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Yamuna Syndicate Ltd.

BSE: 540980 Sector: Others
NSE: N.A. ISIN Code: INE868X01014
BSE 00:00 | 18 Oct 17550.00 250.00
(1.45%)
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NSE 05:30 | 01 Jan Yamuna Syndicate Ltd
OPEN 17501.00
PREVIOUS CLOSE 17300.00
VOLUME 7
52-Week high 21490.00
52-Week low 8066.00
P/E 60.67
Mkt Cap.(Rs cr) 539
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 17501.00
CLOSE 17300.00
VOLUME 7
52-Week high 21490.00
52-Week low 8066.00
P/E 60.67
Mkt Cap.(Rs cr) 539
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Yamuna Syndicate Ltd. (YAMUNASYNDICATE) - Auditors Report

Company auditors report

To the Members of The Yamuna Syndicate Limited

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying standalone Ind AS financial statements of The YamunaSyndicate Limited ("the Company") which comprise the Balance Sheet as at31st March 2020 the Statement of Profit and Loss (including the statement of OtherComprehensive Income) the Cash Flow Statement and the Statement of Changes in Equity forthe year then ended and notes to the financial statements including a summary ofsignificant 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 Standalone Ind AS financial statements give the informationrequired by the Companies Act 2013 ("the Act") in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India of the state of affairs of the Company as at 31st March 2020 and its profitincluding other comprehensive income its cash flows and the changes in equity for theyear ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Ind AS financial statements in accordance withthe Standards on Auditing (SAs) as specified under section 143(10) of the Act. Ourresponsibilities under those Standards are further described in the ‘Auditor'sResponsibilities for the Audit of the Ind AS Financial Statements' section of ourreport. We are independent of the Company in accordance with the Code of Ethicsissued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the Standalone Ind AS financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgement were of mostsignificance in our audit of the Standalone Ind AS financial statements of thecurrent period. These matters were discussed in the context of our audit of the Ind ASfinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters as there were no such significant matters which needto be reported separately.

Information other than the Standalone Ind AS Financial Statements and Auditor'sReport thereon

The Company s management and Board of Directors are responsible for the otherinformation. The other information comprises the information included in the Company sAnnual Report but does not include the Standalone Ind AS financial statements and ourauditor s report thereon.

Our opinion on the Standalone Ind AS financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Ind AS financial statements ourresponsibility is to read the other information and in doing so considered whether theother information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. If basedon the work we have performed on the other information obtained prior to the date of thisauditor s report we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

Management's Responsibility for the Standalone Ind AS 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 Ind AS financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) specified under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions 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 judgments and estimates that are reasonable and prudent; and 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 Standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the Standalone Ind AS financial statements management is responsible forassessing the

Company 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.

The Board of Directors are also responsible for overseeing the Company s financialreporting process.

Auditor's responsibility for the Audit of the Standalone Ind AS FinancialStatements

Our objectives are to obtain reasonable assurance about whether the Standalone Ind ASfinancial 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 Ind AS financial statements. As part of an audit inaccordance with SAs we exercise professional judgment and maintain professionalskepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Standalone Ind ASfinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• 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)(i)of the Act we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management s use of the going concern basisof accounting 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 conclusions 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 Standalone IndAS financial statements including the disclosures and whether the Standalone Ind ASfinancial statements represent the underlying transactions and events in a manner thatachieves 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 alsoprovide those charged with governance with a statement that we have complied with relevantethical 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.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the standalone Ind AS financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditor s report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.

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 of the Act we give inthe Annexure "A" which forms a part of this report a statement on the mattersspecified in paragraph 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 purpose of our audit;

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of such books.

(c) The Balance Sheet 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 Ind AS financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with relevant rulesissued thereunder.

(e) On the basis of written representations received from the Directors and taken onrecord by the Board of Directors we report that none of the Directors is disqualified ason 31st March 2020 from being appointed as a Director in terms of Section164(2) of the Companies Act 2013.

(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".

(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 information and according to the explanationsgiven to us the managerial remuneration for the year ended March 31 2020 has beenpaid/provided by the Company to its directors in accordance with the provisions of section197 read with Schedule V to the Act.

3. As required by Rule 11 of the Companies (Audit and Auditors) Rules 2014 issued bythe Central Government of India in terms of clause (j) of sub-section (3) of section 143of the Act in our opinion and to the best of our information and according to theexplanation given to us:

(a) The Company has disclosed the impact of pending litigations on its financialposition in its Standalone Ind AS financial statements.

