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Sahyadri Industries Ltd.

BSE: 532841 Sector: Industrials
NSE: N.A. ISIN Code: INE280H01015
BSE LIVE 14:07 | 23 Aug 153.00 4.60
(3.10%)
OPEN

150.00

HIGH

155.00

LOW

148.20

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 150.00
PREVIOUS CLOSE 148.40
VOLUME 97271
52-Week high 157.20
52-Week low 64.00
P/E 20.18
Mkt Cap.(Rs cr) 146
Buy Price 152.20
Buy Qty 500.00
Sell Price 153.00
Sell Qty 41.00
OPEN 150.00
CLOSE 148.40
VOLUME 97271
52-Week high 157.20
52-Week low 64.00
P/E 20.18
Mkt Cap.(Rs cr) 146
Buy Price 152.20
Buy Qty 500.00
Sell Price 153.00
Sell Qty 41.00

Sahyadri Industries Ltd. (SAHYADRIINDS) - Auditors Report

Company auditors report

The Members of Sahyadri Industries Limited.

Report on the Financial Statements

We have audited the accompanying financial statements of SAHYADRI INDUSTRIES LIMITED(the "Company") which comprise the Balance Sheet as at March 31 2016 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in sub-section 5of Section 134 of the Companies Act 2013 ("the Act") with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue 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 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 andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal control relevant to the Company's preparation of the financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of Controls. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Management as well as evaluating the overallpresentation 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 and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2016 and its loss 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) Order 2016 (the "Order")issued by the Central Government of India in terms of Section 143(11) of The Act weenclose in the Annexure A a statement on the matters specified in paragraphs 3 and 4 ofthe 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 purposes of our audit.

(b) In our opinion proper books of accounts 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 Report are in agreement with the books of account.

(d) In our opinion the financial statements comply with the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014.

(e) On the basis of the written representations received from the Directors of theCompany as on March 31 2016 taken on record by the Board of Directors of the Companynone of the Directors of the Company are disqualified as on March 31 2016 from beingappointed as a Director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal controls over financial reporting ofthe Company and the operative effectiveness of such controls refer to our separate reportin 'Annexure B'; and

(g) With respect to the other matters to be included in the Auditors' 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 given to us:

1. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements as of March 31 2016;

2. Provision has been made in the financial statements as required under theapplicable law or accounting standards for material foreseeable losses if any onlong-term contracts including derivatives contracts; and

3. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

For PARAG PATWA & ASSOCIATES

CHARTERED ACCOUNTANTS FIRM REG. NO. 107387W (CA P. I. PATWA)

Partner

Membership No.041529

PLACE : PUNE

DATE:11th May 2016

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

(REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING "REPORT ON OTHER LEGAL ANDREGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE)

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

(b) As explained to us the fixed assets were physically verified during the year bythe Management in accordance with a phased programme of verification adopted by theCompany which in our opinion is reasonable having regard to size of the Company andnature of its business. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification.

(c) According to the information and explanations 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) (a) As explained to us the inventories have been physically verified by theManagement during the year at reasonable intervals.

(b) In our opinion and according to information and explanation given to us thefrequency and procedure of such verification is reasonable in relation to the size of theCompany and the nature of its business.

(c) In our opinion and according to information and explanation given to us the Companyhas maintained proper inventory records. The discrepancies noticed between the physicalstocks and book records were not material and the same have been properly dealt with inthe books of account.

(iii) The Company has not granted any loans secured or unsecured to the companiesfirms or other parties covered in the register maintained under section 189 of the Act.

(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 Act with respectto loans and investments made.

(v) The Company has not accepted any deposit from the public in accordance with theprovisions of sections 73 to 76 of the Act and rules framed there under.

(vi) We have broadly reviewed cost records maintained by the company pursuant to therules made by the Central Government for maintenance of cost records u/s 148(1) of theCompanies Act 2013 and are of the opinion that prima facie the prescribed records havebeen made and maintained. We have however not made a detailed examination of records witha view to determine whether they are accurate or complete.

(vii) (a) According to the information and explanations given to us and according tothe books and records as produced and examined by us in our opinion the Company isgenerally regular in depositing undisputed statutory dues including provident fundemployees' state insurance Income Tax Sales Tax Wealth Tax Customs Duty Service TaxExcise Duty and other material statutory dues as applicable to it with appropriateauthorities.

(b) According to the information and explanations given to us during the year there areno undisputed amounts payable in respect of provident fund employees' state insuranceIncome Tax Wealth Tax Sales Tax Customs Duty Service Tax Excise Duty and othermaterial statutory dues which have remained outstanding as at 31st March 2016 for aperiod of more than six months from the date they became payable.

