To the Members of Shricon Industries Limited
Report on the Financial Statement
We have audited the accompanying financial statements of Shricon Industries Limited('the Company') which comprise the Balance Sheet as at 31 March 2015 and the Statement ofProfit and Loss and the cash flow statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statement
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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting 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 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.
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 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 financial statements.
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 31March 2015 and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirement
1. As required by the Companies (Auditor's Report) Order 2015 ('the Order') issued bythe Central Government of India in terms of sub section (11) of section 143 of the Act wegive in the Annexure a statement on the matter specified in paragraph 3 and 4 of theorder.
2. As required by section 143(3) of the Act we report that:
a) we have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose 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 financial statements comply with the AccountingStandards specified under section 133 of the Act read with rule 7 of the Companies(Accounts) Rules 2014;
e) on the basis of written representations received from the directors as on 31 March2015 taken on record by the Board of Directors none of the Directors are disqualified ason 31 March 2015 from being appointed as s Director in terms of Section 164 (2) of theAct. 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 explanation given to us:
i. The Company does not have any pending litigation which would impact its financialposition
ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses;
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
for SPARK & ASSOCIATES
FRN No : 005313C
CA. Mukksh Vishnani
M. No 409601
Annexure to the Independent Auditors' Report
The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the financial statements for the year ended 31 March 2015 we report that:
(i) (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) As explained to us these fixed assets have been physically verified by themanagement in accordance with a phased programme of verification which in our opinion isreasonable having regard to the size of the Company and nature of its assets. Thefrequency of physical verification is reasonable and no material discrepancies werenoticed on such verification.
(ii) The Company does not have any inventory. Accordingly the provisions of the clause3(ii) of the Order are not applicable.
(iii) The Company has not granted any loan to persons covered in the registermaintained under section 189 of the Companies Act 2013 ('the Act'). Accordingly theprovisions of the clause 3(iii) of the Order are not applicable.
(iv) The Company does not have any inventory. Accordingly clause 3(iv) of the Orderwith respect to purchase of inventories and sale of goods is not applicable. In ouropinion and according to the information and explanations given to us there is anadequate internal control system commensurate with the size of the Company and the natureof its business with regard to purchase of fixed assets and sale of services. We have notobserved any major weakness in the internal control system during the course of the audit.
(v) The Company has not accepted any deposits within the meaning of section 73 to 76 ofthe Act and Companies (Acceptance of Deposits) Rules 2014. Accordingly the provisions ofclause 3(v) of the order are not applicable.
(vi) To the best of our knowledge and belief the Central Government has not prescribedthe maintenance of cost records under section 148(1) of the Act for any of the businessdone by the Company. Accordingly the provisions of clause 3(vi) of the order are notapplicable.
(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues of income tax have been regularlydeposited during the year by the Company with the appropriate authorities. Further noundisputed amounts payable in respect thereof were outstanding at the year-end for aperiod of more than six months from the date they become payable.
(b) There are no dues in respect of income-tax that have not been deposited with theappropriate authorities on account of any dispute. However company has paid taxes as perorder passed u/s 153A and 143(3) of the income tax act 1961 and the same are disputed andmatters are laying the appeal. Details of the same as under;
|A.Y. ||Demand ||Income Tax Paid ||Matter before |
|2005-2006 ||21427 ||21427 ||Rectification filed u/s 154 |
|2006-2007 ||252102 ||252102 ||Rectification filed u/s 154 |
|2007-2008 ||449702 ||449702 ||Rectification filed u/s 154 |
|2009-2010 ||5839 ||5839 ||Rectification filed u/s 154 |
(c) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company in accordance with the relevant provisions ofthe Companies Act 2013 and rules made there under. Accordingly the provisions of clause3(vii)(c) of the Order are not applicable.
(viii) The Company does not have any accumulated losses at the end of the financialyear and has not incurred cash losses in the financial year.
(ix) The Company did not have any outstanding dues to financial institutions banks ordebenture holders during the year. Accordingly the provisions of clause 3(ix) of theOrder are not applicable.
(x) In our opinion and according to the information and the explanations given to usthe Company has not given any guarantee for loans taken by others from banks or financialinstitutions. Accordingly the provisions of clause 3(x) of the Order are not applicable.
(xi) The Company did not have any term loans outstanding during the year. Accordinglythe provisions of clause 3(xi) of the Order are not applicable.
(xii) According to the information and explanations given to us no material fraud onor by the Company has been noticed or reported during the course of our audit.
for SPARK & ASSOCIATES
FRN No: 005313C
CA. Mukesh Vishnani
M. No 409601
To The Member of Shricon Industries Limited
We have examined the compliance of conditions of Corporate Governance by M/s ShriconIndustries Limited for the year ended March 31 2015 as stipulated in clause 49 of theListing Agreement of the Stock Exchange of India.
The compliance of conditions of corporate governance is the responsibility of themanagement. Our examination was limited to procedure and implementation thereof adoptedby the company for ensuring the compliance of the conditions of corporate governance it isneither an audit nor an expression of opinion on the financial statement of the company
In our opinion and to the best of our information and according to the explanationgiven to us we report as under:
We certify that the company has completed with the conditions of corporate governanceas stipulated in the above mentioned listing agreement. We state that no investorsgrievance is pending for a period exceeding one month against the company as per therecord maintained and produced before us by the shareholders/ investors grievancecommittee other than those stated into the report on corporate governance.
We further state that such compliance is neither an assurance as to the futureviability of the company nor the efficiently of effectiveness with which the managementhas continued to affairs of the company.
for SPARK & ASSOCIATES
FRN NO : 005313C
CA. MUKESH VISHNANI
M. No 409601