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Shaival Reality Ltd.

BSE: 532593 Sector: Infrastructure
NSE: SHAIVAL ISIN Code: INE262S01010
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Shaival Reality Ltd. (SHAIVAL) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR Rs. S REPORT

To

The Members of Shaival Reality Limited.

REPORT ON (STANDALONE) FINANCIAL STATEMENTS

We have audited the accompanying financial statements of SHAIVAL REALITY LIMITED (theCompany) which comprise the Balance Sheet as at March 31 2016; the Statement ofProfit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

MANAGEMENT Rs. S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company Rs. s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 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 frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments 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.

AUDITORS Rs. 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 misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor Rs.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 financial control relevant to the Company Rs. s preparation ofthe financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company Rs. s directors as well asevaluating 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.

OBSERVATION

This standalone financials does not include the financials of KCL-SRPL JV (KalolProject) in which the company has 40% stake. As informed to us the Operating Partner ofthe JV Katira Constuction Limited (KCL) has not prepared the audited financials as ondate of reporting. In absence of this data we are unable to determine the impact ofProfit/Loss of the JV which can have on the profitability of the Company. We are alsounable to determine the impact of Assets/Liabilities of the JV which can have on theBalance sheet of the Company.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements subject to our above mentionedobservation give the information required by the Act in the manner so required and give atrue and fair view in conformity with the accounting principles generally accepted inIndia of the state of affairs of the Company as at March 31 2016 and its Profit and itscash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor Rs. s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection143 of the Act we give in the Annexure a statement on the matters Specified inparagraphs 3 and 4 of the Order.

2. As required by section 143(3) of the Act we further report that: a) We have soughtand obtained all the information and explanations which to the best of our knowledge andbelief 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 Cash Flow Statement dealt withby 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 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164(2) of theAct;

f) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor Rs. s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014: i) The Company does not have any pending litigations which would impact itsfinancial position;

ii) The Company is not required to make any provision as required under the applicablelaw or accounting standards for material foreseeable losses as it has not entered in tolong-term contracts. The company did not have any derivative contracts.

iii) There has not been an occasion in case of the Company during the period underreport to transfer any sums to the Investor Education and Protection Fund. The question ofdelay in transferring such sums does not arise.

Place: Ahmedabad FOR JAIMIN DELIWALA & CO.
Date: 30/05/2016 CHARTERED ACCOUNTANTS
Firm Registration No.: 103861 W
Sd/-
JAIMIN DELIWALA
(PROPRIETOR)
M. NO. 044529

ANNEXURE TO INDEPENDENT Rs. S AUDITOR Rs. S REPORT

Referred to in paragraph 1 under "Report on other legal and RegulatoryRequirements" section of our Auditors Report of even date to the members on theaccounts of the company for the year ended 31st March 2016

i. a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets ; b) As explained to us fixed assetshave been physically verified by the management at regular intervals. A s i nfo rmed to usno material discrepancies were noticed on such verification; c) The title deeds ofimmovable properties are held in the name of the company itself.

ii. In the case of construction division for inventory of raw materials raw materialsreceived on the sites are treated as consumed in the books of the Company. There iscontinuous monitoring of the construction projects and its consumption. Hence thequestion of physical verification of the inventory conducted at reasonable intervals doesnot arise. For transportation services carried out by the company the company is notrequired to maintain the inventory.

iii. The company has granted the unsecured loan to a company covered in registermaintained under section 189 of the Companies Act 2013 in respect of which: a) Onverification it is observed that terms and conditions of the grant of such loan is notprejudicial to the interest of the company; b) As the loan granted was interest free nointerest amount is recovered from the same and principle amount is also not recoveredduring the year; c) There is no overdue amount.

iv. In respect of loans investments and guarantees provisions of Section 185 and 186of the Companies Act 2013 have been complied with.

v. As the company has not accepted any deposits from the public the provisions ofSection 73 to 76 of the Companies Act 2013 or any other relevant provisions of Companiesact 2013 and the rules frames thereunder are not applicable.

vi. The company is not required to maintain the cost records as specified by the

Central Government under sub-section 1 of section 148 of the companies act 2013.

vii. In respect of Statutory Dues: a. According to the records of the Companyundisputed statutory dues including Provident Fund Employees Rs. State Insurance IncomeTax

Sales Tax Wealth Tax Service Tax Customs Duty Excise Duty Value Added Tax Cessand other material statutory dues have been generally regularly deposited with theappropriate authorities. According to the information and explanations given to us noundisputed amounts payable in respect of the aforesaid dues were outstanding as at March31 2016 for a period of more than six months from the date of becoming payable.

b. Details of dues of Income Tax Sales Tax Wealth Tax Service Tax

Customs Duty Excise Duty Value Added Tax Cess which have not been deposited as onMarch 31 2016 on account of disputes are given below:

Sr. No. Name of Statute Name of Dues Amount (Rs.) (In Dispute) Period to which the amount relates Forum Where dispute is pending
1. Income Tax Act 1961 Income Tax Rs. 3787555 AY 2012-13 C.I.T. Appeal
2. Value Added Tax VAT Rs. 3059627 FY 2007-08 Commercial Tax Gujarat (VAT) Income Tax
3. Income Tax Act 1961 Income Tax Rs. 3036600 AY 2010-11 Appellate Tribunal

i. The company has not defaulted in repayment of any dues taken from a financialinstitution or bank. The Company has no debenture holders.

ii. The Company had raised Rs.528 lakhs by way of public issue of equity shares on01/10/2015. The fund was intended to be utilized for Working Capital Requirement to theextent of Rs.488 lakhs and for Public Issue Expense to the Extent of Rs.40 lakhs. TheCompany has spent Rs. 32.67 lakhs for Public Issue Expenses and the remaining funds areutilized for the working capital requirements. The Company had not raised any new termloans during the year. The term loans outstanding at the beginning of the year have beenapplied for the purposes for which they were raised.

iii. In our opinion and according to the information and explanations given to us nofraud by the Company and no material fraud on the Company has been noticed or reportedduring the year.

iv. In our opinion and according to the information and explanations given to us themanagerial remuneration has been paid in accordance with the requisite approvals mandatedby the provisions of section 197 read with schedule V to the Companies Act. v. The companyis not a Nidhi Company.

vi. According to the records of the company examined by us and as per the informationand explanations given to us all the transactions with the related parties are incompliance with Section 188 and 177 of Companies Act 2013 and the details have beendisclosed in the Financial Statements as required by the accounting standards andCompanies Act 2013.

vii. The company has not issued any debentures.

viii. The company has not entered into any non-cash transactions with directors orpersons connected with him thus the provision of Section 192 will not be applicable.

ix. The company is not required to be registered under section 45-IA of the

Reserve Bank of India Act 1934.

Place: Ahmedabad FOR JAIMIN DELIWALA & CO.
Date: 30/05/2016 CHARTERED ACCOUNTANTS
Firm Registration No.: 103861 W
Sd/-
JAIMIN DELIWALA
(PROPRIETOR)
M. NO. 044529