Mar 31, 2018
INDEPENDENT AUDITORS
To the Members of Steel Strips Wheels Limited
Report on the Ind AS Financial Statements
1. We have audited the accompanying Ind AS financial statements of Steel Strips Wheels Limited ("the Company"), which comprise the Balance Sheet as at 31 March 2018, 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.
Management''s Responsibility for the Ind AS Financial Statements
2. The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation of these 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) specified under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act; safeguarding the assets of the Company; preventing and detecting frauds and other irregularities, selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent, 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 Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility
3. Our responsibility is to express an opinion on these Ind AS financial statements based on our audit.
4. 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.
5. 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 Ind AS financial statements are free from material misstatement.
6. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Ind AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial controls relevant to the Company''s preparation of the Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the Ind AS financial statements.
7. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS financial statements. Opinion
8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind 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 31 March 2018, its profit, total comprehensive profit, its cash flows and the changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
9. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order.
10. As required by Section143(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 Ind AS financial statements dealt with by this report are in agreement with the books of account;
d. in our opinion, the aforesaid Ind AS financial statements comply with the Accounting Standards specified under Section 133 of the Act.;
e. on the basis of the written representations received from the directors as on 31 March 2018 and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2018 from being appointed as a director in terms of Section164(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 B.
g. with respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. the Company does not have any pending litigations which would impact its financial position;
ii. the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;
iii. there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company
Annexure A to the Independent Auditorsâ Report of even date to the members of Steel Strips Wheels Limited, on the financial statements for the year ended 31st March 2018
Based on the audit procedures performed for the purpose of reporting a true and fair view on the financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, we report that:
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified by the management during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification of the fixed assets is reasonable having regard to the size of the Company and the nature of its assets.
(c) The title deeds of immovable properties are held in the name of the company.
(ii) The management has conducted physical verification of inventory at reasonable intervals during the year and no material discrepancies between physical inventory and book records were noticed on physical verification.
(iii) The Company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 189 of the Act. Accordingly, the provisions of clauses 3(iii)(a), 3(iii)(b) and 3(iii)(c) of the said Order are not applicable to the company.
(iv) The Company has not granted any loan or made any investments, or provided any guarantees or security to the parties covered under section 185 and 186. Therefore, the provisions of clauses 3(iv) of the said Order are not applicable to the company.
(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended) . Accordingly, the provisions of clause 3(v) of the said Order are not applicable to the company.
(vi) To the best of our knowledge and belief, the Central Government has not specified maintenance of cost records under sub-section (1) of Section 148 of the Act, in respect of Company''s products. Accordingly, the provisions of clause 3(vi) of the Order are not applicable.
(vii) (a) The Company is regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, GST, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as applicable, with the appropriate authorities. Further, no undisputed amounts payable in respect thereof were outstanding at the year-end for a period of more than six months from the date they become payable.
(b) The dues outstanding in respect of income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax and cess on account of any dispute, are as follows:
Name of the statute |
Nature of dues |
Amount (Rs) |
Amount Paid Under Protest (Rs) |
Period to which the amount relates |
Forum where dispute is pending |
INCOME TAX |
INCOME TAX |
18,65,000.00 |
3,73,000.00 |
A/Y 2015-16 |
CIT ( Appeals) |
(viii) In our opinion, the Company has not defaulted in repayment of dues to any financial institution or bank or Government or to debenture-holders during the year.
(ix) The Company has not raised any moneys by way of initial public offer or further public offer (including debt instruments).Money raised by way of term loans were applied for the purposes for which those are raised.
(x) No fraud on or by the Company has been noticed or reported during the period covered by our audit.
(xi) The Company has paid /provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act.
(xii) As the Company is not a Nidhi company and the Nidhi Rules, 2014 are not applicable to it, the provision of clause 3(xii) of the order are not applicable to the company.
(xiii) The Company has entered into transactions with related parties in compliance with the provisions of section 177 and 188 of the Act. The detail of such related party transactions have been disclosed in the financial statements as required under Indian accounting standards (Ind AS) 24, Related Party Disclosures specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rule, 2014.
(xiv) The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 3(xiv) of the order are not applicable to the company.
