You are here » Home » Companies » Company Overview » Acrysil Ltd

Acrysil Ltd.

BSE: 524091 Sector: Consumer
NSE: N.A. ISIN Code: INE482D01024
BSE 00:00 | 18 Oct 108.40 -0.20
(-0.18%)
OPEN

108.70

HIGH

110.95

LOW

108.20

NSE 05:30 | 01 Jan Acrysil Ltd
OPEN 108.70
PREVIOUS CLOSE 108.60
VOLUME 2636
52-Week high 133.55
52-Week low 85.10
P/E 24.52
Mkt Cap.(Rs cr) 283
Buy Price 108.20
Buy Qty 36.00
Sell Price 108.40
Sell Qty 250.00
OPEN 108.70
CLOSE 108.60
VOLUME 2636
52-Week high 133.55
52-Week low 85.10
P/E 24.52
Mkt Cap.(Rs cr) 283
Buy Price 108.20
Buy Qty 36.00
Sell Price 108.40
Sell Qty 250.00

Acrysil Ltd. (ACRYSIL) - Auditors Report

Company auditors report

To

The Members of

ACRYSIL LIMITED

Report on the Standalone Ind AS financial Statements

We have audited the accompanying standalone Ind AS financial statements of AcrysilLimited (“the Company”) which comprise the Balance Sheet as at 31st March 2018the Statement of Pro t and Loss (including Other Comprehensive Income) the Cash FlowStatement and the Statement of Changes in Equity for the year then ended and a summary ofthe significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Ind AS 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 standalone Ind AS financial statements to give a true and fair view of the financialposition financial performance (including other comprehensive income) cash ows andchanges in the equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards specified in theCompanies (Indian Accounting Standards) Rules 2015 under Section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of 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 the ectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit. We have taken into account the provisions of the Act andthe rules made thereunder including the accounting and auditing standards and matterswhich are required to be included in the audit report under the provisions of the Act andthe Rules made thereunder and the Order issued under section 143(11) of the Act.

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 ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether these standalone Ind AS financialstatements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditors' judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditors consider internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive true

and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

We believe that the audit evidence we have obtained is su cient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of a airs of theCompany as at 31st March 2018 and of the profit (including other comprehensive income)its cash ows and changes in equity for the year ended on that date.

Other Matters

The financial information of the Company for the year ended 31st March 2017 and thetransition date opening balance sheet as at 1st April 2016 included in these standaloneInd AS financial statements are based on the previously issued financial statements forthe years ended 31st March 2017 and 31st March 2016 prepared in accordance with theCompanies (Accounting Standards) Rules as applicable which were audited by thepredecessor auditors on which they had expressed their unmodi ed opinion dated 25th May2017 and 23rd May 2016 respectively. The adjustments to those financial statements forthe di erences in the accounting principles adopted by the Company on transition to theInd AS have been audited by us. Our opinion is not modi ed in respect of this matter.

Report on Other Legal and Regulatory Requirements

1 As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India terms of sub-section (11) of section 143 of theAct we give in the Annexure A a statement on the matters specified in clause 3 and 4 ofthe Order to the extent possible.

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 Pro t and Loss (including other comprehensiveincome) the Cash Flow Statement and the Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account;

d) In our opinion the aforesaid standalone Ind AS

financial statements comply with the Indian Accounting Standards specified undersection 133 of the Act;

e) On the basis of written representations received from the directors as on 31st March2018 and taken on record by the Board of Directors none of the directors is disquali edas on 31st March 2018 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 the ectiveness of such controls our separate report inannexure B may be referred;

g) With respect to the other matters to be included in the Auditors' 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 Ind AS financial statements under note no. 32;

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
Mumbai Partner
May 29 2018 Membership No. 170275

ANNEXURE A TO THE INDEPENDENT AUDITORS' 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 xed assets: a. The Company has maintained proper records showing fullparticulars including quantitative details and situation of xed assets. b. The xed assetswere physically veri ed by the management at reasonable intervals in a phased manner inaccordance with a programme of physical veri cation. No material discrepancies werenoticed on such veri cation. c. The title deeds of immovable properties are held in thename of the Company.

2 The inventories were physically veri ed by the management at reasonable intervalsduring the year. No material discrepancies were noticed on such physical veri cationcarried out by the Company.

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 o er 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 Sales Tax Service Tax Custom Duty Excise Duty Value Added Tax Cess GSTand other statutory dues to the extent applicable with the appropriate authoritiesduring the year. There are no undisputed statutory dues outstanding for a period of morethan six months from the date they became payable. b. There are no amounts outstandingwhich have not been deposited on account of dispute.

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 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 public oer (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 o cers oremployees was noticed or reported during the year.

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
Mumbai ASHISH DAVE
May 29 2018 Partner
Membership No. 170275

ANNEXURE B TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 2 (g) 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 31st March 2018 in conjunction with our auditof the standalone Ind AS financial statements of the Company for the year ended on thatdate.

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 the ectively for ensuring the orderly and the cient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

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 the ectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operating theectiveness. 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 the ectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditors' judgement including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is su cient 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 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 authorizations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial the ect 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating the ectively as at 31st March 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal financial Controls Over financial Reporting issued by the Institute of CharteredAccountants of India.

For P A R K & COMPANY
Chartered Accountants
FRN: 116825W
Mumbai ASHISH DAVE
May 29 2018 Partner
Membership No. 170275