Mar 31, 2015
We have audited the accompanying financial statements of Shivagrico
Implements Limited, which comprise the Balance Sheet as at 31st March,
2015, the Statement of Profit and Loss and the Cash Flow Statement for
the year then ended, and a summary of the significant accounting
policies and other explanatory information.
MANAGEMENT,S RESPONSIBILITY FOR FINANCIAL STATEMENTS
The Company's Management is responsible for the matters stated in
Section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flows of
the Company in accordance with the accounting principles generally
accepted in India, including Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies specified
(Accounts) Rules, 2014. This responsibility also includes maintenance
of adequate accounting records in accordance with the provisions of the
Act for safeguarding the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and the design, implementation and
maintenance of adequate internal financial controls that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
AUDITOR,S RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with the ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
Company's preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Management, as well as evaluating
the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March, 2015 and its profit 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, 2015 ("the
Order") issued by the Central Government of India in terms of the sub
section (11) of section 143 of the Companies Act,2013, we give in the
Annexure a statement on the matters specified in paragraphs 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 best of 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 the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the aforesaid financial Statement comply with the
Accounting Standards specified under section 133 of the Act, read with
rule 7 of the Company (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164(2) of the
Act.
(f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements (refer note no. 24)
ii. The Company has made provision, as required under the applicable
law or accounting Standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts
iii. There has been no delay in transferring amounts, if any, required
to be transferred, to the Investor Education and Protection Fund by the
Company
Annexure to the Auditors report [Referred to in paragraph 1 of our
report of even date]
(i) (a) The company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the fixed assets have not been physically verified by the
management during the year but there is a regular programme of
verification which, in our opinion the frequency of verification, is
reasonable having regard to the size of the company and the nature of
its assets. No material discrepancies were noticed in respect of the
assets physically verified.
(ii) (a) As explained to us, the management has physically verified the
inventories as at the end of the financial year. In our opinion, the
frequency of verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the company is maintaining proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and the book records were not material.
(iii) According to the information and explanations given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
189 of the Companies Act. Accordingly sub clause (a) and (b) clause
(iii) of the Order is not applicable to the Company.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods and services. Further, on the basis of our examination and
according to the information and explanations given to us, we have
neither come across nor have we been informed of any instance of major
weaknesses in the aforesaid internal control system.
(v) The company has not accepted deposits from public and hence
directives issued by the Reserve Bank of India and the provisions of
sections 73 to 76 or any other relevant provisions of the Companies Act
and rules framed thereunder are not applicable for the year under
audit.
(vi) We have broadly reviewed the books of accounts maintained by the
company pursuant to the rules made by the Central Government for the
maintenance of under subsection (I) of Section 148 of the Companies Act
and are of the opinion that prima facie the prescribed accounts and
records have been maintained. We have not, however made a detailed
examination of the records with a view to determine whether they are
accurate of complete.
(vii) (a) According to the information and explanations given to us, the
company is generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, investor education
protection fund, employees' state insurance, income tax, sales tax,
wealth tax, service tax, custom duty, excise duty, cess, service tax and
other material statutory dues.
(b) As at 31.03.2015 according to the records of the company, the
following are the particulars of disputed dues on account of sales tax,
income tax, custom duty, wealth tax, excise duty and other statutory
dues that have not been deposited.
Nature of Statute Amount (Rs) Forum where dispute is pending
in Lacs
Excise duty 36.26 Rajasthan High Court
Excise duty 11.62 Joint Commissioner of Central
Excise, Jaipur - II
Excise duty 1.09 CESTAT, New Delhi
(c) According to the information and explanations given to us, the
company is not required to transfer any amount to investor education
protection fund according to relevant provisions of Companies Act, 1956
and rules made thereunder.
(viii) The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year
(ix) The company has not defaulted in repayment of dues to any
financial institution or bank or debenture holders
(x) As informed to us, the company has not given any guarantees for
loans taken by others from banks or financial institutions.
(xi) In our opinion and according to the information and explanations
given to us and on an overall examination, the term loans have been
applied for the purpose for which they were raised.
(xii) During the course our examinations of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in india, and according to the information and
explanations given to us, we have neither come across any instance of
material fraud on or by the company, noticed or reported during the
year nor have we been informed of any such case by the management.
