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Shiva Global Agro Industries Ltd.

BSE: 530433 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE960E01019
BSE LIVE 10:47 | 24 Oct 87.00 3.00
(3.57%)
OPEN

86.50

HIGH

87.95

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81.70

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 86.50
PREVIOUS CLOSE 84.00
VOLUME 24796
52-Week high 94.00
52-Week low 30.00
P/E 38.16
Mkt Cap.(Rs cr) 87
Buy Price 86.75
Buy Qty 100.00
Sell Price 87.00
Sell Qty 4164.00
OPEN 86.50
CLOSE 84.00
VOLUME 24796
52-Week high 94.00
52-Week low 30.00
P/E 38.16
Mkt Cap.(Rs cr) 87
Buy Price 86.75
Buy Qty 100.00
Sell Price 87.00
Sell Qty 4164.00

Shiva Global Agro Industries Ltd. (SHIVAGLOBAL) - Auditors Report

Company auditors report

To the Members of

SHIVA GLOBAL AGRO INDUSTRIES LIMITED Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of SHIVA GLOBAL AGROINDUSTRIES LIMITED ("the Company") which comprise the Balance sheet as at 31March 2016 the Statement of Profit and Loss the Cash Flow Statement for the year endedand a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors are responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder and the Order under Section143(11) of the Act.

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 andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall 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 2016 and its profit and its cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government in terms of Section 143(11) of the Act wegive in the "Annexure A" a statement on the matters specified in paragraphs 3and 4 of the Order.

As required by section 143(3) of the Act we report that: a. We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b. In our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books. c. The Balance Sheet Statement of Profit and Loss and theCash Flow Statement dealt 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 Companies Act 2013 read withRule 7 of the Companies (Accounts) Rules 2014. e. On the basis of written representationsreceived from the directors as on 31 March 2016 taken on record by the Board ofDirectors none of the directors is disqualified as on 31 March 2016 from beingappointed as a director in terms of section 164(2) of the Act. f. With respect to theadequacy of the internal financial controls over financial reporting of the Company andthe operating effectiveness of such controls refer to our separate report in"Annexure B"; g. With respect to the other matters to be included in theAuditor’s Report in accordance with Rule11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us: i. The Company has disclosed impact of pending litigations as at31 March 2016 on its financial position in its standalone financial statements - (ReferNote 29) ii. The Company did not have any long term contracts including derivativecontracts as at 31 March 2016 for which there were any material foreseeable losses. iii.There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company during the year ended 31 March2016.

For: Jhavar Ladha & Associates
Chartered Accountants
Firm Registration No.: 104223W
CA Jaiprakash S. Falor
Place: Nanded Partner
Date: 30th May 2016 Membership number: 043337

Annexure to Independent Auditor’s Report

Annexure "A"

(Referred to in Paragraph 1 under "Report on Other Legal and RegulatoryRequirements" of our report of even date)

i. FIXED ASSETS:

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

(b) The fixed assets have been physically verified by the management at reasonableintervals. No material discrepancies were noticed on such physical verification.

(c) The title deeds of immovable properties as disclosed in Note 10 on fixed assets tothe financial statements are held in the name of the Company.

ii. INVENTORY:

In our opinion and according to the information and explanations given to us theinventories were physically verified during the year by the management at reasonableintervals. According to the information and explanation given to us no materialdiscrepancies were noticed on physical verification of inventory as compared to bookrecords.

iii. LOANS GRANTED TO PARTIES COVERED U/S 189 OF COMPANIES ACT 2013:

The Company has not granted loans secured or unsecured to the parties covered in theregister maintained under section 189 of the Companies Act 2013 ("The Act").Accordingly Clause 3(iii) (a)(b) & (c) of the said order are not applicable to theCompany.

iv. COMPLIANCE WITH SEC. 185 and SEC. 186 OF THE COMPANIES ACT 2013:

In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and Section 186 of the CompaniesAct 2013 in respect of grant of loans making investments and providing guarantees andsecurities as applicable.

v. DEPOSITS:

In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 73 to 76 or any other relevantprovisions of the Companies Act 2013 and the Companies (Acceptance of Deposits) Rules2014 as amended with regards to the deposits accepted. According the information &explanations given to us no order has been passed by the Company Law Board or theNational Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.

vi. COST RECORDS:

The maintenance of Cost Records has been specified by the Central Government undersection 148(1) of the Companies Act 2013 for Fertilizers. We have broadly reviewed theCost Records maintained by the Company pursuant to the Companies (Cost Records and Audit)Rules 2014 as amended and prescribed by the Central Government under subsection (1) ofSection 148 of the Companies Act 2013 and are of the opinion that prima facie theprescribed cost records have been made and maintained by the Company. We have howevernot made a detailed examination of the cost records with a view to determine whether theyare accurate or complete.

vii. STATUTORY DUES:

(a) According to the information & explanations given to us the company hasgenerally been regular in depositing undisputed statutory dues including Provident FundEmployees’ State Insurance Income-tax Sales Tax Service Tax Customs duty Exciseduty Value Added Tax Cess and other material statutory dues applicable to it with theappropriate authorities. (b) There were no arrears of outstanding undisputed statutorydues as at the last date of the financial year concerned for a period of more than sixmonths from the date they become payable.

