TO
THE MEMBERS OF
M/S S. E. POWER LIMITED
VADODARA
REPORT ON THE STANDALONE IND AS FINANCIAL STATEMENTS Opinion
We have audited the accompanying Standalone Ind AS Financial Statements of M/S S. E.
POWER LIMITED ("the Company") which comprises the Balance Sheet as at March 31st,
2023, the Statement of Profit and Loss (including Statement of Other Comprehensive
Income), Statement of changes in equity and statement of cash flows for the year then
ended, and notes to the standalone Ind AS Financial Statements, including a summary of
significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone Ind AS Financial Statements give the information
required by the Act in the manner so required and give a true and fair view in conformity
with the Indian Accounting Standards prescribed under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and
other accounting principles generally accepted in India, of the state of affairs of the
Company as at March 31st, 2023, and statement of profit and loss (including
Statement of Other Comprehensive Income), Statement of changes in equity) and its cash
flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone Ind AS financial statements in accordance with
the Standards on Auditing specified under section 143(10) of the Act (SAs). Our
responsibilities under those Standards are further described in the Auditors
Responsibilities for the Audit of the Standalone Ind AS Financial Statements section of
our report. We are independent of the Company in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India (ICAI) together with the independence
requirements that are relevant to our audit of the standalone Ind AS financial statements
under the provisions of the Act and the Rules made thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the ICAIs Code
of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone Ind AS financial
statements.
RESPONSIBILITY OF MANAGEMENT FOR THE STANDALONE IND AS FINANCIAL STATEMENTS
The Companys Board of Directors is responsible for the matters stated in section
134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of
these standalone Ind AS Financial Statements that give a true and fair view of the
financial position, financial performance, changes in equity and cash flows of the Company
in accordance with the accounting principles generally accepted in India, including the
accounting Standards (Ind AS) specified under section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also
includes maintenance of adequate accounting records in accordance with the provisions of
the Act for safeguarding of the assets of the Company and for preventing and detecting
frauds and other irregularities; selection and application of appropriate implementation
and maintenance of accounting policies; making judgments and estimates that are reasonable
and prudent; and design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the financial
statement that give a true and fair view and are free from material misstatement, whether
due to fraud or error. In preparing the standalone Ind AS Financial Statements, management
is responsible for assessing the Companys ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the companys financial
reporting process
AUDITORS RESPONSIBILITY FOR THE AUDIT OF THE STANDALONE IND AS FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the standalone Ind AS
Financial Statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditors report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these standalone Ind AS Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to
design 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 whether
the company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the 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 auditors
report. However, future events or conditions may cause the Company to cease to continue as
a going concern.
• Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We describe these matters in our
auditors report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
As required by the Companies (Auditors Report) Order, 2020 ("the Order"),
issued by the Central Government of India in terms of sub-section (11) of section 143 of
the Companies Act, 2013, we give in the Annexure A a statement on the matters specified
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
best of 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 the
Company so far as it appears from our examination of those books.
c. The audit of all the branch offices of the Company has been conducted by us,
hence section 143(8) is not applicable;
d. The Balance Sheet, the Statement of Profit and Loss including Other
Comprehensive Income, Statement of Changes in Equity , and the Cash Flow Statement dealt
with by this Report are in agreement with the books of account
e. In our opinion, the aforesaid standalone Ind AS Financial Statements comply with
the Indian Accounting Standards specified under Section 133 of the Act, read with Rule 7
of the Companies (Accounts) Rules, 2014.
f. On the basis of the written representations received from the directors as on 31st
March, 2023 taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2023 from being appointed as a director in terms
of Section 164 (2) of the Act.
g. With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to our
separate Report in "Annexure B".
h. With respect to the other matters to be included in the Auditors 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 the explanations given to us:
i) The Company does not have any pending litigations (other than in the ordinary
course of business) which would impact its financial position.
ii) The Company did not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses.
iii) There has been no delay in transferring amounts, required to be transferred,
to the Investor Education and Protection Fund by the Company.