For SANGHVI SANGHVI & SANGHVI
Chartered Accountants
Firm Registration No. 109138W
Dated : 30/05/2015 M.B. SANGHVI
Mumbai. Partner
Membership No.40835
Mar 31, 2014
We have audited the accompanying financial statements of Shivagrico
Implements Limited, which comprise the Balance Sheet as at 31st March ,
2014, the Statement of Profit and Loss and the Cash Flow Statement for
the year then ended, and a summary of the significant accounting
policies and other explanatory information.
MANAGEMENT''S RESPONSIBILITY FOR FINANCIAL STATEMENTS
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act") read with
General Circular No. 15/2013 dated 13 September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013.
This responsibility includes the design, implementation and maintenance
of internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
AUDITORS'' RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity''s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by the Management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion. OPINION
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date, and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor''s Report) Order, 2003("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of 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 the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit and Loss, and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act read with
General Circular No.15/2013 dated 13 September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013.
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Act.
ANNEXURE TO AUDITORS'' REPORT
(Referred to in paragraph (1) of our report of even date)
(i) (a) The company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion the frequency of verification, is reasonable having
regard to the size of the company and the nature of its assets. No
material discrepancies were noticed in respect of the assets physically
verified.
(c) As per the information and explanations given to us, during the
year, the company has not disposed off any substantial part of fixed
assets.
(ii) (a) As explained to us, the management has physically verified the
inventories as at the end of the financial year. In our opinion, the
frequency of verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the company is maintaining proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and the book records were not material.
(iii) (a) According to the information and explanations given to us,
the Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Accordingly sub clause
(b) (c) & (d) of clause (iii) of the Order are not applicable to the
Company.
(b) According to the information and explanations given to us, the
Company has taken unsecured loan from one party covered in the register
maintained under section 301 of the Companies Act, 1956. The maximum
amount outstanding during the year is 1,45,00,000/- and year-end
balance of such loan amounts to Rs.48,00,000/- Other than above, the
company has not taken any loan, secured or unsecured form any companies
or firms or parties covered under section 301 of the Companies Act,
1956.
(c) In our opinion, the rate of interest and other terms and conditions
for loan taken by the company from one party covered in the register
maintained under section 301 of the Companies Act, 1956, is not prima
facie prejudicial to the interest of the company;
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods. Further, on the basis of our examination and according to the
information and explanations given to us, we have neither come across
nor have we been informed of any instance of major weaknesses in the
aforesaid internal control system.
(v) According to the information and explanations given to us, we are
of the opinion that the Company has not entered into any contracts or
arrangements referred to in section 301 of the Companies Act, 1956,
accordingly, sub-clause (b) of clause (v) of the Order is not
applicable to the Company.
(vi) The company has not accepted deposits from public and hence
directives issued by the Reserve Bank of India and the provisions of
sections 58A, 58AA or any other relevant provisions of the Companies
Act, 1956 and the Companies (Acceptance of Deposits) Rules,1975 are not
applicable for the year under audit.
(vii) In our opinion, the company has an internal audit system
commensurate with the size of the Company and the nature of its
business.
(viii) We have broadly reviewed the books of accounts maintained by the
company pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956 and are of the opinion that prima facie the prescribed
accounts and records have been maintained. We have not, however made a
detailed examination of the records with a view to determine whether
they are accurate of complete.
(ix) (a) According to the information and explanations given to us, the
company is generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, investor education
protection fund, employees'' state insurance, income tax, sales tax,
wealth tax, service tax, custom duty, excise duty, cess, service tax
and other material statutory dues.
(b) As at 31.03.2014 according to the records of the company, the
following are the particulars of disputed dues on account of sales tax,
income tax, custom duty, wealth tax, excise duty and other statutory
dues that have not been deposited.
Nature of Statute Amount (Rs) Forum where dispute is pending
in Lacs
Excise duty 60.50 Rajasthan High Court
Excise duty 11.62 Joint Commissioner of Central
Excise, Jaipur - II
Excise duty 2.92 CESTAT, New Delhi
Service Tax 0.82 CESTAT, New Delhi
(x) The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year
(xi) The company has not defaulted in repayment of dues to any
financial institution or bank or debenture holders
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
paragraph 4 of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause (xiv) of paragraph 4 of the Companies (Auditor''s
Report) Order, 2003 are not applicable to the company.
