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Riddhi Siddhi Gluco Biols Ltd.

BSE: 524480 Sector: Others
NSE: N.A. ISIN Code: INE249D01019
BSE 00:00 | 24 May 264.40 -10.60
(-3.85%)
OPEN

264.40

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264.40

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264.40

NSE 05:30 | 01 Jan Riddhi Siddhi Gluco Biols Ltd
OPEN 264.40
PREVIOUS CLOSE 275.00
VOLUME 35
52-Week high 635.00
52-Week low 221.35
P/E
Mkt Cap.(Rs cr) 189
Buy Price 264.40
Buy Qty 3.00
Sell Price 275.50
Sell Qty 85.00
OPEN 264.40
CLOSE 275.00
VOLUME 35
52-Week high 635.00
52-Week low 221.35
P/E
Mkt Cap.(Rs cr) 189
Buy Price 264.40
Buy Qty 3.00
Sell Price 275.50
Sell Qty 85.00

Riddhi Siddhi Gluco Biols Ltd. (RIDDHISIDDHIGL) - Auditors Report

Company auditors report

TO THE MEMBERS OF

RIDDHI SIDDHI GLUCO BIOLS LIMITED

Report on the Standalone Ind AS financial statements

We have audited the accompanying Standalone Ind AS financial statements of RiddhiSiddhi Gluco Biols Limited ("the Company") which comprise the Balance Sheetas at March 31 2018 and the Statement of Profit and Loss (including Other ComprehensiveIncome) the Cash Flow Statement and the Statement of Changes in Equity for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

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 that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the Indian Accounting Standards(Ind AS) prescribed under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended and other accounting principles generallyaccepted 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 Standalone IndAS financial 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 Standalone Ind AS financialstatements based on our audit.

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 thereunder and the Orderissued under section 143(11) of the Act.

We conducted our audit of the Standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Standalone Ind AS financial statements are freefrom 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 auditor's 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 auditor considers internal financial controlrelevant to the Company's preparation of the Standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the 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 obtained by us is sufficient 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 Ind AS and other accounting principles generally accepted in India of the stateof affairs of the Company as at March 31 2018 and its profit total comprehensiveincome its cash flows and the changes in equity for the year ended on that date.

Other Matter

We draw attention to Note 39 regarding share of loss from investment in two LimitedLiability Partnership ("LLPs") (net) amounting to Rs. 2228.10 lakhs included inthe Standalone Ind AS financial statements is based on the audited financial statementsof such entities. These financial statements have been audited by the auditors of theseentities whose reports have been furnished to us by the management and our audit reporton the Standalone Ind AS financial statement is based solely on such audit reports of theother auditors.

Our opinion on the Standalone Ind AS financial statements is not modified in respect ofthis matter.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit 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 purposes 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 and the reports of theother auditors.

(c) The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the relevant books of account.

(d) In our opinion the aforesaid Standalone Ind AS financial statements comply withthe Indian Accounting Standards prescribed under section 133 of the Act.

(e) On the basis of the written representations received from the directors as on March31 2018 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2018 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 A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

(i) The Company has disclosed the impact of pending litigations on its financialposition in its Standalone Ind AS financial statements.

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

(iii) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

2. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

For DELOITTE HASKINS & SELLS

Chartered Accountants (Firm's Registration No. 117365W)

Ahmedabad May 30 2018

Gaurav J Shah

Partner

(Membership No. 35701)

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

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

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Act

We have audited the internal financial controls over financial reporting of RIDDHISIDDHI GLUCO BIOLS LIMITED ("the Company") as of March 31 2018 inconjunction with our audit of the standalone IND AS financial statements of the Companyfor 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" ("the GuidanceNote"). These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

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 prescribed under Section 143(10) ofthe Act to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively 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 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 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 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2018 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note.

For DELOITTE HASKINS & SELLS

Chartered Accountants (Firm's Registration No. 117365W)

Ahmedabad May 30 2018

Gaurav J Shah

Partner

(Membership No. 35701)

ANNEXURE "B" TO THE INDEPENDENT AUDITORS' REPORT

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

(i) In respect of its fixed assets:

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

(b) The fixed assets were physically verified during the year by the Management inaccordance with a regular programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals. According to theinformation and explanation given to us no material discrepancies were noticed on suchverification.

(c) According to the information and explanations given to us and the records examinedby us and based on the examination of the registered sale deed / transfer deed /conveyance deed provided to us we report that the title deeds comprising all theimmovable properties of land and buildings which are freehold are held in the name of theCompany as at the balance sheet date. Immovable properties of land and building whosetitle deeds have been pledged as security for loans are held in the name of the Companybased on the confirmations directly received by us from lenders.

