76or any other relevant provisions of the Companies Act 2013.

6. Clause (vi) of the order is not applicable in case of this company.

7. a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income tax Sales Tax Service taxGoods and Services Tax Value Added Tax Custom Duty Excise Duty Cess and any otherstatutory dues applicable to it with the appropriate authorities.

b) There has been no undisputed amounts payable in respect of Provident FundEmployees' State Insurance Income tax Sales Tax Service tax Goods and Services TaxValue Added Tax Custom Duty Excise Duty Cess and any other statutory dues in arrears asat 31 March 2018 for a period of more than six (6) months from the date they becamepayable.

b) According to the information and explanation given to us there is no disputed amountin case of Income tax Sales Tax Service Tax Value Added Tax Goods and Services taxwhich has not been deposited as at 31 March 2018.

8. Clause (viii) of the order is not applicable in case of this company as it has nottaken any loan from banks financial institution or debenture holders.

9. Clause (ix) of the order is not applicable in case of this company as it has notraised money by way of initial public offer or further public offer (including debtinstruments) and term loans.

10. According to the information and explanations given to us there is no noticed orunreported fraud on or by the company during the year under audit.

11. No managerial remuneration has been paid or provided during the reporting financialyear. Hence the requisite approvals mandated by the provisions of section 197 read withschedule V to the Companies Act is not questionable.

12. Clause (xii) is not applicable in case of this Company as it is not a NidhiCompany.

13. According to the information and explanations given to us all transactions with therelated parties are in compliance with Section 188 and 177 of Companies Act 2013 whereapplicable and the details have been disclosed in the Financial Statements etc as requiredby the accounting standards and Companies Act 2013.

14. The Company has not made any preferential allotment / private placement of sharesor fully or partly convertible debentures during the year under review.

15. According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with him.

16. The Company is registered under section 45-IA of the Reserve Bank of India Act1934.

For S. MANDAL & CO.
Chartered Accountants
(Firm's Registration No. 314188E)
(S. L. Mandal)
Place: Kolkata Partner
Date: The 25 day of May 2018 Membership No. 051834

ANNEXURE – 'B' TO AUDITORS' REPORT

(Referred to in paragraph 3(h) under 'Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Report on the Internal Financial Controls over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("The Act")

We have audited the internal financial controls over financial reporting of SALEMERODE INVESTMENTS LIMITED ("the Company") as of March 31 2018 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Controls

The Board of Director of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required 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 about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement 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 control 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

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 2018 based on"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".

For S. MANDAL & CO.
Chartered Accountants
(Firm's Registration No. 314188E)
(S. L. Mandal)
Place: Kolkata Partner
Date: The 25 day of May 2018 Membership No. 051834