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Smilax Industries Ltd.

BSE: 519586 Sector: Others
NSE: N.A. ISIN Code: INE393M01016
BSE 00:00 | 04 Mar Smilax Industries Ltd
NSE 05:30 | 01 Jan Smilax Industries Ltd
OPEN 2.35
PREVIOUS CLOSE 2.35
VOLUME 31
52-Week high 2.35
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2.35
CLOSE 2.35
VOLUME 31
52-Week high 2.35
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Smilax Industries Ltd. (SMILAXINDUST) - Auditors Report

Company auditors report

To the Members

Smilax Industries Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Smilax Industries Limited ("theCompany") which comprises the Balance Sheet as at March 312015 the Statement ofProfit and Loss and the Cash flow statement for the year ended and a summary of thesignificant accounting policies and other explanatory information.

Management 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 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 the maintenance of adequate records in accordance with theprovision of the Act for safeguarding of the assets of the Company and for preventing anddetecting the frauds and other irregularities; selection and application appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of internal financial controls that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

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 audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing Specified under sec143(10) of the Act. Those Standards require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders 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 control 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 Company's Directors 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 its Loss and its cash flows for the year ended on the date.

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies(Auditor's Report) Order 2015 (the Order) issued by theCentral Government of India in terms of sub-section(11) of section 143 of the Act we givein the annexure a statement on the matters specified in the paragraph 3 and 4 of theOrder 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 purpose 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 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 Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with the Accounting standards specified under Section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014.

e. On the basis of written representations received from the directors as on 31stMarch 2015 and 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 included in the Auditor's Report in accordancewith Rule 11 of the companies (Audit and Auditors ) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company does not have any long term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There were no amounts which are required to be transferred to the InvestorEducation and protection fund by the company

For P.MURALI & Co
Chartered Accountants
Firm Regn No: 007257S
Place: Hyderabad
Date : 30-05-2015 Sd/-
Partner

Annexure to the Auditors' Report (referred to in paragraph 1 of our Report of even dateto the Members of Smilax Industries Limited for the year ended March 312015

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that

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

(b) As explained to us the fixed assets of the company have been physically verifiedby the Management at reasonable intervals and no material discrepancies between the bookrecords and the physical inventory have been noticed on such verification.

(c) The Company has not disposed off substantial part of the Fixed Assets during theyear.

(ii) (a) The Company has no inventory; hence this clause is not applicable.

(iii) (a) According to the information and explanations given to us the company hasnot granted any loans

secured or unsecured to companies firms or other parties covered in the registermaintained under Section 189 of the Companies Act 2013. Therefore requirements ofclauses (iii-b)(iii-c) (iii-d)of paragraph 4 of the order are not applicable.

(e) According to the information and explanations given to us the company has nottaken any loans secured or unsecured from Companies Firms or other parties covered in theregister maintained under Section 189 of the Companies Act 2013.

(f) As the Company has not taken any loans the clause of whether the rate of interest& other terms and conditions on which loans have been taken from parties listed in theregister maintained under Section 189 is prejudicial to the interest of the Company isnot applicable.

(g) As no loans are taken by the Company the clause of repayment of interest &principal amount to parties is not applicable to the Company.

(iv) In our opinion and according to the information and explanation given to us thereare adequate internal control systems commensurate with the size of the company and thenature of its business with regard to purchase of fixed assets. There is no continuingfailure by the Company to correct any major weaknesses in internal control.

(v) (a) In our opinion and according to the information and explanations given to ussince no contracts or

arrangements referred to in Section 189 of the Companies Act 2013 have been made bythe Company in respect of any party in the financial year the entry in the register U/s189 of the Companies Act 2013 does not arise.

(b) According to the information and explanations given to us as no such contracts orarrangements made by the Company the applicability of the Clause of charging thereasonable price having regard to the prevailing market prices at the relevant time doesnot arise.

(vi) The company has not accepted any deposits from the public and hence theapplicability of the clause of directives issued by the Reserve Bank of India andprovisions of Section 73 of the Companies Act and Companies (Acceptance of Deposits)Rules 1975 does not arise.

(vii) In our opinion and as per information and explanations given to us the companyhas an internal audit system commensurate with its size and nature of its business.

(viii) We have broadly verified the books of account and records maintained by theCompany pursuant to the order made by the Central Government of India for the maintenanceof cost records under Section 209(1)(d) of the Act and are of the opinion that primafacie the prescribed accounts and records have been made and maintained.

(ix) (a) The company is regular in depositing undisputed statutory dues includingProvident Fund Investors

Education and Protection Fund Employee State Insurance Income Tax Sales Tax WealthTax Service Tax Customs Duty Excise Duty and Cess and other applicable statutory dueswith the appropriate authorities during the year. According to information andexplanations given to us there are no arrears of statutory dues as at 31stMarch 2015 which were outstanding for a period of more than 6 months from the date theybecame payable.

(b) According to the information and explanation given to us there are no dues ofincome-tax wealth- tax sales-tax and cess which have not been deposited on account ofany dispute.

(x) The company has accumulated losses as at the end of the financial year and theCompany has incurred cash losses during the current financial year covered by our auditand in the immediately preceding financial year.

(xi) According to the records of the Company has not taken any loans from Banks orFinancial Institutions. Hence this clause of repayment of dues to financial Institutionsor Banks or Debenture Holders and default payment therein is not applicable to theCompany.

(xii) According to the information and explanations given to us the company has notgranted any loans and advances on the basis of security by way pledge of sharesdebentures and other securities and hence the applicability of the clause regardingmaintenance of adequate document in respect of loans does not arise.

(xiii) The company is not a chit fund or nidhi / mutual benefit fund / society.Therefore the provisions of clause 4 (xiii) of the said Order are not applicable to thecompany.

(xiv) According to the information given to us the company is not dealing in ortrading in shares securities debentures and other instruments accordingly theprovisions of clause 4 (xiv) of the Companies (Auditors Report) Order 2003 are notapplicable to the Company.

(xv) According to the information and explanations given to us the company has notgiven guarantees for loans taken by others from banks or financial institutions and hencethe applicability of this clause regarding terms and conditions which are prejudicial tothe interest of the Company does not arise.

(xvi) According to the information and explanations given to us no term loans wereraised during the year.

(xvii) According to the information and explanation given to us and on an overallexamination of the balance sheet we report that no funds raised on short term basis havebeen used for long term investment by the company.

(xviii) The company has not made any preferential allotment of shares to parties andcompanies covered in the register maintained under Section 189 of the Act during the yearand hence the applicability of the clause regarding the price at which shares have beenissued and whether the same is prejudicial to the interest of the Company does not arise.

(xix) According to the information and explanation given to us the Company does nothave any debentures and hence the applicability of the clause regarding the creation ofsecurity or charge in respect of debenture issued does not arise.

(xx) According to information and explanation given to us the Company has not raisedmoney by way of public issues during the year; hence the clause regarding the disclosureby the management on the end use of money raised by public issues is not applicable.

(xxi) According to the information and explanation given to us by the management wereport that no fraud on or by the company has been noticed or reported during the courseof our audit.

For P.MURALI & Co
Chartered Accountants
Firm Regn No: 007257S
Place: Hyderabad
Date : 30-05-2015 Sd/-
Partner