You are here » Home » Companies » Company Overview » Samyak International Ltd

Samyak International Ltd.

BSE: 530025 Sector: Others
NSE: N.A. ISIN Code: INE607G01011
BSE 00:00 | 27 Feb 11.42 -0.60
(-4.99%)
OPEN

11.42

HIGH

11.42

LOW

11.42

NSE 05:30 | 01 Jan Samyak International Ltd
OPEN 11.42
PREVIOUS CLOSE 12.02
VOLUME 200
52-Week high 13.50
52-Week low 11.42
P/E 40.79
Mkt Cap.(Rs cr) 7
Buy Price 12.81
Buy Qty 120.00
Sell Price 12.60
Sell Qty 240.00
OPEN 11.42
CLOSE 12.02
VOLUME 200
52-Week high 13.50
52-Week low 11.42
P/E 40.79
Mkt Cap.(Rs cr) 7
Buy Price 12.81
Buy Qty 120.00
Sell Price 12.60
Sell Qty 240.00

Samyak International Ltd. (SAMYAKINTERNATI) - Auditors Report

Company auditors report

"Independent Auditor’s Report"

To

The Members of

Samyak International Limited

Mumbai

Auditor’s Opinion

We have audited the accompanying standalone Ind AS Financial statements of SamyakInternational Limited ('the Company') which comprise the Balance Sheet as at 31March 2019the Statement of Profit 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. We have alsoconducted the audit of the financial statements/ information of the CORPORATE OFFICEsituated at 21 Manglam Apartment 5B-Old PalasiaIndore-452001 included in thestandalone financial statements of the company whose financial statements/financialinformation reflect total assets of Rs. 5195.68 Lacs as at 31st March 2019 and the totalrevenue of Rs. 1998.57 lacs for the year ended on that date as considered in thestandalone financial statements/information. We have not visited the head office but havechecked and verified the accounts maintained in electronic form at the corporate officesituated at Indore.

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 theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2019 and profit/loss changes in equity and its cash flows for the yearended on that date.

Basis of Auditor’s Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies

Act 2013. Our responsibilities under those Standards are further described in theAuditor’s Responsibilities for the Audit of the Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India together with the ethical requirementsthat are relevant to our audit of the financial statements under the provisions of theCompanies Act 2013 and the Rules there under and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.Matter of significance are annexed here with our audit report

Responsibility of those charged with Governance for the Standalone 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 financial statements that give a true and fair view of the financialposition financial performance (changes in equity)[iv] and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theaccounting Standards specified under section 133 of the Act. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate implementationand maintenance of accounting policies; making judgments and estimates that are reasonableand prudent; 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 financialstatement that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany’s ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Auditor’s Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor’s report that includes our opinion. Reasonable assurance is ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements

Key audit matters

Matter remark
1 We have observed that the company does not maintain books of accounts at its registered head office situated at Mumbai. All books of accounts are maintained at its corporate office situated at Indore. Management has duly informed ROC of the same u/s 128 of the companies act and proper Board resolution has been passed for the same.
2 The company has acquired Keti Highway Developers Pvt Ltd. during the year. All the compliances as per SEBI guidelines were followed in such acquisition. All the procedures complied were duly audited by us. The Management has considered this transaction in the books of account in the manner as prescribed in Indian Accounting Standards

Our opinion is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ('the Order') issued bythe Central Government of India in exercise of powers conferred by sub-section 11 ofsection 143 of the Act we enclose in "Annexure A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order.

2. As required by sub-section 3 of Section 143 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 Balance Sheet the Statement of Profit and Loss (including other comprehensiveincome) the Statement of Cash Flows and the Statement of Changes in Equity dealt with bythis Report are in agreement with the books of account;

d) In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards prescribed under Section 133 of the Act read with relevantrules issued thereunder;

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 aredisqualified as on 31st March 2018 from being appointed as a Director in terms ofsubsection 2 of Section 164 of the Act;

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 did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

ii. There has been no such case observed which involve transferring of funds to theInvestor Education and Protection Fund by the Company.

For S.N. KABRA & ASSOCIATES
Chartered Accountants
Firm Reg. No. 3439C
PLACE : Indore Sd/-
DATE : 30th May 2019 CA. Satya narayan kabra
Partner
Membership No : 072497

Annexure "A" to Independent Auditor's Report

Annexure referred to in Paragraph 1 of "Report on Other Legal and RegulatoryRequirements" of our Report of even date on the accounts of Samyak Internationallimited for the year ended 31st March 2019.

As required by the Companies (Auditors Report) Order 2016 and according to theinformation and explanations given to us during the course of the audit and on the basisof such checks of the books and records as were considered appropriate we report that:

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

b) As explained to us the fixed assets have been physically verified by the managementin accordance with a phased programme of verification which in our opinion is reasonableconsidering the size of the Company and the nature of its assets. In accordance with thisprogram certain fixed assets were verified during the year. The frequency of verificationis reasonable and no discrepancies have been noticed on such physicalverification.

c) According to the information and explanations given to us and on the basis of ourexamination of records of the Company the title deeds of immovable properties are held inthe name of the Company.

