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Samkrg Pistons & Rings Ltd.

BSE: 520075 Sector: Auto
NSE: N.A. ISIN Code: INE706B01012
BSE LIVE 15:40 | 24 Nov 346.55 -4.15
(-1.18%)
OPEN

347.10

HIGH

357.85

LOW

345.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 347.10
PREVIOUS CLOSE 350.70
VOLUME 5829
52-Week high 364.40
52-Week low 169.00
P/E 17.15
Mkt Cap.(Rs cr) 340
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 347.10
CLOSE 350.70
VOLUME 5829
52-Week high 364.40
52-Week low 169.00
P/E 17.15
Mkt Cap.(Rs cr) 340
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Samkrg Pistons & Rings Ltd. (SAMKRGPISTONS) - Auditors Report

Company auditors report

To

The Members of

SAMKRG PISTONS AND RINGS LIMITED

We have audited the accompanying financial statements of SAMKRG PISTONS AND RINGSLIMITED ("The company") [and in which are incorporated the Branch atVISAKHAPATNAM.] which comprise the balance sheet as at 31st March 2015 the statement ofprofit and loss the cash Flow statement for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The company’s Board of Directors are responsible for the matters stated in section134(5) of the companies Act 2013 ("The Act") with respect to the 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 (Accounting ) Rules 2014 .Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgment 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 accordancewith the standards on Auditing specified under section 143 (10) of the Act. Thosestandards require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

An Audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures 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 a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the company’s Directors as well as evaluating theoverall 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 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 of the state of affairs of the company as at 31stmarch 2015 and its profit and loss and its cash flows for year ended on that date.

Emphasis of Matters

We draw attention to the following matters in the Notes to the financial statements:

a) Note 2-contingent liabilities- to the financial statements which describes thepending uncertainty related to the outcome of the appeal filed with ADC(CT) WITH REGARDSTO THE ENTRY TAX BY the company .

Our opinion is not modified in respect of these matters.

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 explanation which to the best ofour knowledge and belief were necessary for the purposes of our audit.

b. In our opinion proper books of accounts as required by law have been kept by thecompany so far as it appears from our examination of those books at Head office and atBranch at Visakapatnam.

c. The balance sheet the statement of profit and loss and the cash flow statementdealt with by this Report are in agreement with the books of accounts maintained at headoffice and at Branch at Visakapatnam.

d. in our opinion the aforesaid financial statements comply with accounting standardsspecified under section 133 of the Act with Rule 7 the companies (accounting ) Rules 2014.

e. on the basis of the written representation received from the directors as on 31stmarch 2015 taken on record by the board of directors none of the directors isdisqualified as on 31st march 2015 from being appointed as a directors in terms ofsection 164 (2) of the Act.

f. With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls to our separatereport in "Annexure A".

g. With respect to the matters to be included in the auditor’s reporting 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 litigation on its financial positionin its financial statements –Refer Note 2- contingent liabilities to the financialstatements;

ii. There has been delay of three months in transferring amounts required to betransferred to the investor Education and protection fund by the company. REFER NOTE -10to the financial statements.

For M/s.RAVI & KESHAV
Chartered Accountants
(Firm registration no003187S)
(K.K. KESAVAN)
Place : Hyderabad Proprietor
Date : 25-05-2015 M NO 17489

ANNEXURE TO AUDITORS REPORT

(AS PER CARO 2015)

(STATEMENT REFERRED TO IN PARAGRAPH 1N OF REPORT OF EVEN DATE)

IN RESPECT OF ITS FIXED ASSETS

1. (a) The company has maintained proper records showing the full particularsquantitative details And situation of fixed assets.

(b) The company has program for phased physical verification of all its fixed assetswhich in our opinion is reasonable having regard to the size of the company and the natureof its assets. As informed no material discrepancies were noticed on such verification.

IN RESPECT OF ITS INVENTORIES

2. (a) The management has conducted physical verification of the finished goods atreasonable intervals. (b) The procedure of physical verification of stock followed bymanagement are considered reasonable and adequate in relation to the size of the companyand the nature of its business.

(c) on the physical verification of stock as compared to book records no materialdiscrepancies were noticed. The company is maintaining proper records of inventory.

(d) on the basis of our examination of stock we are satisfied that the valuation ofstock is fair and in accordance with normally accepted accounting principles.

