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Best Steel Logistics Ltd.

BSE: 538566 Sector: Others
NSE: N.A. ISIN Code: INE919P01029
BSE 00:00 | 24 Apr 179.15 -0.85
(-0.47%)
OPEN

185.00

HIGH

185.00

LOW

177.00

NSE 05:30 | 01 Jan Best Steel Logistics Ltd
OPEN 185.00
PREVIOUS CLOSE 180.00
VOLUME 90403
52-Week high 185.00
52-Week low 80.10
P/E 46.05
Mkt Cap.(Rs cr) 331
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 185.00
CLOSE 180.00
VOLUME 90403
52-Week high 185.00
52-Week low 80.10
P/E 46.05
Mkt Cap.(Rs cr) 331
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Best Steel Logistics Ltd. (BESTSTEEL) - Auditors Report

Company auditors report

To The Members

BEST STEEL LOGISTICS LIMITED

New Delhi Report on the Financial Statements

1. We have audited the accompanying financial statements of Best Steel LogisticsLimited which comprise the Balance Sheet as at March 31 2017 the Statement of Profit andLoss andCash Flow Statement for the year ended and a summary of significant accountingpolicies and other explanatory information.

Management's Responsibility for the Financial Statements

2. The Company's Board of Directors is responsible for the matters 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 position andfinancial performance of the Company in accordance with the Accounting Principlesgenerally accepted in India including the Accounting Standards specified under section133 of the Act read with rule 7 of the Companies (Accounts) Rule2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the company and forpreventing and detecting the frauds and other irregularities selection and application ofappropriate accounting policies making judgments and estimates that are reasonable andprudent and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of accountingrecords relevant to the preparation and fair presentation of the financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these financial statements basedon our audit.

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

5. We conducted our audit in accordance with the Standards on Auditing specifiedunder section 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.

6. An audit involves performing procedures to obtain audit evidence about theamounts and disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal control relevant to the Company's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements.

7. We believe that the audit evidences we have obtained are sufficient andappropriate 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 theexplanations given to us the aforesaid financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 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(Auditor's Report) Order2016' issued by theCentral Government of India in terms of sub-section(11) of section 143 of the Act(hereinafter referred to as 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 B a statement on the matters specified in paragraphs 3 and 4 ofthe order. 10. As required by section 143(3) of the Act we report that: a) We havesought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit. b) In our opinionproper books of account as required by law have been kept by the Company so far as appearsfrom our examination of those books. c) The Balance Sheet and the Statement of Profit andLoss dealt with by this Report are in agreement with the books of account. d) In ouropinion the aforesaid financial statements comply with the Accounting Standards specifiedunder Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. e)On the basis of written representations received from the directors as on 31st March2017 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2017 from being appointed as a director in terms of Section 164(2) of theAct. f) With respect to adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in Annexure A. g) With respect to the other matters included in theAuditor's Report in accordance with Rule 11 of the Companies(Audit and Auditors) Rules2014 in our opinion and to our best of our information and according to the explanationsgiven to us : i. The Company does not have any pending litigations which could impact itsfinancial position in the financial statements. ii. The Company has made provision as atMarch 312017 as required under the applicable law or accounting standards for materialforeseeable losses if any on long term contracts including derivative contracts. iii.There were no amounts required to be transferred to the Investor Education and ProtectionFund by the Company for the year ended March 312017. iv. The Company has providedrequisite disclosures in its financial statements as to holdings as well as dealings inSpecified Bank Notes during the period from November 8 2016 to December 30 2016 andthese are in accordance with the books of accounts maintained by the Company.

For VAPS & Co.

Chartered Accountants Firm's Registration No. 003612N

(Vipin Aggarwal) Partner Membership No. 082498

Place: New Delhi

Date: May 23 2017

Annexure(A) to the Independent Auditors' Report

Referred to in paragraph 10 (f) of the Independent Auditor's Report of even date to themembers of Best Steel Logistics Limited on the financial statements for the year endedMarch 312017 Report on the Internal Financial Controls under clause (i) of thesub-section 3 of Section 143 of the Act:

1. We have audited the internal financial controls over financial reporting of BestSteel Logistics Limited ("the Company") as of March 31 2017 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

2. 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 (ICAI).These responsibilitiesinclude of the design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the orderly and efficient conduct ofits business including adherence to company's policies the safeguarding of its assetsthe prevention and detection of its frauds and errors the accuracy and completeness ofthe accounting records and the timely preparation of reliable financial information asrequired under the act.

