Eureka Industries Ltd.
|BSE: 521137||Sector: Industrials|
|NSE: N.A.||ISIN Code: INE958A01011|
|BSE 00:00 | 05 Jan||Eureka Industries Ltd|
|NSE 05:30 | 01 Jan||Eureka Industries Ltd|
|BSE: 521137||Sector: Industrials|
|NSE: N.A.||ISIN Code: INE958A01011|
|BSE 00:00 | 05 Jan||Eureka Industries Ltd|
|NSE 05:30 | 01 Jan||Eureka Industries Ltd|
To the Members of
EUREKA INDUSTRIES LIMITED
Report on the Financial Statements
We have audited the accompanying Ind As financial statements of EUREKA INDUSTRIESLIMITED which comprises of Balance Sheet as at March 31 2019 and the Statement ofProfit and Loss (including Other Comprehensive Income) the Cash Flow Statement and theStatement of Changes in Equity for the year ended and a summary of significant accountingpolicies 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 with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income cash flows and changes in equity of the Company inaccordance with the Indian Accounting Standards (Ind AS) prescribed under section 133 ofthe Act read with Rule 7 of the Companies(Indian Accounting Standards) Rules 2014 asamended and other accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
a) Our responsibility is to express an opinion on these financial statements based onour audit.
b) In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under and the Orderissued under section 143(11) of the Act.
c) We conducted our audit of the financial statements in accordance with the Standardson Auditing specified under Section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatement.
d) An audit involves performing procedures to obtain audit evidence about the amountsand the 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.
e) We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.
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 Act in the manner so required and give a true and fair view in conformity with theInd AS and accounting principles generally accepted in India of the state of affairs ofthe Company as at March 31 2019 and its loss total comprehensive loss its cash flowsand the changes in equity for the year ended on that date.:
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of sub-section (11) of Section 143 of the Companies Act 2013(hereinafter referred to the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we enclose in the Annexure A statement on thematters specified in paragraphs 3 and 4 of the said Order.
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 including Other ComprehensiveIncome and cash flow statement and Statement of Change in Equity dealt with by this Reportare in agreement with the books of account.
d. In our opinion the aforesaid financial statements comply with the Indian AccountingStandards specified under Section 133 of the Act.
e. On the basis of written representations received from the directors as on March 312019 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2019 from being appointed as a director in terms of Section 164(2) of theAct.
f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B" to this report. Our report expresses anunmodified opinion on the adequacy and operating effectiveness of the company's internalfinancial control aver financial reporting.
g. 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 explanations given to us:
(i) The Company does not have any pending litigations which have impact on itsfinancial position in its financial statements;
(ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts
(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
ANNEXURE TO INDEPENDENT AUDITOR'S REPORT
(Referred to paragraph 1 of "Report on Other Legal and regulatoryRequirements" of our report of even date.)
1. In respect of property plant and equipment / fixed assets:
a. Since there are no property plant and equipment / Fixed Assets in the company theCompany does not maintain any fixed assets register.
b. Since there are no property plant and equipment / Fixed Assets in the companyphysical verification of the same is not required to be conducted by the management.
c. Since the Company does not hold any immovable properties the reporting on titledeeds of immovable properties does not required.
2. Since the company does not have any inventory and therefore reporting on physicalverification thereof and maintenance of records are not required.
3. The Company has not granted unsecured loan to any party covered in the registermaintained under section 189 of the Companies Act 2013.
A. Since company has not granted any loans to companies firms or other parties coveredin the register maintained under section 189 of the Companies Act no comment is requiredfor terms and conditions of the grant of such loans are prejudicial to the company'sinterest.
B. Since company has not granted any loans to companies firms or other parties coveredin the register maintained under section 189 of the Companies Act no comment is requiredon regular receipt of principal amount and interest amount.
C. Since company has not granted any loans to companies firms or other parties coveredin the register maintained under section 189 of the Companies Act no comment is requiredon overdue amount of more than 90 days and also no comment is required for recovery of theprincipal and interest.
4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.
5. The company has not accepted deposits from the public during the current financialyear.
6. Maintenance of cost records as prescribed by the Central Government undersub-section (1) of section 148 of the Act are not specified to this company and hence nosuch accounts and records have been made and maintained.
a. The Company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employee's state insurance income tax salestax service tax custom duty excise duty cess and other material statutory duesapplicable to it.
b. According to the information and explanation given to us there are no dues of salestax income tax custom duty service tax excise duty and cess which have not beendeposited on account of any dispute.
8. The Company does not have any loans or borrowings from any financial institutionbanks government or debenture holders during the year. Accordingly paragraph 3(viii) ofthe Order is not applicable.
9. The Company did not raise any money by way of initial public offer or further publicoffer (including debt instruments) and term loans during the year. Accordingly paragraph3 (ix) of the Order is not applicable.
10. Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statement and as per the information and explanation given tous by the management we report that no fraud on or by the Company has been noticed orreported during the course of our audit.
11. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.
12. Since company is not the Nidhi Company So paragraph 3 (xii) of the Order is notapplicable.
13. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting 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 and so therequirement of section 42 of the Companies Act 2013 is not applicable to the company.
15. The company has not entered into any non-cash transactions with directors orpersons connected with him and the provisions of section 192 of Companies Act 2013 havebeen complied with.
16. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934 and not required to obtain registration for the same.
ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of EUREKAINDUSTRIES LIMITED as of March 31 2019 in conjunction with our audit of the Ind ASfinancial 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 the 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.
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 as specified under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively 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 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 auditor's judgment 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 internal financial controls system overfinancial 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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.
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 2019 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.