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Shree Metalloys Ltd.

BSE: 531962 Sector: Others
NSE: N.A. ISIN Code: INE914B01012
BSE LIVE 13:10 | 17 Nov 12.90 -0.65
(-4.80%)
OPEN

12.90

HIGH

12.90

LOW

12.90

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 12.90
PREVIOUS CLOSE 13.55
VOLUME 300
52-Week high 22.40
52-Week low 8.18
P/E
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 12.90
CLOSE 13.55
VOLUME 300
52-Week high 22.40
52-Week low 8.18
P/E
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Shree Metalloys Ltd. (SHREEMETALLOYS) - Auditors Report

Company auditors report

To the Members of

SHREE METALLOYS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of SHREE METALLOYS LIMITED whichcomprise the Balance Sheet as at March 31 2016 the Statement of Profit and Loss and 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 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 judgments 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 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 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:

(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2016;

(b) In the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date; and

(c) In the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 (the Order) issuedby the Central Government of India in terms of Section 143(11) of the Act we give in theAnnexure a statement on the matters specified in paragraphs 3 and 4 of the Order to theextent applicable.

2. As required by Section 143(3) of the Act 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 it appears from our examination of those books.

c. 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.

d. In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e. On the basis of the written representations received from the directors as on March31 2016 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164 (2) ofthe Act.

f. 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 if any of pending litigation on its financialposition in its financial statement

ii) the Company has made provision as required under any law or accounting standardfor material foreseeable losses if any on long term contracts including derivativecontracts

iii) there has been no delays in transferring amount required to be transfer to theInvestor Education and Protection fund by the Company

For Bharadia Maheshwari & Associates
Chartered Accountants
(Firm Registration No. 123767W)
(CA Mayur Laddha)
Place : Ahmedabad Partner
Date : 28.05.2016 Membership No: 132414

ANNEXURE OF THE INDEPENDENT AUDITOR’S REPORT

The annexure referred to in our Independent Auditor’s Report to the members of theCompany on the standalone financial statement for the year ended 31st March2016 we report that:

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

b) As explained to us the fixed assets are being physically verified during the yearby the management in accordance with the programme of verification which in our opinionis reasonable having regard to the size of the company and the nature of its assets. Asinformed to us no material discrepancies have been noticed on such verification.

c) On the basis of our examination and according to the information and explanationsgiven to us title deeds of immovable properties are held in the name of the company.

ii) On the basis of our observation and according to the information and explanationsgiven to us the physical verification of inventory has been conducted by the managementat reasonable intervals and no material discrepancies were noticed on physicalverification.

iii) According to the information and explanation given to us the Company has notgranted any loans secured or unsecured to companies firms LLPs or other parties coveredin the register maintained under section 189 of the Companies Act 2013. Therefore theprovisions of clause 3 (iii) of the Order are not applicable to the Company.

iv) On the basis of our examination and according to the information and explanationsgiven to us the Company has neither given any loans guarantees securities nor made anyinvestment as provided in section 185 and section 186 of the Companies act 2013. Thereforethe provisions of clause 3 (iv) of the Order are not applicable to the Company.

v) In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits from the public during the year.

vi) The Central Government has not prescribed maintenance of cost records under subsection (1) of Section 148 of the Companies Act 2013 for any of the products manufacturedby the Company.

vii) According to the information and explanation given to us and on the basis ofexamination of the records of the Company amount deducted/ accrued in the books ofaccounts in respect of undisputed statutory dues including provident fund employees’state insurance income-tax sales-tax service tax duty of customs duty of excisevalue added tax cess and any other statutory dues have been generally regularly depositedto the appropriated authorities wherever applicable there is no outstanding as on March31 2016 for a period of more than six months from the date they became payable.

viii) On the basis of our examination and according to the information and explanationsgiven to us the company has not defaulted in repayment of Loans or Borrowings to anyfinancial institution bank Government or dues to Debenture holders as at the balancesheet date.

ix) In our opinion and according to the information and explanation given to usneither any moneys raised by Initial public offer/ further public offer (including debtinstruments) nor any term loans has been availed by the company hence purpose of questionof proper utilization does not arise.

x) To the best of our knowledge and belief and accordingly to the information andexplanations given to us neither any fraud by the company nor any fraud on the company byits officers/employees has been noticed or reported during the course of our audit.

xi) On the basis of our examination and according to the information and explanationsgiven to us the company has paid/provided the Managerial remuneration according to theprovisions of section 197 read with schedule V to the Companies Act 2013.

xii) To the best of our knowledge and belief and accordingly to the information andexplanations given to us the company is not defined as Nidhi company. Therefore theprovisions of clause 3 (xii) of the Order are not applicable to the Company.

xiii) On the basis of our examination and according to the information and explanationsgiven to us the company has complied with section 177 and section 188 of the Companiesact 2013 regards to Related Party transactions and the details have been disclosed in theFinancial statements according to Accounting standards.

xiv) On the basis of our examination and according to the information and explanationsgiven to us the company has not made any preferential allotment/ private placement ofshares or fully/ partly convertible debentures during the year under review. Therefore theprovisions of section 42 of Companies act 2013 are not applicable to the Company.

xv) On the basis of our examination and according to the information and explanationsgiven to us the company has not entered into any Non cash transactions with directors orpersons connected with him. Therefore the provisions of section 192 of Companies act 2013are not applicable to the Company.

xvi) To the best of our knowledge and belief and accordingly to the information andexplanations given to us the company is not required to be registered under section 45-IAof the Reserve Bank of India act 1934.

For Bharadia Maheshwari & Associates
Chartered Accountants
(Firm Registration No. 123767W)
(CA Mayur Laddha)
Place : Ahmedabad Partner
Date : 28.05.2016 Membership No: 132414