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Shiva Granito Export Ltd.

BSE: 540072 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE191V01015
BSE 00:00 | 19 Jul 7.86 -0.41
(-4.96%)
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NSE 05:30 | 01 Jan Shiva Granito Export Ltd
OPEN 7.86
PREVIOUS CLOSE 8.27
VOLUME 20000
52-Week high
52-Week low
P/E 31.44
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 7.86
CLOSE 8.27
VOLUME 20000
52-Week high
52-Week low
P/E 31.44
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Shiva Granito Export Ltd. (SHIVAGRANITO) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

THE MEMBERS OF SHIVA GRANITO EXPORT LIMITED

Report on the Financial Statements

We have audited the accompanying standalone financial statements of Shiva GranitoExport Limited which comprises the Balance sheet as at 31st March 2017 andthe statement of Profit & Loss and the cash flow statement for the year then ended anda summary of the significant accounting policies and other explanatory information.

Management's Responsibility for thestandalone Financial Statement

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 and financial performance of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. 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 statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditors' 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 madethere under and the order under section 143(11) ofthe Act

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 assessmentof the risks of material misstatement of thefinancial statements whether due to fraud or error. In makingthose risk assessments theauditor considers internal financial control relevant to the Company's preparationof thefinancial statements that give a true and fair view in order to design audit proceduresthat areappropriate in the circumstances. An audit also includes evaluating theappropriateness of the accountingpolicies used and the reasonableness of the accountingestimates made by the Company's Directors as well asevaluating the overall presentationof 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 afore said 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 31st March 2017 and its Profit and its cash flows for the year ended onthat date.

Report on other Legal & Regulatory Requirement

As required by the Companies (Auditors' Report) Order2016("the Order")issued by the Central Government of India in terms of sub section (11) of section 143 ofthe Companies Act 2013. We give in the Annexure A statements on the matters specified inparagraphs 3 and 4 of the order to the extent applicable.

01 As required by Section 143 (3) of the Act we reportthat:

(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 dealt with by this Reportare 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 on31/03/2017taken on record by the Board of Directors none of the directors is disqualifiedas on 31/03/2017from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of theCompany and the operating effectiveness of such controls refer to ourseparate Report 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 which would impact on itsfinancial position.

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

iii. There was no amount which were required or required to be transferred to theInvestor Education and Protection Fund by the Company.

FOR NENAWATI & ASSOCIATES.

Chartered Accountants

FRN 02148C

(C.S.NENAWATI)

Partner

M.No. 071341

Place: Udaipur

Date: 26th May 2017

Annexure A to the Independent Auditors' Report (Referred to in paragraph 2 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 the fixed assets.

(b) The Fixed assets have been physically verified by the management at reasonableintervals; According to the information and explanation given to us no materialdiscrepancies were noticed on such verification

(c) The land taken on lease and the title deeds held in the name of lease holder.

(2) In respect of Inventory

(a) As explained to us inventories were physically verified during the year by themanagement at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us thecompany has Maintained Proper records of its inventories and no material discrepancieswere noticed on physical verification.

(3) The Company has not granted any loans secured or unsecured to Companies firmslimited liability Partner ships or other parties covered in the register maintained undersection 189 of The Companies Act 2013. Accordingly the provisions Of clause 3(iii)(a) to(c) of the order are not applicable.

(4) In our opinion and according to the information and explanations given to us thecompany has Complied with the provisions of section 185 and 186 of the companies Act2013in respect of loans investments guarantee and security.

(5) According to the information and explanations given to us the company has notaccepted any deposit from public during the year hence the directives issued by

Reserve Ban of India and the provisions of section 73 to 76 or any other relevantprovision of the Act and the companies (Acceptance of deposit) Rules2015 with regard tothe deposits accepted from public are not applicable.

(6) According to the information and explanations given to us the Central Governmenthas not prescribed maintenance of cost records under sub-section (l) of section 148 of theCompanies Act for the products of the company.

(7) (a) According to the information and explanations given to us and on the basis ofour examination of the books of accounts and records the Company has generally beenregular in depositing undisputed statutory dues including income-tax Sales-tax valueadded tax custom duty Excise duty cess and any other statutory dues with the appropriateauthorities. .We are informed that the provisions of Employees Provident Fund Act andState Insurance Act is not applicable to the Company. According to the information andexplanations given to us no undisputed amounts payable in respect of the above were inarrears as at March 312017 for a period of more than six months from the date on whenthey become payable.

(b) In our opinion and information given to us there are no other disputes pendingregarding statutory dues of income-tax Sales-tax service tax value added tax customduty Excise duty cess.

(8) Based on our audit and according to the information and explanations given by themanagement we are of the opinion that the company has not defaulted in the repayment ofdues to financial institutions and Banks.

(9) Based on our audit and according to the information and explanations given by themanagement the company has raised moneys by way of initial public offer and utilisationof the proceeds from the InitialPublic offer of equity shares made in pursuance of theprospectus dated 12.08.2016

(10) Based on our audit and according to the information and explanations given by themanagement we report that no fraud by the company or on the company by its officers oremployees has been notices or reported during the year.

(11) Based on our audit and according to the information and explanations given by themanagement the managerial remuneration has been paid or provided in accordance with therequisite approvals by the provisions of section 197 read with schedule V to the CompaniesAct.

(12) In our opinion the company is not a Nidhi Company therefore the provisions ofclause 3(xii) of the order are not applicable to the company.

(13) In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of the Companies Act 2013 where applicable and details have beendisclosed in the Financial Statements as required by the applicable accounting standards.

(14) Based on our audit and according to the information and explanations given by themanagement the company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.Accordingly the provisions of clause 3(xiv) of the order are not applicable to thecompany hence not commented upon.

(15) Based on our audit and according to the information and explanations given by themanagement the Company has not entered into any non-cash transactions with directors orpersons connected with him. Accordingly the provisions of clause 3(xv) of the order arenot applicable to the company hence not commented upon.

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

FOR NENAWATI & ASSOCIATES.

Chartered Accountants

FRN 02148C

(C.S.NENAWATI)

Partner

M.No. 071341

Place: Udaipur

Date: 26th May 2017

Annexure B" to the Independent Auditor's Report of even date on the standalonefinancial statements of Shiva Granito Exports Limited

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

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ShivaGranito Export Limited ("the Company") as of March 31 2017 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on control criteria of "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 issued by the Institute of Chartered Accountants of India". Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

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 audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Control Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financialreporting 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 (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

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.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 312016 based on control criteria of"the 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 Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

FOR NENAWATI & ASSOCIATES.

Chartered Accountants

FRN 02148C

(C.S.NENAWATI)

Partner

M.No. 071341

Place: Udaipur

Date: 26th May 2017