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Shamrock Industrial Co Ltd.

BSE: 531240 Sector: Others
NSE: N.A. ISIN Code: INE022F01015
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NSE 05:30 | 01 Jan Shamrock Industrial Co Ltd
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OPEN 5.61
CLOSE 5.61
VOLUME 14885
52-Week high 8.65
52-Week low 4.65
P/E
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Shamrock Industrial Co Ltd. (SHAMROCKINDL) - Auditors Report

Company auditors report

To the Members of

Shamrock Industrial Company Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of ShamrockIndustrial Company Limited ("the Company") which comprise the balance sheet asat 31st March 2022 and the statement of Profit and Loss statement of changes in equityand statement of cash flows for the year then ended and notes to the financialstatements including a summary of significant accounting policies and other explanatoryinformation.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2022 and loss changes in equity and its cashflows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.

Description of each key audit matter in accordance with SA 701:

The Key Audit Matter How the matter was addressed in our Audit
Recoverability of investment Our procedures included:
The carrying value of the Company's investment in group companies represents Company's major share in total Investment. Recoverability of the investment is not considered a high risk of significant misstatement or subject to significant judgment. However due to the materiality of the investment in the context of the Company financial statements this is considered to be the area that had the greatest focus of our overall Company audit. Tests of detail:
Refer to note no. 4 attached to the Financial statements Compared the carrying amount of a sample of the highest value investments being an approximation of their minimum recoverable amount were in excess of their carrying amount and assessing whether those subsidiaries have historically been profit-making.

Management's Responsibility for the Standalone FinancialStatements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these standalone financial statements that give a true and fair view ofthe financial position financial performance (changes in equity) and cash flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the accounting Standards specified under section 133 of the Act. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statement that givea true and fair view and are free from material misstatement whether due to fraud orerror.

In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Information Other Than the Financial Statements And Auditors'Report Thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the AnnualReport but does not include the Standalone Financial Statements and our auditors'report thereon. Our opinion on the Standalone Financial Statements does not cover theother information and we do not express any form of assurance conclusion thereon. Inconnection with our audit of the Standalone Financial Statements our responsibility is toread the other information and in doing so consider whether such other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information; weare required to report that fact. We have nothing to report in this regard.

Auditor's Responsibilities for the Audit of the FinancialStatements

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

Paragraph 40(b) of this SA explains that the shaded material below canbe located in an Appendix to the auditor's report. Paragraph 40(c) explains that whenlaw regulation or applicable auditing standards expressly permit reference can be madeto a website of an appropriate authority that contains the description of theauditor's responsibilities rather than including this material in the auditor'sreport provided that the description on the website addresses and is not inconsistentwith the description of the auditor's responsibilities below.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concernbasis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause theCompany to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

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 of the Companies Act 2013 we give in the Annexure a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

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 Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules

(e) On the basis of the written representations received from the directors as on 31stMarch 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2022 from being appointed as a director in terms of Section164 (2) 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 A".

(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:

1. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements.

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

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

4. (a) The Management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been advanced orloaned or invested (either from borrowed funds or share premium or any other sources orkind of funds) by the Company to or in any other person or entity including foreignentity ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediary shall whether directly or indirectly lend or investin other persons or entities identified in any manner whatsoever by or on behalf of theCompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries;

(b) The Management has represented that to the best of its knowledge and belief nofunds (which are material either individually or in the aggregate) have been received bythe Company from any person or entity including foreign entity ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall whether directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever by or on behalf of the Funding Party("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriatein the circumstances nothing has come to our notice that has caused us to believe thatthe representations under sub-clause (i) and (ii) of Rule 11(e) as provided under (a) and(b) above contain any material misstatement.

For R SONI & COMPANY
Chartered Accountants
Firm's Registration No. 130349W
Sd/-
Rajesh Soni
Partner
Membership No. 133240
UDIN: 22133240ALPSEN7738
Place of Signature: Mumbai
Date: 25.05.2022

ANNEXURE A TO THE AUDITORS' REPORT

The Annexure referred to in our Independent Auditors' Report to themembers of the Company on the standalone financial statements for the year ended March 31st2022 we report that:

(i) (a) In our opinion and according to the information and explanation given tous The Company is maintaining proper records showing full particulars includingquantitative details and situation of property plant and equipment. The Company does nothave any intangible assets.

