Mar 31, 2022
STEELCAST LIMITED
Report on the Audit of the Standalone Financial Statements
We have audited the accompanying standalone financial statements of STEELCAST LIMITED ("the Companyâ), which comprise the Balance Sheet as at 31st March, 2022 the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as "the standalone financial statementsâ).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ("the Actâ) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind ASâ) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2022 the profit and other comprehensive income, changes in equity and its cash flows for the year ended on that date.
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditorâs Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIâs Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. There is no any key audit matter to be communicated in our report.
The Companyâs Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Boardâs Report including Annexures to Boardâs Report, Business Responsibility Report, Corporate Governance and Shareholderâs Information, but does not include the standalone financial statements and our auditorâs report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
The Companyâs Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. 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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Companyâs financial reporting process.
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⦠Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⦠Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⦠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⦠Conclude on the appropriateness of managementâs use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⦠Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
1. As required by Section 143(3) of the Act, based on our audit 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, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account.
(d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS 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 31st March, 2022 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2022 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure Aâ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companyâs internal financial controls over financial reporting.
(g) With respect to the other matters to be included in the Auditorâs Report in accordance with the requirements of section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.
(h) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, 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 except those stated under note no. 40(c) - Contingent Liabilities.
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.
iv. (a) The management, has represented
that, to the best of its knowledge and beliefs, no funds (which are material either individually or in aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kinds of funds) by the company to or in any other person or entity, including foreign entity ("intermediaries), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities indentified in any manner whatsoever by or on behalf of the company ("Ultimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(b) The management, has represented, that, to the best of its knowledge and beliefs, no funds (which are material either individually or in aggregate) have been received by the company from any person or entity, including foreign entity ("Funding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the company shall, whether, directly or indirectly, lend or invest in other persons or entities indentified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances performed by us on the company, nothing has come our notice that has caused us to believe that the representations under sub clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.
v As stated in Note 18 of the standalone financial statement
(a) The final dividend proposed in the previous year, declared and paid by the company during the year is in
accordance with Section 123 of the Act, as applicable
(b) The interim dividend declared and paid by the company during the year is in compliance with Section 123 of the Act, as applicable.
(c) The Board of Directors of the Company have proposed final dividend for the year which is subject to approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with section 123 of the Act, as applicable.
2. As required by the Companies (Auditorâs Report) Order, 2020 ("the Orderâ) issued by the Central Government in terms of Section 143(11) of the Act, we give in "Annexure Bâ a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent possible.
For S S M & Co,
Chartered Accountants FRN : 129198W
Place: Bhavnagar CA Sarju S. Mehta
Date: 18th May, 2022 Partner
UDIN : 22106804AJEZEE9441 M. N. 106804
Mar 31, 2018
REPORT ON THE STANDALONE IND AS FINANCIAL STATEMENTS
We have audited the accompanying standalone Ind AS financial statements of STEELCAST LIMITED (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2018, and the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.
MANAGEMENTâS RESPONSIBILITY FOR THE STANDALONE IND AS FINANCIAL STATEMENTS
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act.
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; anc 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 standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error
AUDITORâS RESPONSIBILITY
Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit.
In conducting 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 of the standalone Ind AS financial statements 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 standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the standalone Ind AS financial statements.
We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.
OPINION
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Inc AS 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, 2018, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.
OTHER MATTERS
(a) The comparative financial information of the Company for the year ended March 31, 2017 and the transition date opening balance sheet as at April 1, 2016 included in these standalone Ind AS financial statements, are based on the statutory financial statements prepared in accordance with the Companies (Accounting Standards) Rules, 2006 audited by the predecessor auditor whose report for the year ended March 31, 2017 and March 31, 2016 dated 22.05.2017 and 30.05.2016 respectively expressed an unmodified opinion on those standalone financial statements, and have been restated to comply with Ind AS. Adjustments made to the previously issued said financial information prepared in accordance with the Companies (Accounting Standards) Rules, 2006 to comply with Ind AS have been audited by us.
Our opinion on the standalone financial statements and our report on Other Legal and Regulatory Requirements below is not modified in respect of these matters.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by Section 143(3) of the Act, based on our audit, we report, to the extent applicable 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 requirec by law have been kept by the Company so far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account.
d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards prescribed under section 133 of the Act.
e) On the basis of the written representations received from the directors as on March 31, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2018 from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company anc the operating effectiveness of such controls, refer to our separate Report in âAnnexure Aâ
g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, 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 except those stated under note no. 40(c) - Contingent Liabilities.
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.
2. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government in terms of Section 143(11) of the Act, we give in âAnnexure Bâ a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent possible.
(Referred to in paragraph 1 (f) under âReport on Other Legal and Regulatory Requirementsâ section of our report of even date)
REPORT ON THE INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT, 2013 (âTHE ACTâ)
We have audited the internal financial controls over financial reporting of Steelcast Limited (âthe Companyâ) as of March 31, 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
MANAGEMENTâS RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as requirec under the Companies Act, 2013.
AUDITORSâ RESPONSIBILITY
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorsâ judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting. meaning of internal financial controls over financial
REPORTING
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that -
(1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company:
(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorisations of management and directors of the company: and
(3) Provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companyâs assets that could have a material effect on the financial statements.
