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Shangar Decor Ltd.

BSE: 540259 Sector: Others
NSE: N.A. ISIN Code: INE118R01016
BSE 00:00 | 16 Sep 38.00 -0.95
(-2.44%)
OPEN

38.00

HIGH

38.00

LOW

38.00

NSE 05:30 | 01 Jan Shangar Decor Ltd
OPEN 38.00
PREVIOUS CLOSE 38.95
VOLUME 20000
52-Week high 45.95
52-Week low 13.50
P/E
Mkt Cap.(Rs cr) 12
Buy Price 37.75
Buy Qty 100.00
Sell Price 40.25
Sell Qty 100.00
OPEN 38.00
CLOSE 38.95
VOLUME 20000
52-Week high 45.95
52-Week low 13.50
P/E
Mkt Cap.(Rs cr) 12
Buy Price 37.75
Buy Qty 100.00
Sell Price 40.25
Sell Qty 100.00

Shangar Decor Ltd. (SHANGARDECOR) - Auditors Report

Company auditors report

TO THE MEMBERS OF SHANGAR DECOR LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of SHANGAR DECORLIMITED("the Company") which comprise the Balance Sheet as at 31st March2018 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of the significant accounting policies and other explanatory information.

Management's Responsibility 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 and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding 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 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 financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder 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 financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

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

Opinion

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 31stMarch 2018 and its profit/loss and its cash flows for theyear ended on that date.

Our opinion is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

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 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018from being appointed as a director interms of Section 164 (2) of the Act.

(f) 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 does nothave any pending litigations which would impact its financialposition.

ii The Company did nothave any long-term contracts including derivative contractsfor which there were anymaterial foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For NIRAL PARIKH & ASSOCIATES

Chartered Accountants

(FRN 134321W)

Sd/-

(Niral Parikh)

Partner

(Membership No. 144951)

Ahmedabad

Date: 30/05/2018

Annexure to the Independent Auditors' Report

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

(1) In Respect of Fixed Assets

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

(b) Fixed assets have been physically verified by the management at reasonableintervals; No material discrepancies were noticed on such verification.

(2) In Respect of Inventory

(a) Physical verification of inventory has been conducted at reasonable intervals bythe management.

(b) Procedures for physical verification of inventory followed by the management isreasonable and adequate in relation to the size of the company and the nature of itsbusiness. There are no inadequacies in such procedures that should be reported.

(c) Company is maintaining proper records of inventory. No material discrepancies werenoticed on physical verification.

(3) Loans and advances to parties covered under section 189

YES

(a) Interest has not been charged

(b) Based on our audit procedures and the information and explanation made available tous no amount is overdue.

(4) Internal Control in reference to Purchase of Inventory and Fixed Assets and whetherthere is continue failure of Internal control

In our opinion and according to the information and explanations given to us there areadequate internal control systems commensurate with the size of the company and the natureof its business for the purchase of inventory and fixed assets and for the sale of goodsand services. During the course of audit We have not observed continuing failure tocorrect major weaknesses in internal control system.

(5) Rules followed while accepting Deposits

In respect of deposits accepted in our opinion and according to the information andexplanations give to us directives issued by the Reserve Bank of India and the provisionsof Section 73 to 76 or another relevant provisions of the Companies Act 2013 and therules framed there under to the extent applicable have been complied with. We areinformed by the management that no order has been passed by the company law BoardNational Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.

(6) Maintenance of cost records

To the best of our knowledge and as explained the Central Government has notprescribed maintenance of cost records under sub-section (l) of section 148 of theCompanies Act for the products of the company.

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

(a) The company is irregular in depositing with appropriate authoritiesundisputed statutory dues including Provident fund Investor education protection fundEmployees' state insurance Income tax Sales tax Wealth tax Service tax Custom dutyExcise duty Cess and other material statutory dues applicable to it. Service tax &VAT has not been deposited to the government.

(b) According to the records of the Company there are no dues of provident fundemployees' state insurance income-tax sales-tax wealth tax service tax duty ofcustoms duty of excise value added tax or cess and any other statutory dues with theappropriate authorities that have been not been deposited on amount of any dispute.

TDS and other dues are not paid in time or are delayed by many quarters in most of thecases

(c) N.A

(8) Company which has been registered for a period less than five years and accumulatedlosses are more than 50% of Net worth Reporting of cash Losses

This clause is not applicable

(9) Default in Repayment of Loans taken from Bank or Financial Institutions

Based on our audit procedures and as per the information and explanations given by themanagement we are of the opinion that the company has not defaulted in repayment of duesto a financial institution or bank. Though there is irregularity in making payment tobank loans

(10) Terms for Loans and Advances from Banks or Financial Institutions prejudicial tothe interest of the company

On the basis of records examined by us and information provided by the management weare of the opinion that the company has not given guarantees for loans taken by other frombanks or financial institutions.

(11) Application versus purpose for which Loan Granted

Based on information and explanations given to us by the management term loans wereapplied for the purpose for which the loans were obtained.

(12) Reporting of Fraud During the Year Nature and Amount

Based upon the audit procedures performed for the purpose of recording the true andfair view of the financial statements and as per the information and explanations given bythe management we report that no fraud or by the company has been noticed or reportedduring the course of our audit.

FOR Niral Parikh & Associates
(Chartered Accountants)
Place : Ahmedabad Reg No. :134321W
Date :30/05/2018
Sd/- Niral Parikh
(Partner)
Membership No : 144951