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Shreyas Intermediates Ltd.

BSE: 526335 Sector: Industrials
NSE: N.A. ISIN Code: INE115F01017
BSE 00:00 | 05 Mar Shreyas Intermediates Ltd
NSE 05:30 | 01 Jan Shreyas Intermediates Ltd
OPEN 3.02
PREVIOUS CLOSE 3.02
VOLUME 1
52-Week high 3.69
52-Week low 2.73
P/E
Mkt Cap.(Rs cr) 5
Buy Price 3.02
Buy Qty 9.00
Sell Price 3.00
Sell Qty 97.00
OPEN 3.02
CLOSE 3.02
VOLUME 1
52-Week high 3.69
52-Week low 2.73
P/E
Mkt Cap.(Rs cr) 5
Buy Price 3.02
Buy Qty 9.00
Sell Price 3.00
Sell Qty 97.00

Shreyas Intermediates Ltd. (SHREYASINTERM) - Auditors Report

Company auditors report

TO THE MEMBERS OF

SHREYAS INTERMEDIATES LIMITED

Opinion

We have audited the accompanying financial statements of SHREYAS INTERMEDIATES LIMITED('the Company') which comprise the balance sheet as at 31 March 2019 the statement ofprofit and loss (including other comprehensive income) the statement of cash flows andthe statement of changes in equity for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

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 including the Ind As of the state of a airs(financial position) of the company as at 31st March 2019 and its profit (financialperformance including other comprehensive income) its Cash flow and the changes in equityfor the year ended on that date.

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"). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India together with the ethical requirements that are relevantto our audit of the Financial Statements under the provisions of the Act and Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the code of Ethics. We believe that the audit evidence we have obtainedis suficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

The Company has been served an order by the honourable National Company Law Tribunal(NCLAT) Mumbai Bench on 02/01/2019 sanctioning the scheme of arrangement however theapprovals for the said scheme of arrangement remained under process with the relevantauthorities and the directives of the above order are sought to be implemented in the nextfinancial year.

Key Audit Matters

Key audit matters are those matters that in our professional judgement were 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.

Other Information

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Director Report and CorporateGovernance Report but does not include the Financial Statements and our auditor's reportthereon

Our opinion on the Financial Statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the Financial Statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the Financial Statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated.

When we read the other information if we conclude that there is a materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.

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 including other comprehensive income cash flows and changes inequity of the Company in accordance with the Indian Accounting Standards (Ind AS)prescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended and other accounting principles generally accepted inIndia.

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 ofappropriate 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.

In preparing the Financial Statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objective are to obtain reasonable assurance about whether the Financial Statementsas 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 a 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 in uence the economic decisions of users taken on the basis ofthese Financial Statements.

A further description of our responsibilities for the audit of the Financial Statementsis included in Appendix -1 of this auditor's report.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act we report that:

(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 including other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the books of account.;

(d) in our opinion the aforesaid financial statements comply with the IndianAccounting Standards prescribed under section 133 of the Act.

(e) on the basis of the written representations received from the directors as on 31March 2018 taken on record by the Board of Directors none of the directors is disquali edas on 31 March 2018 from being appointed as a director in terms of Section 164 (2) of theAct;

(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". Our report expresses an unmodi ed opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting; and

(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 as amended inour opinion and to the best of our information and according to the explanations given tous :

i. The company has no pending litigation which would impact its financial positionexcept those disclosed in financial statements;

ii. The company did not have any long-term contract including derivative contract forwhich there were any material foreseeable losses;

iii.There were no amounts which were required by the company to be transferred to theInvestor Education and Protection Fund and;

2. As required by Section 143(3) of the Act based on our audit we report that:

As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of section 143(11) of the Act we givein the Annexure B a statement on the matters specified in the paragraph 3 and 4 of theOrder.

For A Sachdev & Co.
Chartered Accountants
(Firm's Registration No. 001307C)
CA Manish Agarwal
Place: Mumbai (Partner)
Date: 30th May 2019 (M.no. 078628)

Appendix-1

(Referred to in 'Auditor's Responsibilities for the Audit of the Financial Statements 'paragraph of the independent Auditor's Report)

As part of an audit in accordance with SAs we exercise professional judgement andmaintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Financial Statementswhether due to fraud or error design and perform audit procedure responsive to thoserisks and obtain audit evidence that is suficient 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.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143 (3)(I) ofthe Act we are also responsible for expressing our opinion on whether the Company hasadequate Internal Financial Controls with reference to Financial Statements in place andthe operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe Financial Statements or if such disclosures are inadequate to modify our opinion.Our conclusion are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

Evaluate the overall presentation structure and content of the Financial Statementsincluding the disclosures and whether the Financial Statements 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 ndings 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 where applicable relatedsafeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Financial Statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

For A Sachdev & Co
Chartered Accountants
FRN: 001307C
CA Manish Agarwal
Place: Mumbai Partner
Date: the 30th May 2019 M.No. 078628

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under 'Report on Other Legal and RegulatoryRequirements' section of our report to the Members of SHREYAS INTERMEDIATES LIMITED ofeven 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 SHREYASINTERMEDIATES LIMITED ("the Company") as of March 31 2019 in conjunction withour audit of the financial statements 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 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and effcient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 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 my /our audit opinion on the Company's internal financial controlssystem over 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 ofrecords that in reasonable detail accurately and fairly reffect 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 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 March 31 2019 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 Institute of CharteredAccountants of India.

