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Shish Industries Ltd.

BSE: 540693 Sector: Industrials
NSE: N.A. ISIN Code: INE145Y01015
BSE 00:00 | 27 Oct 58.50 0
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NSE 05:30 | 01 Jan Shish Industries Ltd
OPEN 58.50
PREVIOUS CLOSE 58.50
VOLUME 4000
52-Week high 58.50
52-Week low 34.90
P/E 27.73
Mkt Cap.(Rs cr) 27
Buy Price 44.00
Buy Qty 4000.00
Sell Price 58.95
Sell Qty 4000.00
OPEN 58.50
CLOSE 58.50
VOLUME 4000
52-Week high 58.50
52-Week low 34.90
P/E 27.73
Mkt Cap.(Rs cr) 27
Buy Price 44.00
Buy Qty 4000.00
Sell Price 58.95
Sell Qty 4000.00

Shish Industries Ltd. (SHISHINDUSTRIES) - Auditors Report

Company auditors report

TO THE MEMBERS OF

SHISH INDUSTRIES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of Shish Industries Ltd.("the Company") which comprise the Balance Sheet as at March 31 2019 and theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the 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 preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance 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 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 financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement. An audit involvesperforming procedures to obtain audit evidence about the amounts and disclosures in thefinancial statements. The procedures selected depend on the auditor's judgment includingthe assessment of the risks of material misstatement of the financial statements whetherdue to fraud or error. In making those risk assessments the auditor considers internalcontrol relevant to the Company's preparation and fair presentation of the financialstatements in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by management as well as evaluating theoverall presentation of the financial statements. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and explanations given by themanagement to us financial statements of the company prepared by management are preparedin accordance with applicable accounting standards and generally accepted accountingpolicies; this financial statements along with notes to accounts provides true and fairview.

(i) in the case of the Balance Sheet of the state of affairs of the Company as at 31March 2019;

(ii) in the case of the Profit and Loss Account of the profit of the Company for theyear ended on that date.

(iii) in the case of the Statement on Other Comprehensive Income of the income of theCompany for the year ended on that date.

(iv) in the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.

Basis of 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 thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance 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 Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matter

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.

There are no Key Audit Matters Reportable as per SA 701 issued by ICAI.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report but doesnot include the financial statements and our auditor's report thereon. These reports areexpected to be made available to us after the date of our auditor's report.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon. In connection with our audit of thefinancial statements our responsibility is to read the other information identified abovewhen it becomes available and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated.

When we read the other information included in the above reports if we conclude thatthere is material misstatement therein we are required to communicate the matter to thosecharged with governance and determine the actions under the applicable laws andregulations.

Report on Other Legal and Regulatory Requirements

1 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 mattersspecified in paragraphs 3 and 4 of the Order.

2 As required by section 143(3) of the Act we report that:

(a) we have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;

(b) in our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

(c) the Balance Sheet and Statement of Profit and Loss Statement on OtherComprehensive Income and Cash Flow Statement dealt with by this Report are in agreementwith the books of account;

(d) in our opinion the aforesaid standalone financial statements comply with the u/s133 of Companies Act 2013 and Companies (Indian Accounting Standards) Rules 2015("Ind AS") as amended by Companies (Indian Accounting Standards) Rules 2016

(e) on the basis of written representations received from the directors as on March 312019 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2019 from being appointed as a director in terms of sub- section (2) ofsection 164 of the Companies Act 2013.

(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".

(g) Without qualifying our opinion we on the basis of our examination of books ofaccounts and other documents have found certain matters which need an emphasis as aregiven below: Loan & Advances Creditors and Debtors balances as on 31/03/2019 aresubject to the confirmation and reconciliation with respective parties.

