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Sagar Soya Products Ltd.

BSE: 507663 Sector: Industrials
NSE: N.A. ISIN Code: INE131O01016
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VOLUME 150
52-Week high 1.32
52-Week low 0.95
P/E 2.57
Mkt Cap.(Rs cr) 1
Buy Price 0.95
Buy Qty 2050.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.95
CLOSE 0.99
VOLUME 150
52-Week high 1.32
52-Week low 0.95
P/E 2.57
Mkt Cap.(Rs cr) 1
Buy Price 0.95
Buy Qty 2050.00
Sell Price 0.00
Sell Qty 0.00

Sagar Soya Products Ltd. (SAGARSOYAPROD) - Auditors Report

Company auditors report

To

The Members of

M/s SAGAR SOYA PRODUCTS LTD.

Mumbai.

Report on the Financial Statement

We have audited the accompanying financial statements of Sagar Soya Products Limited(‘the Company') which comprise the balance sheet as at March 312017 and thestatement of profit & loss and cash flow statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statement

The Company's 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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified undersection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

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

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 Rules made thereunder.

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 procedure selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial control systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Director as well as evaluating theoverall 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 information and according to the explanation given tous the aforesaid financial statements give the information required by the Act in themanner so required and give true and fair views in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2017 its Profit and its cash flows for the year ended on that date.

Report on Other Legal and regulatory Requirements

1. As required by the Companies (Auditor's Report) Order2016 ("the Order")issued by Central Government of India in terms of sub-section (11) of section 143 of theAct we give in the Annexure A statement on the matters specified in paragraph 3 and 4 ofthe said Order.

2. 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 purpose 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 Account and the Cash FlowStatement dealt with by this report are in agreement with the books of Accounts.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under section 133 of 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 31st2017 taken on record by the Board of Directors none of the directors is disqualified ason March 31st 2017 from being appointed as the directors in terms of section164(2) of the Act.

(f) With respect to the adequacy of the internal financial control over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B" and

With respect to the other matter to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanation given to us:

(i) The Company does not have any pending litigations which have impacts on itsfinancial positions in its financial statements;

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

(iii) There was no such amount required to be transferred to the Investor Education andProtection Fund by the Company hence the matter of delay does not arise.

(iv) The Company has been regular in maintained books of accounts and opening cashbalance on 8th November 2016 was Rs.43440.47/- out of this Rs. 43000/- were inSpecified Bank Notes which was deposited in bank account before prescribed date.

For O.T.GANDHI & CO
Chartered Accountants
FRN No. 001120C
By the hand of
PLACE : Indore SAMEEP GANDHI
DATED : 30th May 2017 Partner
M.NO.411107

ANNEXURE "A" TO THE AUDITOR'S REPORT

The Annexure referred to in our Independent Auditors' Report to the members of theCompany for the year ended 31 March 2017 we report that:

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

(b) The Company has a regular programme of physical verification of its assets by whichfixed assets are certified in a phase manner over a period of three years. In accordancewith this programme certain fixed assets were physically verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regards to the size of Company and thenature of its assets.

(c) According to the information and explanation given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the company.

II. The inventory has been physically verified by the management at reasonableintervals during the year. The discrepancies noticed on verification between the physicalstocks and book records were not material.

III. The Company has not granted any loans secured or unsecured to companies firmslimited liability partnership or other parties covered in the register maintained u/s 189of the Companies Act 2013.

IV. In our opinion and according to the explanation given to us the Company hascomplied with the provision of section 185 and 186 of the Companies Act 2013 with respectto loans and investments made. Accordingly paragraph 3(iv) of the Order is notapplicable.

V. The Company has not accepted any deposits from the public. Accordingly paragraph3(v) of the Order is not applicable.

VI. According to the information and explanations given to us we are of the opinionthat no cost records maintenance has been prescribed by the Central Government undersection 148 (1) of the Companies Act 2013.

VII. (a) According to the information and explanations given to us and on the basis ofour examination of the records

of the Company amount deducted/ accrued in the books of account in respect ofundisputed statutory dues including provident fund employees' state insurance incometax sales tax value added tax duty of customs duty of excise service tax cess andother material statutory dues have been regularly deposited during the year by the Companywith the appropriate authorities.

(b) According to the information and explanations given to us there are no dues ofincome tax service tax duty of customs duty of excise an value added tax which havenot been deposited with the appropriate authorities on account of any dispute. Howeveraccording to information and explanation given to us the following dues of sales tax havenot been deposited by the Company on account dispute.

Name of the Statute Nature of Due Amount (in Rs.) Year of Dispute Forum where dispute is pending
Sales-tax Act Sales Tax 5756471.00 2000-2001 Supreme Court

# a stay order has been received from Supreme Court against the amount disputed and notdeposited. (After losing at High Court)

VIII. The Company does not have any loans or borrowings from any financial institutionbanks Government or debenture holders during the year. Accordingly paragraph 3(viii) ofthe Order is not applicable.

IX. The company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3(ix) of the Order is not applicable

X. According to the information and explanations given to us we report that there isno fraud on or by the company has been noticed or reported during the course of our audit.

XI. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company does not pay/provide any managerialremuneration during the year.

XII. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

XIII. According to the information and explanations given to us and based on ourexamination of the records of the Company there are no transactions with the relatedparties. Accordingly paragraph 3(xiii) of the Order is not applicable.

XIV. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

XV. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

XVI. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For O.T.GANDHI & CO
Chartered Accountants
Firm Registration Number: 001120C
Sd/-
PLACE : Indore SAMEEP GANDHI
DATED : 30th May 2017 Partner
M.NO.411107

ANNEXURE-B TO THE AUDITOR'S REPORT

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

We have audited the internal financial controls over financial reporting of M/S SAGARSOYA PRODUCTS LIMITED ("the Company") as on 31st March 2017 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

MANAGEMENT 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 (‘ICAI'). Theseresponsibilities include the designs implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

AUDITOR'S 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 FinancialControlling(the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143 (10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls-both applicable to an audit oInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia .Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the Audit to obtain responsible assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively 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 reporting assessing the risk that a material weakness exists testing and evaluating and design andoperating 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.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a 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 anddisposition of the assets of the Company. (2) provide reasonable assurance thattransaction 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 authorizations 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 internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2017based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For O.T.GANDHI & CO
Chartered Accountants
Firm Registration Number: 001120C
Sd/-
PLACE : Indore SAMEEP GANDHI
DATED : 30th May 2017 Partner
M.NO.411107