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Seya Industries Ltd.

BSE: 524324 Sector: Industrials
NSE: SRIMANORG ISIN Code: INE573R01012
BSE 15:40 | 16 Feb 650.05 -22.70
(-3.37%)
OPEN

670.20

HIGH

674.90

LOW

642.60

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 670.20
PREVIOUS CLOSE 672.75
VOLUME 4753
52-Week high 826.00
52-Week low 284.25
P/E 31.97
Mkt Cap.(Rs cr) 1,599
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 670.20
CLOSE 672.75
VOLUME 4753
52-Week high 826.00
52-Week low 284.25
P/E 31.97
Mkt Cap.(Rs cr) 1,599
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

SKEY A INDUSTRIES LTD

Report on the Financial Statements

We have audited the accompanying Financial Statements of SKEY A INDUSTRIES LTD(‘The Company') which comprise the Balance

Sheet as at March 31 2017 the Statement of Profit and Loss and the

Cash Flow Statement for the year then ended and a summary of the significantaccounting policies and other

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 financialperformance andcash position flow of the Company in accordance with the Accounting principles generallyaccepted in India including the Accounting Standards specified under Section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudand other irregularities; selection and application of appropriate accounting policies;making judgements and estimates that are reasonable and prudent; and designimplementation 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 inaccordance with the Standards on Auditing specified under Section 143 (10) of the Act.Those standards require that we comply with the ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements.

The procedures selected depend on the auditor's judgment including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror. In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the financialStatements that give a true and fairview in order to design audit procedures that are appropriate in the circumstances. Anaudit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company's

Directors as well 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 the information required by the Act in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2017and 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 (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 theCompanyinformation. as we considered appropriate and according to the information andexplanations given to us we give in the Annexure A a statement on the matters specifiedin paragraph 3 Order.

2. As required by Section 143(3)of the Act we report that: a. We havesought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit; b. In ouropinion proper books of accounts as required by law have been kept by the Company so faras it appears from our examination of those books. c. The Balance Sheet Statementof Profit & Loss and the Cash

Flow Statement dealt with by this report are in agreement with the books of account. d.In our opinion the aforesaid 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 ofwritten representations received from the

Directors as on March 31 2017 taken on record by the Board of Directors none of theDirectors are disqualified as on March

31 2017 from being appointed as a director in terms of Section

164(2) of the Act. f. With respect to the adequacy of theinternalfinancialcontrols over financial reporting effectiveness of such controls referto our separate Report in

Annexure B. Our report expresse an unmodified opinion on the adequacy and operatingeffectiveness of the Company's internal financial controls over financial reporting. g.With respect to the other matters to be included in the Auditor's

Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our knowledge and belief and according to the informationand explanations given to us: i. The Company does not have any pending litigation whichwould impact its financial position. statements are free from ii. The Company did not haveany long-term contracts including derivatives contracts; as such the question ofcommenting on any material foreseeable losses thereon does not arise. iii. There has notbeen any occasion in case of the Company during the year under report to transfer any sumto the investor Education and Protection Fund hence the question of delay in transferringsuch sums does not arise. iv. The Company has provided requisite disclosures in thefinancial statements as to holdings as well as dealings in SpecifiedBank Notes during theperiod from 8th November 2016 to 30th December 2016. Based on the managementrepresentation we report that the disclosures are in accordance with books of accountsmaintained by the

Company and as produced to us by the management.