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OvER FINANCIAL REPORTING
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
OPINION
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
(Referred to in paragraph 1 under â Report on Other Legal and Regulatory Requirementsâ section of our report of even date)
On the basis of such checks as we considered appropriate and in terms of information and explanations given to us, we state that:
1 IN RESPECT OF FIXED ASSETS:
a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
b. The fixed assets were physically verified by the management at reasonable intervals having regard to the size of the company, in a phased manner in accordance with a programme of physical verification. As informed, no material discrepancies were noticed on such verification.
c. According to the information and explanations given to us and based on the records of the company examined by us, the title deeds of immovable properties are held in the name of the Company.
2 The inventories were physically verified by the management at reasonable intervals during the year. As informed to us, no material discrepancies were noticed on such physical verification carried out by the Company.
3 The Company has not granted any loans, secured or unsecured, to companies, firms, limited liability partnerships or other parties covered in the register maintained under section 189 of the Act.
4 The Company has complied with provisions of Section 185 and 186 of the Act in respect of loans, investments, guarantees and security, to the extent applicable.
5 The Company has not accepted any deposits within the meaning of the provisions of section 73 to 76 or any other relevant provisions of the Act and the rules framed there under with regard to the deposits accepted from the public. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal.
6 We have broadly reviewed the cost records maintained by the Company pursuant to Section 148(1) of the Companies Act, 2013 and are of the opinion that, prima facie, the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
7 IN RESPECT OF STATUTORY AND OTHER DUES:
a. The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Goods and Service Tax, Cess and other statutory dues, to the extent applicable, with the appropriate authorities during the year. There are no undisputed statutory dues outstanding for a period of more than six months from the date they became payable.
b. There are no amounts outstanding, which have not been deposited on account of dispute except for the following:
Nature of payment |
Financial year |
Amount |
Forum where dispute is pending |
Income Tax |
2005- |
Tax |
The Assistant |
2006 |
amount Rs. |
Commissioner |
|
562,086 |
of Income Tax |
8 The Company has not defaulted in repayment of loans or borrowing to banks and financial institution. The Company has not obtained any borrowings government or by way of debentures.
9 Terms loans obtained by the Company have been applied for the purpose for which they were obtained. The Company has not raised any money, during the year, by way of public offer (including debt instruments).
10 To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company or on the Company by its officers or employees was noticed or reported during the year
11 In our opinion and according to the information and explanations given to us, managerial remuneration paid or provided by the Company during the year is in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
12 Since the Company is not a Nidhi Company, the provisions of clause 3 (xii) of the Order are not applicable to the Company
13 In our opinion and according to the information and explanations given to us, all transactions with the related parties are in compliance with Section 177 and 188 of the Act and the details have been disclosed in the financial statements as required by the applicable accounting standards.
14 The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.
15 In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its Directors or persons connected to its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company
16 The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
For S S M & CO
Chartered Accountants
FRN : 129198W
CA Sarju S. Mehta
Place: Bhavnagar Partner
Date: May 30, 2018 M. No. 106804
Mar 31, 2017
To,
The Members of
STEELCAST LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of Steelcast Limited (âthe Companyâ) which comprise the Balance Sheet as at 31st March 2017, the Statement of Profit and Loss, 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 the Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these financial statements that give a true and fair view of the financial position and financial performance 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 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.
Auditors'' 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 the disclosures in the financial statements. The procedures selected depend on the auditors'' 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 auditors consider internal financial control relevant to the Company''s preparation of the financial statements that give true and fair view 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 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, of the state of affairs of the Company as at 31st March 2017 and of the 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, 2016 ("the Order") issued by the Central Government of India terms of sub-section (11) of section 143 of the Act, we give in the Annexure-A, a statement on the matters specified in clause 3 and 4 of the Order, to the extent possible.
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 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 it 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 Report 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 written representations received from the directors as on 31st March 2017, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2017, from being appointed as a director in terms section 164(2) of the Act;
f) With respect to the adequacy of internal financial controls over financial reporting of the Company and operating effectiveness of such controls, our separate report in annexure - B may be referred;
g) With respect to the other matters to be included in the Auditors'' 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 explanation given to us:
i. The Company does not have any pending litigations which would impact its financial position except those stated under note no. 28 - Contingent Liabilities;
ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses;
iii. There has been no delay in transferring the amounts required to be transferred to the Investor Education and Protection Fund by the Company.
iv. The Company has provided requisite disclosures in the financial statements as to holdings as well as dealings in Specified Bank Notes (SBNs) during the period from 8th November 2016 to 30th December 2016. In absence of any external evidences, based on audit procedures and relying on the management representation, we report that the disclosures are in accordance with books of account maintained by the Company and as produced to us by the management. (refer note no. 34)
(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)
On the basis of such checks as we considered appropriate and in terms of information and explanations given to us, we state that:
1 In respect of fixed assets:
a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
b. The fixed assets were physically verified by the management at reasonable intervals in a phased manner in accordance with a programme of physical verification. No discrepancies were noticed on such verification.
c. The title deeds of immovable properties are held in the name of the Company.
2 The inventories were physically verified by the management at reasonable intervals during the year. No material discrepancies were noticed on such physical verification carried out by the Company.
