Spenta International Ltd.
|BSE: 526161||Sector: Industrials|
|NSE: N.A.||ISIN Code: INE175C01018|
|BSE 00:00 | 09 Apr||42.70||
|NSE 05:30 | 01 Jan||Spenta International Ltd|
Spenta International Ltd. (SPENTAINTL) - Auditors Report
Company auditors report
TO THE MEMBERS OF
SPENTA INTERNATIONAL LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying financial statements of SpentaInternational Limited ("the Company") which comprise the Balance Sheet asat March 31 2019 and the Statement of Profit and Loss (Including other ComprehensiveIncome) and Cash Flow Statement for the year then ended and a summary of significantaccounting policies and other explanatory information.
In our opinion and to the best of our information and according tothe explanations given to us the aforesaid Ind AS financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofa?ffairs of the Company as at March 31 2019 and its loss total comprehensive incomeits cash flows and the changes in equity for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the Companyin accordance 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 Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.
Management's Responsibility for the Financial Statements
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 cash flows andchanges in equity of the Company in accordance with the Indian Accounting Standards (IndAS) prescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended and other accounting principles generally accepted inIndia
This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection 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 standalone financial statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.
Auditor's Responsibilities for the Audit of the FinancialStatements
Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance but is not aguarantee that an audit conducted in accordance with SAs will always detect a materialmisstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if individually or in the aggregate they could reasonably beexpected to influence the economic decisions of users taken on the basis of thesefinancial statements.
As part of an audit in accordance with SAs we exercise 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 inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(I) of the Companies Act 2013 we are also responsible for expressing our opinionon whether the company has adequate internal financial controls system in place and theoperating effectiveness of such controls.
Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause theCompany to cease to continue as a going concern.
Evaluate the overall presentation structure and content of thefinancial statements 29 including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.
We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.
We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.
From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.
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 sub-section11 of Section 143 of the Company Act 2013 and on the basis of such checks of the booksand records of the Company as we considered appropriate and according to the informationand explanations given to us we give in the Annexure a statement on the mattersspecified in paragraphs 3 and 4 of the said Order.
As required by Section 143(3) of the Act we report that:
a) We have obtained all the information and explanations which to thebest of 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 beenkept by the Company so far as it appears from our
examination of those books.
c) The Balance Sheet and the Statement of Profit and Loss dealt with bythis Report are in agreement with the books of
d) In our opinion the Balance Sheet and the Statement of Profit andLoss comply with the Accounting Standards specified
under section 133 of the Act read with Rule 7 of the companies(Account) Rules 2014.
e) On the basis of the written representations received from thedirectors as on March 31 2019 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2019 from being appointed as a director interms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls withreference to financial statement of the Company and
the operating effectiveness of such controls refer to our separateReport in "Annexure 2" to this report.
g) With respect to the other matters to be included in theAuditors' Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us.
1. The Company has disclosed the impact of pending litigations on itsfinancial position in its financial statements;
2. The Company did not have any long-term contracts includingderivative contracts for which there were any material
foreseeable losses; and
3. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund
by the Company during the year ended 31 March 2019.