(xv) As informed to us, the company has not given any guarantees for
loans taken by others from banks or financial institutions.
(xvi) In our opinion and according to the information and explanations
given to us and on an overall examination, the term loans have been
applied for the purpose for which they were raised.
(xvii)In our opinion and according to the information and explanations
given to us, and on an overall examination of the Balance Sheet of the
Company, we report that no funds raised on short term basis have been
used for longterm investment.
(xviii)According to the information and explanations given to us, the
company has not made any allotment of shares during the period covered
by our report. Accordingly, the provisions of clause (xviii) of
paragraph 4 of the Companies (Auditors Report) Order 2003, is not
applicable to the company.
(xix) In our opinion and according to the information and explanations
given to us, the company has not issued any secured debentures during
the period covered by our report. Accordingly, the provisions of clause
(xix) of paragraph 4 of the Companies (Auditor''s Report) Order, 2003 is
not applicable to the company.
(xx) During the period covered by our audit report, the company has not
raised any money by public issue.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For SANGHVI SANGHVI & SANGHVI
Chartered Accountants
Firm Registration No. : 109138W
PLACE : MUMBAI M. B. Sanghvi
DATED : 30th May, 2014 Partner
Membership No. : 040835
Mar 31, 2013
Report on Financial Statements
We have audited the accompanying financial statements of Shivagrico
Implements Limited, which comprise the Balance Sheet as at 31st March,
2013, the Statement of Profit and Loss and the Cash Flow Statement for
the year then ended, and a summary of the significant accounting
policies and other explanatory information.
Management''s Responsibility for Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the accounting Standards referred to in sub-section
(3C) of section 211 of the Companies Act, 1956 ("the Act"). This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Charatered
Accountants of India. Those Standards require that we comply with the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgement, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers the internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by the Management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion and to the best of our infomation and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India :
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013;
(b) in the case of Statement of Profit and Loss, of the profit of the
Company for the year ended on that date, and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
(1) As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
(2) As required by Section 227(3) of the Act, we report that :
(a) We have obtained all the information and explanations which to the
best of 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 the Company so far as appears from our examination of
those books;
(c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act.
(e) on the basis of written representations received from the directors
as on 31st March 2013 taken on record by the Board of Directors, none
of the directors are disqualified as on 31st March 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Act.
ANNEXURE TO AUDITORS'' REPORT
(Referred to in paragraph (1) of our report of even date)
(i) (a) The company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion the frequency of verification, is reasonable having
regard to the size of the company and the nature of its assets. No
material discrepancies were noticed in respect of the assets physically
verified.
(c) As per the information and explanations given to us, during the
year, the company has not disposed off any substantial part of fixed
assets.
(ii) (a) As explained to us, the management has physically verified the
inventories as at the end of the financial year. In our opinion, the
frequency of verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the company is maintaining proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and the book records were not material.
(iii) (a) According to the information and explanations given to us,
the Company has neither granted nor taken any loans, secured or
unsecured to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(b) Since the Company has neither granted nor taken any loans, secured
or unsecured to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956,
accordingly, sub-clauses (b), (c), (d), (e), (f) & (g) of clause (iii)
of the Order are not applicable to the Company.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods. Further, on the basis of our examination and according to the
information and explanations given to us, we have neither come across
nor have we been informed of any instance of major weaknesses in the
aforesaid internal control system.
(v) According to the information and explanations given to us, we are
of the opinion that the Company has not entered into any contracts or
arrangements referred to in section 301 of the Companies Act, 1956,
accordingly, sub-clause (b) of clause (v) of the Order is not
applicable to the Company.
(vi) The company has not accepted deposits from public and hence
directives issued by the Reserve Bank of India and the provisions of
sections 58A, 58AA or any other relevant provisions of the Companies
Act,1956 and the Companies (Acceptance of Deposits) Rules,1975 are not
applicable for the year under audit.
(vii) In our opinion, the company has an internal audit system
commensurate with the size of the Company and the nature of its
business.
(viii) We have broadly reviewed the books of accounts maintained by the
company pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956 and are of the opinion that prima facie the prescribed
accounts and records have been maintained. We have not, however made a
detailed examination of the records with a view to determine whether
they are accurate of complete.
