TO THE MEMBERS OF SHREE SALASAR INVESTMENT LIMITED
Report on the standalone Financial Statements
WI: have audited the financial statements of SHREE SALASAR INVESTMENT LIMITED("the Company") which comprise the balance sheet as at March 31 2019 and thestatement of profit and loss (including other comprehensive income) statement of changesin equity and statement of cash flows for the year then ended and notes to the financialstatements including a summary of significant accounting policies and other explanatoryinformation(Collectively referred to as 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 Companies Act 2013 in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs (financial position) of the Company as at March 31 2019 and its LOSS (financialperformance including other comprehensive income) changes in equity and its cash flowsfor the year ended on that date.
a. In the case of the balance sheet of the state of affairs of the company as at 31stMarch 2019and
b In the case of the statement of profit and loss of the LOSS (financial performanceincluding other comprehensive income) changes in equity and
c. In the case of the cash flow statement of the cash flow statement for the yearended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of my report. We are partner of the Company in accordancewith the Code of ethics issued by the Institute of Chartered Accountants of India togetherwith the ethical requirements that are relevant to my audit of the financial statementsunder the provisions of the Companies Act 2013 and the Rules there under and we havefulfilled our other ethical responsibilities in accordance with these requirements and theCode of Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion
Key Audit Matters
Key audit matters are those matters that in our professional judgment were of mostsignificance. in our audit of the financial statements of the current period. Thesematters were addressed in the context of our audit of the financial statements as a wholeand informing our opinion thereon.
We have determined that there are no key audit matters to communicate in our report.
The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the annual report but does not includethe financial statements and our auditor's report thereon.
Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.in connection with our audit of thefinancial statementsour responsibility is to read the other information and in doing soconsider whether the other information is materially inconsistent with the obtained in thefinancial statements or our knowledge audit or othen/vise appears to be materiallymisstated. If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.
Responsibility of Management for the Standalone Financial Statements
The Companys 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 (including other comprehensive income) changes in equityand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the. Indian Accounting Standards (Ind section 133 AS')specified under of the Act. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other selectionirregularities; and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.
In preparing the 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 the Board ofaccounting unless of Directors either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.
Boards of Directors are also responsible for overseeing the company's financialreporting process
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud to issueor error and an auditors report that includes our opinion. Reasonable assurance isa high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these financial statements.
As part of an audit in accordance with Standards on Auditing (SAs) Weexercise professionaljudgment and maintain professional skepticism throughout the audit.We also:
Identify and assess the risks of material misstatement of the 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 todesign audit procedures that are appropriate in the circumstances Under section 143(3} ofthe ActWe are also responsible for expressing our opinion on whether the company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls
Evaluate the appropriateness policies and the reasonableness of accounting usedof accounting estimates and related disclosures made by management.
Conclude on the appropriateness use of of management's the going concern basisof accounting 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 am required to draw attention in our auditor's report to the related disclosures in thefinancial statements or if such disclosures are inadequate to modify our opinion. Ourconclusions are based on the audit evidence auditor's obtained up to the date of ourreport. However future events or conditions cause to may the Company to cease continue asa going concern.
Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor's Report) Order 2015 ("theOrder") 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 on the mattersspecified 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 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 the Statement of Changes InEquity and the Cash Flow Statement dealt with by this Report arein agreement With thebooks of accounts;
d. In our opinion the aforesaid standalone financial statements comply with the IndianAccounting Standards prescribed under Section 133 ofthe Act read with Companies (IndianAccounting Standard)Rules 2016.
e. On the basis of the written representations received from the directors as on 31March 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2019 from being appointed as a director in terms of section164(2) of the Act ;
f. With respect to the adequacy of the internal financial controls overfinancialReporting of the Company and the operating effectiveness of such controlsReferto our separate Report in "Annexure B".
With respect to the other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014in our opinion and to thebest of our information and according to the explanations given to us :
i) The Company does not have any pending litigations which would impact its financialposition.
ii) The Company did not have any long term contract including derivative contract ; assuch the question of commenting on any material foreseeable losses thereon does not arise;
iii) There has not been any occasion in case of the Company during the year underreport to transfer any sums to the investor education and protection fund. The question ofdelay in transferring such sums does not arise.
| ||For BHATTER & PALIWAL |
| ||(GOPAL BHATTER) |
|PLACE : MUMBAI ||PARTNER |
|DATED: 30-5-2019 ||Membership Number 411226 |
Annexure A To The Independent Auditor's Report Of Even Date On The ConsolidatedFinancial Statements of Report on the Internal Financial Controls 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 ("theCompany") as of March 312019 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 responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies 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 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 ifsuch 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 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 selected depend on the auditor's judgment including the assessment ofthe risks of material misstatement ofthe financial statements whether due to fraud orerror.
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 internalfinancial control over financial reporting is a process designed to provide reasonableassurance regarding the reliability of financial reporting and the preparation offinancial statements for external purposes in accordance with generally acceptedaccounting principles. A companys 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;  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 ofmaterial controls 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 2018 based on the assessment of controlsessential components of internal over financial reporting stated in the Guidance Notecarried out by the Company and representation to that effect is made available to us bythe Company.
|For Chartered Bhatter & Paliwal |
|FRN 131411w |
|(Gopa hatter) |
|Membership No.411226 |
|Place: Mumbai |
|Dated: 30/05/2019 |