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Swasti Vinayaka Synthetics Ltd.

BSE: 510245 Sector: Others
NSE: N.A. ISIN Code: INE804A01025
BSE 00:00 | 20 Sep 3.25 0.02
(0.62%)
OPEN

3.75

HIGH

3.75

LOW

3.07

NSE 05:30 | 01 Jan Swasti Vinayaka Synthetics Ltd
OPEN 3.75
PREVIOUS CLOSE 3.23
VOLUME 27673
52-Week high 4.14
52-Week low 2.45
P/E 8.55
Mkt Cap.(Rs cr) 23
Buy Price 3.26
Buy Qty 1.00
Sell Price 3.39
Sell Qty 4475.00
OPEN 3.75
CLOSE 3.23
VOLUME 27673
52-Week high 4.14
52-Week low 2.45
P/E 8.55
Mkt Cap.(Rs cr) 23
Buy Price 3.26
Buy Qty 1.00
Sell Price 3.39
Sell Qty 4475.00

Swasti Vinayaka Synthetics Ltd. (SWASTIVINAYAKA) - Auditors Report

Company auditors report

TO

THE MEMBERS OF SWASTI VINAYAKA SYNTHETICS LIMITED

Report on the Indian Accounting Standards (Ind AS) Financial Statements

We have audited the accompanying financial statements of SWASTI VINAYAKA SYNTHETICSLIMITED (the "Company") which comprises of the Balance Sheet as of March312018 and Statement of Profit and Loss (including Other Comprehensive Income) the CashFlow Statement and the Statement of Changes in Equity for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Ind AS 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 ofInd AS financial statements that give a true and fair view of the financial positionfinancial performance (including Other Comprehensive Income) Cash Flows and Changes inthe equity of the company in accordance with the accounting principles generally acceptedin India including the Indian Accounting Standards specified in the Companies (IndianAccounting Standards)Rules 2015 (as amended) under Section 133 of the Act. 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 Ind AS financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the Ind AS financial statements arefree from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the Ind AS financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.

Basis of Qualified Opinion

The company has not provided for the gratuity liability of employees in accordance withthe payment of Gratuity Act 1972 on accrual basis as on date of balance sheet.Accordingly the profits of the company are overstated and the liabilities as on closingdate are understated to that extent. We are unable to determine the financial impact ofthe same in absence of records made available to us.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for possible effects of the matter described in the basis forQualified opinion paragraph the aforesaid Ind AS financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at 31st March 2018 and its total comprehensive income(comprising of profit and other comprehensive income) its cash flows and the changes inequity 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 give in the Annexure "A" a statement on the matters specified inparagraphs 3 and 4 of the Order.

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) Except for the effects of the matter described in the Basis for Qualified Opinionparagraph above in our opinion proper books of account as required by law have been keptby the Company so far as it appears from our examination of those books.

(c) The Balance Sheet and the Statement of Profit and Loss (including othercomprehensive income) the Cash Flow Statement and the Statement of Changes in Equitydealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 except for accounting of Retirement Benefits as contemplated inAS-15 regarding non payment of Gratuity liability in books of accounts.

(e) On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 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 over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate 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 opinionand to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

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 March312018.

For SANJAY RAJA JAIN & CO.
Chartered Accountants
FRN No. 120132W
SANJAY RAJA JAIN
Place : Mumbai Partner
Dated: 30th May 2018 M. No. 108513