3 The Company has not granted any loans, secured or unsecured, to companies, firms, limited liability partnerships or other parties covered in the register maintained under section 189 of the Act.
4 The Company has complied with provisions of Section 185 and 186 of the Act in respect of loans, investments, guarantees and security, to the extent applicable.
5 The Company has not accepted any deposits within the meaning of the provisions of section 73 to 76 or any other relevant provisions of the Act and the rules framed there under with regard to the deposits accepted from the public. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal.
6 We have broadly reviewed the cost records maintained by the Company pursuant to Section 148(1) of the Companies Act, 2013 and are of the opinion that, prima facie, the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
7 In respect of statutory and other dues:
a. The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and other statutory dues, to the extent applicable, with the appropriate authorities during the year. There are no undisputed statutory dues outstanding for a period of more than six months from the date they became payable.
b. There are no amounts outstanding, which have not been deposited on account of dispute except for the following:
Nature of Payment |
Financial Year |
- |
Forum where dispute is pending |
Income Tax |
2005-2006 |
562,086 |
The Assistant Commissioner of Income Tax |
8 The Company has not defaulted in repayment of loans or borrowing to banks. The Company has not obtained any borrowings from any financial institutions or government or by way of debentures.
9 Terms loans obtained by the Company have been applied for the purpose for which they were obtained. The Company has not raised any money, during the year, by way of public offer (including debt instruments).
10 To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company or on the Company by its officers or employees was noticed or reported during the year.
11 Managerial remuneration paid or provided by the Company during the year is in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
12 Since the Company is not a Nidhi Company, the provisions of clause 3 (xii) of the Order are not applicable to the Company.
13 All transactions with the related parties are in compliance with Section 177 and 188 of the Act and the details have been disclosed in the financial statements as required by the applicable accounting standards.
14 The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.
15 The Company has not entered into any non-cash transactions during the year with directors or persons concerned with him.
16 The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
(Referred to in paragraph 2 (f) under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)
We have audited the internal financial controls over financial reporting of Steelcast Limited ("the Company") as of 31st March, 2017 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors'' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that -
(1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the company; and
(3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2017, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For SANGHAVI & COMPANY
Chartered Accountants
FRN: 109099W
MANOJ GANATRA
Ahmedabad Partner
May 22, 2017 Membership No. 043485
Mar 31, 2016
Report on the Financial Statements
We have audited the accompanying financial statements of Steelcast Limited (âthe Companyâ) which comprise the Balance Sheet as at 31st March 2016, the Statement of Profit and Loss, 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 the Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position and financial performance 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 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.
Auditors'' 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 the disclosures in the financial statements. The procedures selected depend on the auditors'' 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 auditors consider internal financial control relevant to the Company''s preparation of the financial statements that give true and fair view 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 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 standalone 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 2016 and of the 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, 2016 ("the Order") issued by the Central Government of India terms of sub-section (11) of section 143 of the Act, we give in the Annexure - A, a statement on the matters specified in clause 3 and 4 of the Order, to the extent possible.
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 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 it 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 Report 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 written representations received from the directors as on 31st March 2016, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2016, from being appointed as a director in terms section 164(2) of the Act;
f) With respect to the adequacy of internal financial controls over financial reporting of the Company and operating effectiveness of such controls, our separate report in annexure - B may be referred;
g) With respect to the other matters to be included in the Auditors'' 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 explanation given to us:
i. The Company does not have any pending litigations which would impact its financial position except those stated under note no. 29 - Contingent Liabilities;
ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses;
iii. There has been no delay in transferring the amounts required to be transferred to the Investor Education and Protection Fund by the Company.
(Referred to in paragraph 1 under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)
On the basis of such checks as we considered appropriate and in terms of information and explanations given to us, we state that:
1 In respect of fixed assets:
a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
b. The fixed assets were physically verified by the management at reasonable intervals in a phased manner in accordance with a programme of physical verification. No discrepancies were noticed on such verification.
c. The title deeds of immovable properties are held in the name of the Company.
2 The inventories were physically verified by the management at reasonable intervals during the year. No material discrepancies were noticed on such physical verification carried out by the Company.
3 The Company has not granted any loans, secured or unsecured, to companies, firms, limited liability partnerships or other parties covered in the register maintained under section 189 of the Act.
4 The Company has complied with provisions of Section 185 and 186 of the Act in respect of loans, investments, guarantees and security, to the extent applicable.
5 The Company has not accepted any deposits within the meaning of the provisions of section 73 to 76 or any other relevant provisions of the Act and the rules framed thereunder with regard to the deposits accepted from the public except for seven deposits aggregating to '' 460.00 lacs which were inadvertently accepted by the company. The said deposits were, however, immediately repaid. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal.
6 We have broadly reviewed the cost records maintained by the Company pursuant to Section 148(1) of the Companies Act, 2013 and are of the opinion that, prima facie, the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
7 In respect of statutory and other dues:
a. The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and other statutory dues, to the extent applicable, with the appropriate authorities during the year. There are no undisputed statutory dues outstanding for a period of more than six months from the date they became payable.
b. There are no amounts outstanding, which have not been deposited on account of dispute.
