To the Members of Shivalik Rasayan Limited
Report on the Ind AS Consolidated Financial Statements
We have audited the accompanying Ind AS consolidated financial statements of ShivalikRasayan Limited ("the Company") which comprise the Consolidated Balance Sheetas at March 31 2019 the consolidated Statement of Profit and Loss including thestatement of
Other Comprehensive Income the consolidated Cash Flow Statement and the consolidatedStatement of Changes in Equity for the year then ended and a summary of significantexplanatory information.
Management's Responsibility for the Financial Statements
The Holding Company's Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these Ind AS consolidated financial statements that give a true and fairview of the consolidated financial position consolidated financial performance includingother comprehensive income consolidated flowsand cash changes in equity of the Company inaccordance with accounting principles generally accepted in India including the Indian
Accounting Standards (Ind AS) specified under section 133 of the
Act. read with Rule 7 of the Companies (Accounts) Rules 2014 and the Companies(Indian Accounting Standards) Rules 2015 as amended. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and the design implementationand maintenance of adequate internal financial control that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Ind AS consolidated financial statements that give atrue and fair view and are free from material misstatement whether due to fraud or error.
Our responsibility is to express an opinion on these Ind AS consolidated financialstatements based on our audit. We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit of the Ind AS consolidated financial statements in accordancewith the Standards on Auditing issued by the Institute of Chartered Accountants of Indiaas specified under
Section 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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the Ind ASconsolidated financial statements whether due to fraud or error.
In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the Ind AS consolidated financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the Ind AS consolidatedfinancial statements. accounting policies and other We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe Ind AS consolidated financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the Ind AS consolidated financial statements give the information required bythe 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 March 31 2019 its profit including other comprehensive income its cash flows andthe date.
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 based on the comments in the auditors' reports of the Holding Companyincorporated in India to the extent applicable.
2. As required by section 143 (3) of the Act we report that: (a) We have sought andobtained all the information and explanations which is to the best of our knowledge andbelief were necessary for the purpose of our audit; (b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books; (c) The Consolidated Balance Sheet Consolidated Statement ofProfit and Loss including the Statement of Other
Comprehensive Income the Consolidated Cash Flow Statement and Statement of Changes inEquity dealt with by this Report are in agreement with the books of account;
(d) In our opinion the aforesaid Ind AS consolidated financial statements comply withthe Accounting Standards specified under section 133 of the Act read with Rule
7 of the Companies (Accounts) Rules 2014 Companies (Indian Accounting Standards)Rules 2015 as amended; (e) On the basis of written representations received from theDirectors as on March 31 2019 and taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2019 from being appointed as a Director interms of section 164 (2) of the Act;
(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls; (g) Withrespect to the other matters to be included in the Auditor's Report in accordance withRule 11 of the Companies (Audit and Auditors) Rules 2014 as amended in our opinion andto the best of our information and according to the explanations given to us: i. TheCompany does not have any pending litigation which would impact its financial position;ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts; iii. There were no amounts which were required to be transferred tothe Investor Education and Protection Fund by the Company
|for Rai Qimat & Associates |
|Chartered Accountants |
|ICAI Firm Registration Number:013152C |
|CA Qimat Rai Garg |
|Membership Number: 080857 |
|Place : Gurugram |
|Date : 30.05.2019 |