(ii) As explained to us the inventories were physically verified during the year bythe Management at reasonable intervals and no material discrepancies were noticed onphysical verification and the same have been properly dealt with in the books of account.

(iii) According to the information and explanations given to us the Company hasgranted unsecured loans to company and Limited Liability Partnerships covered in theregister maintained under section 189 of the Act in respect of which:

(a) The terms and conditions of the grant of such loans are in our opinion primafacie not prejudicial to the Company's interest.

(b) The schedule of repayment of principal and payment of interest has not beenstipulated and in the absence of such schedule we are unable to comment on the regularityof the repayments or receipts of principal amounts and interest or whether there is anoverdue amount remaining outstanding at year end.

The Company has not granted any loans secured or unsecured to firms or other partiescovered in the register maintained under section 189 of the Act.

(iv) In our opinion and according to the information and explanations given to us andconsidering the legal opinion taken by the Company on applicability of section 185 of theAct in respect of certain loan transaction and that the same have been given in theordinary course of the business the Company has complied with the provisions of section185 of the Act in respect of grant of loans providing guarantees and securities asapplicable. Further the Company has complied with the provisions of Sections 186 of theAct in respect of grant of making investments and providing guarantees and securities asapplicable.

(v) According to the information and explanations given to us the Company has notaccepted any deposits during the year from the public to which the directives issued bythe Reserve Bank of India and the provisions of Section 73 to 76 or any other relevantprovisions of the Act and the Companies (Acceptance of Deposits) Rules 2014 as amendedwould apply. Accordingly the provisions of Clause 3(v) of the Order are not applicable tothe Company.

(vi) We have broadly reviewed the cost records maintained by the Company pursuant tothe Companies (Cost Records and Audit) Rules 2014 as amended and Companies CostAccounting Records (Electricity Industry) Rules 2011 prescribed by the Central Governmentunder sub-section (1) of Section 148 of the Act and are of the opinion that prima faciethe prescribed cost records have been made and maintained. We have however not made adetailed examination of the cost records with a view to determine whether they areaccurate or complete.

(vii) According to the information and explanations given to us in respect of statutorydues:

(a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Sales Tax Excise Duty Service TaxValue Added Tax Goods and Service Tax Custom Duty Income tax Cess and other materialstatutory dues applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Provident Fund Sales TaxService Tax Value Added Tax Goods and Service Tax Income tax Cess and other materialstatutory dues in arrears as at March 31 2018 for a period of more than six months fromthe date they became payable.

(c) Details of Excise Duty Service Tax Sales Tax and Value Added Tax dues which havenot been deposited as on March 31 2018 on account of disputes are given below:

Nature of Statute Nature of Dues Amount involved and Unpaid (Rs. in lakhs) Period to which the amount relates Forum where Dispute is pending
Central Excise Act 1944 Excise Duty Rs. 295.30 lakhs 2003-04 CESTAT Delhi
Central Excise Act 1944 Excise Duty Rs. 194.15 lakhs 2007-10 CESTAT Bangalore
Central Excise Act 1944 Excise Duty Rs. 99.93 lakhs 2004-05 Commissioner Appeals Mangalore
Central Excise Act 1944 Excise Duty Rs. 75.30 lakhs 2008-10 Commissioner Appeals Bangalore
Central Excise Act 1944 Excise Duty Rs. 1535.87 lakhs 2006-12 CESTAT Ahmedabad
Central Excise Act 1944 Excise Duty Rs. 285.92 lakhs 2010-12 Commissioner Belgaum
Maharashtra Value Added Tax Act 2002 Value Added Tax Rs. 43.74 lakhs 2005-06 Assistant Commissioner Mumbai

There are no dues of Income-tax and Customs Duty which have not been deposited as onMarch 31 2018 on account of disputes.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of dues to financial institutions andbanks. The Company has not borrowed money from Government or through issue of debentures.

(ix) In our opinion and according to the information and explanations given to us theCompany has not raised moneys by way of initial public offer or further public offer(including debt instruments). The Company has utilized the money raised by way of termloans during the year for the purposes for which they were raised.

(x) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company by its officersor employees has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanations given to us theCompany has paid / provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of theOrder is not applicable.

(xiii) In our opinion and according to the information and explanations given to usthe Company is in compliance with Section 188 and 177 of the Act where applicable forall transactions with the related parties and the details of related party transactionshave been disclosed in the Standalone Ind AS financial statements as required by theapplicable accounting standards.

(xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause (xiv) of the Order is not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsdirectors or persons connected with him and hence provisions of section 192 of the Act arenot applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For DELOITTE HASKINS & SELLS

Chartered Accountants (Firm's Registration No. 117365W)

Gaurav J Shah

Partner

Ahmedabad May 30 2018

(Membership No. 35701)