(b) The Company has a program of verification to cover all items of property plant andequipment in a phased manner over a period of three years which in our opinion isreasonable having regard to the size of the company and the nature of its assets.

Pursuant to the program certain property plant and equipment were physically verifiedby the management during the year. According to the information and explanations given tous no material discrepancy was noticed on such verification.

(c) According to the information and explanations given to us and the records examinedby us we report that the company does not hold any freehold and leasehold immovableproperties of land and building as at the balance sheet date.

(d) The Company has not revalued its property plant and equipment (including right ofuse asset) during the year. Accordingly paragraph 3(i)(d) of the order is not applicable.

(e) In our opinion and according to the information and explanations given to us thereare no proceedings initiated or are pending against the Company for holding any benamiproperty under the Benami Transactions (Prohibition) Act 1988 (45 of 1988) and rules madethereunder. Accordingly paragraph 3 (i) (e) of the Order is not applicable.

(ii) (a) The Company does not have any inventory and hence reporting under clause3(ii)(a) of the order is not applicable.

(b) The Company has not been sanctioned working capital limits in excess of five crorerupees in aggregate from banks or financial institutions on the basis of security ofcurrent assets at any point of time during the year. Accordingly paragraph 3 (ii) (b) ofthe Order is not applicable.

(iii) In our opinion and according to information and explanation given to us theCompany has not made investments in/ provided any guarantee or security/ granted any loansor advances in the nature of loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties. Accordingly paragraph 3 (iii) of the Order isnot applicable.

(iv) In our opinion and according to information and explanation given to us inrespect of loans investments guarantees and security the Company has complied with theprovisions of sections 185 and section 186 of the Companies Act 2013.

(v) In our opinion and according to the information and explanations given to usthe Company has not accepted any deposits or amounts which are deemed to be depositsduring the year. Accordingly paragraph 3 (v) of the Order is not applicable.

(vi) The Central Government of India has not prescribed the maintenance of costrecords under sub-section (1) of section 148 of the Act for any of the activities of thecompany and accordingly paragraph 3 (vi) of the order is not applicable.

(vii) (a) Amounts deducted/ accrued in the books of account in respect ofundisputed statutory dues including goods and services tax provident fund employees'state insurance income-tax sales-tax service tax duty of customs duty of excisevalue added tax cess and other material statutory dues have been generally regularlydeposited by the Company with the appropriate authorities.

(b) No undisputed amounts payable in respect of goods and services tax provident fundemployees' state insurance income-tax sales-tax service tax duty of customs duty ofexcise value added tax cess and other material statutory dues were in arrears as atMarch 31 2022 for a period of more than six months from the date they became payable.

(c) There are no statutory dues referred to in sub-clause (a) which have not beendeposited on account of dispute.

(viii) In our opinion and according to the information and explanations given tous there are no transactions not recorded in the books of account that have beensurrendered or disclosed as income during the year in the tax assessments under the IncomeTax Act 1961 (43 of 1961). Accordingly paragraph 3 (viii) of the Order is notapplicable.

(ix) (a) In our opinion and according to the information and explanations given tous the Company has not defaulted in repayment of loans or other borrowings or in thepayment of interest thereon to any lender during the year.

(b) In our opinion and according to the information and explanations given to us theCompany is not declared as a willful defaulter by any bank or financial institution orother lender.

(c) The Company has not taken any term loan during the year and there are nooutstanding term loan at the beginning of the year and hence reporting under clause3(ix)(c) of the order is not applicable.

(d) In our opinion and according to the information and explanations given to us fundsraised on short term basis have not been utilized for long term purposes.

(e) The Company does not have any subsidiaries/ associates/ joint-ventures andaccordingly paragraphs 3 (ix) (e) and 3 (ix) (f) of the Order are not applicable.

(f) In our opinion and according to the information and explanations given to us thecompany has not raised any loans during the year on the pledge of securities held in itssubsidiaries joint ventures or associate companies.

(x) (a) In our opinion and according to the information and explanations given tous the Company has not raised any money by way of initial public offer or further publicoffer (including debt instruments) during the year. Accordingly paragraph 3 (x) (a) ofthe Order is not applicable.

(b) In our opinion and according to the information and explanations given to us theCompany has not made any preferential allotment or private placement of shares orconvertible debentures (fully partially or optionally convertible) during the year.Accordingly paragraph 3 (x) (b) of the Order is not applicable.

