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Shricon Industries.
BSE: 508961|ISIN: INE753D01010|SECTOR: Finance - General
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VOLUME 25
Shricon Industries. is not listed on NSE
« Mar 13
Auditor's Report (Shricon Industries.) Year End : Mar '14
We have audited the accompanying financial statements of SHRICON
 INDUSTRIES LIMITED (''the Company'') which comprise the Balance Sheet as
 at 31 March, 2014 and the Statement of Profit and Loss for the year
 then ended and a summary of significant accounting policies arid other
 explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 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 flow 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 the General Circular
 15/2013 dated 13 Sept. 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.
 
 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 Chartered
 Accountants of India. Those Standards require that we comply with
 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 amount and disclosers 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 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 Management, as
 well as evaluating the overall presentation of the financial
 statements.
 
 We believe that the audit evidence we have obtain fiie & and
 appropriate to provide a basis for 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:
 
 (i) in the case of the Balance Sheet, of the state of the affairs of
 the Company as at 31 March, 2014; (ii) in the case of the Statement of
 Profit and Loss, of the loss for the year ended on that date; and
 Report on Other Legal and Regulatory Requirement
 
 1.  As required by the Companies (Auditor''s Report) Order. 2003 (''the
 Order'') as amended, 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 and Statement of Profit and Loss dealt with by
 this Report are in agreement with the books of account;
 
 d) in our opinion, the Balance Sheet and Statement of Profit and Loss,
 comply with the Accounting Standards referred to in sub- section (3C)
 of Section 211 of the Companies Act,1956 read with the General Circular
 15/2013 dated 13 Sept. 2013 of the Ministry of Corporate Affairs in
 respect of section 133 of the Companies Act, 2013.; and on the basis of
 written representations received from the directors as on 31 March,
 2014, and taken on record by the Board of Directors, none of the
 Directors are disqualified as on 31 March, 2014, from being appointed
 as s Director in terms of clause (g) of sub-section (1) of Section 274
 of the Companies Act 1956.
 
 ANNEXURE TO THE AUDITORS'' REPORT
 
 [Referred to in Paragraph 3 of Auditors Report of even date to the
 members of Shricon Industries Limited on the financial statements for
 the year ended 31st March, 2014]
 
 1.  In respect of its Fixed Assets:
 
 (a) The company has maintained proper records showing full particulars
 including quantitative details and situation of fixed assets on the
 basis of available information.
 
 (b) As explained to us, during the period under review the Company has
 not acquired assets required in the day to day operations of the
 company.
 
 (c) In our opinion, the company has not disposed of substantial part of
 fixed assets during the year and the going concern status of the
 company is not affected.
 
 2.  There is no inventory with the Company
 
 3.  (a) According to the information and explanations given to us, the
 company has not granted loans, unsecured, to trusts, covered in the
 register maintained u/s 301 of the companies Act, 1956.
 
 (b) According to the information and explanation given to us, the
 company has taken unsecured loans from Director Om Prakash Maheshwari
 covered in the register maintained under section 301 of the Companies
 Act, 1956 and In respect of the said loans, the maximum amount
 outstanding at any time during the year was Rs. 78.43/- Lakhs and the
 year-end balance is Rs.78.43 Lakhs (including interest of Rs. 6.37
 Lakhs).
 
 (c) In our opinion and according to the information and explanation
 given to us the rate of interest and other term and conditions of the
 loans taken by the Company, are not prima facie prejudicial to the
 interest of the company.
 
 4.  In our opinion and according to the information and explanations
 given to us, there are adequate internal control procedures
 commensurate with the size of the company and the nature of its
 business with regard to purchase of fixed assets. During the course of
 the audit, we have not observed any continuing failure to correct major
 weaknesses in internal controls.
 
 5.  (a) According to the information and explanations given to us, we
 are of the opinion that the particulars of contracts or arrangements
 that need to be entered in the register maintained under Section 301 of
 the Companies Act, 1956, have been so entered.
 
 (b) In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of such contracts or
 arrangements entered in the register maintained under Section 301 of
 the Companies Act, 1956 and exceeding the value lakhs in respect of any
 party during the year, have been made at prices which are ifefeonlible
 having regard to the prevailing market prices at the relevant time. 
 
