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Shiva Global Agro Industries Ltd.

BSE: 530433 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE960E01019
BSE LIVE 15:40 | 14 Dec 72.80 -0.85
(-1.15%)
OPEN

73.50

HIGH

74.00

LOW

71.40

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 73.50
PREVIOUS CLOSE 73.65
VOLUME 14288
52-Week high 94.00
52-Week low 37.00
P/E 27.58
Mkt Cap.(Rs cr) 73
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 73.50
CLOSE 73.65
VOLUME 14288
52-Week high 94.00
52-Week low 37.00
P/E 27.58
Mkt Cap.(Rs cr) 73
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

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 GLOBALAGRO INDUSTRIES LIMITED ("the Company") which comprises the Balance sheetas at 31st March 2017 the Statement of Profit and Loss and the Cash FlowStatement for the year ended and notes to the standalone financial statement including asummary 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 & 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 records inaccordance 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 standalone financial statement that give a true and fair view and are free frommaterial misstatement 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 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 and the Order under Section 143(11) ofthe 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 standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statement. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone financial statement whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statement that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. 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 standalone financial statement.

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 2017 and its profit and 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 ("the Order")issued by the Central Government of India in terms of Section 143(11) of the Act we givein the "Annexure A" a statement on the matters specified in paragraphs 3 and 4of the Order.

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 Statement of Profit and Loss and the Cash Flow Statement dealtwith 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 representations received from the directors as on 31 March2017 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2017 from being appointed as a director in terms of section 164(2) of theAct.

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 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 impact of pending litigations as at 31 March 2017 on itsfinancial position in its standalone financial statements -(Refer Note 29)

ii. The Company did not have any long term contracts including derivative contracts asat 31 March 2017 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 March2017.

iv. The company has provided requisite disclosures in its standalone financialstatements as to holding as well as dealings in Specified Bank Notes during the periodfrom 8th November 2016 to 30th December 2016 and these are inaccordance with the books of accounts maintained by the company. Refer to Note 34 to thestandalone financial statements.

For : Aditya Falor & Associates
Chartered Accountants
Firm Registration No.: 127273W
CA. Aditya G. Falor
Place : Nanded Proprietor
Date : 30th May 2017 Membership Number : 122487

Annexur to Independent Auditor's Report

"Annexure A" to Independent Auditors' Report

(Referred to in Paragraph 1 under "Report on Other Legal & RegulatoryRequirem0ents" 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 & 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) and (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 andexplanations given to us no order has been passed by the National Company Law Tribunal orReserve 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 sub–section(1) of Section 148 of the Companies Act 2013 and are of the opinion that prima faciethe prescribed cost records have been made and maintained by the Company. We havehowever not made a detailed examination of the cost records with a view to determinewhether they are accurate or complete.

vii. STATUTORY DUES:

(a) According to the information and 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 Excise dutyValue Added Tax Cess and other material statutory dues applicable to it with theappropriate authorities.

(b) There were no arrears of outstanding undisputed statutory dues as at the last dateof the financial year concerned for a period of more than six months from the date theybecome payable.

(c) According to the information and explanations given to us the particulars of duesof Customs duty and Income tax as at 31 March 2017 which has not been deposited onaccount of a dispute are 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 Act1962 Custom Duty 1836639 2009-10 The Customs Excise and Service Tax Appellate Tribunal
Income Tax Act 1961 Income Tax 4752420 2009-10 ITAT (Appeals) Pune

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 made preferential allotment of equity shares during the year. ThePreferential allotment is made to achieve long term plans of the company augmentresources of the company for further growth of the business of the company in terms ofintroduction of new products to meet the funding requirements for working capitalrequirements and general corporate purpose. The amount is utilized for the aforesaidpurpose only.

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: Aditya Falor & Associates
Chartered Accountants
Firm Registration No.: 127273W
CA Aditya G. Falor
Place: Nanded Proprietor
Date: 30th May 2017 Membership number: 122487

Annexure "B" to the Independent Auditors' Report

(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 31st March 2017 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 on 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 its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 prescribed underSection 143(10) of the Act to the extent applicable to an audit of Internal FinancialControls both applicable to an audit of Internal Financial Controls and both issued bythe ICAI. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate 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 auditor's 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 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorizations of theManagement and Directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 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 31st March 2017based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For: Aditya Falor & Associates
Chartered Accountants
Firm Registration No.: 127273W
CA Aditya G. Falor
Place: Nanded Proprietor
Date: 30th May 2017 Membership number: 122487