For JAGIWALA AND CO
Chartered Accountants
Firm Registration No.: 131184W
Nilesh Y Jagiwala
statements give Partner
Membership No. 154464
Mumbai May 30 2017

"ANNEXURE A" TO INDEPENDENT AUDITOR'S 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. TheCompany has maintained proper records showing full particulars including quantitativedetails and situation of the fixed assets; b. verificationof its fixedTheCompanyhas program physical assets by which all fixed assets are verified in a phasedmanner over a period of Three years which in our opinion is reasonable having regard tothe sie of the Company and nature of its assets. Pursuant to the program certain assetswere physically verified by the Management during the year. According to the informationand explanations given to us no material discrepancies were noticed on such verification.c. According to the information and explanations given to us and the records examined byus the title deeds of immovable properties are held in the name of the Company.

ii. Inventories a. The inventories except goods-in-transit were physicallyverified at reasonable intervals by the management during the year and no materialdiscrepancies were noticed on physical verification. of b. inventories The procedures forthe physical verification followed by the management are reasonable and adequate inrelation to the sie of the Company and the nature of its business. c. On the basis of ourexamination of the inventory records in our opinion the Company is maintaining properrecords of inventories. No discrepancies were noticed on verification between the physicalstock 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 the Act.

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 there under.

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 the opinion that primafacie the prescribed cost records have been made and maintained. However we have notmade a detailed examination of cost records with a view to determine whether thKey areaccurate or complete.

vii. Statutory Dues a. According to information and explanation given to us the

Company has generally been regular in depositing with appropriate authoritiesundisputed statutory dues including Provident Fund Investor Education and ProtectionFund

Employees State Insurance Income tax Central Sales tax Service tax Customs dutyExcise duty 9alue Added Tax Cess and other material statutory dues applicable to it tothe appropriate authorities. b. According to the information and explanations given to usthere were no undisputed amounts payable in respect of Provident fund Investor Educationand Protection Fund Employees' State

Insurance Income-tax Service tax Central Sales-tax Customs duty Excise duty 9alueAdded Tax Cess and other undisputed statutory dues which were outstanding at the yearend for a period of more than six months from the date thKey became payable. c. In ouropinion and according to the information and explanation given to us during the year noamount was pending to be transferred to Investor Education and Protection Fund.

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. MonKey Raised

The Company has not raised monKey s by way of initial public offer or further publicoffer (including debt instruments) during the year. However the monKey was raised by wayof term loans from Banks/

Financial Institutions and the same were applied for the purposes for which those wereraised.

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 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 where applicable for all transactions with the related partiesand the details of related party transactions have been disclosed in the financialstatements etc. as required by the applicable 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 9350000 Equity sharesand 4250000 warrants on preferential basis the requirement of the Act have been compliedwith and the amount raised have been used for the purpose for which the funds 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 of India Act 1934.

For JAGIWALA AND CO
Chartered Accountants
Firm Registration No.: 131184W
Nilesh Y Jagiwala
Partner
Membership No. 154464
Mumbai May 30 2017

"ANNEXURE B" TO INDEPENDENT AUDITOR'S 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 SKey aIndustries Limited (the Company) as of March 31 2017 in conjunction withourauditofthestandalonefinancialstatements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial the transactions Controls

The Company's management is responsible for establishing and based on the internalcontrol maintaininginternalfinancial over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls over

Financial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were conductoperating effectively for ensuring the orderly andefficient 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 CompaniesAct2013. reporting including the possibilityof collusion or improper

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialreporting based on our audit. We conducted our audit in accordance with the Guidance Noteon Audit of Internal Financial Controls over Financial Reporting (the "Guidance

Note) issued by the Institute of Chartered Accountants of India and the Standards onAuditing prescribed under Section 143(10) of the

Companies Act 2013 to the extent applicable to an audit of internalfinancialcontrols. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financialreporting 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 audit of financial obtaining internalfinancial financial an understanding of internal financial reporting assessing the riskif a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement 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 of records that in reasonable detail and dispositionsof accurately and fairly reflect the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 financialmanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols over financial reporting to future periods are subject to the risk that theinternal financial control over financial reporting may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay 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 reporting adequate internalfinancialcontrols system over financial and such internal financial controls overfinancial reporting were operating effectively as at March 31 2017 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the

Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issuedby the Institute of Chartered Accountants of India.

For JAGIWALA AND CO
Chartered Accountants
Firm Registration No.: 131184W
Nilesh Jagiwala
Partner
Membership No. 154464
Mumbai May 30 2017