(xv) The Company has not entered into any non-cash transactions with directors or persons connected with him Accordingly, the provisions of clause 3(xv) of the Order are not applicable to the company.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934 Accordingly, the provisions of clause 3(xvi) of the Order are not applicable to the company.
Annexure B to Independent Auditorsâ Report
Referred to in paragraph 10 (f) of the Independent Auditor''s Report of even date to the members of Steel Strips Wheels Limited on the financial statements for the year ended 31st March, 2018.
Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section 143 of the Act
1. We have audited the internal financial controls over financial reporting of Steel Strips Wheels Limited ("the Company") as of March 31,2018 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
2. 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 (ICAI). 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 act.
Auditors'' Responsibility
3. Our responsibility is to express an opinion on the company''s internal financial control over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on audit of internal financial control over financial reporting(the "Guidance Notes") and the standards on auditing deemed to be prescribed under section 143(10) of the act 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 ICAI. Those standards and the guidance notes require that we comply with ethical requirements and planned and performed the audit to obtain reasonable assurance about whether adequate internal financial control over financial reporting was established and maintained and if such controls operated effectively in all material respects.
4. 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 system over financial reporting included obtaining an understanding of internal financial controls system over financial reporting, assessing the risks that material weakness exists, and testing and evaluating the design and operating effectiveness of the internal control based on the assessed risk. The procedure selected depend on the auditor''s judgement, including the assessment of the risks of material misstatements of the financial statements, whether due to fraud or error.
5. We believe that the audit evidence we have obtained in our audits 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
6. A company''s internal financial controls 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 controls over financial reporting includes those policies and procedures that (1.) pertain to the maintenance of records that, in reasonable detail, accurately and fairly refect 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 expenditure of the company are being made only in accordance with authorization 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 Limitation of Internal financial controls over financial reporting
7. Because of the Inherent limitation of internal financial controls over financial reporting, including the possibility of collusion or improper management over-ride of controls, material misstatements due to error or fraud may occur and not be detected. Also, projection of any evaluations of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial controls 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
8. In our opinion, the company has, in all material respects, an adequate internal financial controls over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31st, 2018 based on the internal financial controls 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 AKR& Associates
Chartered Accountants
Firm''s Registration No.: 021179N
per Kailash Kumar
Partner
Membership No.: 505972
Place : New Delhi
Date : 26th May 2018
Mar 31, 2017
Report on the Financial Statements
1. We have audited the accompanying financial statements of Steel Strips Wheels 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.
Managementâs Responsibility for the Financial Statements
2. 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 financial statements, that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies(Accounts) Rules, 2014 (as amended). This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act; safeguarding the assets of the Company; 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.
Auditorâs Responsibility
3. Our responsibility is to express an opinion on these financial statements based on our audit.
4. We have taken into account the provisions of 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.
5. 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.
6. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial controls relevant to the Companyâs preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the financial statements.
7. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Opinion
8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2017, and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
9. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order.
10. As required by Section143(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 financial statements 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 (as amended);
e. on the basis of the written representations received from the directors as on 31st March 2017and 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 of Section164(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 B;
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, in our opinion and to the best of our information and according to the explanations given to us:
i. the Company does not have any pending litigations which would impact its financial position;
ii. the Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;
iii. there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company
iv. The company has provided the requisite disclosures in its financial statements as to holdings as well as dealings in specified bank notes during the period from 8th November 2016 to 30th December 2016 and these are in accordance with books of accounts maintained by the Company.
Annexure A to the Independent Auditorsâ Report of even date to the members of Steel Strips Wheels Limited, on the financial statements for the year ended 31st March 2017
Based on the audit procedures performed for the purpose of reporting a true and fair view on the financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, we report that:
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
(b) All fixed assets were physically verified by the management in the previous year in accordance with a planned programme of verifying them once in three years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.
(c) The title deeds of immovable properties are held in the name of the company.
(ii) The management has conducted physical verification of inventory at reasonable intervals during the year and no material discrepancies between physical inventory and book records were noticed on physical verification.
(iii) The Company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 189 of the Act. Accordingly, the provisions of clauses 3(iii)(a), 3(iii)(b) and 3(iii)(c) of the said Order are not applicable to the company.
