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Shangar Decor Ltd.

BSE: 540259 Sector: Others
NSE: N.A. ISIN Code: INE118R01016
BSE 00:00 | 21 Jun 17.00 0






NSE 05:30 | 01 Jan Shangar Decor Ltd
OPEN 17.00
52-Week high 22.34
52-Week low 10.00
P/E 27.87
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 17.00
CLOSE 17.00
52-Week high 22.34
52-Week low 10.00
P/E 27.87
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Shangar Decor Ltd. (SHANGARDECOR) - Auditors Report

Company auditors report




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 March2017 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 of thesestandalone financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the

Accounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement 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 accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions 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.


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 Company as at 31st March 2017 and itsprofit/loss and its cash flows for the year 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 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (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 opinion and to thebest of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition.

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

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


Chartered Accountants


(Niral Parikh)


(Membership No. 144951)


Date: 30/05/2017

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


(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 authorities undisputedstatutory dues including Provident fund Investor education protection fund Employees'state insurance Income tax Sales tax Wealth tax Service tax Custom duty Excise dutyCess and other material statutory dues applicable to it. Service tax has not beendeposited 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.

(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 to bankloans

(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)

Reg No. :134321W

Niral Parikh


Membership No : 144951

Place : Ahmedabad

Date : 30/05/2017