(ix) (a) According to the information and explanations given to us, the
company is generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, investor education
protection fund, employees'' state insurance, income tax, sales tax,
wealth tax, service tax, custom duty, excise duty, cess, service tax
and other material statutory dues.
(b) As at 31.03.2013 according to the records of the company, the
following are the particulars of disputed dues on account of sales tax,
income tax, custom duty, wealth tax, excise duty and other statutory
dues that have not been deposited.
Nature of Statute Amount (Rs) Forum where dispute is pending
in Lacs
Excise duty 60.50 Rajasthan High Court
Excise duty 11.62 Joint Commissioner of Central
Excise, Jaipur - II
Excise duty 2.92 CESTAT, New Delhi
Service Tax 0.82 CESTAT, New Delhi
(x) The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year
(xi) The company has not defaulted in repayment of dues to any
financial institution or bank or debenture holders
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
paragraph 4 of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause (xiv) of paragraph 4 of the Companies (Auditor''s
Report) Order, 2003 are not applicable to the company.
(xv) As informed to us, the company has not given any guarantees for
loans taken by others from banks or financial institutions.
(xvi) In our opinion and according to the information and explanations
given to us and on an overall examination, the term loans have been
applied for the purpose for which they were raised.
(xvii) In our opinion and according to the information and explanations
given to us, and on an overall examination of the Balance Sheet of the
Company, we report that no funds raised on short term basis have been
used for long-term investment.
(xviii)According to the information and explanations given to us, the
company has not made any allotment of shares during the period covered
by our report. Accordingly, the provisions of clause (xviii) of
paragraph 4 of the Companies (Auditors Report) Order 2003, is not
applicable to the company.
(xix) In our opinion and according to the information and explanations
given to us, the company has not issued any secured debentures during
the period covered by our report. Accordingly, the provisions of clause
(xix) of paragraph 4 of the Companies (Auditor''s Report) Order, 2003 is
not applicable to the company.
(xx) During the period covered by our audit report, the company has not
raised any money by public issue.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For SANGHVI SANGHVI & SANGHVI
Firm Registration No. : 109138W
Chartered Accountants
Place : Mumbai V.PRAJEETH
DATED : 30th May, 2013 Partner
Membership No. : 138286
Mar 31, 2012
We have audited the attached Balance Sheet of SHIVAGRICO IMPLEMENTS LTD
as at 31st March, 2012 and also the Profit and Loss Account and the
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on those
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
(1) As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
(2) Further to our comments in the Annexure referred to in paragraph
(1) above:
(a) we have obtained all the information and explanations which to the
best of 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 the company so far as appears from our examination of
those books;
(c) the said Balance Sheet, Profit and loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(d) in our opinion, the Balance Sheet, the Profit and Loss account and
the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act 1956;
(e) on the basis of written representations received from directors, as
on 31st March 2012, and taken on record by the Board of Directors, we
report that none of the directors are disqualified as on 31st March
2012, from being appointed as a director in terms of clause(g) of
sub-section (1) of section 274 of the Companies Act,1956;
(g) in our opinion, and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and notes thereon give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India :-
(i) in the case of the Balance Sheet, of the state of the affairs of
the Company as at 31st March, 2012;
(ii) in the case of the Statement of Profit and Loss, of the Profit of
the Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement of the Cash Flow of the
Company for the year ended on that date.
(i) (a) The company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(B) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion the frequency of verification, is reasonable having
regard to the size of the company and the nature of its assets. No
material discrepancies were noticed in respect of the assets physically
verified.
(c) As per the information and explanations given to us, during the
year, the company has not disposed off any substantial part of fixed
assets.
(ii) (a) As explained to us, the management has physically verified the
inventories as at the end of the financial year. In our opinion, the
frequency of verification is reasonable. .
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the company is maintaining proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and the book records were not material.
(iii) (a) According to the information and explanations given to us,
the Company has neither granted nor taken any loans, secured or
unsecured to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(b) Since the Company has neither granted nor taken any loans, secured
or unsecured to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956,
accordingly, sub-clauses (b), (c), (d), (e), (f) 8 (g) of clause (iii)
of the Order are not applicable to the Company.
(iv) in our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods. Further, on the basis of our examination and according to the
information and explanations given to us, we have neither come across
nor have we been informed of any instance of major weaknesses in the
aforesaid internal control system.