8 The Company has not defaulted in repayment of loans or borrowing to banks. The Company has not obtained any borrowings from any financial institutions or government or by way of debentures.
9 Terms loans obtained by the Company have been applied for the purpose for which they were obtained. The Company has not raised any money, during the year, by way of public offer (including debt instruments).
10 To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company or on the Company by its officers or employees was noticed or reported during the year.
11 Managerial remuneration paid or provided by the Company during the year is in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
12 Since the Company is not a Nidhi Company, the provisions of clause 3 (xii) of the Order are not applicable to the Company.
13 All transactions with the related parties are in compliance with Section 177 and 188 of the Act and the details have been disclosed in the financial statements as required by the applicable accounting standards.
14 The Company has made preferential allotment of 2,024,000 equity shares during the year under the review in compliance with section 42 of the Companies Act, 2013. The amounts raised have been used for the purpose for which the funds were raised.
15 The Company has not entered into any non-cash transactions during the year with directors or persons concerned with him.
16 The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
For SANGHAVI & COMPANY
Chartered Accountants
FRN: 109099W
Ahmedabad MANOJ GANATRA
May 30, 2016 Partner
Membership No. 043485
Mar 31, 2015
We have audited the accompanying financial statements of Steelcast
Limited ("the Company") which comprise the Balance Sheet as at 31st
March 2015, the Statement of Profit and Loss, 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 the Financial Statements
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 that give a
true and fair view of the financial position and financial performance
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 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.
Auditors' 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
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 auditors' 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 auditors consider internal financial control relevant
to the Company's preparation of the financial statements that give 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 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 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, of the state of affairs of the Company as
at 31st March 2015 and of the loss 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 terms of sub-section
(11) of section 143 of the Act, we give in the Annexure a statement on
the matters specified in clause 3 and 4 of the Order, to the extent
possible.
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
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 it 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 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 31st March 2015, and 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 section 164(2) of the Act;
f) With respect to the other matters to be included in the Auditors'
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 explanation given to us:
i. The Company does not have any pending litigations which would impact
its financial position except for those stated under note no. 29 -
Contingent Liabilities.
ii. The Company did not have any long-term contracts including
derivatives contracts for which there were any material foreseeable
losses;
iii. There has been no delay in transferring the amounts, required to
be transferred, to the Investor Education and Protection Fund by the
Company.
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1 In respect of fixed assets:
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b. The fixed assets were physically verified by the management at
reasonable intervals in a phased manner in accordance with a programme
of physical verification. No discrepancies were noticed on such
verification.
2 In respect of inventories:
a. The inventories were physically verified by the management at
reasonable intervals during the year.
b. 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. The Company has maintained proper records of its inventories and no
material discrepancies were noticed on physical verification carried
out by the management of the Company.
3 The Company has not granted any loans, secured or unsecured, to the
companies, firms or other parties in the register maintained under
section 189 of the Companies Act, 2013.
4 There are adequate internal control procedures commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory and fixed assets and for the sale of goods and
services except for certain functional areas where internal control
procedures need to be strengthened. During the course of our audit, no
major weakness has been noticed in the internal controls.
5 The Company has not accepted any deposits within the meaning of the
provisions of section 73 to 76 or any other relevant provisions of the
Act and the rules framed thereunder with regard to the deposits
accepted from the public except for three deposits aggregating to '
225.00 lacs which were inadvertently accepted by the Company which were
not in compliance to section 73 to 76 of the Act. The said deposits,
have, however since been repaid. No order has been passed by the
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any court or any other tribunal.
6 We have broadly reviewed the cost records maintained by the Company
pursuant to Section 148(1) of the Companies Act, 2013 and are of the
opinion that, prima facie, the prescribed cost records have been
maintained. We have, however, not made a detailed examination of the
cost records with a view to determine whether they are accurate or
complete.
7 In respect of statutory and other dues:
a. The Company has generally been regular in depositing 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 and other statutory dues, to the extent
applicable, with the appropriate authorities during the year. There are
no undisputed statutory dues outstanding for a period of more than six
months from the date they became payable.
b. There are no amounts outstanding, which have not been deposited on
account of dispute.
c. The amount required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 and rules made thereunder has been transferred to
such fund within time.
8 The Company does not have accumulated losses exceeding fifty percent
of its net worth as at the end of the financial year. The Company has
incurred cash losses during the current year but not in the in the
immediately preceding financial year.
9 The Company has not defaulted in repayment of dues to banks. The
company has not obtained any borrowings from any financial institutions
or by way of debentures.
10 The Company has not given any guarantees for loans taken by others
from banks and financial institutions.
11 Terms loans obtained by the Company have been applied for the
purpose for which they were obtained.
