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Shivagrico Implements Ltd.

BSE: 522237 Sector: Engineering
NSE: N.A. ISIN Code: INE092H01014
BSE LIVE 10:13 | 07 Sep 5.60 -0.26
(-4.44%)
OPEN

5.60

HIGH

5.60

LOW

5.60

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 5.60
PREVIOUS CLOSE 5.86
VOLUME 100
52-Week high 11.49
52-Week low 4.90
P/E
Mkt Cap.(Rs cr) 3
Buy Price 5.60
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.60
CLOSE 5.86
VOLUME 100
52-Week high 11.49
52-Week low 4.90
P/E
Mkt Cap.(Rs cr) 3
Buy Price 5.60
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00

Shivagrico Implements Ltd. (SHIVAGRICOIMPL) - Auditors Report

Company auditors report

TO THE MEMBERS OF SHIVAGRICO IMPLEMENTS LIMITED REPORT ON FINANCIAL STATEMENTS

We have audited the accompanying financial statements of Shivagrico Implements Limitedwhich comprise the Balance Sheet as at 31st March 2015 the Statement of Profit and Lossand the Cash Flow Statement for the year then ended and a summary of the significantaccounting policies and other explanatory information.

MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL STATEMENTS

The Company's Management is responsible for the matters stated in Section 134(5) of theCompanies Act 2013 (“the Act”) with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including Accounting Standards specified under Section 133 ofthe Act read with Rule 7 of the Companies specified (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; andthe design implementation and maintenance of adequate internal financial controls thatwere operating 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 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 the 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 of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers the internal control relevant to the Company's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Management as well as evaluating the overallpresentation 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.

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 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 by the Central Government of India in terms of the sub section (11) of section 143of the Companies Act2013 we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

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 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 financial Statement comply with the AccountingStandards specified under section 133 of the Act read with rule 7 of the Company(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 termsof Section 164(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 no. 24)

ii. The Company has made provision as required under the applicable law or accountingStandards for material foreseeable losses if any on long-term contracts includingderivative contracts

iii. There has been no delay in transferring amounts if any required to betransferred to the Investor Education and Protection Fund by the Company

For SANGHVI SANGHVI & SANGHVI
Chartered Accountants
Firm Registration No. 109138W
Dated: 30/05/2015 M.B. SANGHVI
Mumbai. Partner
Membership No.40835

Annexure to the Auditors report [Referred to in paragraph 1 of our report of even date]

(i) (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) All the fixed assets have not been physically verified by the management during theyear but there is a regular programme of verification which in our opinion the frequencyof verification is reasonable having regard to the size of the company and the nature ofits assets. No material discrepancies were noticed in respect of the assets physicallyverified.

(ii) (a) As explained to us the management has physically verified the inventories asat the end of the financial year. In our opinion the frequency of verification isreasonable.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable 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 is maintaining proper records of inventory. The discrepancies noticed onverification between the physical stocks and the book records were not material.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under section 189 of the Companies Act. Accordingly sub clause (a)and (b) clause (iii) of the Order is not applicable to the Company.

(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 with regard to purchases of inventory fixed assets and withregard to the sale of goods and services. Further on the basis of our examination andaccording to the information and explanations given to us we have neither come across norhave we been informed of any instance of major weaknesses in the aforesaid internalcontrol system.

(v) The company has not accepted deposits from public and hence directives issued bythe Reserve Bank of India and the provisions of sections 73 to 76 or any other relevantprovisions of the Companies Act and rules framed thereunder are not applicable for theyear under audit.

(vi) We have broadly reviewed the books of accounts maintained by the company pursuantto the rules made by the Central Government for the maintenance of under subsection (I) ofSection 148 of the Companies Act and are of the opinion that prima facie the prescribedaccounts and records have been maintained. We have not however made a detailedexamination of the records with a view to determine whether they are accurate of complete.

(vii) (a) According to the information and explanations given to us the company isgenerally regular in depositing with appropriate authorities undisputed statutory duesincluding provident fund investor education protection fund employees' state insuranceincome tax sales tax wealth tax service tax custom duty excise duty cess servicetax and other material statutory dues.

(b) As at 31.03.2015 according to the records of the company the following are theparticulars of disputed dues on account of sales tax income tax custom duty wealth taxexcise duty and other statutory dues that have not been deposited.

Nature of Statute Amount (Rs) in Lacs Forum where dispute is pending
Excise duty 36.26 Rajasthan High Court
Excise duty 11.62 Joint Commissioner of Central Excise Jaipur - II
Excise duty 1.09 CESTAT New Delhi

(c) According to the information and explanations given to us the company is notrequired to transfer any amount to investor education protection fund according torelevant provisions of Companies Act 1956 and rules made thereunder.

(viii) The Company does not have accumulated losses at the end of the financial year.The Company has not incurred cash losses during the financial year covered by the auditand in the immediately preceding financial year

(ix) The company has not defaulted in repayment of dues to any financial institution orbank or debenture holders

(x) As informed to us the company has not given any guarantees for loans taken byothers from banks or financial institutions.

(xi) In our opinion and according to the information and explanations given to us andon an overall examination the term loans have been applied for the purpose for which theywere raised.

(xii) During the course our examinations of the books and records of the companycarried out in accordance with the generally accepted auditing practices in india andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud on or by the company noticed or reported during the year norhave we been informed of any such case by the management.

For SANGHVI SANGHVI & SANGHVI
Chartered Accountants
Firm Registration No. 109138W
Dated : 30/05/2015 M.B. SANGHVI
Mumbai. Partner
Membership No.40835