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Salguti Industries Ltd.

BSE: 526554 Sector: Industrials
NSE: N.A. ISIN Code: INE159C01012
BSE LIVE 15:00 | 20 Sep 13.80 -0.70
(-4.83%)
OPEN

13.80

HIGH

13.80

LOW

13.80

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 13.80
PREVIOUS CLOSE 14.50
VOLUME 600
52-Week high 27.60
52-Week low 13.80
P/E
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 13.80
Sell Qty 58.00
OPEN 13.80
CLOSE 14.50
VOLUME 600
52-Week high 27.60
52-Week low 13.80
P/E
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 13.80
Sell Qty 58.00

Salguti Industries Ltd. (SALGUTIINDUSTRI) - Auditors Report

Company auditors report

To

The Members

SALGUTI INDUSTRIES LIMITED

Report on the Financial Statements:

We have audited the accompanying financial statements of Salguti Industries Limited"the Company" which comprise the Balance Sheet as at March 31 2015 and theStatement of Profit and 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 Statements:

The Company Board of Directors are responsible for the matters stated in Section 134(5)of the Companies Act 2013 (‘the act’) with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with rule 7 of Companies (Accounts) Rules 2014. This responsibilityincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; design implementation andmaintenance of adequate internal financial controls that are operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand 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 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 performingprocedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor’s judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company’s preparation of the financial statementsthat give a true and fair view in order to design audit procedures that are appropriatein the circumstances but not for the purpose of expressing an opinion on whether theCompany has in place an adequate internal financial controls system over financialreporting and the operating effectiveness of such controls. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company’s Directors 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 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 31stMarch 2015 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) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters Specified inparagraphs 3 and 4 of the Order to the extent applicable.

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 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 appears from our examination of those books;

c) The Balance Sheet Statement of Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account;

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

e) On the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to other matters to be included in the Auditor’s Report inaccordance with Rule

11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to the best ofour information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the company

For P.MURALI & Co.
CHARTERED ACCOUNTANTS
Firm Registration No: 007257S
Sd/-
A. KRISHNA RAO
PLACE : HYDERABAD PARTNER
DATE : 30-05-2015 Membership No. 020085

Annexure referred to in paragraph 1 of Our Report of even date to the members ofSalguti Industries Limited on the accounts of the company for the year ended 31st March2015 Under "Report on other Legal & Regulatory Requirements" i.

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

(b) Fixed assets have been physically verified by the management at reasonableintervals; no material discrepancies between the book records and physical inventory havebeen noticed on such verification. ii.

(a) The inventory has been physically verified during the year by the Management and inour opinion the frequency of verification is reasonable.

(b) In our opinion the procedures of the physical verification of inventory followedby the Management is reasonable and adequate in relation to the size of the Company andthe nature of its business.

(c) In our opinion the Company is maintaining proper records of inventory and asexplained to us no material discrepancies were noticed on physical verification of stocksas compared to book records.

iii. The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Act2013.

iv. In our opinion and according to the information and explanations given to us thereis adequate internal control system commensurate with the size of the Company and thenature of its business for the purchase of inventory and fixed assets and for the sale ofgoods and services. Further on the basis of our examination of the books and records ofthe Company and according to the information and explanations given to us no majorweakness in the aforesaid internal control system has been noticed or reported.

v. The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013.

vi. We have broadly verified the books of accounts and records maintained by thecompany relating to the manufacture of Textile and Plastic products pursuant to the ordermade by the Central Government for maintenance of cost records under sub-section (1) ofSection 148 of the Act 2013 and are of the opinion that prima facie the prescribedaccounts and records have been maintained. We have not however made a detailedexamination of the records with a view to determine whether they are accurate andcomplete.

vii.

(a) In our opinion the company is regular in depositing the undisputed statutory duesincluding Provident Fund Employees’ State Insurance Income-tax Sales Tax ServiceTax Custom Duty Excise Duty and other material statutory dues as applicable with theappropriate authorities in India; There were no undisputed statutory dues in arrears as at31st March 2015 for a period of more than 6 months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofIncome Tax Wealth Tax Service Tax Sales Tax Customs Duty and Excise Duty which havenot been deposited on account of any disputes.

(c) There are no amounts that are due to be transferred to the Investors Education andprotection Fund in accordance with the relevant provisions of the Companies Act 1956 [1of 1956] and rules made there under.

viii. The Company does not have accumulated losses at the end of the financial year andthe company has not incurred cash losses during the financial year covered by our auditand in the immediately preceding financial year.

ix. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to financial institution/banks. The companyhas not issued any debentures.

x. In our opinion and according to the information and explanations given to us theCompany has not given any guarantee for loan taken by others from bank or financialinstitutions.

Accordingly the provisions of the clause is not applicable to the company.

xi. According to the information and explanations given to us the term loans wereapplied by the company for the purpose for which the loans were obtained.

xii. To the best of our knowledge and according to the information and explanationsgiven to us no material fraud on or by the company has been noticed or reported duringthe year.

For P. MURALI & Co.
CHARTERED ACCOUNTANTS
Firm Registration No: 007257S
Sd/-
A. KRISHNA RAO
PLACE : HYDERABAD PARTNER
DATE : 30-05-2015 Membership No. 020085