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Servotech Engineering Industries Ltd.

BSE: 531944 Sector: Engineering
NSE: N.A. ISIN Code: INE185D01015
BSE LIVE 15:20 | 21 Aug 2.47 -0.13
(-5.00%)
OPEN

2.47

HIGH

2.47

LOW

2.47

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 2.47
PREVIOUS CLOSE 2.60
VOLUME 400
52-Week high 4.15
52-Week low 2.05
P/E
Mkt Cap.(Rs cr) 1
Buy Price 2.47
Buy Qty 21.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2.47
CLOSE 2.60
VOLUME 400
52-Week high 4.15
52-Week low 2.05
P/E
Mkt Cap.(Rs cr) 1
Buy Price 2.47
Buy Qty 21.00
Sell Price 0.00
Sell Qty 0.00

Servotech Engineering Industries Ltd. (SERVOTECHENGIN) - Auditors Report

Company auditors report

To

The Members of

Servotech Engineering Industries Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Servotech EngineeringIndustries Limited (the "Company") which comprise the Balance Sheet as atMarch 31 2015 and the Statement of Profit and Loss and Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the 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 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 (Accounts) Rules 2014 Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgements 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.

Auditors’ 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 misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgement including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company’s preparation of thefinancial statements that give a true and fair view in cider to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company’s directors as well as evaluatingthe 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 financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the accompanying financial statements give the information required by theAct in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:

(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2015;

(b) In the case of the Statement of Profit and Loss of the loss for the year ended onthat date; and

(c) In the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by ‘the Companies (Auditors’ Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (1) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inthe paragraph 3 and 4 of the Order to the extent applicable.

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

a. We have sought and obtained all information and explanation which to the best of ourknowledge and belief were necessary for the purpose s of our audit;

b. In our opinion proper books of accounts as required by the law have been kept bythe Company so far as it appears from our examination of those books;

c. The Company had no Branch offices during the year under audit.

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

e. In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;

f. On the basis of the written representations received from the directors as on March31 2015 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164 (2) ofthe Act;

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 explanation given to us :

I. The Company does not have any pending litigations which would impact its financialposition.

II. The Company has no long-term contracts including derivative contracts; as such thequestion of commenting on any material foreseeable losses thereon does not arise.

III. There has not been an occasion in case of the group during the year under reportto transfer any sums to the investor Education and Protection Fund. The question of delayin transferring such sums does not arise.

For Amar Bafna & Associates

Chartered Accountants

Firm Registration No: 114854W

Amar Bafna

Partner

Membership No. 048639

Place: Mumbai

Date: May 252015

ANNEXURE REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING "REPORT ON OTHER LEGAL ANDREGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF THE SERVOTECHENGINEERING INDUSTRIES LIMITED WE REPORT THAT:

Clause Sub Particulars
(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
(b) As per information provided to us fixed assets have been physically verified by management at reasonable intervals and there were no material discrepancies noted during such verification.
(ii) The Company does not have any inventory.
(iii) The Company has not granted any loan to parties covered in the register maintained under section 189 of the Companies Act 2013 (‘the Act’). Thus paragraph 3(iii) of the Order is not applicable.
(iv) In our opinion and according to explanation given to us there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regards to purchase of fixed assets and sale of service. We have not observed any major weakness in the internal control system during the course of the audit.
(v) The Company has not accepted deposit from the public.
(vi) The Central Government has not prescribed the maintenance of cost records under section 148(1) of the Act for any of the services rendered by the Company.
(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund income tax saies tax wealth tax service tax duty of customs value added tax cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities.
According to the information and explanations given to us no undisputed amounts payable in respect of provident fund income tax sales tax wealth tax service tax duty of customs value added tax cess and other material statutory dues were in arrears as at 31 March 2015 for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us and the records of the Company examined by us there are no dues of income-tax sales-tax wealth-tax service-tax customs duty and excise duty on account of any dispute except a sum of Rs. 212960/- on account of Provident Fund.
(c) There has not been an occasion in case of the company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of reporting any delay in transferring such sums does not arise.
(viii) The accumulated losses of the company have exceeded fifty percent of its net worth. The Company has accumulated losses of Rs 36870538/- at the end of the financial year and has incurred cash losses in the financial year covered by our audit.
(ix) The Company did not have any outstanding dues to financial institutions banks or debenture holders during the year.
(x) In our opinion and according to the information and the explanations given to us the
Company has not given any guarantee for loans taken by others from banks or financial institutions.
(xi) The Company has not taken any term loan during the year.
(xii) Based on the audit procedures performed and information and explanation given by the management we report that no fraud or by the company has been noticed or reported during the year.

For Amar Bafna & Associates

Chartered Accountants

Firm Registration No: 114854W

Amar Bafna

Partner

Membership No. 048639

Place: Mumbai

Date: May 25 2015