(iv) The Company has not granted any loan or made any investments, or provided any guarantees or security to the parties covered under section 185 and 186. Therefore, the provisions of clauses 3(iv) of the said Order are not applicable to the company.
(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended) . Accordingly, the provisions of clause 3(v) of the said Order are not applicable to the company.
(vi) To the best of our knowledge and belief, the Central Government has not specified maintenance of cost records under sub-section (1) of Section 148 of the Act, in respect of Companyâs products. Accordingly, the provisions of clause 3(vi) of the Order are not applicable.
(vii) (a) The Company is regular in depositing undisputed statutory dues including provident fund, employeesâ state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as applicable, with the appropriate authorities. Further, no undisputed amounts payable in respect thereof were outstanding at the year-end for a period of more than six months from the date they become payable.
(b) The dues outstanding in respect of income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax and cess on account of any dispute, are as follows:
Name of the statute |
Nature of dues |
Amount (Rs) |
Amount Paid Under Protest (Rs) |
Period to which the amount relates |
Forum where dispute is pending |
INCOME TAX |
TDS |
97,850.00 |
Nil |
2007-08 |
ACIT TDS |
INCOME TAX |
TDS |
65,290.00 |
Nil |
2009-10 |
ACIT TDS |
(viii) In our opinion, the Company has not defaulted in repayment of dues to any financial institution or bank or Government or to debenture-holders during the year.
(ix) The Company has not raised any moneys by way of initial public offer or further public offer (including debt instruments).Money raised by way of term loans were applied for the purposes for which those are raised.
(x) No fraud on or by the Company has been noticed or reported during the period covered by our audit.
(xi) The Company has paid /provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act.
(xii) As the Company is not a Nidhi company and the Nidhi Rules, 2014 are not applicable to it, the provision of clause 3(xii) of the order are not applicable to the company.
(xiii) The Company has entered into transactions with related parties in compliance with the provisions of section 177 and 188 of the Act. The detail of such related party transactions have been disclosed in the financial statements as required under accounting standards (AS) 18, Related Party Disclosures specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rule, 2014.
(xiv) Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management, the Company has complied with provisions of section 42 of the Companies Act, 2013 in respect of the preferential allotment of shares during the year. Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management, we report that the amounts raised, have been used for the purposes for which the funds were raised.
(xv) The Company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of clause 3(xv) of the Order are not applicable to the company.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the provisions of clause 3(xvi) of the Order are not applicable to the company.
For S.C. Dewan & Co
Chartered Accountants
Firmâs Registration No.: 000934N
per S.C.Dewan
Place : New Delhi Partner
Date :29 May 2017 Membership No.: 015678
Mar 31, 2015
1. We have audited the accompanying financial statements of Steel
Strips Wheels 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
2. The Company's Board of Directors is responsible for the matters
stated in Section 134(5) of the Companies Act, 2013 ("the Act") with
respect to the preparation of these financial statements, that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section133of the Act, read with Rule 7 of the Companies
(Accounts) Rules, 2014 (as amended). This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act; safeguarding the assets of the Company;
preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
3. Our responsibility is to express An opinion on these financial
statements based on our audit.
4. We have taken in to 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.
5. 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.
6. An audit involves performing procedures to obtain audit evidence
about The amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material is statement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial controls relevant
to the Company's preparation of the financial statements Thatgiveatrue
and fair view in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion
on whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
7. We believe that the audit evidence we have obtained is sufficient
And appropriate to provide a basis for our audit Opinion on the
financial statements.
Opinion
8. In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid financial statements give
the information required by the Act in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March2015,anditsprofitanditscashflows for the year ended on
that date.
Report on Other Legal and Regulatory Requirements
9. As required by the Companies(Auditor's Report) Order,2015("the
Order") issued by the Central Government of India in terms of Section
143(11) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 3and4oftheOrder.
10. As required by Section 143(3) of the Act, were port that:
a. we have sought and obtained all the information and explanations
which to the best of ourknowledge 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 financial statements dealt with by this report are in agreement
with the books of account;
d. in our opinion, the a fore said financial statements comply with
the Accounting Standards specified under Section133ofthe Act,
readwithRule7of the Companies(Accounts) Rules,2014(as amended);
e. on the basis of the 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 ason31stMarch,2015from
Being appointed as a director intermsofSection164(2)of the Act;
f. with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014,in our opinion and to the best of our Information and
according to the explanations given to us: i. The Company does not
have any pending litigations which would impact its financial position;
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses; iii. There has been no delay in transferring amounts, required
to be transferred, to the Investor Education and Protection Fund by the
Company.