12 To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For SANGHAVI & COMPANY
Chartered Accountants
FRN: 109099W
Ahmedabad MANOJ GANATRA
May 28, 2015 Partner
Membership No. 043485
Mar 31, 2014
We have audited the accompanying financial statements of Steelcast
Limited ("the Company"), which comprise the Balance Sheet as at 31st
March 2014 and the statement of Profit & Loss and 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
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 recognition and measurement principles laid down in the Companies
(Accounting Standards) Rules, 2006 [which continue to be applicable in
respect of section 133 of the Companies Act, 2013 in terms of general
circular 15/2013 dated 13th September 2013 of the Ministry of Corporate
Affairs] as per Section 211(3C) 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 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 amounts and disclosures in the financial statements. The procedures
selected depend on the auditors'' 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 auditors
consider 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 company''s
internal control. 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 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 Profit and Loss Statement, of the profit for the
year ended on that date; and
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, 2003 ("the
Order") issued by the Central Government of India 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
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956 [which
continue to be applicable in respect of section 133 of the Companies
Act, 2013 in terms of general circular 15/2013 dated 13th September
2013 of the Ministry of Corporate Affairs];
e) On the basis of written representations received from the directors
as on 31st March 2014, and 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 Companies Act, 1956;
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any rules under the said section,
prescribing the manner in which such cess to be paid, no cess is due
and payable by the Company.
ANNEXURE TO AUDITORS'' REPORT
(Referred to in paragraph 1 under Report on other Legal and Regulatory
requirements'' section of our report of even date)
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1 In respect of fixed assets:
a. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b. Fixed assets are physically verified by the management at
reasonable intervals in a phased manner in accordance with a programme
of physical verification. Discrepancies noticed on such verification,
which were not material, have been properly dealt with in the accounts.
c. There was no substantial disposal of fixed assets during the year.
2 In respect of inventories:
a. The inventories were physically verified by the management at
reasonable intervals during the year.
b. 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. The company has maintained proper records of its inventories and no
material discrepancies were noticed on physical verification.
3 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. The company has not taken
any loans, secured or unsecured, from the parties covered in the
register maintained under section 301 of the Companies Act, 1956.
4 There are adequate internal control procedures commensurate with the
size of the company and the nature of its business with regard to
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, no major weakness has been
noticed in the internal controls.
5 In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act 1956:
a. Based on the audit procedures applied by us and according to the
information and explanations given to us, the particulars of contracts
or arrangements referred to in section 301 of the Act have been entered
in the register maintained under that section.
b. The transactions made in pursuance of such contracts or
arrangements have been made at the prices which are prima facie
reasonable having regard to the prevailing market prices at the
relevant time, wherever such comparison is possible.
6 The company has not accepted any deposits within the meaning of
section 58A and 58AA of the Companies Act 1956 and the rules framed
there under.
7 In our opinion, the company has an internal audit system commensurate
with its size and the nature of its business.
8 We have broadly reviewed the cost records maintained by the company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act, 1956 and are of the opinion that, prima facie, the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
9 In respect of statutory and other dues:
a. The company has generally been regular in depositing 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 and other
statutory dues, to the extent applicable, with the appropriate
authorities during the year except for a few instances of tax deducted
at source where payments are made beyond due dates. There are no
amounts outstanding for more than six months from the date they became
payable except for service tax payments oft 6,803.
b. There are no amounts which are not deposited on account of dispute
except for income tax demand oR30,170 for the financial year 2010-11
against which the company has preferred an appeal before the
Commissioner of Income Tax (Appeals).
10 The company does not have any accumulated losses as at the end of
the financial year. The company has not incurred cash losses during the
current or in the immediately preceding financial year.
11 Based on our audit procedures and the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial institutions or banks. The company has not obtained any
borrowings by way of debentures.
12 The company has not granted loans or 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 fund/society. Therefore, the provisions of clause 4 (xiii) of
the Order are not applicable to the company.
14 The company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly the provisions of clause
4(xiv) of the Order are not applicable to the company.
15 The company has not given any guarantees for loans taken by others
from banks and financial institutions.
16 The term loans taken have been applied for the purpose for which it
was raised.
17 According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, funds raised
on short-term basis, prima facie, have not been used during the year
for long-term investment.
18 The company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act 1956 except for allotment of 792,000 equity
shares to a director interested company against conversion of warrants
issued to them on preferential basis in accordance with the guidelines
issued by the Securities and Exchange Board of India in this regard.
19 The company did not have any outstanding debentures during the year.
20 The company has not raised any money through a public issue during
the year.
21 To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For SANGHAVI & COMPANY
Chartered Accountants
FRN: 109099W
Bhavnagar
May 30 2014 GAURANG SANGHAVI
Partner
Membership No. 044264
Mar 31, 2013
We have audited the accompanying financial statements of Steel cast
Limited ("the Company"), which comprise the Balance Sheet as at
31stMarch 2013 and the statement of Profit & Loss and 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
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 and 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 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 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 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 2013;
b) In the case of the Profit and Loss Statement, of the profit for the
year ended on that date; and
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, 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
Cash Flow Statement 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 the directors
as on 31st March 2013, and taken on record by the Board of Directors,
none of the directors is 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 Companies Act, 1956;
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any rules under the said section,
prescribing the manner in which such cess to be paid, no cess is due
and payable by the Company.
Annexure referred to in paragraph 1 of the report of even date of the
Auditors to the members of STEELCAST LIMITED on the accounts for the
year ended 31st March 2013.
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1 In respect of fixed assets:
a. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b. As explained to us, fixed assets are physically verified by the
management at reasonable intervals in a phased manner in accordance
with a programme of physical verification. Discrepancies noticed on
such verification, which were not material, have been properly dealt
with in the accounts.
c. There was no substantial disposal of fixed assets during the year.
