REPORT ON THE AUDIT OF FINANCIAL RESULTS
The Board of Directors
Shreeshay Engineers Limited.
Report on Audit of Financial Statements of Shreeshay Engineers Limited for the yearended as on March 31 2021 Opinion
We have audited the accompanying Statements of Financial Results of SHREESHAY ENGINEERSLTD. ("the Company") for the half and year ended March 31 2021 the("Statement") being submitted by the Company pursuant to the requirement ofRegulation 33 of the SEBI(Listing Obligations and Disclosure Requirements)Regulations2015 as amended ("the listing regulations").
In our opinion and to the best of our Information and according to the explanationsgiven to us the Statement:
i. is presented in accordance with the requirements of Regulation 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 as amended; and
ii. gives a true and fair view in conformity with the recognition and measurementprinciples laid down in the applicable accounting standards and other accountingprinciples generally accepted in India of the net profit and other financial informationfor the half and year ended 31st March 2021.
Basis of Opinion
We conducted our audit In accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013 (the Act). Our responsibilities underthose Standards are further described In the Auditor's Responsibilities for the Audit ofthe Financial Results section of our report. We are independent of the Company Inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial results under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that in our professional judgement were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.
We have determined that there are no key audit matters to be communicated in our report
Management's Responsibility for the Financial Results
These half yearly and yearly financial results have been prepared on the basis of theInterim and annual financial statements respectively.The Company's Board of Directors isresponsible for the matters stated in Section 134(5) of the Companies Act 2013 ('theact') with respect to the preparation of these financial results that give a true and fairview of 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 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 ofthe appropriate accounting policies; making judgments and estimates that are reasonableand prudent; 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 financialresults that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
In preparing the financial results the Board of Directors are responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessthe Board of Directors either intends to liquidate the Company or to cease operations orhas no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company's financialreporting process.
Auditors' Responsibilities for the Audit of the Financial Results
Our objectives are to obtain reasonable assurance about whether the financial resultsas a whole are free from material misstatement whether due to fraud or error and toissue an auditor's report that includes our opinion. Reasonable assurance is 3 high levelof assurance but is not a guarantee that an audit conducted in accordance with SAs willalways detect a material misstatement when it exists. Misstatements can arise from fraudor error and are considered material if individually or in the aggregate they couldreasonably be expected to influence the economic decisions of users taken on the basis ofthese financial results.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:
1 Identify and assess the risks of material misstatement of the financial resultswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that Is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.
2 Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on the effectiveness of the company's internal control.
3 Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by the Board of Directors.
4 Conclude on the appropriateness of the Board of Directors' use of the going concernbasis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial results or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.
5 Evaluate the overall presentation structure and content of the financial resultsincluding the disclosures and whether the financial results represent the underlyingtransactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
The annual financial results include the results for the half year ended 31 March 2021being the balancing figure between the audited figures in respect of the full financialyear ended March 31 2021 and the published unaudited year to date figures up to the firsthalf year of the current financial year.
|For Vinod K Mehta & Co. |
|Chartered Accountants |
|(Firm Registration No. : 111508W) |
|Divyesh V Mehta |
|Membership No..044293 |
|Place; Mumbai |
|Date: 30/06/2021 |
|UDIN; 21044293AAAAEE6161 |