(v) According to the information and explanations given to us, we are
of the opinion that the Company has not entered into any contracts or
arrangements referred to in section 301 of the Companies Act, 1956,
accordingly, sub-clause (b) of clause (v) of the Order is not
applicable to the Company.
(vi) The company has not accepted deposits from public and hence
directives issued by the Reserve Bank of India and the provisions of
sections 58A, 58AA or any other relevant provisions of the Companies
Act,1956 and the Companies (Acceptance of Deposits) Rules,1975 are not
applicable for the year under audit.
(vii) In our opinion, the company has an internal audit system
commensurate with the size of the Company and the nature of its
business.
(viii) We have broadly reviewed the books of accounts maintained by the
company pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209(1)(d) of the Companies
Act, 1956 and are of the opinion that prima facie the prescribed
accounts and records have been maintained. We have not, however made a
detailed examination of the records with a view to determine whether
they are accurate of complete.
(ix) (a) According to the information and explanations given to us, the
company is generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, investor education
protection fund, employees' state insurance, income tax, sales tax,
wealth tax, service tax, custom duty, excise duty, cess, service tax
and other material statutory dues.
(b) As at 31.03.2012 according to the records of the company, the
following are the particulars of disputed dues on account of sales tax,
income tax, custom duty, wealth tax, excise duty and other statutory
dues that have not been deposited.
Nature of Amount Forum where dispute is pending
Statute (Rs)
in Lacs
Excise duty 60.50 Rajasthan High Court
Excise duty 11.62 Joint Commissioner of Central Excise,
Jaipur - II
Excise duty 2.92 CESTAT, New Delhi
Service Tax 0.82 CESTAT, New Delhi
(x) The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year
(xi) The company has not defaulted in repayment of dues to any
financial institution or bank or debenture holders
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of shares, debentures and other
securities.
(xiii) In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
paragraph 4 of the Companies (Auditor's Report) Order, 2003 are not
applicable to the company.
(xiv) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause (xiv) of paragraph 4 of the Companies (Auditor's
Report) Order, 2003 are not applicable to the company.
(xv) As informed to us, the company has not given any guarantees for
loans taken by others from banks or financial institutions.
(xvi) In our opinion and according to the information and explanations
given to us and on an overall examination, the term loans have been
applied for the purpose for which they were raised.
(xvii) In our opinion and according to the information and explanations
given to us, and on an overall examination of the Balance Sheet of the
Company, we report that no funds raised on short term basis have been
used for long-term investment.
(xviii)According to the information and explanations given to us, the
company has not made any allotment of shares during the period covered
by our report. Accordingly, the provisions of clause (xviii) of
paragraph 4 of the Companies (Auditors Report) Order 2003, is not
applicable to the company.
(xix) In our opinion and according to the information and explanations
given to us, the company has not issued any secured debentures during
the period covered by our report. Accordingly, the provisions of clause
(xix) of paragraph 4 of the Companies (Auditor's Report) Older, 2003 is
not applicable to the company.
(xx) During the period covered by our audit report, the company has not
raised any money by public issue.
(xxi) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For SANGHVI SANGHVI & SANGHVI
Firm Registration No.: 109138W
Chartered Accountants
Place : Mumbai V.PRAJEETH
DATED :30th May, 2012 Partner
Membership No. : 138286
Mar 31, 2010
We have audited the attached Balance Sheet of SHIVAGRICO IMPLEMENTS LTD
as at 31st March, 2010 and also the Profit and Loss Account and the
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on those
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
(1) As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in-terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
(2) Further to our comments in the Annexure referred to in paragraph
(1) above:
(a) we have obtained all the information and explanations which to the
best of 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 the company so far as appears from our examination of
those books;
(c) the said Balance Sheet, Profit and loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(d) in our opinion, the Balance Sheet, the Profit and Loss account and
the Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act 1956;
(e) on the basis of written representations received from directors, as
on 31st March 2010, and taken on record by the Board of Directors, we
report that none of the directors are disqualified as on 31st March
2010, from being appointed as a director in terms of clause(g) of
sub-section (1) of section 274 of the Companies Act, 1956;
(f) in our opinion, and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and notes thereon subject to the note
No. 9 of Schedule 15 give the information required by the Companies
Act, 1956 in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India
:-
(i) in the case of the Balance Sheet, of the state of the affairs of
the Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the Profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement of the Cash Flow of the
Company for the year ended on that date.
