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Simran Farms Ltd.

BSE: 519566 Sector: Others
NSE: N.A. ISIN Code: INE354D01017
BSE 00:00 | 20 May 147.35 6.90
(4.91%)
OPEN

143.95

HIGH

147.45

LOW

142.00

NSE 05:30 | 01 Jan Simran Farms Ltd
OPEN 143.95
PREVIOUS CLOSE 140.45
VOLUME 4654
52-Week high 273.00
52-Week low 85.10
P/E 294.70
Mkt Cap.(Rs cr) 56
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 143.95
CLOSE 140.45
VOLUME 4654
52-Week high 273.00
52-Week low 85.10
P/E 294.70
Mkt Cap.(Rs cr) 56
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Simran Farms Ltd. (SIMRANFARMS) - Auditors Report

Company auditors report

TO THE MEMBERS OF SIMRAN FARMS LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Simran FarmsLimited ("the Company") which comprise the Balance Sheet as at March 31 2021the Statement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year ended on that date notesto the standalone financial statement and a summary of the significant accounting"policies and other explanatory information (hereinafter referred to as the standalonefinancial statements"). In our opinion and to the best of our information andaccording to the explanations given to us the aforesaid standalone financial statementsgive the information required by the Companies Act 2013 ("the Act") in themanner so required and give a true and fair view in conformity with the Indian AccountingStandards prescribed under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015" as amended ( Ind AS") and other accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2021 the profit and total comprehensive income changes in equity and its cash flowsfor the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing (SAs) specified under section' 143(10) of the Act. Ourresponsibilities under those Standards are further described in the Auditor sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the ethicalrequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made thereunder and we' have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI s Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the standalone financial statements.

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. We have determined that there are no such key AuditMatters to be reported.

Information Other than the Standalone Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The' other information comprises the information included in the ManagementDiscussion and Analysis Board s Report including Annexures to Board's Report CorporateGovernance' and Shareholder's Information but does not include the standalone financialstatements and our auditor s report thereon. Our opinion on the standalone financialstatements does not cover the other information and we do not express any form ofassurance conclusion thereon. In connection with our audit of the standalone financialstatements our responsibility is to read the other information and in doing so considerwhether the other information is materially inconsistent with the standalone financialstatements or our knowledge obtained during the course of our audit or otherwise appearsto be materially misstated. If based on the work we have performed we conclude thatthere is a material misstatement of this other information; we are required to report thatfact. We have nothing to report in this regard.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone financial statementsthat give a true and fair view of the financial position financial performance totalcomprehensive income changes in equity and cash flows of the Company in accordance withthe Ind AS and other accounting principles generally accepted in India. 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 appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation 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 standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error. In preparing the standalone financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so. The Board of Directors areresponsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial statements' as a whole are free from material misstatement whether due to fraudor error and to issue an auditor s report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also: ? Identify and assess therisks of material misstatement of the standalone financial statements whether due tofraud or error design and perform audit procedures responsive to those risks and obtainaudit evidence that is sufficient and appropriate to provide a basis for our opinion. Therisk of not detecting a material misstatement resulting from fraud is higher than for oneresulting from error as fraud may involve collusion forgery intentional omissionsmisrepresentations or the override of internal control. ? Obtain an understanding ofinternal financial controls relevant to the audit in order to design audit procedures thatare appropriate in the circumstances. Under section 143(3)(i) of the Act we are alsoresponsible for expressing our opinion on whether the Company has adequate internalfinancial controls system in place and the 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 theappropriateness of management's use of the going concern basis of accounting and based onthe audit evidence obtained whether a material uncertainty exists related to events orconditions that' may cast significant doubt on the Company s ability to continue as agoing concern. If we conclude that a material uncertainty exists we are required to drawattention in our auditor's report to the related disclosures in the standalone financialstatements or if such disclosures are inadequate to modify' our opinion. Our conclusionsare based on the audit evidence obtained up to the date of our auditor s report. Howeverfuture events or conditions may cause the Company to cease to continue as a going concern.? Evaluate the overall presentation structure and content of the standalone financialstatements including the disclosures and whether the standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation. ? Communicate with those charged with governance regarding among othermatters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit. ? Provide those charged with governance with a statement that we have complied withrelevant ethical requirements regarding independence and to communicate with them allrelationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

Materiality is the magnitude of misstatements in the consolidated financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor s report unless law or regulation precludes public disclosure about thematter or when 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.

Other Matter

Due to COVID-19 related lock-down we were not able to participate in the physicalverification of inventory at the year end. Consequently we have performed alternativeprocedures to audit the existence of inventory as per the guidance provided in SA 501"Audit Evidence-Specific Considerations for Selected Items" and have obtainedsufficient appropriate audit evidence to issue our unmodified opinion on these StandaloneFinancial Results. Our opinion is not modified in respect of this matter.

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 andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit; b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books: c) The Balance Sheet the Statement of Profit and Lossincluding other comprehensive income and the Statement of Cash Flows and the Statement ofChanges in Equity dealt with by this Report are in agreement with the books of account: d)In our opinion the aforesaid Standalone financial statements comply with the IndianAccounting Standards(IND AS) specified under section 133 of the Act and rules made thereunder as applicable; e) On the basis of written representations received from managementas on March 31 2021 taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2021 from being appointed as a director in terms of Section164(2) of the Act. f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure B". g) With respect to the other matters tobe included in the Auditor's Report in accordance with the requirements of section 197(16)of the Act as amended: In our opinion and to the best of our information and according tothe explanations given to us the remuneration paid by the Company to its directors duringthe year is in accordance with the provisions of section 197 of the Act. h) With respectto the other matters to be included in the Auditor's Report in accordance with Rule 11 ofthe Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: i. The Company does not haveany pending litigations which would impact on its financial position in its standalonefinancial statements; ii. The company did not have any long term contracts includingderivative contracts for which there were any foreseeable losses. iii. There has been nodelay in transferring amounts required to be transferred to the Investor

Education and Protection Fund by the Company.

