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Seya Industries Ltd.

BSE: 524324 Sector: Industrials
NSE: SRIMANORG ISIN Code: INE573R01012
BSE LIVE 15:40 | 15 Dec 671.95 -13.90
(-2.03%)
OPEN

679.00

HIGH

699.95

LOW

640.30

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 679.00
PREVIOUS CLOSE 685.85
VOLUME 4825
52-Week high 826.00
52-Week low 237.60
P/E 33.05
Mkt Cap.(Rs cr) 1,653
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 679.00
CLOSE 685.85
VOLUME 4825
52-Week high 826.00
52-Week low 237.60
P/E 33.05
Mkt Cap.(Rs cr) 1,653
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Seya Industries Ltd. (SRIMANORG) - Auditors Report

Company auditors report

To the Members of SEYA INDUSTRIES LTD

Report on the Financial Statements

We have audited the accompanying Financial Statements of SEYA INDUSTRIES LTD ('TheCompany') which comprise the Balance Sheet as at March 31 2016 the Statement of Profitand Loss and the Cash Flow Statement for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

Management Responsibility for the Financial Statements

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 preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash low 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 the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting fraud and other irregularities; selection and application of appropriateaccounting policies; making judgements and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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 and the Rules made thereunderincluding the accounting and auditing standards and matters which are required to beincluded in the audit report.

We conducted our audit of the financial statements in accordance with the Standards onAuditing specified under Section 143 (10) of the Act. Those standards require that wecomply with the ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the 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 depends on the auditor'sjudgment including the assessment of the risks of material misstatement of the 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. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the financialstatements.

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 profit and its cash lows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Act and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations givento us we give in the "Annexure A" a statement on the matters specified inparagraph 3 and 4 of the 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 thebest of our knowledge and belief were necessary for the purpose of our audit;

b. In our opinion proper books of accounts as required by law have been kept bythe Company so far as it appears from our examination of those books.

c. The Balance Sheet Statement of Profit & Loss and the Cash Flow Statementdealt with by this report 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 March31 2016 taken on record by the Board of Directors none of the Directors are 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 the operating effectiveness of such controls refer to ourseparate Report in "Annexure B". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g. 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 knowledge and belief and according to the information andexplanations given 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 derivatives contracts;as such the question of commenting on any material foreseeable losses thereon does notarise.

iii. There has not been any occasion in case of the Company during the year underreport to transfer any sum to the investor Education and protection Fund hence thequestion of delay in transferring such sums does not arise.

For JAGIWALA AND CO

Chartered Accountants

Firm Registration No.: 131184W

Yogesh R Jagiwala

Partner

Membership No. 016864

Mumbai May 28 2016

"ANNEXURE A" TO INDEPENDENT AUDITORS REPORT

[Statement on matters specified in paragraphs 3 and 4 of the Companies (Auditor'sreport) Order 2016 - Referred to in paragraph 1 under 'Report on other Legal andRegulatory Requirements' section of our report of even date]

i. Fixed Assets

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

b. The Company has a program of physical verification of its fixed assets by which allfixed assets are verified in a phased manner over a period of Three years which in ouropinion is reasonable having regard to the size of the Company and nature of its assets.Pursuant to the program certain assets were physically verified by the Management duringthe year According to the information and explanations given to us no materialdiscrepancies were noticed on such verification.

c. According to the information and explanations given to us and the records examinedby us the title deeds of immovable properties are held in the name of the Company.

ii. Inventories

a. The inventories except goods-in-transit were physically verified at reasonableintervals by the management during the year and no material discrepancies were noticed onphysical verification.

b. The procedures for the physical verification of inventories followed by themanagement are reasonable and adequate in relation to the size of the Company and thenature of its business.

c. On the basis of our examination of the inventory records in our opinion theCompany is maintaining proper records of inventories. No discrepancies were noticed onverification between the physical stock and the books records.

iii. Loans and Advances

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 Act. Thereforethe provisions of Clause 3(iii)(a) and (iii)(b) of the said orders are not applicable tothe Company.

iv. Loans Investments and Guarantee

The Company has not granted any loans made any investments given any guarantees andprovided any security pursuant to the provisions of Section 185 & Section 186 of theAct.

