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Alkali Metals Ltd.

BSE: 533029 Sector: Industrials
NSE: ALKALI ISIN Code: INE773I01017
BSE LIVE 15:59 | 07 Dec 66.05 -2.95
(-4.28%)
OPEN

69.85

HIGH

69.85

LOW

63.10

NSE LIVE 15:31 | 07 Dec 67.55 -0.20
(-0.30%)
OPEN

66.40

HIGH

69.40

LOW

66.40

OPEN 69.85
PREVIOUS CLOSE 69.00
VOLUME 1177
52-Week high 107.70
52-Week low 35.95
P/E 75.06
Mkt Cap.(Rs cr) 67.24
Buy Price 66.05
Buy Qty 90.00
Sell Price 0.00
Sell Qty 0.00
OPEN 69.85
CLOSE 69.00
VOLUME 1177
52-Week high 107.70
52-Week low 35.95
P/E 75.06
Mkt Cap.(Rs cr) 67.24
Buy Price 66.05
Buy Qty 90.00
Sell Price 0.00
Sell Qty 0.00

Alkali Metals Ltd. (ALKALI) - Auditors Report

Company auditors report

To the Members of ALKALI METALS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of ALKALI METALS LIMITED ("theCompany") which comprise the Balance Sheet as at March 31 2016 the Statement ofProfit and Loss the Cash Flow Statement for the year then ended and a summary ofsignificant 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 Section134 (5) of the Companies Act 2013 ("the Act") with respect to preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial controls relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrol system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2016;

b) in the case of Statement of Profit and Loss of the profit for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act(hereinafter referred to the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure – 1 a statement onthe matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143 (3) (i) of the Companies Act 2013 we given in Annexure– 2 the report on Internal Financial Controls over Financial Reporting.

3. 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 thebest 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 theCompany so far as it appears from our examination of those books.

c. The Balance Sheet Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d. In our opinion the aforesaid financial statements comply with the AccountingStandards 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 onMarch 31 2016 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2016 from being appointed as a director in terms of Section164(2) of the Act.

f. With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us;

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements

ii. In our opinion and as per the information and explanations provided to us theCompany has not entered into any long-term contracts including derivative contractsrequiring provision under applicable laws or accounting standards for materialforeseeable losses and

iii. There has been no delay in transferring the amounts required to be transferredto the Investor Education and Protection Fund by the Company.

for C K S Associates
Chartered Accountants (FRN 007390S)
C. KRISHNA BABU
Place: Hyderabad Partner
Date: 02.05.2016 M.No.:019827

ANNEXURE - 1 TO THE INDEPENDENT AUDITOR’S REPORT:

(Referred to in Paragraph 1 under section 'Report on Other Legal andRegulatory Requirements' of our report of even date)

1.1. According to the information and explanations given to us the Company ismaintaining proper records showing full particulars including quantitative details andsituation of fixed assets.

1.2. According to the information and explanations given to us all the fixed assetshave been physically verified by the management at reasonable intervals and no materialdiscrepancies were noticed on such verification.

1.3. All the title deeds of the immovable properties are held in the name of theCompany.

2. According to the information and explanations given to us the inventories have beenphysically verified at reasonable intervals by the management and no materialdiscrepancies were noticed on such verification.

3 According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under Section 189 of theCompanies Act 2013. Accordingly the sub-clauses (a) (b) and (c) are not applicable tothe company.

4. According to the information and explanations given to us the Company has notgranted any loans nor has it made any investments or given any guarantee or security whichare covered under the provisions of Section 185 and 186 of the Companies Act 2013.

5. According to the information and explanations given to us the Company has notaccepted any deposits in terms of the directives issued by Reserve Bank of India and theprovisions of Sections 73 to 76 or any other relevant provisions of the Companies Act2013 and the rules framed there under.

6. We have broadly reviewed the cost records maintained by the Company pursuantsub-section (1) of Section 148 of the Companies Act 2013 and are of the opinion thatprima facie the prescribed accounts and records have been made and maintained.

7.1 According to the information and explanations given to us the company is generallyregular in depositing undisputed statutory dues including provident fund employees stateinsurance income tax sales tax service tax duty of customs duty of excise valueadded tax cess and other statutory dues as are applicable with the appropriateauthorities. According to the information and explanations given to us there are noarrears of outstanding statutory dues as at the last day of the financial year under auditfor a period of more than six months from the date they became payable.

7.2 According to the information and explanations given to us there are no dues ofincome tax or sales tax or service tax or duty of customs or duty of excise or value addedtax which have not been deposited on account of dispute.

8. According to the information and explanations given to us the Company has notdefaulted in repayment of loans or borrowings to a financial institution or bank. Howeverin respect of Sales Tax Deferment availed of by the Company out of Rs. 3.114 Mil whichhas fallen due in the month of March 2016 an amount of Rs. 1.500 Mil has remainedoutstanding as at the end of the year (Refer Note 3 of the Notes to Financial Statements).

9. According to the information and explanations given to us during the year underreview the Company has not raised any money by way of initial public offer furtherpublic offer or term loans and hence the reporting requirement on the purpose ofapplication of the same is not warranted.

10. According to the information and explanations given to us and based upon the auditprocedures performed by us no fraud by the Company or on the Company committed by itsofficers or employees has been noticed or reported during the year.

11. According to the information and explanations given to us the managerialremuneration paid during the year is in compliance with the provisions of Section 197 readwith Schedule V of the Companies Act 2013.

12. As the Company is not a Nidhi Company in terms of the provisions of the CompaniesAct 2013 read with Nidhi Rules 2014 the matters to be reported under clause (xii) arenot applicable.

13. According to the information and explanations given to us in respect of thetransactions with the related parties the Company has complied with the provisions ofSection 177 and 188 of the Companies Act. 2013 wherever applicable. In our opinion thedetails as required by the applicable accounting standards have been disclosed in thefinancial statements for the year under review.

14. According to the information and explanations given to us the Company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review. Hence reporting requirement on compliance withSection 42 of the Companies Act 2013 and purpose of application of the funds so raised isnot applicable.

15. According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with him andhence reporting requirement on compliance with the provisions of Section 192 of theCompanies Act 2013 is not applicable.

16. According to the information and explanations given to us and in our opinion theCompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934.

for C K S Associates
Chartered Accountants (FRN 007390S)
C. KRISHNA BABU
Place: Hyderabad Partner
Date: 02.05.2016 M.No.:019827

ANNEXURE -2 TO THE INDEPENDENT AUDITOR’S REPORT:

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act"):

We have audited the internal financial controls over financial reporting of ALKALIMETALS LIMITED ("the Company") as of March 31 2016 in conjunction with ouraudit 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 internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company’s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit.

We conducted our audit in accordance with the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting (the "Guidance Note") and theStandards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols both applicable to an audit of Internal Financial Controls and both issued bythe Institute of Chartered Accountants of India. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that

1) Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

3) Provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

for C K S Associates
Chartered Accountants (FRN 007390S)
C. KRISHNA BABU
Place: Hyderabad Partner
Date: 02.05.2016 M.No.:019827

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