For J.C. Baheti& Associates
Chartered Accountants
Registration Number: 03390C
J.C. Baheti
Date: 30/06/2021 Proprietor
Place: Indore M.No.072585
UDIN: 21072585AAAABT9888

ANNEXURE A

To the Independent Auditors' Report on Standalone Financial Statements of Simran FarmsLimited

(Referred to our report of even date)

The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the Standalone financial statements for the year ended March 31 2021 wereport that:

i. In respect of fixed assets a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets. b) The fixedassets have been physically verified during the year by the management under a regularprogramme of verification by rotation over a period of three years which in our opinionis reasonable having regard to the size of the Company and the nature of its assets. Nomaterial discrepancies were noticed. c) Based on audit procedures performed by us for thepurpose of reporting the true and fair view of the standalone financial statements of theCompany and based on records produced to us and according to information and explanationsprovided by the management the title deeds of immovable properties forming part of thefixed asset are held in the name of the Company. ii. As explained to us the managementhas conducted physical verification of its inventory during the year. In our opinionhaving regard to the size of the Company and nature of its business the frequency ofverification is reasonable. Based on records produced to us discrepancies noticed onverification between the physical stocks and the book records were not material and wereproperly dealt with in the books of account. iii. In respect of loan granted: iv. Thecompany has not granted any loans secured or unsecured to Companies Firms LimitedLiability

Partnerships or other parties covered in the register maintained under section 189 ofCompanies Act 2013. v. In our opinion and according to the information and explanationsgiven to us the company has not advanced any loans made investments gave guaranteesand provided security prescribed in provisions of section 185 and 186 of the companiesAct 2013. vi. In our opinion and according to the information and explanations given tous the Company has not accepted any deposit from the public within the meaning of theprovisions of sections 73 to 76 or any relevant provisions of the Companies Act 2013 andthe rules framed there under. vii. The maintenance of cost records has not been specifiedby the central government under the section

148(1) of the Companies Act 2013 for the business activities carried out by thecompany. Thus reporting under clause 3(vi) of the order is not applicable to the company.viii. In respect of statutory dues: a) According to the records of the Company theCompany is generally regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employees' state insurance income-tax duty ofcustom GST cess and other statutory dues applicable to it. As per the records of theCompany as at March 31 2021 the Company does not have any undisputed statutory dueswhich are outstanding for a period of more than six months from the date they becamepayable. b) According to the information and explanations given to us and on the basis ofexamination of records of the company there is no dispute in respect of income tax orsales tax or service tax or value added tax or GST or any other cess. ix. In our opinionand according to the information and explanations given to us the company has notdefaulted in repayment of loans or borrowing to a financial institution or bank. x. On thebasis of overall examination of the Balance Sheet of the Company and according to theinformation and explanations provided to us we report that monies raised by way of termloans were applied for the purposes for which those were raised. The Company did not raiseany money by way of initial public offer or further public offer (including debtinstrument). xi. To the best of our knowledge and belief and according to the informationand explanations given to us no material fraud by the Company or on the Company by itsofficers or employees was noticed or reported during the year. xii. According to theinformation and explanations given to us and based on our examination of the records ofthe Company the Company has paid/ provided for managerial remuneration in accordance withthe requisite approvals mandated by the provisions of section 197 read with Schedule V tothe Companies Act 2013. xiii. In our opinion the Company is not a Nidhi Company.Accordingly paragraph 3(xii) of the Order is not applicable. xiv. According to theinformation and explanations given to us and based on our examination of the records ofthe Company transactions with the related parties are in compliance with section 177 and188 of Companies Act 2013 where applicable and details of such transactions have beendisclosed in the standalone financial statements as required by the applicable accountingstandards. xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. xvi. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order are not applicable. xvii. In our opinion the Company is not required to beregistered under section 45 IA of the Reserve Bank of

India Act 1934.

For J.C. Baheti& Associates
Chartered Accountants
Registration Number: 03390C
J.C. Baheti
Date: 30/06/2021 Proprietor
Place: Indore M.No.072585
UDIN: 21072585AAAABT9888

ANNEXURE B

To the Independent Auditors' Report on Standalone Financial Statements of Simran FarmsLimited

(Referred to 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 controls over financial reporting of SimranFarms Limited ("the Company") as of March 31 2021 in conjunction with our auditof the Standalone 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‘Reporting issued by the Institute of Chartered Accountants of India ( ICAI'). 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.

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 auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit 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 standalone financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit' opinion on the Company s internal financial controls system overfinancial 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 Standalone financial statements' for external purposes in accordance withgenerally accepted accounting principles. A company s internal financial control overfinancial reporting 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 Standalone financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorizations 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 Standalone 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 2021 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 J.C. Baheti& Associates
Chartered Accountants
Registration Number: 03390C
J.C. Baheti
Date: 30/06/2021 Proprietor
Place: Indore M.No.072585
UDIN: 21072585AAAABT9888

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