For K P C M & Co.
Chartered Accountants
Firm Reg. No. 0117390W
CA Kanaiya Asawa
Place: Surat Partner
Date: May 28 2019 Mem No.: 103498

Annexure A to the Independent Auditor's Report

The Annexure referred to in the auditors' report to the members of Shish IndustriesLtd. ("the Company") for the year ended March 31 2019. We report that:

i. In respect of Property Plant And Equipment;

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Property Plant And Equipment.

b) The management performs physical verification of its owned fixed assets which inour opinion is reasonable having regard to the size of the Company and the nature of itsassets. In accordance with this programme certain fixed assets were physically verifiedby the management.

c) Title Deeds of the immovable properties other than land are held in the name of theCompany.

ii. The inventory has been physically verified during the year by the management. Inour opinion the frequency of verification is reasonable. The procedures of physicalverification of inventories followed by the management are reasonable and adequate inrelation to the size of the company and the nature of its business. No discrepancies werenoticed on verification between the physical stocks and the book records.

iii. The company had not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained u/s 189of the Act during the year. Accordingly the provisions of clause 3 (iii) (a) to (c) ofthe Order are not applicable to the Company and hence not commented upon.

iv. In our opinion and according to the information and explanation given to us thecompany has complied with the provisions of section 185 and 186 of the companies Act 2013In respect of loans Investments guarantees and security.

v. The company has not accepted any deposits from the public during the year as per thedirectives issued by the Reserve Bank of India as mentioned in Sec.73 to 76 or otherrelevant provisions of the Companies Act and The Companies (Acceptance of Deposit) Rules2015 with regards to the deposits accepted from the public are not applicable. No orderhas been issued by Company Law Board or National Company Law Tribunal or Reserve Bank ofIndia or any court or any other tribunal and hence compliance is not required. vi. Thecompany has not made or maintained the cost records as prescribed by the CentralGovernment under sub-section (1) of section 148 of the Act as the same are not applicableto the company. vii. In respect of Statutory Dues;

a) According to information and explanations given to us and on the basis of ourexamination of the books of account and records the Company has not been regular indepositing undisputed statutory dues including Provident Fund Employees State InsuranceIncome-Tax goods & services Tax and any other statutory dues with the appropriateauthorities. According to the information and explanations given to us no undisputedamounts payable in respect of the above were in arrears as at March 31 2019 for a periodof more than six months from the date on when they become payable.

b) According to the information and explanation given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added taxgoods & services Tax outstanding on account of any dispute.

viii. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to any bankers or to any financialinstitutions during the financial year. The Company has not taken any loan from financialinstitutions or from the government and has not issued any debentures.

ix. During the financial year 2018-19 company had not raised any funds

x. Based upon the audit procedures performed and the information and explanations givenby the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

xi. Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act;

xii. In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 4 (xii) of the Order are not applicable to the Company.

xiii. In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 4 (xii) of the Order are not applicable to the Company.

xiv. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any private placement of shares duringthe year and hence this clause is not applicable.

xv. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any private placement of shares duringthe year and hence this clause is not applicable.

xvi. In our opinion the company is not required to be registered under section 45 IAof the Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi)of the Order are not applicable to the Company and hence not commented upon.

For K P C M & Co.
Chartered Accountants
Firm Reg. No. 0117390W
CA Kanaiya Asawa
Place: Surat Partner
Date: May 28 2019 Mem No.: 103498

Annexure - B to the Independent Auditor's Report

We have audited the internal financial controls over financial reporting of ('theCompany') as of March 31 2019 in conjunction with our audit of the standalone financialstatements of the Company for the year ended on that date.

The Company's management is responsible for establishing and maintaining internalfinancial controls. 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.

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 deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. 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 auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence I/we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

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 (a) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (b) 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 (c) provide reasonable assuranceregarding prevention or timely detection of unauthorized acquisition use or dispositionof the company's assets that could have a material effect on the financial statements.

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.

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 2019.

For K P C M & Co.
Chartered Accountants
Firm Reg. No. 0117390W
CA Kanaiya Asawa
Place: Surat Partner
Date: May 28 2019 Mem No.: 103498

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