v. Deposits

According to the information and explanations given to us the Company has not acceptedany deposits from the public in accordance with the provisions of Sections 73 to 76 of theAct and the Rules framed thereunder.

vi. Cost Records

We have broadly reviewed the records maintained by the Company pursuant to theCompanies (Cost Records and Audit) Rules 2014 as amended and prescribed by the CentralGovernment under sub-section (1) of Section 148 of the Companies Act 2013 and are of theopinion that prima facie the prescribed cost records have been made and maintained.However we have not made a detailed examination of cost records with a view to determinewhether they are accurate or complete.

vii. Statutory Dues

a. According to information and explanation given to us the Company has generally beenregular in depositing with appropriate authorities undisputed statutory dues includingProvident Fund Investor Education and Protection Fund Employees State Insurance Incometax Central Sales tax Service tax Customs duty Excise duty Value Added Tax Cess andother material statutory dues applicable to it to the appropriate authorities.

b. According to the information and explanations given to us there were no undisputedamounts payable in respect of Provident fund Investor Education and Protection FundEmployees' State Insurance Income-tax Service tax Central Sales-tax Customs dutyExcise duty Value Added Tax Cess and other undisputed statutory dues which wereoutstanding at the year end for

a period of more than six months from the date they became payable.

c. In our opinion and according to the information and explanation given to us duringthe year no amount was pending to be transferred to Investor Education and ProtectionFund.

viii. Dues to Financial Institutions and Banks

In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of Loans/Borrowings from FinancialInstitutions/Banks.

ix. Money Raised

The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) during the year. However the money was raised by wayof term loans from Banks/ Financial Institutions and the same were applied for thepurposes for which those were raised.

x. Frauds Noticed

Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud by the company or on the Company by theofficers and employees of the Company has been noticed or reported during the year.

xi. Managerial Remuneration

In our opinion and according to the information and explanations given to us theCompany has paid / provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct 2013.

xii. Nidhi Company

In our opinion the Company is not a nidhi company. Therefore the provisions of clause3(xii) of the order are not applicable to the Company.

xiii. Compliance with Section 177 & 188 of the Act

In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the financial statements etc. as required by theapplicable accounting standards.

xiv. Preferential Allotment

According to the information and explanations given to us and on an overall examinationof the balance sheet during the year the Company has allotted Non-Convertible RedeemablePreference shares on Private placement basis and the requirement of Section 42 of the Acthave been complied with and the amount raised have been used for the purpose for which thefunds were raised.

xv. Non-Cash Transaction

According to the information and explanations given to us during the year the Companyhas not entered into any non-cash transactions with its directors or persons connectedwith them and hence provisions of section 192 of the Companies Act 2013 are notapplicable.

xvi. Section 45-IA of the Reserve Bank of India Act 1934

The Company is not required to be registered under section 45-IA of the Reserve Bank ofIndia Act 1934.

For JAGIWALA AND CO

Chartered Accountants

Firm Registration No.: 131184W

Yogesh R Jagiwala

Partner

Membership No. 016864

Mumbai May 28 2016

"ANNEXURE B" TO INDEPENDENT AUDITORS REPORT

[Referred to in paragraph 2(f) under 'Report on other Legal and RegulatoryRequirements' section of our report of even date]

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 (the "Act")

We have audited the internal financial controls over financial reporting of SeyaIndustries Limited ("the Company") as of March 31 2016 in conjunction with ouraudit of the standalone financial statements of the Com pany 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 responsibilities includethe design implementation and maintenance of adequate internal fi nancial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to Company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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") issued by the Institute of Chartered Accountants of Indiaand the Standards on Auditing prescribed under Section 143(10) of the Companies Act 2013to the extent applicable to an audit of internal financial controls. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 reportingassessing the risk if a material weakness exists andtesting and evaluating the design andoperating effectiveness ofinternal 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 there liability 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2016 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For JAGIWALA AND CO

Chartered Accountants

Firm Registration No.: 131184W

Yogesh R Jagiwala

Partner

Membership No. 016864

Mumbai May 28 2016