You are here » Home » Companies » Company Overview » Safari Industries (India) Ltd

Safari Industries (India) Ltd.

BSE: 523025 Sector: Consumer
NSE: N.A. ISIN Code: INE429E01023
BSE 00:00 | 21 Feb 705.05 8.10
(1.16%)
OPEN

700.30

HIGH

714.45

LOW

696.95

NSE 05:30 | 01 Jan Safari Industries (India) Ltd
OPEN 700.30
PREVIOUS CLOSE 696.95
VOLUME 1885
52-Week high 1005.00
52-Week low 505.25
P/E 50.83
Mkt Cap.(Rs cr) 1,576
Buy Price 700.55
Buy Qty 50.00
Sell Price 714.45
Sell Qty 5.00
OPEN 700.30
CLOSE 696.95
VOLUME 1885
52-Week high 1005.00
52-Week low 505.25
P/E 50.83
Mkt Cap.(Rs cr) 1,576
Buy Price 700.55
Buy Qty 50.00
Sell Price 714.45
Sell Qty 5.00

Safari Industries (India) Ltd. (SAFARIINDS) - Auditors Report

Company auditors report

To

The Members

SAFARI INDUSTRIES (INDIA) LIMITED.

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone financial statements of Safari Industries(India) Limited ("the Company") which comprise the Standalone Balance Sheet asat 31st March 2018 the Statement of Profit and Loss (including Other ComprehensiveIncome) the Statement of Cash flows the Statement of Changes in Equity for the year thenended and a summary of the significant accounting policies and other explanatoryinformation (hereinafter referred to as "Standalone Ind AS FinancialStatements").

Management's Responsibility for the Standalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(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) cashflows and changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder Section 133 of the Act and relevant rules thereunder.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand 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 Ind AS financial statements that give a true and fair view and are freefrom material misstatement 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. 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.

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 ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe Standalone Ind AS financial statements 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 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 we have obtained 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 accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2018 and its profit (including other comprehensiveincome) its cash flows and changes in equity for the year ended on that date.

Other Matters

Opening balances have been considered based on the audited financial statementsprepared under previous Generally Accepted Accounting Practices (Previous GAAP) issued bythe other auditors whose unqualified audit report dated 23rd May 2017 havebeen furnished to us. The differences arising from transition from previous GAAP to Ind AShave been derived from such audited financial statements.

Report on Other Legal and Regulatory Requirements

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

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 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.

(c) The Standalone Ind AS Balance Sheet the Statement of Profit and Loss (includingOther Comprehensive Income) Statement of Changes in Equity and the Statement of CashFlows dealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid Standalone Ind AS financial statements comply withthe Ind AS specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2018 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director interms of Section 164 (2) of the Act (a) With respect to the adequacy of the internalfinancial controls over financial reporting of the Company and the operating effectivenessof such controls refer to our separate Report in "Annexure B".

(b) With respect to other matter to be included in the Auditor's Report in accordancewith the Rule 11 of the Companies (Audit and Auditors ) Rules 2014 in our opinion andto the best of our information and according to the explanations given to us : i. TheCompany has disclosed the impact of pending litigations on its financial position in itsStandalone Ind AS financial statements- Refer Note 35 to the Standalone Ind AS financialstatements. ii. The Company has made provision as required under applicable law oraccounting standards for material foreseeable losses if any on long-term contractsincluding derivative contracts. iii. There has been no delay in transferring amountsrequired to be transferred to the Investor Education and Protection Fund by the Company.

For LODHA & CO.
Chartered Accountants
(Firm Regn. No. 301051E)
Mumbai R. P. Baradiya
Date : 21st May 2018 Partner
(Membership No. 44101)

ANNEXURE A

ANNEXURE REFERRED TO IN PARAGRAPH "REPORT ON OTHER LEGAL AND REGUALTORYREQUIREMENTS" OF OUR REPORT TO THE MEMBERS OF "THE COMPANY"FOR THE YEARENDED 31ST MARCH 2018

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we state that:

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

(b) The Company has a regular programme of physical verification of its property plantand equipment (fixed assets) by which all assets are verified in a phased manner over aperiod of three years. In our opinion this periodicity of physical verification isreasonable having regard to the size of the Company and the nature of its assets. Pursuantto the program certain property plant and equipment (fixed assets) were physicallyverified by the management during the year. According to the information and explanationsgiven to us no material discrepancies were noticed on such verification.

(c) Based on the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

2. The inventories have been physically verified by the management at reasonableintervals during the year. As per the information and explanations given to us nomaterial discrepancies were noticed on physical verification of inventories as compared tobook records.

