To the Members of Shri Gang Industries & Allied
Report on the Financial Statements
We have audited the accompanying standalone IndAS
Financial Statements of Shri Gang Industries & Allied
Products Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2019 the Statement of Profit & Loss the Statement of Changes in Equity andCash Flow Statement for the year ended on that date and a summary of significantaccounting policies and other explanatory information (hereinafter referred to as"Standalone IndAS Financial Statements").
Management's Responsibility for the Standalone
IndAS 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 standalone IndAS Financial Statements to give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (IndAS) prescribed undersection 133 of the Act read with relevant Rules issued there under.
This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities selection andapplication of appropriate accounting policies making judgment and estimates that arereasonable and prudent and design implementation and maintenance of adequate internalfinancial that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standaloneIndAS Financial Statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these standalone IndAS FinancialStatements based on our audit. We have taken in to 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 Rules made there under.
We conducted our audit of the standalone IndAS
Financial Statements in accordance with the Standards on Auditing specified undersection 143(10) of the Act.
Those Standards require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the standalone IndAS FinancialStatements are free from material misstatement. An audit involves performing procedures toobtain audit evidence about the amounts and disclosures in the standalone IndAS FinancialStatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the standalone IndAS FinancialStatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thestandalone IndAS
Financial Statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the standalone IndAS Financial Statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone IndAS Financial Statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone IndAS Financial Statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith controls the accounting principles generally accepted in
India including the IndAS of the financial position of the Company as at March 312019 and its financial performance including other comprehensive income the changes inequity and its cash flows 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 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we enclose in the Annexure A a statement on the matters specified in paragraphs 3and 4 of the said order.
2. As required by section 143(3) of the Act we report that:
- We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;
- In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;
(c) The Balance Sheet the Statement of Profit & Loss the Statement of Changes inEquity and Cash Flow statement dealt with by this report are in agreement with the booksof accounts;
(d) In our opinion the aforesaid Standalone IndAS Financial Statements comply with theAccounting
Standards specified in Section 133 of the Act.
(e) On the basis of written representation received from the Directors as on March 312019 and taken on record by the Board of Directors we report that none of the Directorsis disqualified as on March 31 2019 from being appointed as a Director in terms ofsection 164(2) of the Act. (f) With respect to the adequacy of the internal financialcontrol over financial reporting of the company and the operating effectiveness of suchcontrols refer to our separate report in Annexure B'; 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 in our opinion and to the best of our knowledge and belief and according tothe information and explanations given to us-(i) The Company has disclosed the impact ofpending litigations as at March 31 2019 on its financial position in notes to the
Standalone IndAS Financial Statements.
(ii) The Company did not have any long term contracts including derivative contractsfor which there were any material foreseeable losses.
(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the company.
| ||For Satendra Rawat & Co |
| ||Chartered Accountants |
| ||FRN- 008298C |
| ||Sd/- |
| ||(CA. Satendra Rawat) |
|Date: 30.05.2019 ||Partner |
|Place: New Delhi ||Membership No. - 074126 |