Based on the audit procedures performed for the purpose of reporting a
true and Fairview on the financial statements of the Company and taking
into consideration the information and explanations given to us and the
books of account and other records examined by us in the normal course
of audit, we report that: (i) (a) The Company has maintained proper
records showing full particulars, including quantitative details and
situation of fixed assets.
(b) The fixed assets have been physically verified by the Management
during the year and nonmaterial discrepancies were noticed on such
verification. In our opinion, the frequency of verification of the
fixed assets is reasonable having regard to the size of the Company and
then a true of its assets.
(ii) (a) The management has conducted Physical verification of
inventory at reasonable intervals during the year.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company Is maintaining proper records of inventory and no
Material discrepancies' between physical inventory and book records
were noticed on physical verification.
(iii) The Company has not granted any loan, secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 189 of the Act. Accordingly, the
provisionsofclauses3(iii)(a)and3(iii)(b) Of the Order are not
applicable.
(iv) In our opinion, Theresa Adequate internal control system
commensurate with the size of the Company and the nature of its
business for the 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 control system in respect of
these areas.
(v) The Company has not accepted any deposits within the meaning of
Sections73to 76 of the Act and the Companies (Acceptance of Deposits)
Rules, 2014 (as amended).Accordingly, the provisions of clause 3(v)of
the Order are not applicable.
(vi) To the best of our knowledge and belief, the Central Government
has not specified maintenance of cost records under sub-section (1) of
Section 148 of the Act, irrespective Company's products. Accordingly,
the provisions of clause 3(vi)of the Order are not applicable.
(vii) (a) The Company is regular in depositing undisputed statutory
dues including provident fund, employees' state insurance, income-tax,
sales-tax, wealth tax, service tax, duty of customs, duty of excise,
value added tax, cess and other material statutory dues, as applicable,
with the appropriate authorities.
Further, no undisputed amounts payable in respect thereof were
outstanding at the year-end for a period of more than six months from
the date they become payable.
(b) The dues outstanding in respect of income-tax, sales-tax, wealth
tax, service tax, duty of customs, duty of excise, value added tax and
caisson account of any dispute, are as follows:
Name of the Nature Amount Amount Period to Forum
statute of dues (Rs,) Paid Under which the where
Protest
( Rs, ) amount
relates dispute is
pending
INCOME TAX TDS 97,850.00 Nil 2007-08 CIT APEAL
INCOME TAX TDS 38,300.00 Nil 2008-09 CIT APEAL
INCOME TAX TDS 65, 290.00 Nil 2009-10 CIT APEAL
( c) the company has transferred the amount required to be transferred
To the investor education and protection fund in accordance with the
relevant Provisions of the Companies Act,1956 (1of1956) and rules made
the render within the specified time.
(viii) In our opinion, the Company has no accumulated losses at the end
of the financial year and it has not incurred cashlosses in the current
and the immediately preceding financial year.
(ix) In our opinion, the Company has not defaulted in repayment of dues
to any financial institution or a bank or to debenture-holders during
the year.
(x) The Company has not given any guarantees for loans taken by others
from banks or financial institutions. Accordingly, the provisions of
clause 3(x) of the Order are not applicable.
(xi) In our opinion, the Company has Applied the term loans for the
purpose for which these loans were obtained.
(xii) No fraud nor by the Company has been noticed or Reported during
the period covered by our audit.
For S.C. Dewan & Co.
Chartered Accountants
ICAI Firm Registration Number: 000934N
per S.C.Dewan
Place : Chandigarh Partner
Date :24th April, 2015 Membership Number:015678
Mar 31, 2013
We have audited the accompanying financial statements of STEEL STRIPS
WHEELS LIMITED, which comprise the Balance Sheet as at March 31, 2013,
and the Statement of Profit and Loss and Cash Flow Statement for the
year then ended, and a summary of significant accounting policies and
other explanatory information. 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.