Place : New Delhi |
For D. TAYAL & JAIN |
Date : 08.05.2023 |
Chartered Accountants |
|
Firm Reg. No. 011181C |
Sd/-
(CA. DEEPAK TAYAL) Proprietor Membership No. 073102 UDIN : 23073102BGXRSW6378
ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT OF
M/S S. E. POWER LIMITED
(Referred to in our Report of even date for F. Y. 2022-23)
i. a) (A) The Company has maintained proper records to show full particulars
including quantitative details and
situation of Property Plant& Equipments.
(B) The company is not having any intangible assets.
a) Property, Plant and Equipment have been physically verified by the management at
reasonable intervals; According to the information and explanations given to us, no
material discrepancies were noticed on such verification.
c) According to information and explanations given to us, the title deeds of
immovable properties are held in the name of the company.
d) According to the information and explanations given to us, company has not
revalued its Property, Plant and Equipment or intangible assets.
e) According to the information and explanations given to us, no proceedings have
been initiated or are pending against the company under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1998)
ii. a) As explained to us, inventories have been physically verified by the
management at reasonable interval.
In our opinion and according to information and explanations given to us, no material
discrepancies were noticed on physical verification.
b) During the year, company has been sanctioned working capital limit in excess of
Rs.5 Crores from the bank, on the basis of security of stock and debtors. The quarterly
returns or statements filed by the company with banks or financial institutions are in
agreement with the books of accounts of the Company.
iii. The Company has not made any investments in, provided any guarantee or
security or granted any loans or advances in the nature of loans, secured or unsecured to
companies, firms, LLP or other parties, or to Promoters, related parties as defined in
clause (76) of section 2 of the Companies Act, 2013, during the year. However, the
outstanding balance of Advances given in the previous financial years is as follows:
Opening Balance as on 01-04-22 |
Advances granted during F/Y 2022-23 |
Outstanding Balance as on 31-03-23 |
Name of the Entity |
100,00,000 |
0.00 |
100,00,000 |
M/s Goverdhan Gaushala |
iv. According to the information and explanations given to us, the provisions of
section 185 and 186 of the Companies Act, 2013 in respect of loans, investments,
guarantees and security have been complied with.
v. Directives issued by Reserve Bank of India and Provisions of Section 73 to 76 or
any other relevant provisions of The Companies Act, 2013 and the ruled framed there under
are not applicable to the Company.
vi. Maintenance of cost records under sub-section (1) of section 148 of the
Companies Act, 2013 are applicable to the company.
vii. According to the information and explanations given to us, the Company has
been regular in depositing with appropriate authorities undisputed statutory dues and
there are no undisputed amounts of Income Tax, Good and Service Tax, Cess, Employees State
Insurance, Wealth Tax, Customs Duty, Provident Fund etc. outstanding as at the last day of
financial year concerned for a period of more than six months from the date they became
payable.
There are no dues of Income Tax, Good and Service Tax, Custom Duty, Value Added Tax on
account of any dispute.
viii. There are no transactions which are not recorded in the books of account have
been surrendered or disclosed as income during the year in the tax assessments under the
Income Tax Act, 1961;
ix. a) The Company has not defaulted in the repayment of loans or other
borrowings or in the payment of interest
thereon to any lender.
b) The Company has not been declared willful defaulter by any bank or financial
institution or other lender
c) The term loans were applied for the purpose for which the loans were obtained
d) Funds raised on short term basis have not been utilized for long term purposes
e) According to the information and explanations given to us, company has not taken
any funds from any entity or person on account of or to meet the obligations of its
subsidiaries, associates or joint ventures.
f) The company has not raised loans during the year on the pledge of securities
held in its subsidiaries, joint ventures or associate companies.
x. a) In our opinion and according to the information and explanations given to us,
the Company had not raised
money by way of initial public offer or further public offer during the year.
b) According to the information and explanations given to us, the company has not
made any preferential allotment or private placement of shares or convertible debentures.
xi. a) According to the information and explanations given to us, no fraud by the
company or any fraud on the
company by its officers or employees has been noticed or reported during the year.
