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Shree Hari Chemicals Export Ltd.

BSE: 524336 Sector: Industrials
NSE: N.A. ISIN Code: INE065E01017
BSE LIVE 15:40 | 18 Oct 71.10 -1.70
(-2.34%)
OPEN

74.00

HIGH

74.95

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70.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 74.00
PREVIOUS CLOSE 72.80
VOLUME 4760
52-Week high 118.40
52-Week low 49.00
P/E
Mkt Cap.(Rs cr) 32
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 74.00
CLOSE 72.80
VOLUME 4760
52-Week high 118.40
52-Week low 49.00
P/E
Mkt Cap.(Rs cr) 32
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Shree Hari Chemicals Export Ltd. (SHHARICHEM) - Auditors Report

Company auditors report

To

The Members of

Shree Hari Chemicals Export Ltd.

Report on the Financial Statements

We have audited the accompanying financial statements of Shree Hari ChemicalsExports Ltd. (the Company) which comprise of the Balance Sheet as at March 31 2017the Statement 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 s Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 (the Act) with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows 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 the maintenance of adequate accounting records in accordance with the provisionof the Act for safeguarding of the assets of the Company and for preventing and detectingthe frauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of internal financial control that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statements that give a true and fairview and 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 performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend 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 true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company s Directors as well as evaluating the overall presentation ofthe 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 2017 and its statement of profit and loss account of the loss and its cash flowsfor the year ended on that date.

Report on other Legal and Regulatory Requirements

As required by the Companies (Auditor s Report) Order 2016 (the order) issued by theCentral Government of India in terms of sub-section (11) of Section 143 of Companies Act2013we give in the Annexure A a statement on the matters specified in paragraphs 3 and 4of the Order to the extent applicable.

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 account as required by law have been kept by thecompany so far as appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss and 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 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 31stMarch 2017 and taken on record by the Board of Directors none of the directors isdisqualified as on March 312017 from being appointed as a Directors in terms ofsection164(2) of the Act;

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

g) With respect to the other matters to be included in the Auditor s Report and to ourbest of our information and according to the explanations given to us :

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements.

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

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

iv. The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016 and these are in accordance with the books of accountsmaintained by the Company. Refer Note 26.21 to the financial statements

For Kailash Chand Jain & Co.
Chartered Accountants
FRN: 112318W
Yash Singhal
Date: 25/05/2017 Partner
Place: Mumbai M. No. 159392

Annexure-A to the Independent Auditors Report

Annexure A to the Independent Auditors Report to the members of the company on thefinancial statements for the year ended March 31 2017 we report that:

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

(b) The Company has regular programme of physical verification of its fixed assets. Asper information and explanation given to us no material discrepancies were noticed on suchverification.

(c) The title deeds of Immovable properties are held in the name of the Shree HariChemicals Export Limited.

(ii) According to information and explanation provided by the management physicalverification of inventory has been conducted at reasonable intervals by the management andno material discrepancies were noticed on such verification which in our opinion isreasonable having regards to size of the Company and nature of its assets.

(iii) In our opinion and according to the information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firms LimitedLiability Partnership or other parties covered in the register maintained under section189 of the Act. Therefore this clause is not applicable to the company.

(iv) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and I86 of the Companies Act 2013in respect of loans investments guarantees and security.

(v) The Company has not accepted any deposits hence the directives issued by theReserve Bank of India and the provisions of sections 73 to 76 or any other relevantprovisions of the Act and the Companies (Acceptance of Deposit) Rules2015 with regard tothe deposits accepted from the public are not applicable.

(vi) According to the information and explanations given to us maintenance of costrecords has not been specified by the Central Government under sub-section (1) of section148 of the Companies Act 2013 to the company hence same is not applicable to the Company.

(vii) (a) According to the information and explanation given to us and records asproduced and examined by us in our opinion the Company is regular in depositingundisputed applicable statutory dues including provident fund employees state insuranceincome-tax sales-tax wealth tax service tax duty of customs duty of excise valueadded tax cess and any other statutory dues applicable to it with the appropriateauthorities.

According to the information and explanations given to us no disputed amounts payablein respect of provident fund income tax sales tax wealth tax service tax duty ofcustoms value added tax cess and other material statutory dues as applicable were inarrears as at 31st March 2017 for the period of more than six months from date they becamepayable.

(b) According to the information and explanations given to us the details of statutorydues of income tax sales tax service tax or custom duty excise duty or value added taxwhich have not been deposited on account of appeal are given as under.

Name of the Statue Nature of Dues Amount (Rs.) Period to which it pertains Forum in which Dispute is Pending
The Central Sales Tax Act 1956 Sales Tax 17557419 2009-10 Dy. Commissioner of Sales Tax
Income Tax Act1961 Income Tax 1361667 1998-99 Assessing Officer
Income Tax Act1961 Income Tax 76268 2001-02 Assessing Officer
Income Tax Act1961 Income Tax 141949 2003-04 Assessing Officer
Income Tax Act1961 Income Tax 18739 2007-08 Assessing Officer
Income Tax Act1961 Income Tax 880922 2008-09 Assessing Officer
Income Tax Act1961 Income Tax 120576 2009-10 Assessing Officer
Income Tax Act1961 Income Tax 62880 2010-11 Assessing Officer
Income Tax Act1961 Income Tax 228280 2011-12 Assessing Officer
Income Tax Act1961 Income Tax 10730 2014-15 Assessing Officer
Central Excise Act1944 Excise 218539 2005-06 Assistant Commissioner of Central Excise
Customs Act1962 Excise 740817 2004-05 Assistant Commissioner of Customs
Central Excise Act1944 Excise 308147 2010-11 Assistant Commissioner of Central Excise

(viii) According to the records of the company examined by us and information andexplanations given to us the company has not defaulted in repayment of dues to anyFinancial Institution as at the balance sheet date (ix) Based upon the audit proceduresperformed and the information and explanations given by the management the company hasnot raised moneys by way of initial public offer or further public offer including debtinstruments and term Loans. Accordingly the provisions of clause 3 (ix) of the Order arenot applicable to the Company and hence not commented upon.

(x) According to information and explanations given to us there were no frauds on theCompany by its officers or employees noticed or reported by the management for the yearunder review.

(xi) The Company has paid or provided any managerial remuneration in accordance withthe requisite approvals mandated by the provisions of Section 197 read with Schedule V ofthe Companies Act.

(xii) According to the information and explanations given to us the Company is not aNidhi Company hence clause 3(xii) of the order is not applicable.

(xiii) According to the explanations and information given to us all the transactionsof the related parties at the Company for the year under review are in compliance withSection 177 and 188 of the Companies Act 2013 and the details of the same have beendisclosed in the financial statements as required by the applicable accounting standards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly paid convertible debentures during the year under review henceclause 3(xiv) of the order is not applicable.

(xv) According to the information and explanation given to us the Company has notentered into any non cash transaction with directors or persons connected with him as perprovisions of Section 192 of the Companies Act 2013.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934 and hence clause 3(xvi) of the order is not applicable.

For Kailash Chand Jain & Co.
Chartered Accountants
FRN: 112318W
Yash Singhal
Date: 25/05/2017 Partner
Place: Mumbai M. No. 159392