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Shah Foods | Auditor's Report > Food Processing > Auditor's Report from Shah Foods - BSE: 519031, NSE: N.A
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Shah Foods

BSE: 519031|ISIN: INE455D01012|SECTOR: Food Processing
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Shah Foods is not listed on NSE
Mar 14
Auditor's Report (Shah Foods) Year End : Mar '15
We have audited the accompanying financial statements of Shah Foods
 Limited (the Company), which comprise the Balance Sheet as at March
 31, 2015, and 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:
 
 The Company''s Board of Directors is responsible for the matters 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 the Accounting Standards specified under
 Section 133 of the Act, read with Rule 7 of the Companies (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 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
 there under.
 
 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 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 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
 controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the accounting policies 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.
 
 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:
 
 a) in the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2015;
 
 b) in the case of the Statement of Profit and Loss, of the profit for
 the year ended on that date;
 
 c) in the case of the Cash Flow Statement, of the 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
 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, dealt with by this
 Report are in agreement with the books of account.
 
 d) In our opinion, the aforesaid 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 written representations received from the directors
 as on 31 March, 2015, taken on record by the Board of Directors, none
 of the directors is disqualified as on 31 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 does not have any pending litigations which would impact
 its financial position.
 
 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 delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 The Annexure referred to in paragraph 1 of the Our Report of even date
 to the members of Shah Foods Limited on the accounts of the company for
 the year ended 31st March, 2015.
 
 i.
 
 a) The Company has maintained 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 the company has regular program of verification of
 its fixed assets which, in our opinion, is reasonable having regard to
 the size if the company and the nature of its assets. No material
 discrepancies were noticed on such verification.
 
 ii.
 
 (a) There management has conducted physical verification of inventory
 at reasonable intervals during the year.
 
 (b) The procedures of physical verification of inventory followed by
 the management are reasonable and adequate in relation to the size of
 the Company and the nature of its business.
 
 (c) The Company is maintaining proper records of inventory and no
 material discrepancies were noticed physical verification carried out at
 the end of the year.
 
 iii.  The Company has not granted any loans, secured or unsecured to
 the companies, firms or parties covered in the register maintained
 under section 189 of the Companies Act. Accordingly clause (iii) of
 CARo, 2015 is not applicable.
 
 iv. In our opinion and according to the information and explanations
 given to us, there is generally an adequate internal control procedure
 commensurate with the size of the company and the nature of its
 business, for the purchase of inventory and fixed assets and for sale of
 goods & services. During the course of our audit, no major instance of
 continuing failure to correct major weaknesses in the internal control
 system has been noticed.
 
 v.  The Company has not accepted any deposits covered the provisions of
 sections 73 to 76 or any other relevant provisions of the Companies
 Act. Therefore, clause (v) of the order is not applicable to the
 company.
 
 vi.  In our opinion and according to the information and explanation
 given to us , the provision under sub section (I) of section 148 of the
 companies Act is not applicable to the company. Therefore, clause (vi)
 of CARO, 2015 is not applicable.
 
 vii.  (a) According to the records of the company, undisputed statutory
 dues including Provident Fund, Employees'' State Insurance, Income-tax,
 Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, value
 added tax, cess to the extent applicable and any other statutory dues
 have generally been regularly deposited with the appropriate
 authorities. According to the information and explanations given to us
 there were no undisputed amounts payable in respect of statutory dues
 as on 31st of March, 2015 for a period of more than six months from the
 date they became payable.
 
 (b) According to the information and explanations given to us, there is
 no amounts payable in respect of income tax, wealth tax, service tax,
 sales tax, customs duty and excise duty which have not been deposited
 on account of any disputes.
 
 (c) During the year the company has transferred the fund to Investor
 Education and Protection Fund Account and such transfer was made within
 the time limit as provided in Companies Act and rules made there under.
 
 viii.  The Company does not have any accumulated loss and has not
 incurred cash loss during the financial year covered by our audit and
 in the immediately preceding financial year.
 
 ix.  Based on our audit procedures and on the information and
 explanations given by the management, we are of the opinion that, the
 Company has not defaulted in repayment of dues to a financial
 institution, bank or debenture holders.
 
 x.  According to the information and explanations given to us, the
 Company has not given any guarantees for loan taken by others from a
 bank or financial institution.
 
 xi.  Based on our audit procedures and on the information given by the
 management, we report that the company has not raised any term loans
 during the year.
 
 xii.  Based on the audit procedures performed and the information and
 explanations given to us, we report that no fraud on or by the Company
 has been noticed or reported during the year, nor have we been informed
 of such case by the management.
 
 
 PLACE : AHMEDABAD                        FOR DINESH R. SHAH & Co.
 DATED : 28-05-2015                       CHARTERED ACCOUNTANTS.
 
                                          Hiren D. Shah FRN No. 102610W
                                          (PARTNER)
                                          MEMBERSHIP NO: 047928
Source : Dion Global Solutions Limited
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