3. The Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained underSection 189 of the Act. Accordingly the provisions of clause 3(iii) of the Order are notapplicable to the Company.

4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 186 of the Act with respect to theinvestments made. The Company has not granted any loans provided guarantees and securityduring the year.

5. No deposits within the meaning of directives issued by RBI (Reserve Bank of India)and Sections 73 to 76 or any other relevant provisions of the Act and rules framed thereunder have been accepted by the Company.

6. According to the information and explanations given to us the Central Governmenthas not prescribed maintenance of cost records under clause (d) of sub-section (1) ofSection 148 of the Act in respect of Company's products. Accordingly the provisions ofclause 3(vi) of the Order are not applicable to the Company.

7. a) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company is generally regular in depositingundisputed statutory dues including provident fund employees' state insurance income-tax sales-tax goods and service tax service tax duty of customs duty of excise valueadded tax and other statutory dues applicable to the Company with appropriate authorities.No undisputed amounts in respect of the aforesaid statutory dues were outstanding as atthe last day of the financial year for a period of more than six months from the date theybecame payable.

b) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company there are no dues of income tax sales taxgoods and service tax service tax duty of customs duty of excise and value added taxwhich have not been deposited on account of any dispute except the following:

Name of the Statute Nature of the dues Payable ` in Lacs Period to which the amount relates Forum where dispute is pending
Uttar Pradesh Value Added Tax 2008/ Central Sales Tax Act 1956 Value Added Tax/ Central Sales Tax 1.32 2007-08 Commercial Tax Tribunal Uttar Pradesh
Uttar Pradesh Value Added Tax 2008 Interest/Penalty on Value Added Tax 3.91 2013-14 Commercial Tax Dept. Uttar Pradesh
Uttar Pradesh Value Added Tax 2008 Value Added Tax/ Central Sales Tax 2.36 2014-15 Commercial Tax Dept. Uttar Pradesh
Central Sales Tax Act 1956 Penalty for non-filing of CST return 0.60 2007-08 Commercial Tax Dept. Maharashtra
Gujrat Value Added Tax Act 2003/ Central Sales Tax Act 1956 Value Added Tax/ Central Sales Tax 200.99 2012-13 Commercial Tax Dept. Gujrat

8. The Company has not defaulted in repayment of loans or borrowings to banks duringthe year. The Company has not taken any loans or borrowings from financial institutiongovernment and debenture holders during the year.

9. In our opinion and according to the information and explanations given to us theterm loans have been applied for the purpose for which they were raised. The Company hasnot raised any money by way of Initial public offer or further public offer (Includingdebt instrument) during the year.

10. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud by or on the Company by its officers or employees noticed or reportedduring the year nor have we been informed of such case by the management.

11. According to the information and explanations given to us and based on examinationof records of the Company managerial remuneration has been paid or provided for duringthe year is in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V of the Act.

12. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Therefore the provisions of clause 3(xii) of the Orderare not applicable to the Company.

13. During the course of our examination of the books of accounts and other records ofthe Company carried out in accordance with the generally accepted auditing practices inIndia and according to the information and explanations given to us all transactions withthe related party are in compliance with Section 177 and 188 of the Act and the detailshave been disclosed as required by the applicable Ind AS in Note 37 to the Standalone IndAS Financial Statements. 14. The Company has during the year raised equity capital bypreferential issue aggregating of ` 5100 lakhs in compliance with the Section 42 of theAct. The amount has been utilized for the purpose it was raised.

15. Based on the information and explanations given to us the Company has not enteredinto any non-cash transactions prescribed under Section 192 of the Act with directors orpersons connected with them during the year. 16. In our opinion the Company is notrequired to be registered under Section 45-IA of the Reserve Bank of India Act 1934.

For LODHA & CO.
Chartered Accountants
(Firm Regn. No. 301051E)
Mumbai R. P. Baradiya
Date : 21st May 2018 Partner
(Membership No. 44101)

ANNEXURE B

Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section143 of the Act

We have audited the internal financial controls over financial reporting of SafariIndustries (India) Limited ("the Company") as of March 31 2018 in conjunctionwith our audit of the Standalone Ind AS Financial Statements of the Company for the yearended 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 (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient 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 Act.

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 deemed tobe prescribed under Section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. 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 auditor's judgement including the assessment of the risks ofmaterial misstatement of the Standalone Ind AS financial statements whether due to fraudor 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 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.

Opinion

In our opinion the Company has broadly 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 2018 based on"the 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 issued by the Institute ofChartered Accountants of India.

For LODHA & CO.
Chartered Accountants
(Firm Regn. No. 301051E)
Mumbai R. P. Baradiya
Date : 21st May 2018 Partner
(Membership No. 44101)