2 In respect of inventories:
a. The inventories were physically verified by the management at
reasonable intervals during the year.
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. The company has maintained proper records of its inventories and no
material discrepancies were noticed on physical verification.
3 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. The Company has not taken
any loans, secured or unsecured, from the parties covered in the
register maintained under section 301 of the Companies Act, 1956.
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 inventory and fixed assets and for
the sale of goods and services. During the course of our audit, no
major weakness has been noticed in the internal controls.
5 In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act 1956:
a. Based on the audit procedures applied by us and according to the
information and explanations given to us, the particulars of contracts
or arrangements referred to in section 301 of the Act have been entered
in the register maintained under that section.
b. According to the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements have
been made at the prices which are prima facie reasonable having regard
to the prevailing market prices at the relevant time, wherever such
comparison is possible.
6 The company has not accepted any deposits within the meaning of
section 58A and 58AA of the Companies Act, 1956, and the rules framed
there under.
7 In our opinion, the Company has an internal audit system commensurate
with its size and the nature of its business.
8 We have broadly reviewed the cost records maintained by the company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under Section 209(1)(d) of the
Companies Act, 1956 and are of the opinion that, prima facie, the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
9 In respect of statutory and other dues:
a. The Company has generally been regular in depositing 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 and other
statutory dues, to the extent applicable, with the appropriate
authorities during the year except for a few instances of tax deducted
at source and service tax, where payments are made beyond due dates.
There are no amounts outstanding for more than six months from the date
they became payable
b. There are no amounts which are not deposited on account of dispute.
10 The company does not have any accumulated losses as at the end of
the financial year. The company has not incurred cash losses during the
current or in the immediately preceding financial year.
11 Based on our audit procedures and the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial institutions or banks. The company has not obtained any
borrowings by way of debentures.
12 The company has not granted loans or 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 fund/society. Therefore, the provisions of clause 4 (xiii) of
the Order are not applicable to the company.
14 The company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly the provisions of clause
4(xiv) of the Order are not applicable to the company.
15 According to the information and explanations given to us, the
company has not given any guarantees for loans taken by others from
banks and financial institutions.
16 The term loans taken have been applied for the purpose for which it
was raised.
17 According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, funds raised
on short-term basis, prima facie, have not been used during the year
for long-term investment.
18 The company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956, except for allotment of 792,000 equity
shares to a director interested company against conversion of warrants
issued to them on preferential basis in accordance with the guidelines
issued by the Securities and Exchange Board of India in this regard.
19 The company did not have any outstanding debentures during the year.
20 The company has not raised any money through a public issue during
the year.
21 To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For SANGHAVI & COMPANY
Chartered Accountants
FRN: 109099W
Bhavnagar
May 12 2013 GAURANG R SANGHAVI
Partner
Membership No. 044264
Mar 31, 2012
We have audited the attached Balance Sheet of Steelcast Limited as at
31st March 2012 and also the Profit & Loss Account and the Cash Flow
Statement of the Company 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
these financial statements based on our audit.
We conducted our audit in accordance with the 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 the 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 & 5 of the said
order.
2. Further to our comments in the annexure referred to in paragraph
(1) above, we report that:
(i) 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;
(ii) In our opinion, proper books of accounts as required by the law
have been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts;
(iv) In our opinion, the Balance Sheet, Profit & Loss account and Cash
Flow Statements dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act 1956, to the extent applicable.
(v) Based on the written representations made by the directors of the
company and according to the information and explanations given to us,
no director is disqualified as on 31st March 2012 from being appointed
as director under clause (g) of sub-section (1) of section 274 of the
Companies Act 1956;
(vi) Reference is invited to note no. 26 regarding change in accounting
policy in respect of long- term monetary items and its consequent
effect on the profit for the year as well as fixed assest as on the
balance sheet date;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the 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:
(a) In the case of the Balance Sheet, of the State of affairs of the
Company as at 31st March 2012;
(b) In the case of the Profit & Loss Account, of the PROFIT for the
year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Annexure referred to in paragraph 1 of the report of even date of the
Auditors to the members of STEELCAST
LIMITED on the accounts for the year ended 31 st March 2012.
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1 In respect of fixed assets:
a. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b. As explained to us, fixed assets are physically verified by the
management at reasonable intervals in a phased manner in accordance
with a programme of physical verification. Discrepancies noticed on
such verification, which were not material, have been properly dealt
with in the accounts.
c. There was no substantial disposal of fixed assets during the year.
2 In respect of inventories:
a. The inventories were physically verified by the management at
reasonable intervals during the year.
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. The Company has maintained proper records of its inventories and no
material discrepancies were noticed on physical verification.
3 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. The Company has not taken
any loans, secured or unsecured, from the parties covered in the
register maintained under section 301 of the Companies Act, 1956.
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 inventory and fixed assets and for
the sale of goods and services. During the course of our audit, no
major weakness has been noticed in the internal controls.