(c) According to the information and explanations given to us there are no dues ofIncome Tax Wealth Tax provident fund employees' state insurance Sales Tax Value AddedTax Service Tax Customs Duty Excise Duty and other material statutory dues which havenot been deposited with the appropriate authorities on account of any dispute other thanthose mentioned below:

Name of the statute Nature of Dues Amount Demanded (Rs. in lacs) Period to which the amount relates Forum where dispute is pending
Karnataka VAT Act VAT & CST 4.24 2007-08 Joint Commissioner of Commercial Taxes (Appeal) Karnataka
Karnataka VAT Act VAT Interest & Penalty 10.70 2008-09 Joint Commissioner of Commercial Taxes (Appeal) Karnataka
Kerala VAT Act VAT & Interest 9.16 2010-11 Asst. Commissioner Commercial Taxes Special Circle - II
West Bengal VAT Act VAT & Penalty 45.30 2007-08 West Bengal Commercial Taxes Appellate & Revisional Board Kolkata
Gujarat VAT Act VAT Interest & Penalty 85.35 2010-11 Joint Commissioner of Commercial Tax (Appeal) VADODARA
Gujarat VAT Act CST Interest & Penalty 1.52 2010-11 Joint Commissioner of Commercial Tax (Appeal) VADODARA
Tamil Nadu VAT Act VAT Interest & Penalty 0.48 2007-08 The Joint Commissioner (CT) Salem Division
Maharashtra Sales Tax VAT Interest & Penalty 185.65 2011-12 Joint Commissioner of Sales Tax (Appeal) Pune
Maharashtra Sales Tax CST Interest & Penalty 65.61 2011-12 Joint Commissioner of Sales Tax (Appeal) Pune
Gujarat VAT Act VAT Interest & Penalty 46.89 2011-12 Joint Commissioner of Commercial Tax (Appeal) VADODARA
Gujarat VAT Act CST Interest & Penalty 5.06 2011-12 Joint Commissioner of Commercial Tax (Appeal) VADODARA
Andra Pradesh VAT Act VAT Interest & Penalty 1.39 02/06/14 to 30/09/15 Appellate Deputy Commissioner Vijaywada
Central Excise Act Excise Dues 5.34 2012-13 CESTAT (Chennai)
Name of the statute Nature of Dues Amount Demanded (Rs. in lacs) Period to which the amount relates Forum where dispute is pending
Central Excise Act Excise Dues 8.86 2012-13 CESTAT (Chennai)
Central Excise Act Excise Dues 6.59 2010-13 CESTAT (Chennai)
Central Excise Act Excise Dues 4.96 2012-13 CESTAT (Chennai)
Central Excise Act Excise Dues 0.11 2012-13 CESTAT (Chennai)
Central Excise Act Excise Dues 0.01 2010-11 CESTAT (Chennai)
Central Excise Act Excise Dues 0.85 2011-13 CESTAT (Chennai)
Central Excise Act Excise Dues 26.26 2010-12 Commissioner of Central Excise (Appeals)
Central Excise Act Excise Dues 27.08 2010-12 Commissioner of Central Excise (Appeals)
Central Excise Act Excise Dues 0.13 2011-12 201213 2013-14 Commissioner of Central Excise (Appeals)
Central Excise Act Excise Dues 20.12 2009-10 to 2013-14 Commissioner of Central Excise (Appeals)
Central Excise Act Excise Dues 0.56 01-04-14 to 3101-15 Commissioner of Central Excise (Appeals)

Amount deposited under dispute in respect of above demand totaling to ' 18.56

(viii) According to the information and explanations provided to us the Company hasnot defaulted in repayment of dues to the banks. The Company did not have any outstandingdues to any financial institution or debentures holders during the year.

(ix) (a) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year.

(b) In our opinion and according to the information and explanations given to us and onan overall examination the term loans availed by the Company have been applied for thepurpose for which they were raised other than temporary deployment pending application.

(x) According to the information and explanations given to us no instances of materialfraud on or by the Company has been noticed or reported during the course of our audit.

(xi) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Act.

(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 transactions with related parties are incompliance with Section 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to information and explanations given 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 information and explanations given to us and based on our examinationof the records of the Company the Company has not entered into non-cash transactions withdirectors or persons connected with him. Accordingly paragraph 3(xv) of the Order is notapplicable.

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

For PARAG PATWA & ASSOCIATES

CHARTERED ACCOUNTANTS FIRM REG. NO. 107387W (CA P. I. PATWA)

Partner

Membership No.041529

PLACE : PUNE

DATE:11th May 2016

"ANNEXURE B" TO THE INDEPENDENT AUDITOR'S REPORT

(REFERRED TO IN PARAGRAPH 2(f) UNDER THE HEADING "REPORT ON OTHER LEGAL ANDREGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE)

We have audited the internal financial controls over financial reporting of SAHYADRIINDUSTRIES LIMITED ("the Company") as of March 31 2016 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

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 ('ICAI'). 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 assets theprevention 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 issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the ICAI. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial 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 judgement 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 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 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 March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India"

For PARAG PATWA & ASSOCIATES

CHARTERED ACCOUNTANTS FIRM REG. NO. 107387W (CA P. I. PATWA)

Partner

Membership No.041529

PLACE : PUNE

DATE:11th May 2016