b) No report under sub-Section (12) of Section 143 of the Companies Act has been
filed by the auditors in Form ADT-4 as prescribed under Rule 13 of Companies (Audit and
Auditors) Rules 2014 with the Central Government.
c) Auditor has not received any whistle-blower complaints during the year
xii. The company is not the Nidhi Company, therefore not required to comply with
the requirements.
xiii. According to the information & explanation given to us, the provisions of
section 177 and 188 of the Companies Act, 2013 regarding transaction with related parties
have been complied with and details of the transaction as per applicable accounting
standard have been disclosed in the notes to accounts of the financial statements.
xiv. a) According to the information & explanation given to us, The Company has
an internal audit system
commensurate with the size and nature of its business
b) Reports of the Internal Auditor for the period under audit were considered by
us.
xv. According to the information & explanation given to us, no non-cash
transactions with directors or persons connected with him, have been taken place during
the year, hence the provisions of section 192 of the Companies Act, 2013 are not
applicable to the company.
xvi. According to the information & explanation given to us, the company does
not require to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
xvii. According to the information & explanation given to us, the company has
not incurred cash loss during the current financial year
xviii. There has been no resignation of the statutory auditors during the year.
xix. On the basis of the financial ratios, ageing and expected dates of realization
of financial assets and payment of financial liabilities, other information accompanying
the financial statements, the auditors knowledge of the Board of Directors and management
plans, there is no material uncertainty exists as on the date of the audit report that
company is capable of meeting its liabilities existing at the date of balance sheet as and
when they fall due within a period of one year from the balance sheet date.
xx. According to the information and explanations given to us, said clause is not
applicable to the Company.
Place : New Delhi |
For D. TAYAL & JAIN |
Date : 08.05.2023 |
Chartered Accountants |
|
Firm Reg. No. 011181C |
Sd/-
(CA. DEEPAK TAYAL) Proprietor Membership No. 073102 UDIN : 23073102BGXRSW6378
ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT OF
M/S S. E. POWER LIMITED
(Referred to in our Report of even date for F. Y. 2022-23)
REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB - SECTION 3 OF
SECTION 143 OF THE COMPANIES ACT, 2013
We have audited the internal financial controls over financial reporting of M/S S. E.
POWER LIMITED as of 31st March 2023 in conjunction with our audit of the Standalone Ind AS
financial statements of the Company for the year ended on that date.
MANAGEMENTS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS
The Companys management is responsible for establishing and maintaining internal
financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities
include the design, implementation and maintenance of adequate internal financial controls
that were operating effectively for ensuring the orderly and efficient conduct of its
business, including adherence to companys policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as
required under the Companies Act, 2013.
AUDITORS RESPONSIBILITY
Our responsibility is to express an opinion on the Companys internal financial
controls over financial reporting based on our audit. We conducted our audit in accordance
with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting
(the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed
to be prescribed under section 143(10) of the Companies Act, 2013, to the extent
applicable to an audit of internal financial controls, both applicable to an audit of
Internal Financial Controls and, both issued by the Institute of Chartered Accountants of
India. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was established and
maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of
the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluating the design
and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditors judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
over financial reporting.
MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A companys internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of
management and directors of the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the
companys 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 financial
reporting, including the possibility of collusion or improper management override of
controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial
reporting to future periods are subject to the risk that the internal financial control
over financial reporting may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
OPINION
In our opinion, the Company has, in all material respects, an adequate internal
financial controls system over financial reporting and such internal financial controls
over financial reporting were operating effectively as at 31st March, 2023, based on the
internal control over financial reporting criteria established by the Company considering
the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
Place : New Delhi |
For D. TAYAL & JAIN |
Date : 08.05.2023 |
Chartered Accountants |
|
Firm Reg. No. 011181C |
Sd/-
(CA. DEEPAK TAYAL) Proprietor Membership No. 073102 UDIN : 23073102BGXRSW6378
M/S S. E. POWER LIMITED
+91-9892691696
