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Shilp Gravures Ltd.

BSE: 513709 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE960A01017
BSE LIVE 15:40 | 25 Sep 148.60 -5.25
(-3.41%)
OPEN

149.00

HIGH

150.00

LOW

144.30

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 149.00
PREVIOUS CLOSE 153.85
VOLUME 6363
52-Week high 165.70
52-Week low 69.20
P/E 12.81
Mkt Cap.(Rs cr) 91
Buy Price 0.00
Buy Qty 0.00
Sell Price 147.00
Sell Qty 30.00
OPEN 149.00
CLOSE 153.85
VOLUME 6363
52-Week high 165.70
52-Week low 69.20
P/E 12.81
Mkt Cap.(Rs cr) 91
Buy Price 0.00
Buy Qty 0.00
Sell Price 147.00
Sell Qty 30.00

Shilp Gravures Ltd. (SHILPGRAVURES) - Auditors Report

Company auditors report

TO THE MEMBERS OF SHILP GRAVURES LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of SHILP GRAVURESLIMITED ( the Company ) which comprise the Balance Sheet as at 31st March2015 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of the significant accounting policies and other explanatory information.

Management s Responsibility for the Standalone 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 the preparation of thesestandalone 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.

Auditor s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

While conducting the audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions 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 standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on the auditors 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's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company'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 standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2015 and 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 ( the Order ) issued bythe Central Government in terms of Section 143(11) of the Act we give in the Annexure astatement on the matters specified in paragraphs 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 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 it appears from our examination of those books.

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

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

(e) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.

(f) 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 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 Refer Note 32 to the standalone financial statements;

ii. The Company did not have any long term contracts including derivative contracts forwhich 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.

For DELOITTE HASKINS & SELLS
Chartered Accountants
(Firm Registration No. 117365W)
Gaurav J. Shah
Partner
AHMEDABAD 2nd May 2015 Membership No. 35701

ANNEXURE TO THE INDEPENDENT AUDITOR S REPORT

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements ofour report of even date on financial statements of Shilp Gravures Limited for the yearended 31st March 2015)

(i) In respect of its fixed assets:

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

(b) The fixed assets were physically verified during the year by the Management inaccordance with a regular programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals. According to theinformation and explanation given to us no material discrepancies were noticed on suchverification.

(ii) In respect of its inventories:

(a) As explained to us the inventories were physically verified during the year by theManagement at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the Management werereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) In our opinion and according to the information and explanations given to us theCompany has maintained proper records of its inventories and no material discrepancieswere noticed on physical verification.

(iii) The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the Register maintained under Section 189 of the CompaniesAct 2013.

(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business for the purchase of inventory and fixed assets and for the saleof goods and services and during the course of our audit we have not observed anycontinuing failure to correct major weaknesses in such internal control system.

(v) According to the information and explanations given to us the Company has notaccepted any deposits from the public to which the directives issued by the Reserve Bankof India and the provisions of section 73 to 76 or any other relevant provisions of theAct and the Companies (Acceptance of Deposits) Rules 2014 as amended would apply.Accordingly the provisions of clause 3(v) of the Order are not applicable to the Company.

(vi) According to the information and explanations given to us in our opinion thecompany is not required to maintain prescribed cost records pursuant to Companies (CostRecords and Audit) Rules 2014 as amended prescribed by the Central Government undersubsection (1) of Section 148 of the Act.

(vii) According to the information and explanations given to us in respect ofstatutory dues:

(a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees State Insurance Income-tax Sales Tax Service TaxCustoms Duty Excise Duty Value Added Tax Cess and other material statutory duesapplicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Provident Fund EmployeesState Insurance Income-tax Sales Tax Service Tax Customs Duty Excise DutyValue Added Tax Cess and other material statutory dues in arrears as at 31stMarch 2015 for a period of more than six months from the date they became payable.

(c) Details of dues of Income-tax and Service Tax which have not been deposited as on31st March 2015 on account of disputes are given below:

Name of Statute Nature of Dues Forum where Dispute is pending Period to which Amount Involved amount relates
(Rs. in Lacs)
The Income Tax Act 1961 Income Tax Commissioner of A.Y. 2012-13 Income Tax (Appeals) 28.45
The Income Tax Act 1961 Income Tax Commissioner of A.Y. 2010-11 Income Tax (Appeals) 33.58
The Income Tax Act 1961 Income Tax Commissioner of A.Y. 2009-10 Income Tax (Appeals) 13.46
Finance Act 1994 Service Tax Custom Excise and Service Tax Appellate Tribunal From April 1 2007 to December 31 2009 4.75
Finance Act 1994 Service Tax Custom Excise and Service Tax Appellate Tribunal From January 1 2013 to September 30 2013 1.87
Finance Act 1994 Service Tax Commissioner Appeals of Custom Excise and Service Tax From October 1 2013 to September 30 2014 2.48

There are no dues of Sales Tax Wealth Tax Excise Duty Value Added Tax and Cess whichhave not been deposited as on 31st March 2015 on account of disputes by theaforesaid entities.

(d) The Company has been regular in transferring amounts to the Investor Education andProtection Fund in accordance with the relevant provisions of the Companies Act 1956 (1of 1956) and Rules made thereunder within time.

(viii) The Company does not have accumulated losses at the end of the financial yearand the Company has not incurred cash losses during the financial year covered by ouraudit and 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 the repayment of dues to banks and financial institutions.The Company has not issued any debentures.

(x) In our opinion and according to the information and explanations given to us theterms and conditions of the guarantees given by the Company for loans taken by others frombanks are not prima facie prejudicial to the interest of the Company.

(xi) In our opinion and according to the information and explanations given to us theterm loans have been applied by the Company during the year for the purposes for whichthey were obtained.

(xii) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company has been noticedor reported during the year.

For DELOITTE HASKINS & SELLS
Chartered Accountants
(Firm Registration No. 117365W)
Gaurav J. Shah
Partner
AHMEDABAD 2nd May 2015 Membership No. 35701