ANNEXURE TO AUDITORS REPORT
(Referred to in paragraph (1) of our report of even date)
(i) (a) The company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion the frequency of verification, is reasonable having
regard to the size of the company and the nature of its assets. No
material discrepancies were noticed in respect of the assets physically
verified.
(c) As per the information and explanations given to us, during the
year, the company has not disposed off any substantial part of fixed
assets.
(ii) (a) As explained to us, the management has physically verified the
inventories as at the end of the financial year. In our opinion, the
frequency of verification is reasonable.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and according to the information and explanations
given to us, the company is maintaining proper records of inventory.
The discrepancies noticed on verification between the physical stocks
and the book records were not material.
(iii) (a) According to the information and explanations given to us,
the Company has neither granted nor taken any loans, secured or
unsecured to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(b) Since the Company has neither granted nor taken any loans, secured
or unsecured to/from companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956,
accordingly, sub-clauses (b), (c), (d), (e), (f) & (g) of clause (iii)
of the Order are not applicable to the Company.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to purchases of inventory, fixed assets and with regard to the sale of
goods. Further, on the basis of our examination and according to the
information and explanations given to us, we have neither come across
nor have we been informed of any instance of major weaknesses in the
aforesaid internal control system.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in section 301 of the Companies Act, 1956 have been entered
in the register required to be maintained under this section ; and
(b) In our opinion and according to the information and explanations
given to us, transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time
where such market prices are available.
(vi) The company has not accepted deposits from public and hence
directives issued by the Reserve Bank of India and the provisions of
sections 58A, 58AA or any other relevant provisions of the Companies
Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 are
not applicable for the year under audit..
(vii) In our opinion, the company has an internal audit system
commensurate with the size of the Company and the nature of its
business.
(viii) To the best of our knowledge and as explained to us by the
management, the Central Government has not prescribed the maintenance
of cost records under clause (d) of sub-section (1) of Section 209 of
the Companies Act, 1956 for the products of the Company.
(ix) (a) According to the information and explanations given to us, the
company is generally regular in depositing with appropriate authorities
undisputed statutory dues including provident fund, investor education
protection fund, employees state insurance, income tax, sales tax,
wealth tax, service tax, custom duty, excise duty, cess, service tax
and other material statutory dues.
(b) As at 31.03.2010 according to the records of the company, the
following are the particulars of disputed dues on account of sales tax,
income tax, custom duty, wealth tax, excise duty and other statutory
dues that have not been deposited.
Nature of
Statute Amount Forum where dispute
is pending
(Rs.) in Lacs
Excise duty 60.50 High Court
Excise duty 11.62 Joint Commissioner of
Central Excise, Jaipur - II
Customs Duty 1.73 Commissionerate,
Ahmedabad
(x) The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year
(xi) The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xii) In our opinion, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
paragraph 4 of the Companies (Auditors Report) Order, 2003 are not
applicable to the company.
(xiii) In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause (xiv) of paragraph 4 of the Companies (Auditors
Report) Order, 2003 are not applicable to the company.
(xiv) As informed to us, the company has not given any guarantees for
loans taken by others from banks or financial institutions.
(xv) In our opinion and according to the information and explanations
given to us and on an overall examination, the term loans have been
applied for the purpose for which they were raised.
(xvi) In our opinion and according to the information and explanations
given to us, and on an overall examination of the Balance Sheet of the
Company, we report that no funds raised on short term basis have been
used for long-term investment.
(xvii) According to the information and explanations given to us, the
company has not made any allotment of shares during the period covered
by our report. Accordingly, the provisions of clause (xviii) of
paragraph 4 of the Companies (Auditors Report) Order 2003, is not
applicable to the company.
(xviii)ln our opinion and according to the information and explanations
given to us, the company has not issued any secured debentures during
the period covered by our report. Accordingly, the provisions of clause
(xix) of paragraph 4 of the Companies (Auditors Report) Order, 2003 is
not applicable to the company.
(xix) During the period covered by our audit report, the company has
not raised any money by public issue.
(xx) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For SANGHVI SANGHVI & SANGHVI
Chartered Accountants
PLACE : MUMBAI MAULIK VIRA
DATED : 29th June, 2010 Partner
Membership No. : 112909
Firm Registration No. : 109138W