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Samtel (India) Ltd.

BSE: 500371 Sector: Engineering
NSE: SAMTELTD ISIN Code: INE538C01017
BSE 15:04 | 17 Jan 2.10 0
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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 2.10
PREVIOUS CLOSE 2.10
VOLUME 10200
52-Week high 5.30
52-Week low 1.76
P/E
Mkt Cap.(Rs cr) 1
Buy Price 2.10
Buy Qty 397.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2.10
CLOSE 2.10
VOLUME 10200
52-Week high 5.30
52-Week low 1.76
P/E
Mkt Cap.(Rs cr) 1
Buy Price 2.10
Buy Qty 397.00
Sell Price 0.00
Sell Qty 0.00

Samtel (India) Ltd. (SAMTELTD) - Auditors Report

Company auditors report

TO THE MEMBERS OF SAMTEl INDIA LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying Standalone Financial Statements of SAMTEL INDIALIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2017 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Standalone 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 the preparation ofthese Standalone Financial Statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Standalone Financial Statementsbased on our audit.

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 thereunder.

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 performingprocedures to obtain audit evidence about the amounts and the disclosures in the financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company's preparation of the financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as 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 standalone financial statements.

Opinion

in our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone 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 315i March 2017 and its loss and its cash flows for the year ended onthat date.

Emphasis of Matter

i) We draw attention to Note 24 of the financial statements stating the reasons forpreparation of financial on -going concern basis. Our opinion is not qualified in respectof this matter.

ii) Non - appointment of Key Managerial Personnel U/S 203 of The Companies Act 2013 asChief Finance Officer and Company Secretary.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central

Government of India in terms of Section 143(11) of the Act we give in the"Annexure A" a statement

on the matters specified in paragraphs 3 and 4 of the Order;

2. As required by Section 143 (3) of the Act we report that:

a) We have sought and obtained ail 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 it appears from our examination of those books;

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 account;

d) In our opinion the aforesaid Standalone Financial Statements comply with theAccounting Standards specified under Section 133 of the Act;

e) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in termsof Section 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 refer to ourseparate Report in "Annexure B".

g) 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 litigation on its financial positionin its financial statements ~ Refer Note 16 to the financial statements;

ii. Based on records and information provided to us there are not any materia!foreseeable losses on long-term contracts therefore the company has not made anyprovision required under the applicable law or accounting standards;

iii. There has been no delay in transferring amounts required to be transferred tothe investor Education and Protection Fund by the Company;

iv. The company has provided requisite disclosure in its Ind AS financial statements asto holdings as well as dealings in Specified Bank Notes during the period from 8thNovember 2016 to 30th December 2016. And on the basis of information &explanation provided these are in accordance with the books of accounts maintained by thecompany. Refer Note 28 to the Ind AS financial statements.

For S S Kothari Mehta & Co.
Chartered Accountants
Firm's Registration No. 000756N
(Neeraj Bansal)
Partner
Membership No. 095960
Place of Signature:
Date:

Annexure - A to the Independent Auditor's Report to the Samtel india Limited

Referred to in paragraph 1 of 'Report on Other Legal and Regulatory Requirements'paragraph of our report on the financial statement of even date

(i) in respect of Fixed Asset

The Company is not owing any Fixed Assets so the clause no- {a) fb) (c) is notapplicable however during the year the Company has written off its Fixed Assets.

(11) During the year the Company has not carried any business of manufacturing ortrading in the goods and therefore no inventories were held by the Company at any point oftime. Accordingly paragraph (ii) (a) (b) and (c) of the Order are not applicable.

(!!!) In respect of Loan

(a) The Company has not given any loan secured or unsecured to Companies firms orother parties covered in the register maintained under section 189 of the Companies Act2013.

(b) Since there are no such loans comments on repayment of the principal amount andinterest thereon and overdue amount at the yearend are not required.

(c) As per the information and explanation given to us and on the basis of ourexamination of the records the company does not have any loans investments guaranteesand security under Section 185 and 186 of the Companies Act 2013.

(IV) The Company has not accepted any deposits from the public within the meaning ofdirectives issued by the Reserve Bank of India and provisions of sections 73 to 76 or anyother relevant provisions of the Companies Act 2013 and the rules framed thereunder.