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 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 often
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit 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 March 31, 2013;
b) in the case of the Profit and Loss Account, of the profit/ loss for the
yearend don that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
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
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 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 441Aofthe
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cessisdue
and payable by the Company.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of STEEL STRIPS WHEELS LIMITED on the accounts of the
company for the year ended 31st March, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of
our audit, we report that:
1. In respect of its fixed assets:
(a) The Company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets. The fixed
assets have been physically verified by the management at reasonable
intervals. No material discrepancies were noticed on such verification.
(b) Physical verification of inventory has been conducted at reasonable
intervals by the management. The procedures of physical verification of
inventory followed by the management appear to be reasonable and
adequate in relation to the size of the Company and the nature of its
business. The Company is maintaining proper records of inventory. No
material discrepancies were noticed on physical verification dealt with
in the books of accounts.
(c) In our opinion, the Company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
(a) The inventories have been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion 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 inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
3. The Company has not granted or taken any loan, secured or unsecured
loans to/ from Companies covered in the register maintained under
section 301 of the Act.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
5. The transactions that need to be entered into a register in
pursuance of section 301 of the Act have been so entered in the
register. Each of these transactions have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time.
6. According to the information and explanations given to us, the
Company has not accepted any deposit from the public. Therefore, the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the Company.
7. In our opinion, the Company has an internal audit system
commensurate with the size and 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 dues:
(a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service
Tax, Customs Duty,
Excise Duty, Cess, and other statutory dues have been generally
regularly deposited with the appropriate authorities. According to the
information and explanations given to us, no undisputed amounts payable
in respect of the aforesaid dues were outstanding as at March 31,2013
for a period of more than six months from the date of becoming payable,
(b) The Company is regular in depositing undisputed statutory dues
including, Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income Tax, Sales tax, Wealth tax, Service
tax, Custom Duty, Excise Duty, Cess and any other statutory dues with
the appropriate authorities except for the demands/ claims disputed by
the Company as per details given below:
Nature of Dues Amount Rs Amt. Fourm where
dispute is Period to which
Lacs Deposited pending the amount relates
Rs. Lacs
Income Tax 23.09 NIL Asstt. Commis
sioner of Assessment Year
Income Tax
(Appeals) 2010-11
The Company is of the view that the demand is likely to be reversed by
the Income tax Department in view of the decisions of various appellate
authorities and interpretations of other relevant provision of Income
tax Act 1961.
10. The Company has no accumulated losses/cash losses.
11. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has not
defaulted in repayment of dues to financial institutions and banks.
12. In our opinion and according to the explanations given to us and
based on the information available, no loans and advances have been
granted by the Company on the basis of security byway of pledge of
shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund / nidhi /mutual
benefit fund / society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Order are not applicable to the Company.
14. In our opinion, the Company is not a Financing Company.
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. The Company has raised new term loans during the year. The term
loans outstanding at the beginning of the year and those raised during
the year have been applied for the purpose for which they were raised.
17. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we are of the
opinion that there are no funds raised on short-term basis that have
been used for long term investment.
18. The Company has made a preferential allotment of equity shares to
a company covered in the Register maintained under Section 301 of the
Companies Act, 1956 and in our opinion the price at which shares have
been issued is not prejudicial to the interest of the Company.
19. The Company has not issued any Debentures to the public.
20. The Company has not raised any monies byway of public issues
during the year.
21. In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has been noticed or
reported during the year.
For S.C. Dewan & Company
Chartered Accountants
(Registration No.: 000934N)
S.C. DEWAN
Place : New Delhi PARTNER
Date :29thMay, 2013 Membership No.:015678
Mar 31, 2012
We have audited the attached Balance Sheet of M/s STEEL STRIPS WHEELS
LIMITED as at 31.03.2012 and also the Profit and Loss Account and the
Cash Flow Statement 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 ouraudit.
We conducted our audit in accordance with 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 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 Section 227 (4-A) of the
Companies Act, 1956 we enclose in the Annexure a statement on the
matters as specified in paragraph 4 and 5 of the said order.
2. Further to our comments in the Annexure referred to in paragraph 1
above, we state that-
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(ii) In our opinion, proper books of accounts as required under the
law, have been kept by the Company so far as appears from our
examination of such books.
