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Acrysil Ltd.

BSE: 524091 Sector: Consumer
NSE: ACRYSIL ISIN Code: INE482D01024
BSE 00:00 | 17 May 687.70 21.25
(3.19%)
OPEN

675.00

HIGH

700.00

LOW

666.75

NSE 00:00 | 17 May 690.25 24.70
(3.71%)
OPEN

677.00

HIGH

699.00

LOW

665.65

OPEN 675.00
PREVIOUS CLOSE 666.45
VOLUME 17845
52-Week high 935.00
52-Week low 311.00
P/E 39.34
Mkt Cap.(Rs cr) 1,836
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 675.00
CLOSE 666.45
VOLUME 17845
52-Week high 935.00
52-Week low 311.00
P/E 39.34
Mkt Cap.(Rs cr) 1,836
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Acrysil Ltd. (ACRYSIL) - Auditors Report

Company auditors report

To the Members of ACRYSIL LIMITED

REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

Opinion

We have audited the accompanying standalone financial statements of Acrysil Limited ("theCompany") which comprise the balance sheet as at March 31 2021 the statement ofprofit and loss (including other comprehensive income) the statement of changes in equityand the statement of cash flows for the year then ended and notes to the financialstatements including a summary of the significant accounting policies and otherexplanatory information (hereinafter referred to as "the standalone financialstatements").

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 Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended (‘Ind AS") and the other accounting principles generally accepted inIndia of the state of affairs of the Company as at March 31 2021 and of the profit andtotal comprehensive loss changes in equity and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing (SAs) specified under Section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the Auditor’sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India ("the ICAI") together with theethical requirements that are relevant to our audit of the standalone financial statementsunder the provisions of the Act and the Rules made thereunder and we have fulfilled ourother ethical responsibilities in accordance with these requirements and the ICAI’sCode of Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.

These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in our forming our opinion thereon and we do not provide aseparate opinion on these matters.

We have determined the matters described below to be the key audit matters to becommunicated in our report: Key Audit Matter: Revenue from the sale of goods("Revenue") is recognised when the Company performs its obligation to itscustomers the amount of revenue can be measured reliably and recovery of theconsideration is probable. The timing of such recognition is when the control over thesame is transferred to the customer which is mainly upon delivery. The timing of revenuerecognition is relevant to the reported performance of the Company.

Auditor’s Response:

Our audit approach was a combination of test of internal controls and substantiveprocedures including assessing the appropriateness of the Company’s revenuerecognition accounting policies in line with Ind AS 115 ("Revenue from Contracts withCustomers") and testing thereof; evaluating the integrity of the general informationand control environment and testing the operating effectiveness of key controls.

NFORMATION OTHER THAN THE STANDALONE FINANCIAL STATEMENTS AND AUDITOR’S REPORTTHEREON

The Company’s Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the Board’sReport including Annexures to Board’s Report Management Discussion and AnalysisShareholder’s Information but does not include the standalone financial statementsand auditor’s report thereon.

Our opinion on the standalone financial statements does cover the other information andwe do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the standalone financial statements or our knowledgeobtained during the course of our audit or otherwise appears to be materially misstated.If based on the work we have performed we conclude that there is material misstatementof this other information we are required to report that fact. We have nothing to reportin this regard.

MANAGEMENT’S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance and cashflows of the Company in accordance with the Ind AS and accounting principles generallyaccepted in India. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and 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 statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the standalone financial statements management is responsible forassessing the Company’s ability to continue as a going concern disclosing asapplicable matters related to going concerns and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company’s financialreporting process.

AUDITOR’S RESPONSIBILITY FOR THE AUDIT OF THE STANDALONE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor’s report that includes our opinion. Reasonableassurance is high level of assurance but is not a guarantee that audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also: Identify and assessthe risks of material misstatements of the standalone financial statements whether due tofraud or error design and perform audit procedures responsive to those risks and obtainaudit evidence that is sufficient and appropriate to provide a basis for our opinion. Therisk of not detecting a material misstatement resulting from fraud is higher than for oneresulting from error as fraud may involve collusion forgery intentional omissionsmisrepresentations or the override of the internal control

Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by the management Conclude on theappropriateness of management’s use of the going concern basis of accounting andbased on the audit evidence obtained whether a material uncertainty exists related toevents or conditions that ability to may cast significant continue as going concern. If weconclude that a material uncertainty exists we are required to draw attention in ourauditor’s report to the related disclosures in the standalone financial statementsor if such disclosures are inadequate to modify our opinion. Our conclusions are basedon the audit evidence obtained up to the date of our auditor’s report. Howeverfuture events or conditions may cause the Company to cease to continue as a going concern

