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S R K Industries

BSE: 531307|ISIN: INE951M01037|SECTOR: Rubber
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« Mar 14
Auditor's Report (S R K Industries) Year End : Mar '15
1.  We have audited the accompanying standalone financial statements of
 S R K Industries Limited (the Company), which comprise the Balance
 sheet as at March 31, 2015, the Statement of profit and Loss, Cash Flow
 Statement for the year then ended, and a summary of significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 2.  The Company''s Board of Directors 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 to 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 the Accounting Standards
 specified under Section 133 of the Act, read with Rule 7 of Companies
 (Accounts) Rules, 2014. This responsibility also includes maintenance
 of adequate accounting records in accordance with the provisions of the
 Act for safeguarding of 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 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
 
 3.  Our responsibility is to express an opinion on these financial
 statements based on our audit.
 
 4.  We have taken into account the provisions of Act and the Rules made
 thereunder including the accounting standards and matters which are
 required to be included in the audit report.
 
 5.  We conducted our audit in accordance with the Standards on Auditing
 specified under Section 143(10) of the Act and other applicable
 authoritative pronouncements issued by the Institute of Chartered
 Accountants of India. Those standards and pronouncements 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.
 
 6.  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 internal financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view, 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 control systems over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the accounting polices used and the reasonableness
 of the accounting estimates made by the Company''s Directors, as well as
 evaluating the overall presentation of the financial statements
 
 7.  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
 
 8.  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 March 31, 2015, and its profit and its cash flows for the year ended
 on that date.
 
 Report on other Legal and Regulatory Requirements
 
 9.  As required by ''the Companies (Auditor''s Report) Order, 2015 (''''the
 Order) issued by the Central Government of India in terms of
 sub-section (11) of section 143 of the Act and on the basis of such
 checks of the books and records of the Company as we considered
 appropriate and according to the information and explanations given to
 us, we give in the Annexure a statement on the matters specified in
 paragraphs 3 and 4 of the Order.
 
 10. As required by Section 143(3) of the Act, we report that:
 
 a.  We have sought & obtained all the information and explanations
 which to the best of our knowledge & 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 appears from our examination of
 those books;
 
 c.  The Balance Sheet, the Statement of Profit and Loss, and the Cash
 Flow Statement dealt with by this Repot are in agreement with the books
 of account;
 
 d.  In our opinion, the aforesaid standalone financial statements
 comply with the Accounting Standards specified under Section 133 of the
 Act, read with Rule 7 of the Companies (Accounts) Rules 2014;
 
 e.  On the basis of the written representations received from the
 Directors as on March 31, 2015 taken on record by the Board of
 Directors, none of the Directors is disqualified as on March 31, 2015
 from being appointed as a Director in terms of Section 164 (2) of the
 Act;
 
 f.  With respect to 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 knowledge and belief
 and according to the information and explanations given to us:
 
 i) The company does not have any pending litigations as at March 31,
 2015; 
 
 ii) The Company did not have any long term contracts, including
 derivative contracts for which there were any material foreseeable
 losses; 
 
 iii) There has been no amount due as at March 31, 2015 which was
 required to be transferred to the Investor Education and Protection
 Fund by the Company.
 
 Annexure to Independent Auditors Report: Referred to in Paragraph 9 of
 the Independent Auditors'' Report of even date to the members of S R K
 Industries Limited on the standalone financial statements as of and for
 the year ended March 31, 2015
 
 (i) a) The Company is maintaining proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.  b) As explained to us, all the fixed assets have been
 physically verified by the management in accordance with a phased
 programme of verification, which in our opinion is reasonable,
 considering the size and the nature of business. The frequency of
 verification is reasonable and no discrepancies have been noticed on
 such physical verification.
 
 (ii) a) The inventories have been physically verified during the year
 by the management. In our opinion, the frequency of verification is
 reasonable.
 
 b) In our opinion, the procedures of physical verification of the
 inventories followed by the management are reasonable and adequate in
 relation to the size of the Company and the nature of its business.
 
 c) On the basis of our examination of the inventory records, in our
 opinion, the Company is maintaining proper records of inventory. The
 discrepancies noticed on physical verification of inventory as compared
 to book records were not material.
 
 (iii) The Company has not granted unsecured loans to companies covered
 in the register maintained under section 189 of the Act. The Company
 has not granted any secured/unsecured loans to firms or other parties
 covered in the register maintained under section 189 of the Act.
 
 a) The company has not granted any loan, hence Clause (iii)(a) is not
 applicable. 
 
 (b) The company has not granted any loan, hence Clause (iii)(b) is not
 applicable.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there is adequate internal control system commensurate
 with the size of the Company and the nature of its business with regard
 to purchase of inventories, fixed assets and the sale of goods and
 services. During the course of our audit, we have not observed any
 continuing failure to correct major weakness in internal control
 system.
 
 (v) The Company has not accepted any deposits from the public within
 the meaning of sections 73 to 76 of the Act and the Rules framed there
 under to the extent notified.
 
 (vi) As per information & explanations given to us, the Central
 Government has not prescribed for the maintenance of cost records as
 required under section 148 (1) of the Companies Act, 2013.
 
 (vii)(a) According to the information and explanations given to us and
 the records of the Company examined by us, in our opinion, the Company
 is regular in depositing the undisputed statutory dues including
 Provident Fund, Employee State Insurance Fund, Income tax, Sales Tax,
 Service tax, Wealth Tax, Duty of Customs, Duty of Excise, Value Added
 Tax and other statutory dues with the appropriate authorities.
 
 (b) According to the information and explanations given to us, there
 are no amounts payable in respect of Income Tax, Sales Tax, Wealth Tax,
 Service Tax, Duty of Custom, Duty of Excise, Value Added Tax and Cess.
 
 (c) As explained to us and on the basis of examination of the records,
 there was no amount due as at March 31, 2015 which was required to be
 transferred to the Investor Education and Protection Fund by the
 Company.
 
 (viii) The company has no accumulated losses as at the end of the
 financial year and it has not incurred any cash losses in the current
 financial year and in the immediately preceding financial year.
 
 (ix) In our opinion and according to the information and explanations
 given to us, the Company has not taken any loans from banks and
 financial institutions during the year, and hence clause (ix) is not
 applicable.
 
 (x) In our opinion and according to the information and explanations
 given to us, the company has not given any guarantees for loans taken
 by the other company during the year and hence clause (x) is not
 applicable.
 
 (xi) In our opinion and according to the information and explanations
 given to us, the company has not taken any term loan during the year,
 and hence clause (xi) is not applicable.
 
 (xii) During the course of our examination 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 instances of
 material fraud on or by the Company, noticed or reported during the
 year, nor have we been informed of any such cases by the management.
 
                                              For V. R. Renuka & Co.
 
                                              Chartered Accountants
 
                                      Firm Registration No. 108826W
 
                                                               sd/-
 
                                                       V. R. Renuka 
 
                                                         Proprietor 
 
                                                      M. No. 032263 
 
 Mumbai, May 29, 2015
Source : Dion Global Solutions Limited
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