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Best Steel Logistics Ltd.

BSE: 538566 Sector: Others
NSE: N.A. ISIN Code: INE919P01029
BSE LIVE 15:40 | 07 Dec 65.20 2.00
(3.16%)
OPEN

64.00

HIGH

65.95

LOW

64.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 64.00
PREVIOUS CLOSE 63.20
VOLUME 3775
52-Week high 89.00
52-Week low 9.23
P/E 197.58
Mkt Cap.(Rs cr) 120.62
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 64.00
CLOSE 63.20
VOLUME 3775
52-Week high 89.00
52-Week low 9.23
P/E 197.58
Mkt Cap.(Rs cr) 120.62
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

Potential Investments and Finance Limited L-506 Agrasen Apartments Plot No. 66 I.P.Extension New Delhi-110092

1. We have audited the accompanying financial statements of M/s Potential Investmentsand Finance Limited which comprise the Balance Sheet as at March 31 2016 and theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

2. Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters in Section 134(5)of the Companies Act 2013("the act") with respect to preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows 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) Rule 2014. 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.

3. 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 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.

We believe that the audit evidences we have obtained are 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 aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

i) In the case of the Balance Sheet of the State of affairs of the Company as at 31stMarch 2016. ii) In the case of the Profit & Loss Statement of the Profit of theCompany for the year ended on that date. iii) In the case of the Cash Flow Statement ofthe Cash Flows for the year ended on that date.

4. Report on Other Legal and Regulatory Requirements

As required by section 143(3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit. b) In ouropinion proper books of account as required by law have been kept by the Company so far asappears from our examination of those books. c) The Balance Sheet the Statement of Profitand Loss and Cash Flow Statement dealt with by this Report are in agreement with thebooks of account. d) In our opinion the aforesaid financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. e) On the basis of written representations received fromthe directors as on 31st March 2016 taken on record by the Board ofDirectors none of the directors is disqualified as on 31 March 2016 from beingappointed as a director in terms of Section 164(2) of the Act. f) With respect to theother matters included in the Auditor’s Report and to our best of our information andaccording to the explanations given to us :

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements. ii. The Company has made provision as requiredunder the applicable law or accounting standards for material foreseeable losses if anyon long term contracts including derivative contracts. iii. There has been no amountrequired to be transferred to the Investor Education and

Protection Fund by the Company.

For VAPS & Co.
Chartered Accountants
Firm Regn. No. 003612N
Sd/-
(Vipin Aggarwal)
Partner Place: New Delhi
M.N. 082498 Dated: 28.05.2016

Annexure to the Independent Auditors’ Report

Re: Potential Investments and Finance Limited

Referred to in paragraph 3 and 4 of our report of even date

1. a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) A substantial portion of the fixed assets has been physically verified by themanagement during the period and in our opinion the frequency of verification isreasonable having regard to the size of the Company and the nature of its assets. Nomaterial discrepancies were noticed on such physical verification.

c) According to the information given to us the title deeds of all the immovableproperties are held in the name of the company.

2. The inventories have been physically verified during the period by the management atreasonable intervals. The discrepancies noticed on verification between the physicalstocks and the book records were not material and have been properly dealt with in thebooks of account.

3. The company has granted unsecured loan to six parties of the register maintainedunder section 189 of the companies Act 2013.The Maximum amount involved during the yearwas Rs.372.55 Lacs and the year end balance of loan given to Company was Rs.372.55Lacs.

4. In our opinion and according to the information and explanations given to us thecompany has not granted any loans investments guarantees and security and theprovisions of Section 185 and 186 of the Companies Act 2013 have been complied with.

5. In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits within the meaning of provisions of sections of 73to 76 or any other relevant provisions of the Companies Act 2013 and the rules framedthere under. In our opinion and according to the information and explanations given to usno order has been passed by the Company Law Board or the National Company Law Tribunal orthe Reserve Bank of India or any court or any other Tribunal against the company.

6. The company has maintained books of account relating to materials labour and otheritems of cost pursuant to the Rules made by the Central Government for the maintenance ofcost records under section 148 (1) of the Companies Act 2013. We have not made however adetailed examination of the record with a view to determine whether they are accurate orcomplete.

7. a) According to the records of the company the company is regular in depositingwith appropriate authorities undisputed statutory dues including Provident Fund InvestorEducation Protection Fund Employees State Insurance Income Tax Sales Tax Wealth TaxCustom Duty Excise Duty Service Tax Value Added Tax Cess and other material statutorydues applicable to it.

b) According to the information and explanation given to us and records of the companyexamined by us the particulars dues of Sales Tax Income Tax Customs Duty Wealth TaxExcise Duty Service Tax Value Added Tax Cess which have not been deposited on accountof any dispute are NIL.

8. In our opinion and according to the information and explanations given by themanagement we are of the opinion that the company has not defaulted in repayment of duesto a financial institution bank or debenture holders.

9. In our opinion the moneys raised by term loans have been applied for the purposefor which they were raised.

10. Based upon the audit procedures performed and information and explanations given bythe management we report that no fraud on or by the company has been noticed or reportedduring the course of our audit.

11. According to the information given to us and based upon our audit procedures themanagerial remuneration has been paid in accordance with the provisions of Section 197read with Schedule V of the Companies Act 2013.

12. The company is not a Nidhi Company and hence the company is not governed by NidhiRules

2014.

13. In our opinion the transactions with the related parties are in compliance withSections 177 and 188 of the Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

14. The company has not made any preferential allotment or private allotment of sharesor fully or partly paid convertible debentures during the year under review.

15. On the basis of information provided to us the company has not entered into anynon-cash transactions with directors or parties connected with him under Section 192 ofthe Companies Act 2013.

16. The company is not required to get registered under Section 45-IA of the ReserveBank of India Act 1934.

For VAPS & Co.
Chartered Accountants
Firm Regn. No. 003612N
Sd/-
(Vipin Aggarwal)
Partner Place: New Delhi
M.N. 082498 Dated: 28.05.2015

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