(iii) The Balance Sheet and Profit and Loss Account and Cash Flow
Statement referred to in this report are in agreement with the books of
accounts.
(iv) In ouropinion, the Balance Sheet and Profit and Loss Account and
Cash Flow Statement dealt with by this report, comply with the
Accounting Standards referred to in Section 211(3C) of the Companies
Act, 1956.
(v) On the basis of written representation received from Directors, as
on 31.03.2012 and taken on record by the Board of Directors, we report
that none of the Directors is disqualified as on 31.03.2012 from being
appointed as a Director in terms of 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 together with the
significant accounting policies and 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 Balance Sheet, of the state of affairs of the
Company as at 31.03.2012, and,
(b) In the case of Profit and Loss Account, of the Profitforthe year
ended on that date, and
(c) In the case of Cash Flow Statement, of the cash flows for the year
ended on tha tdate.
ANNEXURE Referred to in Paragraph I of ourreportof even date:
1. In respect of its fixed assets:
(a) The Company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets. The fixed
assets have been physically verified by the management at reasonable
intervals. No material discrepancies were noticed on such verification.
(b) Physical verification of inventory has been conducted at reasonable
intervals by the management. The procedures of physical verification of
inventory followed by the management appear to be reasonable and
adequate in relation to the size of the Company and the nature of its
business. The Company is maintaining proper records of inventory. No
material discrepancies were noticed on physical verification dealt with
in the books of accounts.
(c) In our opinion, the Company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
Company is not affected.
2. In respect of its inventories:
(a) The inventories have been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
(b) In our opinion 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 inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
3. The Company has not granted or taken any loan, secured or unsecured
loans to/ from Companies covered in the register maintained
undersection 301 oftheAct.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
5. The transactions that need to be entered into a register in
pursuance of section 301 oftheAct have been so entered in the register.
Each of these transactions have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time.
6. According to the information and explanations given to us, the
Company has not accepted any deposit from the public. Therefore, the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the Company.
7. In our opinion, the Company has an internal audit system
commensurate with the size and 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 dues:
(a) According to the records of the Company, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service
Tax, Customs Duty, Excise Duty, Cess, and other statutory dues have
been generally regularly deposited with the appropriate authorities.
According to the information and explanations given to us, no
undisputed amounts payable in respect of the aforesaid dues were
outstanding as at March 31,2012 for a period of more than six months
from the date of becoming payable.
(b) The Company is regular in depositing undisputed statutory dues
including, Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income Tax, Sales tax, Wealth tax, Service
tax, Custom Duty, Excise Duty, Cess and any other statutory dues with
the appropriate authorities except for the demands/ claims disputed by
the Company as per details given below:
Nature of Dues Amount Rs Amt. Fourm where
dispute is Period to which
Lacs Deposited pending the amount
relates
Rs. Lacs
Income Tax 99.56 25.00 Commissioner of Assessment Year
Income tax
Appeals 2007-08
Income Tax 72.23 36.22 Astt. Commissi
-oner of Assessment Year
Income Tax 2006-07
The company is of the view that the demand is likely to be reversed by
the Income Tax Department in view of the decision of various appellate
authorities and interpretations of other relevant provision of Income
Tax Act 1961.
10. The Company has no accumulated losses/cash losses.
11. Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions and banks.
12. In our opinion and according to the explanations given to us and
based on the information available, no loans and advances have been
granted by the Company 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 / nidhi /mutual
benefit fund / society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Order are notapplicable to the Company.
14. In ouropinion, the Company is not a Financing Company.
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
16 The term loans were applied for the purpose for which the loans were
obtained, as per the information available from the records of the
Company.
17 According to the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, we are of the
opinion that there are no funds raised on short-term basis that have
been used for long term investment.
18 The Company has not made any preferential allotment of shares to
parties and companies covered in the Register maintained under Section
301 of the Companies Act, 1956.
19 The Company has not issued any Debentures to the public.
20 The Company has not raised any monies by way of public issues during
the year.
21 In our opinion and according to the information and explanations
given to us, no material fraud on or by the Company has
been noticed or reported during the year.
