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Shree Ganesh Remedies Ltd.

BSE: 540737 Sector: Health care
NSE: N.A. ISIN Code: INE414Y01015
BSE 00:00 | 23 Sep 69.00 -1.00
(-1.43%)
OPEN

68.00

HIGH

69.00

LOW

68.00

NSE 05:30 | 01 Jan Shree Ganesh Remedies Ltd
OPEN 68.00
PREVIOUS CLOSE 70.00
VOLUME 9000
52-Week high 76.15
52-Week low 49.00
P/E 9.93
Mkt Cap.(Rs cr) 62
Buy Price 66.00
Buy Qty 3000.00
Sell Price 70.00
Sell Qty 3000.00
OPEN 68.00
CLOSE 70.00
VOLUME 9000
52-Week high 76.15
52-Week low 49.00
P/E 9.93
Mkt Cap.(Rs cr) 62
Buy Price 66.00
Buy Qty 3000.00
Sell Price 70.00
Sell Qty 3000.00

Shree Ganesh Remedies Ltd. (SHREEGANESHREM) - Auditors Report

Company auditors report

to the Members of Shree Ganesh Remedies Ltd.

ALL AMOUNTS IN INDIAN RUPEES (`) EXCEPT SHARE DATA AND WHERE OTHERWISE STATED

Report on the Financial Statements

We have audited the accompanying financial statements of Shree Ganesh Remedies Ltd.("the Company") which comprise the Balance Sheet as at March 31 2018 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 involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating 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. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India: (i) in the case of the Balance Sheet of the stateof affairs of the Company as at 31 March 2018; (ii) in the case of the Profit and LossAccount of the profit of the Company for the year 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 ofthe cash flows of the Company for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1 As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of subsection (11) ofsection 143 of the Act we give in the "Annexure B" 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 opinionproper books of account as required by law have been kept by the Company so far as appearsfrom our examination of those books; (c) the Balance Sheet and Statement of Profit andLoss Statement on Other Comprehensive Income and Cash Flow Statement dealt with by thisReport are in agreement with the books of account; (d) in our opinion the aforesaidstandalone financial statements comply with the u/s 133 of Companies Act 2013 andCompanies (Indian Accounting Standards) Rules 2015 ("Ind AS") as amended byCompanies (Indian Accounting Standards) Rules 2016 (e) on the basis of writtenrepresentations received from the directors as on March 31 2018 and taken on record bythe Board of Directors none of the directors is disqualified as on March 31 2017 frombeing appointed as a director in terms of subsection (2) of section 164 of the CompaniesAct 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 A" (g) Without qualifying our opinion we on thebasis of our examination of books of accounts and other documents have found certainmatters which need an emphasis as are given below: Loan & Advances Creditors andDebtors balances as on 31/03/2018 are subject to the confirmation.

For S R M B & Co Chartered Accountants

-Sd/-

Rushik J Patel Partner

Membership No.148969 F.R.No.141679W Place: Ankleshwar Date: 30th May 2018

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 ('theCompany') as of 31-Mar-2018 in conjunction with our audit of the standalone financialstatements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

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 offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information 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 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 Meaning of Internal Financial Controls Over Financial Reporting A company'sinternal financial control over financial reporting is a process designed to providereasonable assurance regarding the reliability of financial reporting and the preparationof financial statements for external purposes in accordance with generally acceptedaccounting principles. A company's internal financial control over financial reportingincludes those policies and procedures that

(a) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company; (b) providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (c) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the financialstatements Inherent Limitations of Internal Financial Controls Over Financial ReportingBecause 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 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 31-Mar-2018

For S R M B & Co Chartered Accountants

-Sd/-

Rushik J Patel Partner

Membership No.148969 F.R.No.141679W Place: Ankleshwar Date: 30th May 2018

Annexure - B to the Independent Auditor's Report

The Annexure referred to in the auditors’ report to the members of Shree GaneshRemedies Ltd. ("the Company") for the year ended 31 March 2018. We report that:

i. (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 are held in the name of the Company. ii.The inventory has been physically verified during the year by the management. In ouropinion 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 companyhad not granted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained u/s 189 of the Act duringthe year. Accordingly the provisions of clause 3 (iii) (a) to (c) of the Order are notapplicable 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 acceptedany deposits from the public during the year as per the directives issued by the ReserveBank of India as mentioned in Sec.73 to 76 or other relevant provisions of the CompaniesAct and The Companies (Acceptance of Deposit) Rules 2015 with regards to the depositsaccepted from the public are not applicable. No order has been issued by Company Law Boardor National Company Law Tribunal or Reserve Bank of India or any court or any othertribunal and hence compliance is not required. vi. The company has not made or maintainedthe cost records as prescribed by the Central Government under subsection (1) of section148 of the Act as the same are not applicable to the company.

According to information and explanations given to us and on the basis of ourexamination of the books of vii. (a) account and records the Company has been regular indepositing undisputed statutory dues including Provident Fund Employees State InsuranceIncome-Tax Sales tax Service Tax Duty of Customs Duty of Excise Value added TaxCess 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 2018 for a periodof more than six months from the date on when they become payable.

According to the information and explanation given to us there are no dues of incometax sales tax service (b) tax duty of customs duty of excise value added tax goods& services Tax outstanding on account of any dispute. viii. In our opinion andaccording to the information and explanations given to us the Company has not defaultedin repayment of dues to any bankers or to any financial institutions during the financialyear. The Company has not taken any loan from financial institutions or from thegovernment and has not issued any debentures.

Based upon the audit procedures performed and the information and explanations given bythe management the ix. company has raised moneys by way of initial public offer. Howeverno new term loans have been raised by the company. The company has duly applied the fundsraised by way of initial public offering for the purpose for which they were raised. x.Based upon the audit procedures performed and the information and explanations given bythe management we report that no fraud by the Company or on the company by its officersor 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 NidhiCompany. Therefore the provisions of clause 4 (xii) of the Order are not applicable tothe Company.

xiii In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

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 explanations given bythe management the company has not entered into any non-cash transactions with directorsor persons connected with him. Accordingly the provisions of clause 3 (xv) of the Orderare not applicable to the Company and hence not commented upon.

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

For S R M B & Co Chartered Accountants

-Sd/-

Rushik J Patel Partner

Membership No.148969 F.R.No.141679W Place: Ankleshwar

Date: 30th May 2018