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S R K Industries Ltd.

BSE: 531307 Sector: Industrials
NSE: N.A. ISIN Code: INE951M01037
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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 4.99
PREVIOUS CLOSE 4.99
VOLUME 1
52-Week high 10.35
52-Week low 4.99
P/E
Mkt Cap.(Rs cr) 39
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.99
Sell Qty 304863.00
OPEN 4.99
CLOSE 4.99
VOLUME 1
52-Week high 10.35
52-Week low 4.99
P/E
Mkt Cap.(Rs cr) 39
Buy Price 0.00
Buy Qty 0.00
Sell Price 4.99
Sell Qty 304863.00

S R K Industries Ltd. (SRKINDUSTRIES) - Auditors Report

Company auditors report

To the Members of

S R K INDUSTRIES LIMITED

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of S R K INDUSTRIESLIMITED ("the Company") which comprise the Balance sheet as at March 31 2016the Statement of Profit and Loss Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013("the Act") with respect to thepreparation of these standalone financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of Companies (Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4. We have taken into account the provisions of Act and the Rules made there underincluding the accounting standards and matters which are required to be included in theaudit report.

5. We conducted our audit n accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those standards and pronouncements require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances An audit also includesevaluating the appropriateness of the accounting polices used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of the financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

8. 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 Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2016 and its profit and its cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements

9. As required by ‘the Companies (Auditor’s Report) Order2016 issued by theCentral Government of India in terms of sub-section (11) of section 143 of theAct(hereinafter referred to as the "Order") and on the basis of such checks ofthe books and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure‘ A’ astatement on the matters specified in paragraphs 3 and 4 of the Order.

10. 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 and the Cash Flow Statementdealt with by this Repot are in agreement with the books of account;

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e) On the basis of the written representations received from the Directors as on March31 2016 taken on record by the Board of Directors none of the Directors is disqualifiedas on March 31 2016 from being appointed as a Director in terms of Section 164 (2) of theAct;

f) With respect to the adequacy of the Internal Financial Controls over financialreporting of the Company and operating effectiveness of such controls refer to ourseparate Report in Annexure B.

g) With respect to other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinionand to the best of our knowledge and belief and according to the information andexplanations given to us:

i. The impact of the pending litigations as on March 31 2016 is not expected to bematerial on the standalone financial position of the Company.

ii. The Company did not have any long term contracts including derivative contractsfor which there were any material foreseeable losses;

iii. There has been no amount due as at March 31 2016 which was required to betransferred to the Investor Education and Protection

Fund by the Company.

For V. R. Renuka & Co.
Chartered Accountants
Firm Registration No. 108826W
Sd/-
V. R. Renuka
Proprietor
Mumbai May 30 2016 M.No. 032263

Annexure A to Independent Auditors’ Report:

Referred to in Paragraph 9 of the Independent Auditors’ Report of even date to themembers of S R K INDUSTRIES LIMITED on the standalone financial statements as of and forthe year ended March 31 2016

(i) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) As explained to us all the fixed assets have been physically verified by themanagement in accordance with a phased programme of verification which is in our opinionis reasonable. Considering the size and the nature of business. The frequency isreasonable and no discrepancy has been noticed on such physical verification.

c) The title deeds of immovable properties as disclosed in Note 10 on fixed assets tothe financial statements are held in the name of the Company.

(ii) a) The inventories have been physically verified during the year by themanagement. In our opinion the frequency of verification is reasonable.

b) In our opinion the procedures of physical verification of the inventories followedby the management are reasonable and adequate in relation to the size of the Company andnature of business.

c) On the basis of examination of inventory records in our opinion the Company ismaintaining proper records of inventory. The discrepancies noticed on physicalverification of inventory as compared to book records were not material.

(iii) The Company has not granted any unsecured loans to the companies covered in theregister maintained under section 189 of the Act. There are no firms/LLPs/ other partiescovered in the register maintained under section 189 of the Act therefore reporting underclause 3(iii) of the said Order is not applicable

(iv) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the companies Act 2013in respect of the loans and investments made and guarantees and security provided by it.

(v) The Company has not accepted any deposits from the public within the meaning ofsections 73 to 76 of the Act.

(vi) Pursuant to the rules made by the Central Government of India the Company is notrequired to maintain cost records as prescribed under Section 148(1) of the Act in respectof its products.

(vii) (a) According to the information and explanation given to us and the records ofthe Company examined by us in our opinion the Company is generally regular in depositingthe undisputed statutory dues including Provident Fund Employee State Insurance FundIncome Tax Sales Tax Service Tax Duty of Customs Duty of Excise Value Added Tax andother statutory dues with the appropriate authorities.

(b) According to the information and explanation given to us no undisputed amountspayable in respect of Provident Fund Employee State Insurance Fund Income Tax SalesTax Service Tax Duty of Customs Duty of Excise Value Added Tax and other statutorydues were in arrears as at 31 March 2016 for a period of more than six months from thedate they became payable.

(c) According to the information and explanations given to us there are no amountswhich are payable in respect of Income Tax Sales Tax Service Tax Duty of Custom Dutyof Excise Value Added Tax and Cess which have not been deposited with appropriateauthorities on account of any dispute other than those mentioned in notes to accounts(Refer Point no.1 for contingent liability)

(viii) In our opinion and according to the information and explanation given to us theCompany has not defaulted in repayment of its dues to banks financial institutions.

(ix) In our opinion and according to the information and explanations given to us theterms loans have been applied for the purposes for which they were obtained.

(x) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted Auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstances of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such cases by themanagement.

(xi) According to the information and expiations given by the management the managerialremuneration has been paid / provided in accordance with the requisite approvals mandateby the provisions of section 197 read with Schedule V to the Companies Act 2013.

(xii) In our opinion the Company is not a Nidhi company. Therefore the provision ofclause 3(xii) of the order is not applicable to the Company and hence not commented upon.

(xiii) According to the information and expiations given by the managementtransactions with related parties are in compliance with section 177 and 188 of theCompanies Act 2013 where applicable and the details have been disclosed in the notes tothe financial statements as required by the applicable accounting standards.

(xiv) According to the information and expiations given to us and on an overallexamination of the Balance Sheet the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence reporting requirements under clause 3(xiv) are not applicable tothe company and not commented upon.

(xv) According to the information and explanations given by the management the Companyhas not entered into any non-cash transactions with directors or persons connected withhim. Accordingly paragraph 3(xv) of the Order and Sec. 192 of Companies Act 2013 are notapplicable.

(xvi) In our opinion the company is not required to be registered under Section 45-IAof the Reserve Bank of India Act 1934. Accordingly the provisions of Clause 3(xvi) ofthe Order are not applicable to the Company.

For V. R. Renuka & Co.
Chartered Accountants
Firm Registration No. 108826W
Sd/-
V. R. Renuka
Proprietor
Mumbai May 30 2016 M.No. 032263

"Annexure B" to the Independent Auditor’s Report of even date on theStandalone Financial Statements of S R K INDUSTRIES LIMITED . (refer to in Paragraph 10 f) of Independent Auditor’s Report of even date )

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

To the Members of S R K Industries Limited

We have audited the internal financial controls over financial reporting of S R KIndustries Limited ("the Company") as of March 31 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on "the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India". 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 assetsthe prevention 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.

Auditors’ Responsibility

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 specified under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively 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 includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea 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 authorisations 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to u the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 31 2016 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For V. R. Renuka & Co.
Chartered Accountants
Firm Registration No. 108826W
Sd/-
V. R. Renuka
Proprietor
Mumbai May 30 2016 M.No. 032263