For S.C. Dewan & Company
Chartered Accountants
Place: Chandigarh S.C. DEWAN
Date :29th May, 2012 PARTNER
Mar 31, 2011
We have audited the attached Balance Sheet of STEEL STRIPS WHEELS
LIMITED as at 31.03.2011 also the Profit and Loss Account and Cash Flow
Statement for the period 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 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 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 Company Law Board in terms of Section 227 (4-A) of the Companies
Act , 1956 we enclose in the Annexure a statement on the matters as
specified in paragraph 4 and 5 of the said order.
2. Further to our comments in the Annexure referred to in paragraph 1
above, we state that:-
(i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(ii) In our opinion, proper books of accounts as required under the
law, have been kept by the Company so far as appears from our
examination of such books.
(iii) The Balance Sheet and Profit and Loss Account referred to in this
report are in agreement with the books of accounts.
(iv) In our opinion, the Balance Sheet and Profit and Loss Account
dealt with by this report, comply with the Accounting Standards
referred to in Section 211 (3C) of the Companies Act, 1956.
(v) On the basis of written representation received from Directors, as
on 31.03.2011 and taken on record by the Board of Directors, we report
that none of the Directors is disqualified as on 31.03.2011 from being
appointed as a Director in terms of 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 together with the
significant accounting policies as per schedule of Notes on Accounts,
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 Balance Sheet, of the state of affairs of the
company as at 31.03.2011, and,
(b) In the case of Profit and Loss Account, of the Profit for the year
ended on that date.
(c) In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
ANNEXURE
S.C. DEWAN & CO.
CHARTERED ACCOUNTANTS
SCO 90, 1st Floor, Swastik Vihar, Panchkula-134 109
Tel.: 2556190, 2556890
Referred to in Paragraph I of our report of even date :
1. The company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets. The fixed
assets have been physically verified by the management at reasonable
intervals. No material discrepancies were noticed on such verification.
2. Physical verification of inventory has been conducted at reasonable
intervals by the management. The procedures of physical verification of
inventory followed by the management appear to be reasonable and
adequate in relation to the size of the company and the nature of its
business. The company is maintaining proper records of inventory. No
material discrepancies were noticed on physical verification dealt with
in the books of accounts.
3. The company has not granted or taken any loans, secured or
unsecured to/ from companies, firms or other parties covered in the
register maintained under section 301. of the companies Act. 1956.
However the company has received the interest free inter corporate
loan.
4. There is an adequate internal control procedure commensurate with
the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods.
5. The transactions that need to be entered into a register in
pursuance of section 301 of the companies Act 1956 have been so entered
in the register. Each of these transaction has been made at prices
which are reasonable having regard to the prevailing market prices at
the relevant time.
6. The company has not accepted any deposit from the public.
7. The company has an internal audit system commensurate with its size
and nature of its business.
8. Maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub - section (I) of section 209 of the
Act. Such accounts and records have been made and maintained.
9. The company is regular in depositing undisputed statutory dues
including, provident Fund, investor Education and Protection Fund,
Employees' state insurance, income Tax, sales -tax, service tax, wealth
tax, custom Duty, Excise Duty, cess and any other statutory dues with
the appropriate authorities. However, there has been a demand of
income tax for AY 2008-09 amounting to Rs. 99.56 (Rupees ninety nine
Lacs fifty six thousand only), out of which Rs. 25.00 lacs has been
deposited and Rs.74.56 lacs is pending, the same has been stayed by
chief commissioner of Income Tax. No provision for the pending amount
of Rs.74.56 lacs has been made by the company. The appeal of the
company is pending before Income Tax (Appeals), Chandigarh. The company
is of the view that the demand is likely to be reversed by the Income
Tax Department in view of the decision of various appellate authorities
and interpretation of other relevant provision of Income Tax Act, 1961.
10. The company has no accumulated losses/ cash losses.
11. The company has not defaulted in repayment of dues to a financial
institution or banks. The company has not issued any debentures.
12. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The company is not a chitfund company.
14. The company is not running any Nidhi/ Mutual Benefit Fund/society.
15. The company is not a Financing Company.
16. The company has not given any guarantee for loans taken by others
from bank or financial institutions.
17. The term loans were applied for the purpose for which the loans
were obtained, as per the information available from the records of the
company.
18. The funds raised by the company on short terms basis have not been
used for long-term investment.
19. The company has not issued any Debentures to the public.
20. No fraud on or by the company has been noticed or reported during
the year.