IN RESPECT OF THE LOANS SECURED OR UNSECURED GRANTED OR TAKEN BY THE COMPANYTO/FROM COMAPANIES FIRMS OR OTHER PARTIES IN THE REGISTER MAINTAINED SEC 301 OF THECOMPANIES ACT.

3. According to the information and explanations given to us The company had repaidall the unsecured loans taken from the directors and their relatives.

INTERNAL CONTROL SYSTEM

4. In our opinion and according to the information and explanation of given to usthere are adequate internal control procedures commensurate with the size of the companyand the nature of its business with regards to purchases of stores spares parts includingcomponents plants and machinery equipment and other assets and for sale of the goods.

5. We have broadly reviewed the books of accounting to materials labour and other itemof cost maintained by the company pursuant to the rules made by the central Government forthe maintenance of the cost records under section 148 (1) of the companies Act 2013 andare of the opinion that prime facie the prescribed records and accounts have beenmaintained by the company. we have however not made a detailed examination of therecords with a view to determine whether they are accurate and complete.

6. (a) The provident fund and employees state insurance dues have been regularlydeposited with the appropriate authorities.

(b) According to the information and explanation given to us the company does not haveundisputed amount payable in respect of income Tax wealth Tax Excise Duty and customsDuty outstanding for a period more than six month from then date they become payable. Inrespect of sales Tax (Entry Tax) there is disputed amount of 22.47 lacs not deposited withsales Tax department. The company had filed an appeal with ADC (CT) PUNJAGUTTA DIVISIONHYDERABAD AGAINST CERTAIN points in the order of the of the assessment year 2002-03.

Sl. NO NAME OF THE STATUE NATURE OF DUES AMOUNT IN LACS FORUM WHERE DISPUTE IS PENDING
1 SALES TAX ACT ENTRY TAX 22.47 ADC(CT)

In this regard please refer to the point 2-CONTINGENT LIABILITIES. to the otherinformation to the NOTES TO THE ACCOUNTS. We are of the opinion that as and when thedemand is raised after hearing of the case the same will be accounted and settled sincethe period of the case is beyond the stipulated period.

There has been delay of three months in transferring amounts required to betransferred to the investor Education and protection fund by the company. REFER NOTE -10to the financial statements

7. The company has no accumulated losses at the end of the financial year and has notincurred any cash losses in the financial year under report and in the immediatelypreceding financial year.

8. In our opinion and according to the information and explanation given to us thecompany has not defaulted in repayment of dues to financial institution /banks. Thecompany has not issued any debentures.

9. According to the information and explanation given to us the company has not givenany guarantee for loans taken by others from banks or financial institutions.

10. According to the information and explanation given to us no fraud on or by thecompany has been noticed or reported during the course of the Audit.

For M/s.RAVI & KESHAV
REG NO:003187S
Chartered Accountants
(K.K. KESAVAN)
Place : Hyderabad Proprietor
Date : 25-05-2015 M NO 17489

To

The Members of

SAMKRG PISTONS AND RINGS LIMITED

We have reviewed the record concerning the company’s compliance of conditions ofCorporate Governance by SAMKRG PISTONS AND RINGS LIMITED for the year ended 31st March2015 as stipulated in Clause 49 OF THE Listing Agreement of the said Company with stockexchanges.

The compliance of conditions of Corporate Governance is the responsibility of themanagement. Our examination was limited to the procedures and implementation thereofadopted by the Company for ensuring the compliance of the conditions of the certificate ofCorporate Governance as stipulated in the said clause. It is neither an audit nor anexpression of opinion on the financial statements of the Company.

We had conducted our review on the basis of the relevant records and documentsmaintained by the company and furnished to us for the review and the information andexplanations given to us by the company. Based on such a review and best of ourinformation and according to the explanations given to us in our opinion thecompany has complied with the conditions of Corporate Governance as stipulated in Clause49 OF THE Listing Agreement.

We further state that such compliance is neither an assurance as to the futureviability of the Company nor the efficiency or effectiveness with which the management hasconducted the affairs of the Company.

For M/s.RAVI & KESHAV
REG NO:003187S
Chartered Accountants
(K.K. KESAVAN)
Place : Hyderabad Proprietor
Date : 25-05-2015 M NO 17489