The Members of
Shiva Global Agro Industries Limited
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying Standalone Ind AS financial statements of ShivaGlobal Agro Industries Limited (the Company) which comprise the Balancesheet as at March 31 2018 the Statement of Profit and Loss (including the OtherComprehensive Income) the Statement of Cash Flows and the Statement of Changes in Equityfor the year then ended and a summary of the significant accounting policies and otherexplanatory information.
Management's Responsibility for the Standalone Ind AS 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 Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 andthe Companies (Indian Accounting Standards) Rules 2015 as amended.
This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; 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 Standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these Standalone Ind AS financialstatements based 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 of the Standalone Ind AS Financial Statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Standalone Ind AS financial statements are freefrom material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Standalone Ind AS financial statements. The procedures selected dependon the auditor's judgement including the assessment of the risks of material misstatementof the Standalone Ind AS financial statements whether due to fraud or error. In makingthose risk assessments the auditor considers internal financial control relevant to theCompany's preparation of the Standalone Ind AS financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the Standalone Ind AS 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 Ind AS financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS of thestate of affairs (financial position) of the Company as at March 31 2018 and its profit(financial performance) including other comprehensive income its cash flows and thechanges in equity for the year ended on that date.
The Indian GAAP financial statements of the Company for the year ended March 31 2016were audited by another auditor whose report dated May 30 2016 expressed an unmodifiedopinion on those statements.
The Company had prepared separate sets of statutory financial statements for the yearended March 31 2017 and the transition date opening balance sheet as at April 1 2016 inaccordance with Accounting Standards prescribed under Section 133 of the Act read withRule 7 of the Companies (Accounts) Rules 2014 and the Companies (Indian AccountingStandard) Rules 2015 as amended. These financial statements have been adjusted for thedifferences in the accounting principles adopted by the Company on transition to Ind ASwhich have also been audited by us. Our opinion is unmodified 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 by the Central Government in terms of section 143(11) of the Act we give in theAnnexure A a statement on the matters specified in paragraphs 3 and 4 of theOrder.
2. As required by section 143(3) of the Act we report that: a. We have soughtand obtained all the information and explanations which to the best of our knowledge andbelief 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 it appears from our examination of those books. c. The Balance Sheetthe Statement of Profit and Loss including Other Comprehensive Income the Statement ofCash Flows and the Statement of Changes in Equity dealt with by this Report are inagreement with the books of account.
d. In our opinion the aforesaid Standalone Ind AS financial statements comply with theAccounting Standards referred of section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 and the Companies (Indian Accounting Standard) Rules 2015 asamended.
e. On the basis of written representations received from the directors as on March 312018 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2018 from being appointed as a director in terms of section 164(2) of theAct.
f. With respect to the adequacy of internal financial controls over financial reportingof the Company and the operating effectiveness of such controls referred to our separatereport in Annexure B.
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 does not have any pending litigations as at March 31 2018 which wouldimpact its financial position.
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended March 312018.
| ||For: Aditya Falor & Associates |
| ||Chartered Accountants |
| ||Firm Registration No. 127273W |
| ||CA Aditya G. Falor |
|Place: Nanded ||Proprietor |
|Date: May 30 2018 ||Membership No. 122487 |