To the Members of
SHREE METALLOYS LIMITED Report on the Financial Statements
We have audited the accompanying financial statements of SHREEMETALLOYS LIMITED which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding 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.
Our responsibility is to express an opinion on these financialstatements based on our audit.
We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditingspecified under Section 143(10) of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatements. An audit involvesperforming procedures to obtain audit evidence about the amounts and disclosures in thefinancial statements. The procedures selected depend on the auditor's judgmentincluding 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 order 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 andappropriate to provide a basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements give the information requiredby the Act in the manner so required and give a true and fair view subject to noteno 41 & 42 of notes to accounts in conformity with the accounting principlesgenerally accepted in India: (a) In the case of the Balance Sheet of the state of affairsof the Company as at March 31 2017; (b) In the case of the Statement of Profit and Lossof the profit of the Company for the year ended on that date; and (c) In the case of theCash Flow Statement of the cash flows of the Company for the year ended on that date.
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 theAct we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 ofthe Order to the extent applicable.
2. As required by Section 143(3) of the Act we report that: a. We havesought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit; b. In our opinionproper books of account as required by law have been kept by the Company so far as itappears from our examination of those books. c. The Balance Sheet the Profit and LossStatement and the Cash Flow Statement dealt with by this Report are in agreement with thebooks of account. d. In our opinion the aforesaid standalone financial statements complywith the Accounting Standards specified under Section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rules 2014; e. On the basis of the written representationsreceived from the directors as on March 31 2017 taken on record by the Board ofDirectors none of the Directors is disqualified as on March 31 2017 from beingappointed as a Director in terms of Section 164 (2) of the Act. f. With respect to theother matters to be included in the Auditor's Report in accordance with Rule 11 ofthe Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: i) the company has disclosedthe impact if any of pending litigation on its financial position in its financialstatement ii) the Company has made provision as required under any law or accountingstandard for material foreseeable losses if any on long term contracts includingderivative contracts iii) there has been no delays in transferring amount required to betransfer to the Investor Education and Protection fund by the Company. iv) The companyhas provided us requisite disclosure in the aforesaid financial statements as to holdingas well as dealing with the Specified banks notes during the period from 8thNovember2016 to 30th December2016. Based on the audit procedures and relyingon the management representation we report the disclosures are in accordance with booksof accounts maintained by the company and as produced to us by the management of thecompany. We observed that company.
| ||For Bharadia Maheshwari & Associates |
| ||Chartered Accountants |
| ||(Firm Registration No. 123767W) |
| ||(CA Mayur Laddha) |
|Place : Ahmedabad ||Partner |
|Date : 30.05.2017 ||Membership No: 132414 |