For A Sachdev & Co.
Chartered Accountants
(Firm's Registration No. 001307C)
CA Manish Agarwal
Place: Mumbai (Partner)
Date: 30th May 2019 (M.No. 078628)

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT

Annexure referred to in paragraph 2 under the heading "Report on Other Legal andRegulatory Requirements" of our report on even date:- i. a) The company ismaintaining proper records showing full particulars including quantitative details andsituation of fixed assets;

b) According to the information and explanations given to us the Fixed Assets havebeen physically verified by the management at regular intervals and no materialdiscrepancies were noticed on such verification

c) The title deeds of immoveable properties are held in the name of the company.

ii. The inventories have been physically verified by the management during the year atreasonable interval. According to information & explanations given to us thediscrepancies noticed on verification between the physical stock and books record havebeen properly dealt with in the Books of accounts.

iii. According to information & explanations given to us the Company has notgranted any loans secured or unsecured to companies rms limited liabilities partnershipor other parties covered in the register maintained under section 189 of the CompaniesAct 2013. Hence reporting under clause (a) to (c) of Para 3(iii) are not applicable.

iv. The Company has not entered into any transaction in respect of loans investmentsguarantee and securities which attracts compliance to the provisions of the sections 185and 186 of the Companies Act 2013. Therefore the paragraph 3(iv) of the Order is notapplicable to the company.

v. In our opinion and according to information and explanations given to us theCompany has not accepted deposits in terms of the provisions of section 73 to 76 of theCompanies Act 2013 and rules framed there under. Therefore the paragraph 3(v) of theOrder is not applicable to the company.

vi. We have reviewed the books of account maintained by the Company pursuant to therules prescribed by the Central Government for maintenance of cost records u/s 148(1) ofthe Companies Act 2013 in relation to products manufactured and are of the opinion thatprima facie the prescribed accounts and records have been made and maintained. We havenot however made a detailed examination of the records.

vii a) According to the information and explanations given to us and on the basis ofour examination of the books of accounts the company has been generally regular indepositing undisputed statutory dues including provident fund employee state insuranceincome tax service tax value added tax cess and other statutory dues during the yearwith the appropriate authorities. As on 31st March 2019 there are no undisputed statutorydues payables for period exceeding more than six month from the date they become payable.

b) According to the information and explanations given to us there are dues of SalesTax Customs Wealth Tax Excise Duty Cess which have not been deposited on account ofdispute are given below:

Name of Statute Forum where Dispute Period to which the Amount (Rs. In Lacs)
(Nature of Dues) The Central Excise Act 1994 are pending CESTAT amount relates July 2007 to October 2007 Rs.164.71
The Central Excise Act1994 CESTAT 6th November 2009 Rs.129.16
to 25th November 2009
The Central Excise Act1994 CESTAT 2005-06 to 2008-09 Rs.127.48
The Central Excise Act1994 CESTAT January 2005-December 2010 Rs.32.21
The Central Excise Act1994 CESTAT January 2005 - December 2010 Rs.2.45
The Securitization & Reconstruction of Financial Assets and Enforcement of Securities Act 2002 (SARFAES)Act 2002 Debt Recovery May 2009 to 25th Rs.41.38
Tribunal November 2010

viii. During the year the company has not defaulted in repayment of loans or borrowingsto the banks. The company has not taken any loan or borrowings from any financialinstitution or Government. The company has not issued debentures.

ix. Money raised by way of term loan were applied for the purpose for which it wasraised. The Company has not raised money by way of initial public o er or further public oer.

x. According to the information and explanation given to us by the management whichhave been relied by us there were no frauds on or by the company noticed or reportedduring the period under audit.

xi. In our opinion the managerial remuneration paid or provided by the company is inaccordance with the provision of section 197 read with Schedule V of the Companies Act2013..

xii. The company is not a Nidhi Company therefore para 3(xii) of the Order is notapplicable.

xiii. In our opinion and according to the information provided to use the transactionentered with the related partied are in compliance with section 177 and 188 of the Act andare disclosed in the financial statements as required by the applicable accountingstandards.

xiv. In our opinion and according to the information provided to us the company hadnot made any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year.

xv. According to the information provided to us the company has not entered into anynon-cash transaction with directors or the persons connected with him covered undersection 192 of the Companies Act 2013. Therefore paragraph 3(xv) of the Order is notapplicable to the company.

xvi. According to the information provided to us the company is not required to beregistered under section 45IA of the Reserve Bank of India Act 1934. Therefore paragraph3(xvi) of the Order is not applicable to the company.

For A Sachdev & Co
Chartered Accountants
(Firm's Registration No. 001307C)
CA Manish Agarwal
(Partner)
(M.No. 078628)
Place: Mumbai
Date:30th May 2019