 6.  According to the information and explanations given to us, the
 Company has not Welcome any deposit from the public and hence reporting
 compliance under the provisions of 58A and section 58AA of the
 Companies Act, 1956 and rules framed there under and the directives of
 the Reserve Bank of India does not arise.
 
 7.  The company has an internal audit system commensurate with its size
 and nature of its business.
 
 8.  To the best of our knowledge and as explained, the Central
 Government has not prescribed maintenance of cost records under clause
 (d) of sub section (1) of section 209 of the Companies Act 1956
 
 9.  In respect to statutory dues :
 
 i. As explained to us, the Company is not liable to deposit Provident
 Fund, Investor Education Fund and Protection Fund, Employees State
 Insurance, Wealth Tax, Custom Duty, Excise Duty. The Company is regular
 in depositing Income Tax.
 
 ii. According to the information and explanations given to us, there is
 no undisputed amounts payable in respect of Income Tax, State''s Value
 Added Tax, Custom Duty, Excise Duty and cess, which is outstanding as
 at the year end for a period of more than six months from the date they
 become payable.
 
 iii. According to the information and explanations given to us, there
 are no dues on account of Income Tax, Wealth Tax, Custom Duty, Excise
 Duty and cess outstanding on account of any dispute. However company
 has paid taxes as per order passed u/s 153A and 143(3) of the income
 tax act 1961, and the same are disputed and matters are laying the
 appeal.  Details of the same are as under;
 
 A.Y.        Demand   Income Tax Paid  Matter before
 
 2005-2006   21,427     21,427         Rectification filed u/s 154
 
 2006-2007   2,52,102   2,52,102       Rectification filed u/s 154
 
 2007-2008   4,49,702   4,49,702       Rectification filed u/s 154
 
 2008-2009   42,592     42,592         CIT (A) against order u/s 153A r.w
                                       143(3)
 
 2009-2010   5,839      5,839          Rectification filed u/s 154
 
 
 10. The Company has no accumulated losses as at 31st March, 2014 and it
 has not incurred any cash losses in the financial year ended on that
 date and in the immediately preceding financial year.
 
 11.  According to the information and explanations given to us, in our
 opinion the Company has not defaulted in the repayment of dues to any
 financial institutions or bank as at the balance sheet date. The
 Company has not issued any debentures.
 
 12. Based on examination of documents and records made available to us
 and on the basis of information and explanations given to us, the
 company has not granted any loans and advances on the basis of security
 by way of pledge of shares, debentures and other securities.
 
 13.  In our opinion, the company is not a chit fund or a nidhi / mutual
 benefit Therefore, the provisions of clause 4 (xiii) of The Order are
 not applicable to the|rompany.
 
 14.  In our opinion and according to the information and explanations
 given to us, the Company has not dealing and trading in shares;
 securities, debentures, and other investments.
 
 15.  Based on examination and on the basis of information and
 explanations given to us, the company has not given any guarantee for
 loans taken by others from banks or financial institutions.
 
 16.  On the basis of information and explanations given to us, in our
 opinion, the company has taken unsecured loan from director and applied
 for the purpose for which the loans were obtained.
 
 17.  Based on examination of documents and records made available and
 on the basis of information and explanations given to us the company
 has not used funds raised on short term basis for long term investment
 vice versa.
 
 18.  During the year, the company has not made preferential allotment
 of shares to parties or companies covered in the register maintained
 under section 301 of The Act.
 
 19.  The company has not issued any debentures during the period.
 Hence, reporting on paragraph 4(xix) of the Order pertaining to
 creation of security or charge for debentures does not arise.
 
 20.  The company has not raised any money through a public issue during
 the period: accordingly, paragraph 4(xx) of the Order is not applicable
 to the company.
 
 21.  Based upon the audit procedures performed and on the basis of
 information and explanations given to us by the management, we report
 that no fraud on or by the company has been noticed or reported during
 the course of our audit.
 
                                  For Harish Davani & Co
                                  Chartered Accoutants
                                  FRN NO: 005313C
 
 Place: Kota Partner              Mukesh Mishnani
 Date: May 30, 2014               Partner
                                  MRN : 409601
 
Source : Dion Global Solutions Limited
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