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Shreeshay Engineers Ltd.

BSE: 541112 Sector: Infrastructure
NSE: N.A. ISIN Code: INE452Z01012
BSE 00:00 | 26 Jul Shreeshay Engineers Ltd
NSE 05:30 | 01 Jan Shreeshay Engineers Ltd
OPEN 16.50
PREVIOUS CLOSE 16.50
VOLUME 64000
52-Week high 22.20
52-Week low 16.40
P/E 26.61
Mkt Cap.(Rs cr) 22
Buy Price 16.40
Buy Qty 8000.00
Sell Price 18.00
Sell Qty 8000.00
OPEN 16.50
CLOSE 16.50
VOLUME 64000
52-Week high 22.20
52-Week low 16.40
P/E 26.61
Mkt Cap.(Rs cr) 22
Buy Price 16.40
Buy Qty 8000.00
Sell Price 18.00
Sell Qty 8000.00

Shreeshay Engineers Ltd. (SHREESHAYENGI) - Auditors Report

Company auditors report

TO THE MEMBERS OF SHREESHAY ENGINEERS LTD.

Report on the Financial Statements

We have audited the accompanying Statements of Financial Results of SHREESHAYENGINEERS LTD. ("the Company") for the year ended March 31 2018 the("Statement") being submitted by the Company pursuant to the requirement ofRegulation 33 of the SEBI(Listing Obligations and Disclosure Requirements)Regulations2015.

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 preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows 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 the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of theappropriate 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 financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

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 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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating 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 financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the Statements are presented in accordance with the requirements ofRegulation 33 of the SEBI(Listing Obligations and Disclosure Requirements)Regulations2015 and gives the a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2018 and its profit for the year ended on that date. The Statements includes theresults for the Half year ended 31st March 2018 being the balancing figure between auditedfigures in respect of the Full financial year and the published year to date figures uptofirst half of the current financial year which were subject to limited review by us.

For Vinod K Mehta & Co.

Chartered Accountants

(Firm Registration No. : 111508W)

Divyesh V Mehta

Partner

Membership No.:044293

Place: Mumbai

Date: 30th May 2018

"ANNEXURE A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under "Report on other legal and regulatoryrequirements" 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 Control over financial reporting of SHREESHAYENGINEERS LTD ("the Company") as of 31st March 2018 in conjunction with ouraudit of the financial statements of the Company for the year then ended.

Management Responsibility for the Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to the Company's policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor's 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 andprescribed under Section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 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 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 Controls Over Financial Reporting

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 :-

1. pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

2. provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

3. provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 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 31st March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting issued by the ICAI.

For Vinod K Mehta & Co.

Chartered Accountants

(Firm Registration No. : 111508W)

Divyesh V Mehta

Partner

Membership No.:044293

Place: Mumbai

Date: 30th May 2018

"ANNEXURE B" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in Paragraph 2 under "Report on other legal and regulatoryrequirements" of our report of even date)

1. In respect of its fixed assets:

a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information.

b. As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable havingregard to the size of the Company and nature of its assets. No material discrepancies werenoticed on such physical verification.

c. According to the information and explanations given to us and the title deeds/leasedeeds and other records examined by us we report that the title deeds / lease deeds inrespect of all the immovable properties of land which are freehold immovable propertiesof land that have been taken on lease and disclosed as fixed assets in the financialstatement and buildings are held in the Company's name or in the Company's erstwhile nameas at the balance sheet date.

2. As explained to us physical verification of the inventories have been conducted atreasonable intervals by the management which in our opinion is reasonable having regardto the size of the Company and nature of its inventories. No material discrepancies werenoticed on such physical verification.

3. The Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained underSection 189 of the Act. Consequently the requirement of clause (iii) (a) to clause (iii)(c) of paragraph 3 of the Order is not applicable to the Company.

4. The Company has not directly or indirectly advanced loan to the persons coveredunder section 185 of the Act or given guarantees or securities in connection with the loantaken by such persons. The Company has not made any investments or given any loan or anyguarantee or security in connection with the loan to any person or body corporate coveredunder Section 186 of the Act during the year and has complied with the provisions ofSection 186 of the Act in respect of investments loans guarantee or securityoutstanding at the year end.

5. According to the information and explanations given to us the Company has notaccepted any deposits nor has any unclaimed deposit within the meaning of the provisionsof Sections 73 to 76 or any other relevant provision of the Act and the Companies(Acceptance of Deposit ) Rules 2015 with regard to the deposits accepted from the publicare not applicable. Therefore the provisions of Clause (v) of paragraph 3 of the Orderare not applicable to the Company.

6. Reporting under clause 3(vi) of the Order is not applicable as the Company'sbusiness activities are not covered by the Companies (Cost Records and Audit) Rules 2014read with Section 148 of Companies Act2013.

7. In respect of Statutory dues :

(a) According to the records of the company undisputed statutory dues includingprovident fund employees' state insurance income tax sales tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues have beenregularly deposited with appropriate authorities. According to the information andexplanations given to us no undisputed amounts payable in respect of the aforesaid dueswere outstanding as at March 31 2017 for a period of more than six months from the datethey became payable.

(b) According to the information and explanations given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added tax cesson account of any dispute which have not been deposited.

8. In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to banks. The Company has not taken anyloan either from financial institutions or from the government and has not issued anydebentures.

9. The Company has not raised money by way of initial public offer (including debtinstruments) or term loan and hence clause (ix) of paragraph 3 of the Order is notapplicable to the Company.

10. Based on the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and as per information and explanations given to usno fraud by the Company is noticed or reported during the year nor have we been informedof any such instance by the Management.

11. In our opinion and according to the information and explanations given to usmanagerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of the Section 197 read with Schedule V to the Act.

12. In our opinion the company is not a nidhi company. Therefore the provisions ofclause (xii) of paragraph 3 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 Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

14. In our opinion and according to the information and explanations given to us theCompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year and hence clause (xiv) of paragraph 3 of theOrder is not applicable to the Company.

15. In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transaction with the Directors or Personsconnected with them and covered under Section 192 of the Act. Hence clause (xv) ofparagraph 3 of the Order is not applicable to the Company.

16. To the best of our knowledge and as explained the Company is not required to beregistered under Section 45-IA of the Reserve Bank of India Act 1934.

For Vinod K Mehta & Co.

Chartered Accountants

(Firm Registration No. : 111508W)

Divyesh V Mehta

Partner

Membership No.:044293

Place: Mumbai

Date: 30th May 2018