Shricon Industries Ltd.
|BSE: 508961||Sector: Infrastructure|
|NSE: N.A.||ISIN Code: INE753D01010|
|BSE 00:00 | 22 Jul||Shricon Industries Ltd|
|NSE 05:30 | 01 Jan||Shricon Industries Ltd|
|BSE: 508961||Sector: Infrastructure|
|NSE: N.A.||ISIN Code: INE753D01010|
|BSE 00:00 | 22 Jul||Shricon Industries Ltd|
|NSE 05:30 | 01 Jan||Shricon Industries Ltd|
On the Quarterly and Year to Date Audited Standalone Financial Results of ShriconIndustries Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations andDisclosure Requirements! Regulations 2015 (as amended)
To the Members of Shricon Industries Limited Kota
Report on the Audit of Standalone Financial Statements
We have audited the accompanying standalone Ind AS financial statements of ShriconIndustries Limited ("the Company") for the year ended March 31 2021 ("thestatement") attached here with being submitted by the Company pursuant to therequirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 as amended ("the Listing Regulations").
In our opinion and to the best of our information and according to the explanationsgiven to us the statement:
a) is presented in accordance with the requirements of the Listing Regulations in thisregard and
b) gives a true and fair view in conformity with the applicable accounting standardsand other accounting principles generally accepted in India of the net profit othercomprehensive income and other financial information of the Company for the quarter andyear ended 31st March2021.
Basis of Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder Section 143(10) of the Act (SAs). Our responsibilities under those Standards arefurther described In the Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements section of our report. We are Independent of the Company inaccordance with the Code of Ethics Issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thestandalone financial statements under the provisions of the Act and the Rules there underand we have fulfilled our other ethical responsibilities in accordance with theserequirements and the ICAI's 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 judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.
Information Other than the Financial Statements and Auditor's Report Thereon
The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Management Discussion and AnalysisBoard's Report including Annexure to Board's Report Business Responsibility ReportCorporate Governance and Shareholder's Information but does not include the standalonefinancial statements and our auditor's report thereon
Our opinion on the standalone financial statements does not cover the other informationand we do not express any form of assurance conclusion thereon.
If based on the work we have performed 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 Responsibilities for the Standalone Financial Results
These quarterly financial results as well as the year-to-date standalone financialresults have been prepared on the basis of the Standalone annual financial statements.
The Board of Directors of the Company are responsible for the preparation andpresentation of the statement that gives a true and fair view of the net profit and othercomprehensive income of the Company and other financial information in accordance with theapplicable accounting standards prescribed under section 133 of the Act read with relevantrules issued thereunderand other accounting principles generally accepted in India and incompliance with Regulations 33 of the Listing Regulations. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provision ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies making judgements and estimates that are reasonable and prudent; and the designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the statement that give a trueand fair view and are free from material misstatement whether due to fraud or error.
In preparing the statement the Board of Directors arc 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 the Boardof Directors either intends to liquidate the Company or the cease operations or has norealistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company's financialreporting process.
Auditor's Responsibilities for the audit of Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the Statement as awhole is free from material misstatement whether due to fraud or error and to issue anauditor's report that Includes our opinion. Reasonable assurance is the high level ofassurance but is not a guarantee that an audit conducted In accordance with SAs willalways detect a material misstatement when it exists. Misstatement can arise from fraud orerror 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 ofthe statement.
As part of an audit In accordance with SAs we exercise professional Judgement andmaintain professional skepticism throughout the audit. We also:
Identify and assess the risk of material misstatement of the statement whetherdue to fraud of error design and perform audit procedures responsive to those risks andobtain audit evidence that Is sufficient and appropriate to provide a basis for ouropinion. The risk of not detecting a material misstatement resulting from fraud Is higherthan for one resulting from error as fraud may Involve collusion forgery Intentionalomissions misrepresentation or the override of Internal control.
Obtain an understanding of Internal control relevant to the audit In order todesign audit procedures that are appropriate In the circumstances. Under Section 143(3)(l)of the Act we are also responsible for expressing our opinion through a separate reporton the complete set of standalone financial statements on whether the Company has adequateInternal financial control with reference to financial statements In place and theoperating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors use of the goingconcern basis 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.
