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Shivalik Rasayan Ltd.

BSE: 539148 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE788J01013
BSE LIVE 15:19 | 21 Nov 540.00 -8.00
(-1.46%)
OPEN

530.65

HIGH

555.00

LOW

527.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 530.65
PREVIOUS CLOSE 548.00
VOLUME 2699
52-Week high 690.25
52-Week low 188.50
P/E 48.17
Mkt Cap.(Rs cr) 185
Buy Price 536.40
Buy Qty 6.00
Sell Price 540.00
Sell Qty 75.00
OPEN 530.65
CLOSE 548.00
VOLUME 2699
52-Week high 690.25
52-Week low 188.50
P/E 48.17
Mkt Cap.(Rs cr) 185
Buy Price 536.40
Buy Qty 6.00
Sell Price 540.00
Sell Qty 75.00

Shivalik Rasayan Ltd. (SHIVALIKRASAYAN) - Auditors Report

Company auditors report

The Members of Shivalik Rasayan Limited

Report on the Financial Statements

We have audited the accompanying financial statements of

SHIVALIK RASAYAN LIMITED ("the Company") which comprise the Balance Sheetas at 31st March 2017 the Statement of Profit and Loss Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

Management's responsibility for the 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 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.

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 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 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. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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 asat 31st March 2017 and its Profit/Loss and its Cash Flow for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. 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 purpose of our audit; b) In our opinion proper books ofaccount as required by law relating to preparation of the financial statements have beenkept by the Company so far as it appears from our examination of those books; c) TheBalance Sheet the Statement of Profit and Loss and the Cash Flow Statement dealt with bythis Report are in agreement with the books of account for the purpose of preparation ofthese Financial Statements. d) In our opinion the aforesaid financial statements complywith the Accounting Standards specified under section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rules 2014. e) On the basis of written representations receivedfrom the directors as on 31st March 2017 taken on record by the Board of Directors noneof the directors is disqualified as on 31st March 2017 from being appointed as a directorin terms of Section 164 (2) of the Act. f) With respect to the adequacy of the internalfinancial controls over financial reporting of the Company and the operating effectivenessof such controls refer to our separate Report in "Annexure A". g) Withrespect to the other matter to be included in the Auditor's Report in accordance with Rule-11 of the Companies (Audit and Auditors) Rule 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: i) The Company does not haveany pending litigations which would impact its financial position. ii) The Company did nothave any long-term contracts including derivatives contracts for which there were anymaterial foreseeable losses. iii) There were no amounts which required to be transferredby the Company to the Investor Education and Protection Fund. iv) The Company has providedrequisite disclosures in the Financial Statement as regards the holding and dealings inSpecified Bank Notes as defined in the Notification S. O. 3407(E) dated 8th November 2016of the Ministry of Finance during the period from 8th November 2016 to 30thDecember 2016 as applicable. Based on Audit procedures performed and the representationsprovided to us by the management we report that the disclosures are in accordance with therelevant books of account maintained by the Company for the purpose of preparation of theFinancial Statements and as produced to us.

2. As required by the Companies (Auditor's Report) Order 2016 (‘the Order')issued by the Central Government in terms of Section 143(11) of the Act we give in‘Annexure B' a statement on the matters specified in paragraphs 3 and 4 of theOrder.

for RAI QIMAT & ASSOCIATES CHARTERED ACCOUNTANTS

Sd/-

(QIMAT RAI GARG)

PARTNER

MEMBERSHIP NO.: 080857

PLACE: NEW DELHI

DATE: 27th May 2017

"Annexure A" To The Independent Auditors' Report

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date) Report on the Internal FinancialControls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013("the Act")

We have audited the internal financial controls over financial reporting of SHIVALIKRASAYAN LIMITED ("the Company") as of 31st March 2017 in conjunction withour audit of the financial statements of the Company for the year 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 financial 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to Company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Act.

Auditors' 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 issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. 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 was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness.

Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement 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 authorisations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 to the best of our information and according to explanations given tous the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31st March 2017 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

for RAI QIMAT & ASSOCIATES CHARTERED ACCOUNTANTS

Sd/-

(QIMAT RAI GARG)

PARTNER

MEMBERSHIP NO.: 080857

PLACE: NEW DELHI

DATE: 27th May 2017

"Annexure B" To The Independent Auditors' Report

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date) Report on Companies (Auditor's Report)Order 2016 (‘the Order) issued by the Central Government in terms of Section 143(11)of the Companies Act 2013(‘the Act') of Shivalik Rasayan Limited (‘theCompany')

1. In respect of the Company's fixed assets: a) The Company has maintained properrecords showing full particulars including quantitative details and situation of fixedassets; b) The Fixed Assets have been physically verified by the management in a phasedmanner which in our opinion is reasonable having regard to the size of the Company andnature of its business. Pursuant to the program a portion of the fixed asset has beenphysically verified by the management during the year and no material discrepanciesbetween the books records and the physical fixed assets have been noticed. c) The titledeeds of immovable properties are held in the name of the Company. In respect of immovableproperties been taken on lease and disclosed as fixed assets in the financial statementsthe lease agreements are in the name of the Company.

2. a) The Management has conducted the physical verification of inventory atreasonable intervals. b) The Company is maintaining proper records of inventory. Therewere no material discrepancies noticed on verification between the physical stocks and thebook records.

3. The Company has granted loans secured or unsecured to companies firms LimitedLiability partnerships or other parties covered in the Register maintained under section189 of the Act and the provisions of clause 3 (iii) (a) to (C) of the Order are dulycomplied with.

4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and I86 of the Companies Act 2013In respect of loans investments guarantees and security as applicable.

5. The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable.

6. As per the representation of the management company maintaining proper cost recordsas required under section 148(1) of the Act.

7. a) According to information and According to information and explanations given tous and on the basis of our examination of the books of account and records the Companyhas been generally regular in depositing undisputed statutory dues including ProvidentFund Employees State Insurance Income-Tax Sales tax

Service Tax Duty of Customs Duty of Excise Value added Tax Cess and any otherstatutory dues with the appropriate authorities. According to the information andexplanations given to us no undisputed amounts payable in respect of the above were inarrears as at 31st March 2017 for a period of more than six months from the date on whenthey become payable. b) According to the information and explanation given to us thereare no dues of income tax sales tax service tax duty of customs duty of excise valueadded tax outstanding on account of any dispute.

8. In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to banks.

9. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) or term loans and hence reporting Company by itsofficers or employees has been noticed or reported during the year.

10. In our opinion and according to the information and explanations given to us wereport that no fraud by the Company or on the Company by its officers or employees hasbeen noticed or reported during the year.

11. In our opinion and according to the information and explanations given to us themanagerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct; 12. The Company is not a Nidhi Company. Therefore the provisions of clause 4 (xii)of the Order are not applicable to the Company.

13. In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Act where applicable for alltransactions with the related parties and the details of related party transactions havebeen disclosed in the financial statements as required by the applicable standards. 14.According to the information and explanations given to us the Company has not made anypreferential or private placement of shares or fully convertible debentures during theyear under review.

15. In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transactions with directors or persons connectedwith him. Accordingly the provisions of clause 3 (xv) of the Order are not applicable tothe Company and hence not commented upon.

16. In our opinion the Company is not required to be registered under section 45 IA ofthe Reserve Bank of India Act 1934.

for RAI QIMAT & ASSOCIATES CHARTERED ACCOUNTANTS

Sd/-

(QIMAT RAI GARG)

PARTNER

MEMBERSHIP NO.: 080857

PLACE: NEW DELHI

DATE: 27th May 2017