5 In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act 1956:
a. Based on the audit procedures applied by us and according to the
information and explanations given to us, the particulars of contracts
or arrangements referred to in section 301 of the Act have been entered
in the register maintained under that section.
b. According to the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements have
been made at the prices which are prima facie reasonable having regard
to the prevailing market prices at the relevant time, wherever such
comparison is possible.
6 The company has not accepted any deposits within the meaning of
section 58A and 58AA of the Companies Act 1956 and the rules framed
there under.
7 In our opinion, the company has an internal audit system commensurate
with its size and the nature of its business.
8 The Companies (Cost Accounting Records) Rules 2011 have been
applicable to the Company w.e.f. the financial year 2011-2012. The
company has appointed a Cost Accountant and is in the process fo
compliance with the said rules.
9 In respect of statutory and other dues:
a. The Company has generally been regular in depositing 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 and other
statutory dues, to the extent applicable, with the appropriate
authorities during the year except for a few instances of tax deducted
at source, where payments are made beyond due dates.
b. There are no amounts which are not deposited on account of dispute
except for the followings:
Nature of Payment Rs. Forum where dispute is pending
Value Added Tax 605,580 The Dy. Commissioner of Commercial Tax
10 The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during the
current or in the immediately preceding financial year.
11 Based on our audit procedures and the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions or banks. The Company has not obtained any
borrowings by way of debentures.
12 The Company has not granted loans or 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 fund/society. Therefore, the provisions of clause 4 (xiii) of
the Order are not applicable to the company.
14 The Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly the provisions of clause
4(xiv) of the Order are not applicable to the Company.
15 According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks and financial institutions.
16 The term loans taken have been applied for the purpose for which it
was raised.
17 According to the information and explanations given to us and on an
overall examination of the balance sheet of the Company, funds raised
on short-term basis, prima facie, have not been used during the year
for long-term investment.
18 The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act 1956 except for allotment of 198,000 equity
shares to a director interested company against conversion of warrants
issued to them on preferential basis in accordance with the guidelines
issued by the Securities and Exchange Board of India in this regard.
19 The Company did not have any outstanding debentures during the year.
20 The Company has not raised any money through a public issue during
the year.
21 To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For SANGHAVI & COMPANY
Chartered Accountants
FRN: 109099W
Bhavnagar
5th June 2012 MANOJ GANATRA
Partner
Membership No. 043485
Mar 31, 2011
We have audited the attached Balance Sheet of Steelcast Limited as at
31st March 2011 and also the Profit & Loss Account and the Cash Flow
Statement of the Company 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
these financial statements based on our audit.
We conducted our audit in accordance with the 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 the 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 & 5 of the said
order.
2. Further to our comments in the annexure referred to in paragraph
(1) above, we report that:
(i) 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;
(ii) In our opinion, proper books of accounts as required by the law
have been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts;
(iv) In our opinion, the Balance Sheet, Profit & Loss account and Cash
Flow Statements dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act 1956, to the extent applicable.
(v) Based on the written representations made by the directors of the
company and according to the information and explanations given to us,
no director is disqualified as on 31st March 2011 from being appointed
as director under clause (g) of sub-section (1) of section 274 of the
Companies Act 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the 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:
(a) In the case of the Balance Sheet, of the State of affairs of the
Company as at 31st March 2011;
(b) In the case of the Profit & Loss Account, of the PROFIT for the
year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS REPORT
Annexure referred to in paragraph 1 of the report of even date of the
Auditors to the members of STEELCAST LIMITED on the accounts for the
year ended 31st March 2011.
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1 In respect of fixed assets:
a. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b. As explained to us, fixed assets are physically verified by the
management at reasonable intervals in a phased manner in accordance
with a programme of physical verification. Discrepancies noticed on
such verification, which were not material, have been properly dealt
with in the accounts.
c. There was no substantial disposal of fixed assets during the year.
2 In respect of inventories:
a. The inventories were physically verified by the management at
reasonable intervals during the year.
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. The Company has maintained proper records of its inventories and no
material discrepancies were noticed on physical verification.
3 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. The Company has not taken
any loans, secured or unsecured, from the parties covered in the
register maintained under section 301 of the Companies Act, 1956.
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 inventory and fixed assets and for
the sale of goods and services. During the course of our audit, no
major weakness has been noticed in the internal controls.
5 In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act 1956:
a. Based on the audit procedures applied by us and according to the
information and explanations given to us, the particulars of contracts
or arrangements referred to in section 301 of the Act have been entered
in the register maintained under that section.
b. According to the information and explanations given to us, the
transactions made in pursuance of such contracts or arrangements have
been made at the prices which are prima facie reasonable having regard
to the prevailing market prices at the relevant time, wherever such
comparison is possible.
6 The company has not accepted any deposits within the meaning of
section 58A and 58AA of the Companies Act 1956 and the rules framed
there under.
7 In our opinion, the company has an internal audit system commensurate
with its size and the nature of its business.
8 As informed to us, the Central Government has not prescribed
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956.
9 In respect of statutory and other dues:
a. The Company has generally been regular in depositing 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 and other
statutory dues, to the extent applicable, with the appropriate
authorities during the year except for a few instances of provident
fund and tax deducted at source, where payments are made beyond due
dates.
b. There are no amounts which are not deposited on account of dispute
except for the followings:
Nature of Payment Rs. Forum where dispute is pending
Value Added Tax 605,580 The Dy. Commissioner of
Commercial Tax
10 The Company does not have any accumulated losses as at the end of
the financial year. The Company has not incurred cash losses during the
current or in the immediately preceding financial year.