Auditor's Responsibility

3. 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 accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing deemed to be prescribedunder Sec 143(10) of the Act to the extent applicable to an audit of internal financialcontrols both applicable to an audit of internal financial controls and both issued bythe ICAI. Those standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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 judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

5. 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 controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

6. A Company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

7. 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

8. 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 2017 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 VAPS & Co.

Chartered Accountants Firm's Registration No. 003612N

(Vipin Aggarwal) Partner Membership No. 082498

Place: New Delhi
Date: May 23 2017

Annexure (B) to the Independent Auditors' Report

Referred to in paragraph 9 of the Independent Auditors' Report of even date to themembers of M/s Best Steel Logistics Limited on the financial statements for the year endedMarch 31 2017.

1. a) The company is maintaining proper records showing full particulars includingquantitative and situation of fixed assets. b) The fixed assets are physically verified bythe Management according to a phased programme designed to cover all the items over aperiod of 3 years which in our opinion is having regard to the size of the Company and thenature of its assets. Pursuant to the programme a portion of the fixed assets has beenphysically verified by the management during the year and no material discrepancies werenoticed on such physical verification. c) The title deeds of immovable properties asdisclosed in Note 12 on fixed assets to the financial statements are held in the name ofthe Company.

2. There were no inventories at the end of the previous financial year.

3. The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained underSection 189 of the Act. Therefore the provisions of Clause 3(iii) (iii)(a) (iii)(b) and(iii)(c) of the said Order are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Companies Act 2013in respect of the loans and investments made and guarantees and security provided by it.

5. The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the Rules framed there under to the extentnotified.

6. The Central Government of India has not specified the maintenance of cost recordsunder subsection (1) of Section 148 of the Act for any of the products of the Company.

7. a) According to the information and explanations given to us and the records of thecompany the company is not regular in depositing with appropriate authorities undisputedstatutory dues including Provident Fund Investor Education Protection Fund EmployeesState Insurance Income Tax Sales Tax Wealth Tax Custom Duty Excise Duty Service TaxValue Added Tax Cess and other material statutory dues applicable to it and few delayshave been observed. b) According to the information and explanations given to us noundisputed amount payable in respect of Income Tax Wealth Tax Sales Tax Customs Dutyand Excise Duty Service Tax Value Added Tax Cess etc. were outstanding as at 31stMarch2017 for a period of more than six months from the date they became payable.

8. According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or borrowingsto any financial institution or bank or Government or dues to debenture holders as at thebalance sheet date.

9. In our opinion and according to the information and explanations given to us themoneys raised by way of term loans have been applied for the purposes for which they wereobtained. The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments).

10. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement. The company has not given any guarantee for loans taken by others from bank orfinancial institutions. 11. The Company has paid/ provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act. In our opinion the term loans have been applied for thepurpose for which they were raised. 12. As the Company is not a Nidhi Company and theNidhi Rules 2014 are not applicable to it the provisions of Clause 3(xii) of the Orderare not applicable to the Company. 13. In our opinion and according to the information andexplanation given to us the Company is in compliance with Section 188 and 177 of theCompanies Act 2013 where applicable for all transactions with related parties anddetails of the related party have been disclosed in the financial statement as required bythe applicable accounting standards. 14. The Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review. Accordingly the provisions of Clause 3(xiv) of the Order are notapplicable to the Company. 15. The Company has not entered into any non-cash transactionswith its directors or persons connected with him. Accordingly the provisions of Clause3(xv) of the Order are not applicable to the Company. 16. The Company is not required tobe 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 applicableto the Company.

For VAPS & Co.

Chartered Accountants Firm's Registration No. 003612N

(Vipin Aggarwal) Partner Membership No. 082498

Place: New Delhi

Date: May 23 2017