(V) As the Company has not carried any business of manufacturing or trading so no CostRecords have been made accordingly clause (vi) is not applicable.

(Vf) In respect of Statutory Dues

(a) According to the information and explanations given to us and the records of theCompany examined by us in our opinion the Company is generally irregular in depositingundisputed statutory dues in respect of provident fund investor education and protectionfund employees' state insurance income tax sales tax wealth tax service tax customsduty excise duty value added tax cess and other material statutory dues as applicablewith the appropriate authorities except Provident Fund by Rs. 1285002 ServiceTaxfincludlng cess) by Rs. 1466332 Employee State insurance Scheme by Rs. 539003 TaxDeducted at source by Rs. 301801 and interest on statutory dues of Rs. 4167432 which areoutstanding at the year end for a period of more than six months from the date they becomepayable.

(b) According to the information and explanations given to us and the records of theCompany examined by us the particulars of dues of income tax sales tax custom dutywealth tax excise duty value added tax service tax and cess which have not beendeposited on account of any dispute are as follows: ~

1 S. ! Name of No. the Statute Nature of Dues Amount 1 (In Rs. Amount 1 paid 1 under Protest ! Period to ; which the amount relates Forum where the dispute is pending
; 1 Sales Tax 1 Laws Sales Tax 29118000 20128000 1985-86 to 1995-96 Additional Commissioner Sales Tax ;
2 Central Excise laws Excise Duty 2059000 500000 1989-90 Raasthan High Court aipur
884000 880000 1997-98 CESTAT Delhi
2404000 2401000 1998-99 Commissioner(Appeals) aipur
3 Income Tax Laws Income Tax 2649090 2005-06 income Tax Appellate Tribunal
; 29182344 2007-08 Income Tax Appellate Tribunal

(viii) According to the records of the Company examined by us and the information andexplanations given to us the Company has not taken any loan from bank or financialinstitution and has not issued debentures during the year.

(ix) As per the information and explanation given to us and on the basis of ourexamination of the records the company has not raised moneys by way of initial publicoffer or further public offer (including debt instruments) and term loans have beenapplied for the purpose for which they were obtained.

(x) 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 we haveneither come across any instance of fraud by the company or on the Company by its officersor employees noticed or reported during the year nor have we been informed of such caseby the management.

(xi) As per the information and explanation given to us and on the basis of ourexamination of the records the company has not paid any managerial remuneration duringthe year.

(xii) The company is not Nidhi Company therefore this clause is not applicable to thecompany.

(xiii) As per the information and explanation given to us and on the basis of ourexamination of the records the company has transacted with the related parties which arein compliance with sections 177 and 188 of Companies Act 2013 and the details have beendisclosed in the financial statements - Refer Note 23 (b) to the financial statements.

(xiv) The company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.

s s Monmm m€tmi & eo

(xv) As per the information and explanations given to us and on the basts of ourexamination of the records the company has nor entered into any non-cash transactionswith directors or persons connected with him.

fxvi) The company is not required to be registered under section 45-IA of the ReserveSank of India Act 1934. Therefore this clause is rot applicable to the company.

For S S Kothari Mehta & Co
Chartered Accountants
Firm's Registration No. 000756N
(Neeraj Bansai)
Partner
Membership No. 095960
Place of Signature:
Date:

ANNEXURE - "B" TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THEFINANCIAL STATEMENTS OF SAMTEL INDIA LIMITED

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 SAMTELINDIA LIMITED ("the Company") as of March 31 2017 in conjunction with our auditof 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 responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including 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.

Auditor's 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 accordancewith the Guidance Note on Audit of Interna! Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10} of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirementsand pi an 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.

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 internai financiai controls systemover financial reporting.

Meaning of internal Financial Controls over Financial Reporting

A company's internal financiai 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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

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 financiai reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

There being no material operation & Company is in process of evaluating newavenues the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were generally operating effectively as at March 31 2017 based on "theinternal control over financiai reporting system & procedures established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financiai Reporting issued by theinstitute of Chartered Accountants of India".

For S. S. KOTHAR1 MEHTA & CO.
Chartered Accountants
Firm Registration No. 000756N
Place: New Delhi
Date: X'OC'
(Neeraj Bansal)
Partner
Membership No.-095960