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Sacheta Metals Ltd.

BSE: 531869 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE433G01012
BSE LIVE 15:40 | 22 Sep 53.55 -2.45
(-4.38%)
OPEN

56.50

HIGH

57.00

LOW

52.50

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 56.50
PREVIOUS CLOSE 56.00
VOLUME 165652
52-Week high 69.25
52-Week low 30.00
P/E 101.04
Mkt Cap.(Rs cr) 101
Buy Price 0.00
Buy Qty 0.00
Sell Price 53.55
Sell Qty 9305.00
OPEN 56.50
CLOSE 56.00
VOLUME 165652
52-Week high 69.25
52-Week low 30.00
P/E 101.04
Mkt Cap.(Rs cr) 101
Buy Price 0.00
Buy Qty 0.00
Sell Price 53.55
Sell Qty 9305.00

Sacheta Metals Ltd. (SACHETAMETALS) - Auditors Report

Company auditors report

To

The Members

Sacheta Metals Limited

Report on the Financial Statements

We have audited the accompanying financial statements Sacheta Metals Limited whichcomprise the Balance Sheet as at 31 March 2016 the Statement of Profit and Loss the CashFlow Statement for the year then ended and a summary of significant accounting policiesand other explanatory information.

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 the 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) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of 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 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 accordancewith the Standards on Auditing specified under section 143(10) of theAct. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

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 control relevant to the Company’spreparation of the financial statements that give true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by Company’s Directors as well as evaluating the overallpresentation 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 aforesaid financial statements give the information required by theActin the manner 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 the 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 section 143 of theAct we give in theAnnexure astatement on the matters specified in paragraphs 3 and 4 of the Order.

(2) As required by section 143(3) of theAct 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 our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books.

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

d) In our opinion the aforesaid financial statements comply with theAccountingStandards specified under Section 133 of theAct read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on March 312016 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2016 from being appointed as a director in terms of Section 164(2) oftheAct.

f) With respect to the other matters included in the Auditor’s Report and to ourbest of our information and according to the explanations given to us :

i. The Company has preferred an appeal against order of VAT Department for FinancialYear 2008-09 for demand of Rs. 4355009. Against this demand the company has depositedVAT /CST of Rs. 690124 and submitted bank guarantee of Rs. 1025000. However no provisionfor said liability is made in books of account. Except this there has not been any pendinglitigation.

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses

iii. There were no amounts which required to be transferred. to the Investor Educationand Protection Fund by the Company.

For R.R.Mandali & Co.
CharteredAccountants
(FRN 114223W)
(R. R. Mandali)
Place: Ahmedabad Proprietor
Date: May 28 2016 M.No.033118

The Annexure referred to in paragraph 1 of the Our Report of even date to the membersof Sacheta Metals Limited on the accounts of the company for the year ended 31st March2016.

On the basis of such checks as we considered appropriate and in terms of informationand explanations given to us we state that:

I. a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b. We have been informed that the fixed assets have been physically verified by theManagement at reasonable intervals. In our opinion the frequency of verification isreasonable with regard to the size of the company and nature of assets. According toinformation and explanations given to us by the management no material discrepancy wasnoticed on such verification. c. According to the information and explanations given to usand on the basis of our examination of the records of the Company the title deed ofimmovable properties are held in name of company.

II. a. The inventory has been physically verified during the year by themanagement. In our opinion the frequency of verification is reasonable.

b. The procedure of physical verification of inventories followed by the management isreasonable and adequate in relation to the size of the company and the nature of itsbusiness.

c. The company is maintaining proper records of inventory. The discrepancies noticed onverification between physical stocks and book records were not material.

III. The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the CompaniesAct.

IV. According to the information and explanation given to us in our opinion thecompany has complied with provisions of Section 185 and 186 of the CompaniesAct withrespect to loan and investment made

V. According to the information and explanation given to us the company has notaccepted the any deposits from the public hence clause 3(v) of companies (auditor’sReport) order 2016 is not applicable.

VI. According to the information and explanation given to us the central government hasnot prescribed maintenance of cost records under sub-section (1) of section 148 of theCompanies Act 2013 in respect of the product dealt with by the company.

VII. (a) According to the information and explanation given to us and record examinedby us the undisputed statutory dues such as income tax and other dues have been regularlydeposited with the appropriate authorities. There are no arrears of statutory dues for aperiod of more than six months.

(b) According to the information and explanation given to us there are no disputed duespending before the authorities in respect of income tax and other statutory dues exceptagainst Gujarat VAT Department - The Company has preferred an appeal against order of VATDepartment for Financial Year 2008-09 for demand of Rs. 4355009. Against this demand thecompany has deposited VAT /CST of Rs. 690124 and submitted bank guarantee of Rs. 1025000

VIII. According to the records made available to us and information and explanationgiven to us by the management in our opinion the company has not defaulted in repaymentof dues to a bank or financial institution.

IX. The company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year hence clause3(ix) of companies (auditor’s Report) order 2016 is not applicable.

X. According to the information and explanation given to us no fraud by the company oron the company by its officers or employees has been noticed or reported during course ofour audit.

XI. According to the information and explanation given to us and based on ourexamination of the records of the company the company has paid managerial remuneration inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the CompaniesAct.

XII. According to the information and explanation given to us the company is not anidhi company hence clause 3(xii) of companies (auditor’s Report) order 2016 is notapplicable.

XIII. According to the information and explanation given to us and based on ourexamination of the records of the company all transactions with the related parties arein compliance with sections 177 and 188 of Companies Act 2013 where applicable and thedetails have been disclosed in the Financial Statements as required by the applicableaccounting standards.

XIV. According to the information and explanation given to us and based on ourexamination of the records of the company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year hence clause 3(xiv) of companies (auditor’s Report) order 2016 is notapplicable.

XV. According to the information and explanation given to us and based on ourexamination of the records of the company the company has not entered into non cashtransactions with directors or persons connected with him hence clause 3(xv) of companies(auditor’s Report) order 2016 is not applicable.

XVI. The company is not required to be registered under section 45-IAof Reserve Bank ofIndiaAct 1934.

For R.R.Mandali & Co.
CharteredAccountants
(FRN 114223W)
(R. R. Mandali)
Place: Ahmedabad Proprietor
Date: May 28 2016 M.No.033118