Shree Salasar Investments Ltd.
|BSE: 503635||Sector: Financials|
|NSE: N.A.||ISIN Code: INE315N01017|
|BSE 00:00 | 28 Jul||Shree Salasar Investments Ltd|
|NSE 05:30 | 01 Jan||Shree Salasar Investments Ltd|
|BSE: 503635||Sector: Financials|
|NSE: N.A.||ISIN Code: INE315N01017|
|BSE 00:00 | 28 Jul||Shree Salasar Investments Ltd|
|NSE 05:30 | 01 Jan||Shree Salasar Investments Ltd|
To the Members of SHREE SALASAR INVESTMENTS LIMITED
Report on the Audit of the Financial Statements
We have audited the financial statements of SHREE SALASAR INVESTMENTS LIMITEDwhich comprise the balance sheet as at 31st March 2021 and the statement of profit andloss for the year then ended and notes to the financial statements including a summaryof significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2021 and its profit/loss for the year ended 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 our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.
Responsibilities of Management and Those Charged with Governance for the FinancialStatements
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 financial statements that give a true and fair view of the financial positionfinancial performance (changes in equity) 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. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to the
preparation and presentation of the financial statements that give a true and fair viewand are free from material 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 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 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 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 financial statements.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain 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)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of 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 are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to 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.
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. From the matters communicated withthose charged with governance we determine those matters that were of most significancein the audit of the financial statements of the current period and are therefore the keyaudit matters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.
With respect to other matters to be included in the Auditor's Report in accordance withthe management Instructions we report as under:
Scope Limitation due to COVID 19
The opinion expressed in the present report is based on the limited information factsand inputs made available to us through electronic means by the management. We wish tohighlight that due to the COVID 19 induced restrictions on physical movement and stricttimelines the entire audit team could not visit the office for undertaking the requiredaudit procedures as prescribed under ICAI issued Standards on Auditing including but notlimited to:
Inspection observation examination and verification of the original documents/files;
Examination of the FA register physical verification process / Stationerymovement records;
Observation with regard to access controls and data security.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.
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 dealt with by this Report arein agreement with the books of account.
(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.
(e) On the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 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 over financialreporting of the Company and the operating effectiveness of such controls Refer to ourSeparate Report in "Annexure B"
(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:
a. The Company does not have any pending litigations which would impact its financialposition
b. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
c. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
TO AUDITORS REPORT OF SHREE SALASAR INVESTMENTS LIMITED
For the year ended 31st March 2021
1. a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
b) The Company has a regular program of physically verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years.inaccordance with the program certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion thisperiodically of physical verification is reasonable having regards to the size of thecompany and the nature of its assets.
c) According to the information and explanation given to us and on the basis of ourexamination of the records of the company There is no immovable property hence the parais not applicable.
2. The Company has no inventory during the year hence this para is not applicable.
3. (a) As per the information and explanations given to us the company has granted
Unsecured loans to associate companies/ parties Covered in the register maintainedunder Section 189 of the Companies Act.
(b) the schedule of repayment of the principal and the payment of the interest has notbeen stipulated and hence we are unable to comment as to whether repayment of theprincipal amount and the interest are regular.
(c) since the schedule of repayment has not been stipulated the provisions of clause3(iii)(c) of the order are not applicable to the company.
4. In our opinion According to the information and explanation given to us the companyhas complied with the provision of section 185 and 186 of the Act with respect to theloan and investments made. However section 186 is not applicable as the company is anInvestment Company.
5. As per the information and explanations given to us the company has not accepteddeposits whether the directives issued by the Reserve Bank of India and the provisions ofsections 73 to 76 or any other relevant provisions of the Companies Act and the rulesframed there under
6. The Central government has not prescribed the maintenance of cost records undersection 148 (1) of the Companies Act & as informed to us the same has also not beenmaintained.
7. a) According to the information and explanation given to us and based on the booksand records examined by us the Provident Fund Investor Education and Protection FundEmployees' State Insurance Income Tax Sales Tax Service Tax Custom Duty ExciseDutyGST cess and other statutory dues wherever applicable have been generallydeposited regularly during the year with appropriate authorities. There are no otheroutstanding statutory dues as on 31st March 2021 Except to followingliabilities.
b) According to the information and explanation given to us and based on the books andrecords examined by us there are no dues of Income Tax Sales Tax Wealth Tax ServiceTax Custom Duty Excise Duty cess and other statutory dues wherever applicable whichhave not been deposited on account of any dispute.
8. As per the information and explanation given to us the Company has not defaulted inrepayment of dues to banks and did not have any amount outstanding to financialinstitutions or debenture holders.
9. The Company did not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loan during the year Accordingly thispara is not applicable.
10. According to the information and explanation given to us no fraud on or by thecompany has been noticed or reported during the year.
11. As per the information and explanations given to us and based on our examination ofthe record of the company the company has not paid/provided for managerial remunerationin accordance with the provision of section 197 read with schedule V to the Act hencethis para is not applicable.
12. In our opinion and according to the information and explanation given to us theCompany is not a nidhi company. Accordingly this para is not applicable.
13. According to the information and explanation given to us and based on ourexamination of the record of the company transaction with the related parties are inaccordance with the section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statement as required by the applicableAccounting standards.
14. During the year The Company raised money through private placement by way of issueof optionally convertible share warrants fully the allotment of share warrant are subjectof compliance of section 42 and others provisions of the Act however the amounts raisedhave been used for the purposes for which the fund were raised.
15. According to the information and explanation given to us and based on ourexamination of the record of the company the company has not entered into noncashtransactions with directors or persons connected with him. Accordingly this para is notapplicable.
16. The Company is not required to be registered under section 45-IA of reserve bank ofIndia Act1934.
To The Independent Auditor's Report Of Even Date On The Financial Statements of SHREESALASAR
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the
Companies Act 2013 ("the Act")
We have audited the Internal Financial Controls over financial reporting of ("theCompany") as of March 31 2021 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 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 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 of the risks of materialmisstatement 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 controls 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 authorizations 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.
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 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.
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 2021 based on the assessment of essentialcomponents of internal controls over financial reporting stated in the Guidance Notecarried out by the Company and representation to that effect is made available to us bythe Company.