Evaluate the overall presentation structure and content of the standalonefinancial statements including the disclosure and whether the standalone financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation We communicate with those charged with governance regarding among othermatters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor’s report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1 As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India terms of sub-section (11) ofsection 143 of the Act we give in the Annexure – A a statement on the mattersspecified in clause 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 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 including other comprehensiveIncome statement of changes in equity and the cash flow statement dealt with by thisReport 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 Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e) On the basis of written representations received from the directors as on March 312021 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2021 from being appointed as a director in terms section 164(2) of theAct;

f) With respect to the adequacy of internal financial controls over financial reportingof the Company and operating effectiveness of such controls our separate report inannexure – B may be referred;

g) In our opinion and to the best of our information and according to the explanationsgiven to us remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act.

h) 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 has disclosed the impact of pending litigations on its financialposition in its standalone financial statements;

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

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

For P A R K & COMPANY

Chartered Accountants

FRN: 116825W

ASHISH DAvE

Partner

Membership No. 170275

UDIN: 21170275AAAABX7791

Bhavnagar

May 20 2021

ANNEXURE – A TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date)

On the basis of such checks as we considered appropriate and in terms of informationand explanations given to us we state that:

1 In respect of property plant and equipment:

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

b. The fixed assets were physically verified management at reasonable intervals in aphased manner in accordance with a programme of physical verification.

No material discrepancies were noticed on such verification.

c. The title deeds of immovable properties are held in the name of the Company.

2 The inventories were physically verified by the management at reasonable intervalsduring the year. No material discrepancies were noticed on such physical verificationCompany.

3 The Company has granted loans to companies covered in the register maintained undersection 189 of the Act. Since no terms and conditions of these loans except for chargingof interest are stipulated we cannot offer any comments as to the payment of interestrepayment of principal amount or overdue amounts if any.

4 The Company has complied with provisions of Section 185 and 186 of the Act in respectof loans investments guarantees and security to the extent applicable.

5 The Company has not accepted any deposits within the meaning of the provisions ofsection 73 to 76 or any other relevant provisions of the Act and the rules framedthereunder with regard to the deposits accepted from the public. No order has been passedby the Company Law Board or National Company Law Tribunal or Reserve Bank of India or anycourt or any other tribunal.

6 We have broadly reviewed the cost records maintained by the Company pursuant toSection 148(1) of the Companies Act 2013 and are of the opinion that prima facie theprescribed cost records have been maintained. We have however not made a detailedexamination of the cost records with a view to determine whether they are accurate orcomplete.

7 In respect of statutory and other dues: a. The Company has generally been regular indepositing undisputed statutory dues including Provident Fund Employees State InsuranceIncome Tax Cess Goods & Service Tax and other statutory dues to the extentapplicable with the appropriate authorities during the year. There are no undisputedstatutory dues outstanding for a period of more than six months from the date they becamepayable. b. There are no amounts outstanding which have not been deposited on account ofdispute.

8 The Company has not defaulted in repayment of loans or borrowing to banks. TheCompany has not obtained any borrowings from any financial institutions or government orby by the way of debentures.

9 Terms loans obtained by the Company have been applied for the purpose for which theywere obtained. The Company has not raised any money during the year by way of publicoffer (including debt instruments).

10 To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the Company or on the Company by its officersor employees was noticed or reported during the year. carried out by the

11 Managerial remuneration paid or provided by the Company during the year is inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act.

12 Since the Company is not a Nidhi Company the provisions of clause 3 (xii) of theOrder are not applicable to the Company.

13 All transactions with the related parties are in compliance with Section 177 and 188of the Act and the details have been disclosed in the financial statements as required bythe applicable accounting standards.

14 The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review.

15 The Company has not entered into any non-cash transactions during the year withdirectors or persons concerned with him.

16 The Company is not required to be registered under Section 45-IA of the Reserve Bankof India Act 1934.

For P A R K & COMPANY

Chartered Accountants

FRN: 116825W

ASHISH DAvE

Partner

Membership No. 170275

UDIN: 21170275AAAABX7791

Bhavnagar

May 20 2021

ANNEXURE – B TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 2 (f) under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date)

(Referred to in paragraph 2 (f) under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date)

We have audited the internal financial controls over financial reporting of AcrysilLimited ("the Company") as of March 31 2021 in conjunction with our auditof the standalone 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 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 ("the GuidanceNote") issued by the Institute of Chartered Accountants of India ("theICAI"). These responsibilities include the design implementation and maintenance ofadequate internal financial effectively for ensuring the orderly and efficient conduct ofits business including adherence to company’s policies the safeguarding of itsassets the prevention and detection of frauds and errors the accuracy and completenessof the accounting records and the timely preparation of reliable financial informationas required under the Companies Act 2013.

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 and the Standards on Auditing issued by the ICAI and prescribedunder section 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 auditors’ judgement 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 controlssystem over financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company’s internal financialcontrol over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that –

(1) Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorisations of management and directors of the Company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the Company’s assets that could havea material effect on the financial statements.

I NHERENT 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 March 31 2021 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note issued by theICAI.

For P A R K & COMPANY

Chartered Accountants

FRN: 116825W

ASHISH DAvE

Partner

Membership No. 170275

UDIN: 21170275AAAABX7791

Bhavnagar

May 20 2021

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