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Priya Ltd.

BSE: 524580 Sector: Others
BSE 00:00 | 15 Mar 39.35 0






NSE 05:30 | 01 Jan Priya Ltd
OPEN 37.00
52-Week high 49.35
52-Week low 34.30
Mkt Cap.(Rs cr) 12
Buy Price 36.10
Buy Qty 30.00
Sell Price 39.35
Sell Qty 50.00
OPEN 37.00
CLOSE 39.35
52-Week high 49.35
52-Week low 34.30
Mkt Cap.(Rs cr) 12
Buy Price 36.10
Buy Qty 30.00
Sell Price 39.35
Sell Qty 50.00

Priya Ltd. (PRIYADYES) - Auditors Report

Company auditors report


The Members of PRIYA LIMITED

Report on the Ind AS Financial Statements

We have audited accompanying Ind AS financial statements of PRIYA UMITED ("theCompany") which comprise the Balance Sheet as at March 31 2018 and the Statement ofProfit and Loss (including other comprehensive income) the Cash Flow Statement and thestatement of changes in equity for the year then ended and a summary of significantaccounting policies and other explanatory information (hereinafter referred to as"Ind AS financial statements").

Management's Responsibility for Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of Companies Act 2013 ("the Act") with respect to the preparation ofthese Ind AS financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) prescribed underSection 133 of the Act read with relevant rules issued thereunder.

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 Ind Asfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made thereunder.

We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the Ind AS financial statements.

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


In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India including the Ind AS of the state ofaffairs (financial position) as at March 31 2018 and its financial performance includingother comprehensive income its cash flow and the changes in equity for the year ended onthat date.

Other Matter

The comparative financial information of the Company for the year ended March 31 2017and the transition date opening balance sheet as at April 12016 included in these Ind ASfinancial statements are based on the previously issued statutory financial statementsprepared in accordance with the Companies (Accounting Standards) Rules 2006. For the yearended March 312017 and March 31 2016 on which the predecessor auditor expressed anunmodified opinion vide audit report dated May 24 2017 and May 26 2016 respectively onthose Ind As financial statements as adjusted for the differences in the accountingprinciples adopted by the Company on transition to the Ind AS which have been audited byus.

Report on other Legal and Regulatory Requirements

1. 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 of the aforesaidInd AS financial statements.

b) In our opinion proper books of account as required by law relating to preparationof the aforesaid Ind AS financial statements have been kept by the Company so far asappears from our examination of those books.

c) The Balance Sheet Statement of Profit and Loss (including Other ComprehensiveIncome) Cash Flow Statement and the statement of changes in equity dealt with by thisreport are in agreement with the books of account maintained for the purpose ofpreparation of the Ind As financial statements.

d) In our opinion the aforesaid Ind AS financial statements comply with the AccountingStandards specified under Section 133 of Companies Act 2013 read with rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on March31 2018 and taken on record by the Board of Directors we report that none of thedirectors is disqualified as on March 31 2018 from being appointed as a director in termsof Section 164(2) of the Companies Act 2013.

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"; and

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 has disclosed the impact of pending litigations on its financialposition in its financial statements (Refer Note 26 to the Ind AS financial statements);

ii. The Company did not have any material foreseeable losses on long-Term contractsincluding derivatives contracts.

iii. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company during the year ended March 312018.

2. As required by the Companies (Auditor's Report) Order 2016 ('the Order') issued bythe Central Government in terms of Section 143(11) of the Actwe give in 'Annexure A' astatement on the matters specified in paragraphs 3 and 4 of the Order.

For Kanu Doshi Associates LLP

Chartered Accountants

Firm Registration Number: 104746W/W100096

Jayesh Parmar


Membership No: 045375

Place: Mumbai

Date: May 28 2018