(xi) (a) To the best of our knowledge and according to the information andexplanations given to us no fraud by the Company or no material fraud on the Company byany person has been noticed or reported during the year. Accordingly paragraph 3 (xi) (a)of the Order is not applicable.

(b) Since there is no fraud by the Company or no material fraud on the Company byany person has been noticed or reported during the year paragraph 3 (xi) (b) of the Orderis not applicable.

(c) To the best of our knowledge and according to the information and explanationsgiven to us no whistle-blower complaints have been received by the Company during theyear.

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

(xiii) 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 Standalone financial statements as required by theapplicable accounting standards.

(xiv) (a) In our opinion and according to the information and explanations given tous the Company has an internal audit system commensurate with the size and nature of itsbusiness.

(b) The reports of the internal auditors for the year under audit were consideredby us as part of our audit procedures.

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

(xvi) (a) In our opinion and according to the information and explanations given tous the Company is not required to be registered under section 45-IA of the Reserve Bankof India Act 1934.

(b) In our opinion and according to the information and explanations given to usthe Company has not conducted any Non-Banking Financial or Housing Finance activitieswithout a valid Certificate of Registration (CoR) from the Reserve Bank of India as perthe Reserve Bank of India Act 1934.

(c) In our opinion and according to the information and explanations given to usthe Company is not a Core Investment Company (CIC) as defined in the regulations made bythe Reserve Bank of India. Accordingly paragraph 3 (xvi) (c) of the Order is notapplicable.

(d) In our opinion and according to the information and explanations given to us theCompany is not a Core Investment Company (CIC) and it does not have any other companies inthe Group. Accordingly paragraph 3 (xvi) (d) of the Order is not applicable.

(xvii) The Company has incurred cash losses of Rs. 20.75 Lakhs and Rs.31.39 Lakhsrespectively in the financial year and in the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors during the year.Accordingly paragraph 3 (xviii) of the Order is not applicable.

(xix) In our opinion and according to the information and explanations given to usand on the basis of the financial ratios ageing and expected dates of realisation offinancial assets and payment of financial liabilities other information accompanying thefinancial statements our knowledge of the board of directors and management plans thereare material uncertainties exist as on the date of the audit report that Company iscapable of meeting its liabilities existing at the date of balance sheet as and when theyfall due within a period of one year from the balance sheet date.

(xx) (a) In our opinion and according to the information and explanations given tous in respect of other than ongoing projects there are no unspent amounts to betransferred to a fund specified in Schedule VII to the Act.

(b) In our opinion and according to the information and explanations given to us thereare no amount remaining unspent under sub-section (5) of section 135 of the Act pursuantto any ongoing project to be transferred to special account in compliance with theprovision of sub-section (6) of section 135 of the said Act.

(xxi) In our opinion and according to the information and explanations given to usthe Company does not have investments in subsidiaries/ associates or joint venturecompanies. Accordingly paragraph 3 (xxi) of the Order is not applicable.

For R SONI & COMPANY
Chartered Accountants
Firm's Registration No. 130349W
Sd/-
Rajesh Soni
Partner
Membership No. 133240
UDIN: 22133240ALPSEN7738
Place of Signature: Mumbai
Date: 25.05.2022

ANNEXURE B TO THE AUDITORS' REPORT

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financialreporting of Shamrock Industrial Company Limited ('the Company') as of 31st March2022 in conjunction with our audit of the standalone 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 andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting (the "Guidance Note") issued by the Institute of CharteredAccountants of India (the "ICAI"). These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to the Company's policies safeguarding of its assets prevention anddetection of frauds and errors accuracy and completeness of the accounting records andtimely preparation of reliable financial information as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by the Institute of Chartered Accountantsof India. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk.

The procedures selected depend on the auditor's judgmentincluding the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that

(1) Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the company has in all material respects an adequateinternal financial control system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at march 312022 based onthe 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 control over financial reporting issued by the Institute ofChartered Accountant of India.

For R SONI & COMPANY
Chartered Accountants
Firm's Registration No. 130349W
Sd/-
Rajesh Soni
Partner
Membership No. 133240
UDIN: 22133240ALPSEN7738
Place of Signature: Mumbai
Date: 25.05.2022

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