21. The company is not sick company under the Provision of the sick
industrial companies (special Provisions) Act, 1985.
For S.C. Dewan& Company
Chartered Accountants
Place : Chandigarh S.C. DEWAN
Date : 30th May, 2011 PARTNER
Mar 31, 2010
We have audited the attached Balance Sheet of STEEL STRIPS WHEELS
LIMITED as at 31.03.2010 also the Profit and Loss Account and Cash Flow
Statement for the period 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 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 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 Company Law Board in terms of Section 227 (4-A) of the Companies
Act , 1956 we enclose in the Annexure a statement on the matters as
specified in paragraph 4 and 5 of the said order.
2. Further to our comments in the Annexure referred to in paragraph 1
above, we state that:-
(i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(ii) In our opinion, proper books of accounts as required under the
law, have been kept by the Company so far as appears from our
examination of such books.
(iii) The Balance Sheet and Profit and Loss Account referred to in this
report are in agreement with the books of accounts.
(iv) In our opinion, the Balance Sheet and Profit and Loss Account
dealt with by this report, comply with the Accounting Standards
referred to in Section 211 (3C) of the Companies Act, 1956.
(v) On the basis of written representation received from Directors, as
on 31.03.2010 and taken on record by the Board of Directors, we report
that none of the Directors is disqualified as on 31.03.2010 from being
appointed as a Director in terms of 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 together with the
significant accounting policies as per schedule of Notes on Accounts,
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 Balance Sheet, of the state of affairs of the
company as at 31.03.2010, and,
(b) In the case of Profit and Loss Account, of the Profit for the year
ended on that date.
(c) In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
ANNEXURE To Auditors Report Referred to in Paragraph I of our report
of even date:
1. The company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets. The fixed
assets have been physically verified by the management at reasonable
intervals. No material discrepancies were noticed on such verification.
2. Physical verification of inventory has been conducted at reasonable
intervals by the management. The procedures of physical verification of
inventory followed by the management appear to be reasonable and
adequate in relation to the size of the company and the nature of its
business. The company is maintaining proper records of inventory. No
material discrepancies were noticed on physical verification dealt with
in the books of accounts.
3. The company has not granted or taken any loans, secured or
unsecured to companies, firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956. However,
company has received interest free unsecured Inter- Corporate loans.
4. There is an adequate internal control procedure commensurate with
the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods.
5. The transactions that need to be entered into a register in
pursuance of section 301 of the Act have been so entered in the
register. Each of these transactions have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time.
6. The company has not accepted any deposit from the public.
7. The company has an internal audit system commensurate with its size
and nature of its business.
8. Maintenance of cost records has been prescribed by the Central
Government under clause (d) of sub section (I) of section 209 of the
Act. Such accounts and records have been made and maintained.
9. The company is regular in depositing undisputed statutory dues
including, Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales tax, Service tax, Wealth
tax, Custom Duty, Excise Duty, Cess and any other statutory dues with
the appropriate authorities. However, there has been demand of Income
Tax for the Assessment Year 2007-08 amounting to Rs. 99.44 Lacs (Rupees
Ninety Nine Lacs Forty Four Thousand) which has been disputed by the
Company and Companys appeal before Commissioner of Income Tax
(Appeals) at Chandigarh is still pending.
10. The company has no accumulated losses/ cash losses.
11. The company has not defaulted in repayment of dues to a financial
institution or banks. The company has not issued any debentures.
12. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The company is not a chit fund company.
14. The company is not running any Nidhi/ Mutual Benefit Fund/
Society.
15. The company is not a Financing Company.
16. The company has not given any guarantee for loans taken by others
from bank or financial institutions.
17. The term loans were applied for the purpose for which the loans
were obtained, as per the information available from the records of the
company.
18. The funds raised by the company on short terms basis have not been
used for long-term investment.
19. The company has not issued any Debentures to the public.
20. No fraud on or by the company has been noticed or reported during
the year.
21. The company is not sick company under the Provision of the Sick
Industrial Companies (Special Provisions) Act, 1985.
For S.C. Dewan & Company
Chartered Accountants
Place : Chandigarh S.C. DEWAN
Date :22nd June, 2010 PARTNER