(ii) The inventories have been physically verified by the management during the year atreasonable intervals. Discrepancies noticed on physical verification of inventories ascompared to book records were not material and have been properly dealt with in the booksof account.

(iii) a) According to the information and explanations given to us and based on theaudit procedures conducted by us there were no loans granted to any party mentioned inregister u/s 189 of the Companies Act 2013.

(iv) a) According to the information and explanations given to us and based on theaudit procedures conducted by us there were no loans granted by company to directors orany party related to directors.

(v) The Company has not accepted any deposits from the public.

(vi) As per explanation & information given to us the Central Government has notprescribed for the maintenance of cost records as required under section 148 (1) of theCompanies Act 2013.

(vii) a) Accordingly to the records of the Company the undisputed statutory duesincluding Provident Fund Income tax Sales tax Wealth tax Service tax Duty of CustomsDuty of Excise Value Added Tax and Cess to the extent applicable to the Company havebeen regularly deposited with the appropriate authorities. According to the informationand explanations given to us there are no undisputed amount payablein respect of suchstatutory dues which have remained outstanding as at 31st March 2019 for a period morethan six months from the date they became payable.

b) According to the information and explanations given to us disputed dues of IncomeTax Sales Tax Service Tax Duty of Custom Duty of Excise and Value Added Tax whichhave not been deposited on account of disputes with the related authorities are as under.

Nature of Liability Amount ( ) Period to which matter pertains Forum at which dispute is pending
Madhya Pradesh Value added Tax 224658 FY 2012-13 Commissioner of Apeals
Madhya Pradesh Value added Tax 1819628 FY 2012-13 Commissioner of Apeals
Madhya Pradesh Value added Tax 79238 FY 2013-14 Commissioner of Apeals
Madhya Pradesh Value added Tax 624326 FY 2013-14 Commissioner of Apeals
Madhya Pradesh Value added Tax 700140 FY 2013-14 Commissioner of Apeals
Madhya Pradesh Value added Tax 37555 FY 2014-15 Commissioner of Apeals
Madhya Pradesh Value added Tax 92824 FY 2014-15 Commissioner of Apeals
Madhya Pradesh Value added Tax 710274 FY 2014-15 Commissioner of Apeals
Madhya Pradesh Value added Tax 7209 FY 2015-16 Commissioner of Apeals
Madhya Pradesh Value added Tax 20871 FY 2015-16 Commissioner of Apeals
Madhya Pradesh Value added Tax 1901400 FY 2015-16 Commissioner of Apeals

(viii)company has not defaulted in repayment of dues to banks and financial institutionand dues to debenture holders. The Company has not borrowed any funds from the government.

ix) In our opinion and according to the information and explanations given to us moneyraised by way of term loans has been applied for the purpose it was raised.

x) According to the information & explanations given to us no fraud by the companyor on the company by its officers or employees has been noticed or reported during thecourse of our audit.

xi) According to the information and explanation given 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 mandate by the provision ofsection 197 read with schedule V of the Act.

xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3 (xii) of the Order is notapplicable.

xiii) According to the information and explanation given to us and based on ourexamination of the records of the Company transactions with related parties are incompliance with of section 177 and 188 of the Act where applicable for all transactionswith the related parties and the details of related party transactions have been disclosedin the financial statements etc. as required by the applicable accounting standards.

xiv) The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year.

xv) According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransactions with the directors or persons connected with him. Accordingly paragraph 3(xv) of the Order is not applicable.

xvi) In our opinion and according to the information and explanation given to us theCompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934.

For S.N. KABRA & ASSOCIATES
Chartered Accountants
Firm Reg. No. 3439C
PLACE : Indore Sd/-
DATE : 30th May 2019 CA. Satya narayan kabra
Partner
Membership No : 072497

Annexure "B" to the Independent Auditor's Report of even date on theStandalone financial statements of Samyak International Limited for the year ended 31stMarch 2019.

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 SamyakInternational Limited ("the Company") as of March 31 2019 in conjunction withour audit of the Standalone Ind AS financial statements of the Company for the year endedon 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 controls over financial reporting criteriaestablished by the Company considering the essential components of internal controlsstated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India ("ICAI"). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence toCompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013("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 and the Standards on Auditing issued by ICAI and deemed to beprescribed 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 controls based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the standalone Ind AS financial statements whether dueto 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 control systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial controls 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 controls 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 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 maydeteriorate.

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 effectively as at March 31 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 S.N. KABRA & ASSOCIATES
Chartered Accountants Firm
Reg. No. 3439C
PLACE : Indore Sd/-
DATE : 30th May 2019 CA. Satya narayan kabra
Partner
Membership No : 072497