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Saffron Industries Ltd.

BSE: 531436 Sector: Industrials
NSE: N.A. ISIN Code: INE474D01013
BSE LIVE 12:28 | 18 Aug 9.21 0.43
(4.90%)
OPEN

9.21

HIGH

9.21

LOW

9.21

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 9.21
PREVIOUS CLOSE 8.78
VOLUME 50
52-Week high 13.50
52-Week low 6.43
P/E
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.21
Sell Qty 69.00
OPEN 9.21
CLOSE 8.78
VOLUME 50
52-Week high 13.50
52-Week low 6.43
P/E
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.21
Sell Qty 69.00

Saffron Industries Ltd. (SAFFRONINDUS) - Auditors Report

Company auditors report

TO THE MEMBERS OF SAFFRON INDUSTRIES LIMITED

 

Report on Financial Statements :

We have audited the accompanying financial statements of SAFFRON INDUSTRIES LIMITED(formerly Madhyadesh Papers Limited) which comprise the Balance Sheet as at March 312016 the Statement of Profit and Loss and Cash Flow for the year then ended and a summaryof significant accounting policies and other explanatory information.

 

Management’s Responsibility for Financial Statements :

The Company’s Board of Directors is responsible for the matters in section 134(5)of the Companies Act 2013 with respect to the preparation of these financial statementsthat give a true and fair view of the financial position financial performance and CashFlows of the Company in accordance with the accounting principles generally accepted inIndia including the Accounting Standards specified under Section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014. This responsibility also includes themaintenance of adequate accounting records in accordance with the provision of the Act forsafeguarding of the assets of the Company and for preventing and detecting the frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of internal financial control that were operating effectively for ensuringthe accuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

 

Auditor’s Responsibility :

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures 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 control relevant to the Company’s preparation of thefinancial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required by the Act and give a true and fair view in conformity with theaccounting principles generally accepted in India :

a. In the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2016 and

b. In the case of the Profit and Loss Account of the Profit for the year ended on thatdate.

c. In the case of Cash Flow Statement cash flows for the year ended on that date.

Report on other Legal and Regulatory Requirements:

01. As required by section 143(3) of the Act we report that:

a. We have obtained all the information and explanations which to the best of ourknowledge 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 appears from our examination of those books.

c. The Balance Sheet and the Statement of Profit and Loss Account dealt with by thisreport are in 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 written representations received from the directors as on March 312016 taken on record by the Board of Directors we report that none of the directors isdisqualified as on March 31 2016 from being appointed as a director in terms of Section164(2) of the Act.

f. 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 give to us.

(i) The Company does not have any pending litigation which would impact its financialposition.

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

(iii) No amount is required to be transferred to the Investor Education and ProtectionFund by the Company.

02. As required by the Companies (Auditors Report) Order 2016 issued by the CompanyLaw Board in terms of Section 143 of the Companies Act 2013 and on the basis of suchchecks as we considered appropriate and on the basis of information given to us and to theextent the above order in our opinion is relevant to the Company for the year wefurther report that:

i) a) The Company has maintained proper records to show full particulars includingquantitative

details and situation of its fixed assets.

b) The fixed assets of the Company have been physically verified during the year by themanagement at reasonable intervals and no material discrepancies between the book recordsand the physical inventory have been noticed.

c) The title deeds of the immovable properties of the Company are in the name of thecompany.

ii) a) As explained to us the stocks of inventory of the Company have been physicallyverified by the Management from time to time during the year. In our opinion thefrequency of the verification was reasonable.

b) The material discrepancies noticed on such physical verification have been properlydealt with in the books.

iii) The company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013 except during the normal course of business.

iv) The company has complied with provisions of section 185 and 186 of the CompaniesAct 2013 in respect of loans investments guarantees and security.

v) In our opinion and according to information and explanations given to us theCompany has not accepted during the year any deposit from public in contravention of thedirectives of Reserve Bank of India and the provisions of sections 73 to 76 or any otherrelevant provisions of the Companies Act and the rules framed there under.

vi) We have broadly reviewed the books of accounts maintained by the company pursuantto the order made by the central government for maintenance of cost records under section209 (1) (d) of the Companies Act 1956 and are of the opinion that Prima facie theprescribed accounts and records have been maintained. However we are not required tocarry out and have not carried out a detailed examination of the records with a view todetermine whether they are accurate or complete.

vii) a) The Company is generally regular in payment of undisputed statutory duesincluding

Provident Fund Income tax Service tax duty of customs duty of excise Value addedtax Cess and any other statutory dues with appropriate authorities..

b) No undisputed dues of Income Tax Sales Tax Wealth Tax Service Tax Custom DutyExcise Duty Value added Tax or Cess are outstanding for a period of more than six monthsfrom the date they became due.

viii) On the basis of the information and explanations given to us by the managementno money is outstanding to banks and the company has not defaulted in repayment of dues toits bankers.

ix) In our opinion and according to explanations given to us the company has appliedterm loans for the purpose for which these loans were obtained.

x) To the best of our knowledge and belief and according to information andexplanations given to us no fraud by the company or on the company by its officers oremployees has been noticed or reported.

xi) No managerial remuneration was paid or provided by the company during the financialyear.

xii) The company is not a Nidhi Company.

xiii) All transactions with the related parties are in compliance with section177 and188 of the Companies Act 2013 where applicable and details have been disclosed in thefinancial statements as required by the applicable accounting standards.

xiv) The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the financial year.

xv) The company has not entered any non-cash transaction with directors or personsconnected with him except sales and purchase as disclosed in the Note 18 regardingrelated parties transactions.

xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Khatri & Iyer
Chartered Accountants
Firm Reg. No. 113433W
NAGPUR JAGDISH KHATRI
May 29 2016 Partner
Membership No. 035495