INDEPENDENT AUDITORS' REPORT
To,
The Members,
SPECTRUM ELECTRICAL INDUSTRIES LIMITED
Plot No. V-195, MIDC Area, Ajanta Road, Jalgaon
Maharashtra 425003, India.
Report on the Standalone Financial Statements:
We have audited the accompanying standalone financial statements of M/s. Spectrum Electrical Industries Limited ("the
Company"), which comprises the Balance Sheet as at March 31, 2023, the Statement of Profit and Loss, Cash Flow
Statement and the statement of changes in equity for the year then ended and a summary of significant accounting
policies and other explanatory information.
Management's Responsibility for the Standalone Financial Statements:
The Company's 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 financial statements that give a true and fair view of the financial
position, financial performance of the Company in accordance with the accounting principles generally accepted in
India, including the Accounting Standards specified under Section 133 of the Act, read with rule 7 of Companies
(Accounts) Rules, 2014. This responsibility includes maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; design, implementation and maintenance of adequate internal financial controls, that are
operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation
and presentation of the financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor's Responsibility:
Our responsibility is to express an opinion on these financial statements based on our audit. We have taken in to account
the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the
audit report under the provisions of the Act and the Rules made there under and order issued under section 143 (11) of
the Act.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those
Standards & Pronouncements require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the
auditor considers internal financial control relevant to the Company's preparation of the financial statements that give
a true and fair view, in order to design audit procedures that are appropriate in the circumstances. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made
by the Company's Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the financial statements.
Opinion:
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone
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 accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2023;
b) in the case of the Statement of Profit and Loss, of the Profit for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Report on other Legal and Regulatory Requirements
1. On the basis of checks of books and records of the company and according to the information and explanations given
to us the Companies (Auditor's Report) Order, 2020 ("the Order") issued by the Central Government of India in terms
of sub-section (11) of section 143 of the Act, we give in the "Annexure A" statement on the matters specified in
paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we further 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 purpose of our audit;
b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from
our examination of those books;
c) The Balance Sheet, the Statement of Profit and Loss, Cash Flow Statement and the statement of changes in equity
dealt with by this Report are in agreement with the books of account;
d) In our opinion, the aforesaid standalone financial statements comply with the applicable Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014.
e) On the basis of written representations received from the directors for the year ended on March 31, 2023 and taken
on record by the Board of Directors, none of the directors is disqualified as on March 31, 2023 from being appointed as
a director in terms of Section 164(2) of the Act.
f) 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'; and
g) With respect to other matters to be included in the Auditor's 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 as at March 31, 2023 that has any impact on its financial position
in its standalone financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the
company.
For SHARPAARTH & CO LLP
Chartered Accountants
FRN: 132748W/W100823
Sd/-
CA Harshal Jethale
Partner
M. No.141162
UDIN: 23141162BGUPLE7417
Date:15/05/2023
Place: Jalgaon
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