(c) According to the information and explanations given to us the particulars of duesof Customs duty as at 31 March 2016 which has not been deposited on account of adispute is as follows:

Name of Statute Nature of Dues Amount (Rs) Period to which s the amount relate Forum where the dispute is pending
The Customs Act 1962 Custom Duty 1836639 2009-10 The Customs Excise and Service Tax Appellate Tribunal

viii. DUES TO FINANCIAL INSTITUTION/ BANKS/GOVT./DEBENTUREHOLDERS:

In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of loans or borrowings to financialinstitutions banks and government. The company has not issued any debentures.

ix. APPLICATION OF MONEY RAISED FROM INITIAL PUBLIC OFFER and TERM LOAN:

The Company has not raised any monies by way of initial public offer or further publicoffer (including debt instruments) during the year. In our opinion and according to theinformation and explanations given to us the term loans have been applied by the Companyduring the year for the purposes for which they were obtained.

x. FRAUD:

To the best of our knowledge and according to the information and explanations given tous no fraud by the Company or no material fraud on the Company by its officers oremployees has been noticed or reported during the year.

xi. MANAGERIAL REMUNERATION:

According to the information and explanations given to us and based on our examinationof the records of the Company the Company has not paid managerial remuneration.Henceparagraph 3(xi) of the order is not applicable to the Company.

xii. NIDHI COMPANY:

The company is not a Nidhi Company and hence reporting under clause (xii) of the orderis not applicable. xiii. RELATED PARTIES:

In our opinion and according to the information and explanations given to us theCompany has entered into transactions with related parties in compliance with theprovisions of Section 177 and Section 188 of the Act. The details of related partytransactions have been disclosed in the financial statements as required by applicableAccounting Standards.

xiv. PREFERENTIAL ALLOTMENT OR PRIVATE PLACEMENT OF SHARES/ CONVERTIBLE DEBENTURES:

The Company has not made any preferential allotment or private placement of shares orfully or partly paid convertible debentures during the year under review and hencereporting under clause (xiv) of the Order is not applicable to the Company.

xv. NON-CASH TRANSACTIONS WITH

DIRECTORS AND CONNECTED PERSONS:

In our opinion and according to the information and explanations given to us theCompany has not entered in any non-cash transactions with directors or persons connectedwith him. Hence reporting under clause 3(xv) of the Order and provisions of section 192 ofthe Act are not applicable. xvi. REGISTRATION U/S 45-IA OF THE RBI ACT1934:

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

For Jhavar Ladha & Associates
Chartered Accountants
Firm Registration No.: 104223W
CA Jaiprakash S. Falor
Place: Nanded Partner
Date: 30th May 2016 Membership number: 043337

Annexure "B"

(Referred to in Paragraph 2 under "Report on Other Legal and RegulatoryRequirements" of our report of even date)

Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section143 of the Companies Act 2013 (‘the Act’)

We have audited the internal financial controls over financial reporting of SHIVAGLOBAL AGRO INDUSTRIES LIMITED (‘the Company’) as of 31 March 2016 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

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 financing reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note of Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to the Company’s policies the safeguarding of itsassets the prevention and detection of frauds and errors the accuracy and completenessof the accounting records and the timely preparation of reliable financial informationas required under the Act.

Auditor’s 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’) and the Standards on Auditing deemed to be prescribedunder Section 143(10) of the Act to the extent applicable to an audit of InternalFinancial Controls both applicable to an audit of Internal Financial Controls and bothissued by the ICAI. 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 financial reporting were 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 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 that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditors’ judgment 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of 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 authorizations ofthe Management and Directors of the Company; and (3) provide reasonable assuranceregarding prevention or timely detection of unauthorized acquisition use or dispositionof the Company’s assets that could have a material effect on the financialstatements.

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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Jhavar Ladha & Associates
Chartered Accountants
Firm Registration No.: 104223W
CA Jaiprakash S. Falor
Place: Nanded Partner
Date: 30th May 2016 Membership number: 043337