(b) The Company has made provision as required under the applicable law and accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

(c) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

For Moudgil & Co.
Chartered Accountants
Firm Reg. No: 001010N
A.K.Moudgil
Place: Jagadhri Partner
Dated: 27.06.2020 Membership No. 080785
UDIN:20080785AAAABR5524

ANNEXURE - A TO THE INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in Independent Auditors Report to the members of the Companyon the Standalone Ind AS financial statements for the year ended 31st March2020 we report that:

i. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

(b) According to the information and explanations given to us the fixed assets of theCompany have been physically verified by the management at reasonable intervals. Accordingto the information and explanation given to us no material discrepancies were noticed onsuch verification.

(c) According to information and explanations given to us and on the basis of ourexamination of the records of the company the title deeds of immovable properties areheld in the name of the company.

ii. Physical verification has been carried out by the Management in respect ofinventory at reasonable intervals during the year. In our opinion the frequency ofverification is reasonable. According to the information and explanations given to usdiscrepancies noticed on physical verification of inventory as compared to the bookrecords were not material and have been dealt with in the books of account.

iii. According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not granted any loans secured orunsecured to companies firms Limited Liability Partnerships or other parties covered inthe register maintained under Section 189 of the Companies Act 2013. Accordingly theparagraphs 3(iii)(a) 3(iii)(b) and 3(iii)(c) of the Order are not applicable to theCompany. iv. According to the information and explanations given to us the Company hasnot granted any loans to parties covered under Section 185 of the Companies Act 2013.Further Company has complied with the provisions of section 186 of the Companies Act2013 in respect of loans investments guarantees and security made.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public during the year under audit.Therefore directives issued by Reserve Bank of India and the provisions of Sections 73 to76 or any other relevant provisions of the Companies Act and the rules framed there underare not applicable to the company.

vi. The Company has not been required to maintain cost records under the sub-section(1) of section 148 of the Companies Act specified by the Central Government and hence notcommented upon. vii. (a) According to the information and explanations given to us andrecords of the Company examined by us in our opinion the company is regular indepositing undisputed statutory dues including Provident Fund Employees State InsuranceGoods and Service Tax Income-tax Sales-tax Service tax Value Added Tax Customs DutyExcise Duty cess and any other statutory dues with the appropriate authorities. Accordingto the information and explanation given to us no undisputed amounts payables wereoutstanding as at March 31 2020 for a period of more than six months from the date theybecame payable.

(b) According to the information and explanations given to us there are no dues ofincome tax sales tax service tax duty of customs goods and service tax or value addedtax which have not been deposited on account of any dispute. viii. In our opinion andaccording to the information and explanations given to us the Company has not defaultedin repayment of loans or borrowing to any financial institution bank or government. TheCompany does not have any debenture holders.

ix. In our opinion and according to the information and explanations given to us thecompany has not raised moneys by way of initial public offer or further public offer(including debt instruments) or term loans during the year. Hence reporting under clause3(ix) of the Order is not applicable to the Company.

x. Based upon the audit procedure performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven to us no fraud by the company or any material fraud on the company by its officersor employees has been noticed or reported during the year.

xi. According to the information and explanations given to us and based on ourexamination of records of

Company the Company has paid / provided for the managerial remuneration in accordancewith the requisite approvals mandated by the provisions of section 197 read with ScheduleV to the Companies Act 2013.

xii. According to the information and explanation given to us the Company is not aNidhi Company.

Therefore the provisions of paragraph 3(xii) of the Order are not applicable to theCompany.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with section 177 and 188 of the Companies Act 2013. Further the details of thetransactions have been disclosed in the Standalone Ind AS financial statements as requiredby the applicable accounting standards. xiv. According to the information and explanationsgiven to us the Company has not made preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review . Thereforethe provisions of paragraph 3(xiv) of the Order are not applicable to the Company.

xv. According to information and explanations given to us and based on our examinationof the records of the Company the Company has not entered into any non-cash transactionswith directors or persons connected with him. Accordingly provisions of paragraph 3 (xv)of the Order are not applicable to the Company.

xvi. According to the information and explanations given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.Accordingly provisions of paragraph 3 (xvi) of the Order are not applicable to theCompany.

For Moudgil & Co.
Chartered Accountants
Firm Reg. No: 001010N
A.K.Moudgil
Place: Jagadhri Partner
Dated: 27.06.2020 Membership No. 080785
UDIN:20080785AAAABR5524

ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT

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 TheYamuna Syndicate Limited ("the Company") as of 31st March 2020 inconjunction with our audit of the Standalone Ind AS financial statements of the Companyfor 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 (the "Guidance Note") issued by the Institute ofChartered Accountants of India ( ICAI ).

These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information 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 and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols 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 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 Standalone Ind AS financial statements whether due to fraudor 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 with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that; a. Pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company;

b. 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

c. Provide reasonable assurance regarding prevention or timely detection ofunauthorised 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.

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 31st March 2020based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For Moudgil & Co.
Chartered Accountants
Firm Reg. No: 001010N
A.K.Moudgil
Place: Jagadhri Partner
Dated: 27.06.2020 Membership No. 080785
UDIN:20080785AAAABR5524

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