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Shricon Industries.
BSE: 508961|ISIN: INE753D01010|SECTOR: Finance - General
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« Mar 12
Auditor's Report (Shricon Industries.) Year End : Mar '13
Report on the Financial Statement
 
 We have audited the accompanying financial statements of SHRICON
 INDUSTRIES LIMITED (''the Company1) which comprise the Balance Sheet as
 at 31 March. 2013 and the Statement of Profit and Loss for the year
 then ended and a summary of significant accounting policies and other
 explanatory Information.
 
 Management''s Responsibility for the Financial Statements
 
 Management is responsible for the preparation of these financial
 statements thot 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'']. 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 audi'' in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants ot 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 ate 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 obtained is sufficient 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 1he accounting principles generally accepted in
 India:
 
 (i) in the case of the Balance Sheet, of the state of the affairs of I
 he Company as at 31 March, 2013:
 
 (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 [Tne
 Order'') as amended, issued by the Central Government of India In terms
 of sub-secfion (4A) of section 227 of fhe 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) ot the Act, we -eport Ihot:
 
 a) we hove ootoined all the information ond .emanations which to the
 nest 01 our knowleage end belief were necessary tor the purpose of our
 audit:
 
 b) in our opinion proper oooks ot account as required by law have been
 kept by trie Company so far as appears tram our examination of those
 books;
 
 c) the Balance Sheet and Statement of Profit and Loss dealt with by
 this Report ore in agreemem 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 sob- section [3CJ
 of Section 211 of the Companies Act,1956; and
 
 e) on the basis of written representations received from the directors
 as on 31 March 2013, and taken on record by the Board of Directors,
 none of the Directors are disqualified as on 31 March, 2013. from being
 appointed as the Director in terms of clause (g) of sub-section 91) of
 Section 274 of the Companies Act 1956.
 
 ANNEXURE TO THE AUDITORS'' REPORT
 
 Referred to in Paragraph of my report of even date oon the accounts of
 Shricon Industries Limited for the year ended March 31 2013.
 
 1.  In respect of its Fixed Assets:
 
 a) The company nas maintained prope- records showing full particulars
 including Quantitative details and situation ot fixed assets on Ihe
 basts of available information.
 
 b) As explained to us. during the period unaer review Ihe Company has
 not acquired assets required in the day to day operations of the
 company.
 
 c) in pur opinion, the company nas noi disposed oi substantial part of
 fixea assets during the year and the going concern status of Ihe
 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 30) of the companies Act, 1956.
 
 (b) According to the information and explanation given to us. the
 company has token unsecured loans from Director Om Prakash Maheshwari
 covered in the regisler maintained under section 30 in the Companies
 Act, 1956 and In respect of the said loans, the maximum amount
 outslancing at any time during the year was Rs. 69.21/- Lakhs and the
 year-end balance is Rs. 69.21 Lakhs (including irteresf of Rs. 5.52 Lakhs}.
 
 (c) in out opinion and according to the information and explanation
 given to us the rare of interest and other term and conditions of the
 loans taken by the Company, pre not prima focie prejudicial to the
 interest of the company.
 
 4.  In out opinion and according to the information and explanations
 given to us. there are adecuate internal control procedures
 commensurate with the size of the company and the nature of its
 business with regard to purchase of feed -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 30) of
 the Companies Act. 1956 and exceeding the value of Rs. five lakhs in
 respect of any party during the year, have been made at prices which
 are reasonable having regard to the prevailing market prices at the
 relevant time
 
 6.  According fo the information and explanations given to lis, the
 Company has not accepted any deposit from the public and hence
 reporting compliance under the provisions of section 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 companv has an internal audit system commensurate with its size
 and nalure of its business.
 
 8 To the cesf of our knowledge and as explained. tne Central Government
 nos not prescribed maintenance of cost records under clause ,cM of sub
 section (1) of action 209 of the Companies Act, 1956
 
 9.
 
 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. 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 pr 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. 2013 and it
 has not incurred any cash losses in the financial year ended on that
 date and in the immediately preceding financail year. 
 
 11. According to the information and explainations given to us, in our
 opinion the Company has no 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 advavces on the basis of security
 by way of pledge of shares, debebtures and other securities.
 
 13.  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
 The Order are not applicable to the company.
 
 14.  In our opinion and according fo the information and explanations
 given to us, the Company has maintained proper records of transactions
 and contract in respect of dealing and trading in shares, debentures,
 and other investments and timely entries have been made therin. The
 Company in its own m=name has held all shares, debentures and other
 investments.
 
 15.Based on examination and on the basis of information and
 explanations given to *us, the company has given any guarantee for
 loans taken by others from banks or financial institutions.
 
 16. On the basis of information and explainations given to us, in our
 opinion, the company has taken unsecured loan from that parent company
 and applied for the purpose for which the loans were obtained.
 
 17.Based on examination of documents and records maae 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 ot
 shares lo 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 Oraer pertaining to creation of
 security or charge for debentures does not arise.
 
 20.The company has no1 raised any money through a public issue during
 the period: accordingly, paragraph 4(xx) of the Order is not applicable
 to tne 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 hos been noticed or reported during
 the course of our audit.
 
 
 
                                             For Harish Dayani & Co.  
 
                                               Chartered Accountants
 
                                                      FRN No.005313G
 
 
 
 
                                                    Murshes Vishnani
 
 Place:Kota                                                  Partner
 
 Date: May 28 2013                                      MRN : 409601
Source : Dion Global Solutions Limited
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