11 Based on our audit procedures and the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions or banks. The Company has not obtained any
borrowings by way of debentures.
12 The Company has not granted loans or 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 fund/society. Therefore, the provisions of clause 4 (xiii) of
the Order are not applicable to the company.
14 The Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly the provisions of clause
4(xiv) of the Order are not applicable to the Company.
15 According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks and financial institutions.
16 The term loans taken have been applied for the purpose for which it
was raised.
17 According to the information and explanations given to us and on an
overall examination of the balance sheet of the Company, funds raised
on short-term basis, prima facie, have not been used during the year
for long-term investment.
18 The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act 1956 except for allotment of 180,000 equity
shares to a director interested company against conversion of warrants
issued to them on preferential basis in accordance with the guidelines
issued by the Securities and Exchange Board of India in this regard.
19 The Company did not have any outstanding debentures during the year.
20 The Company has not raised any money through a public issue during
the year.
21 To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For SANGHAVI & COMPANY
Chartered Accountants
FRN: 109099W
MANOJ GANATRA
Partner
Membership No. 043485
Bhavnagar
28th May, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of Steeicast Limited as at
31st March 2010 and also the Profit & Loss Account and the Cash Flow
Statement of the Company 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
these financial statements based on our audit.
We conducted our audit in accordance with the 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 the 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 & 5 of the said
order.
2. Further to our comments in the annexure referred to in paragraph
(1) above, we report that:
(i) 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;
(ii) In our opinion, proper books of accounts as required by the law
have been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts;
(iv) In our opinion, the Balance Sheet, Profit & Loss account and Cash
Flow Statements dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act 1956, to the extent applicable.
(v) Based on the written representations made by the directors of the
company and according to the information and explanations given to us,
no director is disqualified as on 31st March 2010 from being appointed
as director under clause (g) of sub-section (1) of section 274 of the
Companies Act 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the 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:
(a) In the case of the Balance Sheet, of the State of affairs of the
Company as at 31st March 2010;
(b) In the case of the Profit & Loss Account, of the PROFIT for the
year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:
1 In respect of fixed assets:
a. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b. As explained to us, fixed assets are physically verified by the
management at reasonable intervals in a phased manner in accordance
with a programme of physical verification. Discrepancies noticed on
such verification, which were not material, have been properly dealt
with in the accounts.
c. There was no substantial disposal of fixed assets during the year.
2 In respectof inventories:
a. The inventories were physically verified by the management at
reasonable intervals during the year.
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. The Company has maintained proper records of its inventories and no
material discrepancies were noticed on physical verification.
3 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. The Company has not taken
any loans, secured or unsecured, from the parties covered in the
register maintained under section 301 of the Companies Act, 1956.
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 inventory and fixed assets and for
the sale of goods and services. During the course of our audit, no
major weakness has been noticed in the internal controls.
5 According to the information and explanations given to us, there were
no transactions required to be entered in the register maintained in
pursuance of section 301 of the Companies Act 1956.
6 The company has not accepted any deposits within the meaning of
section 58A and 58AA of the Companies Act, 1956 and the rules framed
there under.
7 In our opinion, the company has an internal audit system commensurate
with its size and the nature of its business.
8 As informed to us, the Central Government has not prescribed
maintenance of cost records under section 209 (1)(d) of the Companies
Act, 1956.
9 I n respect of statutory and other dues:
a. The Company has generally been regular in depositing 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 and other
statutory dues, to the extent applicable, with the appropriate
authorities during the year.
b. There are no amounts which are not deposited on account of dispute.
i u me company aoes nox nave any accumulated losses as ai me ena or me
Tinanciai year, i ne company has not incurred cash losses during the
current or in the immediately preceding financial year.
11 Based on our audit procedures and the information and explanations
given to us, the Company has not defaulted in repayment of dues to
financial institutions or banks. The Company has not obtained any
borrowings by way of debentures.
12 The Company has not granted loans or 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 fund/society. Therefore, the provisions of clause 4 (xiii) of
the Order are not applicable to the company.
14 The Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly the provisions of clause
4(xiv) of the Order are hot applicable to the Company.
15 According to the information and explanations given to us, the
Company has not given any guarantees for loans taken by others from
banks and financial institutions.
16 The term loans taken have been applied for the purpose for which it
was raised.
17 According to the information and explanations given to us and on an
overall examination of the balance sheet of the Company, funds raised
on short-term basis, prima facie, have not been used during the year
for long-term investment.
18 The Company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act 1956 except for allotment of 180,000 equity
shares to a director interested company against conversion of warrants
issued to them on preferential basis in accordance with the guidelines
issued by the Securities and Exchange Board of India in this regard.
19 The Company did not have any outstanding debentures during the year.
20 The Company has not raised any money through a public issue during
the year.
21 To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was noticed or reported during the year.
For SANGHAVI & COMPANY
Chartered Accountants
Bhavnagar MANOJ GANATRA
20th April 2010 Partner
Membership No. 043485