Evaluate the overall presentation structure and content of the statementincluding the disclosures and whether the statement represents 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.
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 give in the "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.
2. 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 the Statement of Changes In Equity and the Statement of Cash Flows dealt with bythis Report are in agreement with the books of account.
d) In our opinion the aforesaid standalone financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.
e) On the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors Isdisqualified as on 31st March 2021 from being appointed as a director in termsof Section 164 (2) of the Act.
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 8 Our report expresses a modified opinion on theadequacy and operating effectiveness of the Company's Internal financial controls overfinancial Reporting.
g) With respect to the other matters to be included In the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended:
In our opinion and to the best of our infc -mation and according to the explanationsgiven to us the remuneration paid by the Company t; its directors during the year is inaccordance with the provisions of section 197 of the Act.
h) 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 opinionand to the best of our information and according to the explanations given to us:
i. the Company does not have any pending litigations that will impact on its financialposition in its financial statements;
ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and;
iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended 31stMarcb2021.
Annexure A" to the Independent Auditors' Report
Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit we report that:
(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified by the management during the yearand no material discrepancies were noticed on such verification. In our opinion thefrequency of verification of the fixed assets is reasonable having regard to the size ofthe Company and the nature of its assets.
(c) The title deeds of all the immovable properties are held in the name of theCompany.
(ii) The Company does not have any inventory. Accordingly the provisions of clause3(ii) of the Order are not applicable.
(iii) The Company has not granted any loan secured or unsecured to companies firmsLimited Liability Partnerships (LLPs) or other parties covered in the register maintainedunder Section 139 of the Act. Accordingly the provisions of clauses 3(iii) (a) 3(Iii)(b) and 3(iii) (c) of the Order are not applicable.
(iv) In our opinion the company has complied with the provisions of sections 185 and186 of the Act in respect of loans investments guarantees and security.
(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended).Accordingly the provisions of clause 3(v) of the Order are not applicable.
(vl) To the best of our knowledge and belief the Central Government has not specifiedmaintenance of cost records under sub-section (1) of Section 148 of the Act in respect ofCompany's products/ services. Accordingly the provisions of clause 3(vi) of the Order arenot applicable.
(vil) (a) The Company Is regular In depositing undisputed statutory dues includingincome-tax and other material statutory dues as applicable to the appropriateauthorities. Further no undisputed amounts payable In respect thereof were outstanding atthe year-end for a period of more than six months from the date they become payable.
(b) There are no dues In respect of income-tax that have not been deposited with theappropriate authorities on account of any dispute.
(vlil) The Company has no loans or borrowings payable to a financial institution or abank or government during the year The Company did not have any outstanding debenturesduring the year. Accordingly the provisions of clause 3(vlil) of the Order are notapplicable.
(lx) The Company did not raise moneys by way of Initial public offer or further publicoffer (Including debt Instruments) and did not have any term loans outstanding during theyear. Accordingly the provisions of clause 3(ix) of the Order are not applicable.
(x) No fraud by the Company or on the company by Its officers or employees has beennoticed or reported during the period covered by our audit.
(xl) In our opinion managerial remuneration has not been provided. Accordingly theprovisions of clause of the Order are not applicable.
(xii) In our opinion the Company is not a Nidhi Company. Accordingly clause 3(xii) ofthe Order is not applicable.
(xiii) In our opinion all transactions with the related parties are in compliance withsections 177 and 183 of Act where applicable and the requisite details have beendisclosed in the financial statements etc. as required by the applicable accountingstandards.
(xiv) During the year the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures.
(xv) The company lias not entered into any non-cash transactions with directors orpersons connected with them.
(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.
ANNEXURE 'B' TO THE INDEPENDENT AUDITOR'S REPORT
(Referred to in paragraph 2(f) of our report of aven date)
We have audited the internal financial controls over financial reporting of ShriconIndustries Limited (the 'Company') as of 31st March 2021 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat 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 Reporting (the'Guidance Note') issued by the Institute of Chartered Accountants of India (1CAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013 (the 'Act').
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 and the Standards on Auditing issued by ICAI and deemed to beprescribed 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 includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement 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 withgenerally
Accepted 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 ofunauthtrised 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.
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^ March 2021 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note issued by theICAI.