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Skipper Ltd.

BSE: 538562 Sector: Engineering
NSE: SKIPPER ISIN Code: INE439E01022
BSE 00:00 | 25 Apr 214.60 1.20
(0.56%)
OPEN

216.50

HIGH

219.85

LOW

211.15

NSE 00:00 | 25 Apr 214.60 1.50
(0.70%)
OPEN

213.00

HIGH

219.95

LOW

213.00

OPEN 216.50
PREVIOUS CLOSE 213.40
VOLUME 6463
52-Week high 292.50
52-Week low 173.55
P/E 18.17
Mkt Cap.(Rs cr) 2,202
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 216.50
CLOSE 213.40
VOLUME 6463
52-Week high 292.50
52-Week low 173.55
P/E 18.17
Mkt Cap.(Rs cr) 2,202
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Skipper Ltd. (SKIPPER) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

SKIPPER LIMITED REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying standalone financial statements of SKIPPER LIMITED("the Company") which comprise the Balance Sheet as at 31 March 2017 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

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 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 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 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 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 of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers 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. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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 31 March 2017 and its profit and its cash flows 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 sub-section (11) of section 143 ofthe Act we give in the Annexure 'A' a statement on the matters specified in the paragraph3 and 4 of the Order.

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 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 read with Rule 7 of theCompanies (Accounts) Rules 2014;

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'; and

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 statement. Refer Note 24 to the financial statements;

ii. the Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. there were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the company.

iv. the Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period 8thNovember'16 to 30th December'16. Based on audit procedure performed and therepresentations provided to us by the management we report that disclosures are inaccordance with the books of accounts maintained by the Company and produced to us by themanagement. Refer Note 42 to the financial statements.

For Singhi &Co.
Chartered Accountants
Firm's Registration No. 302049E
(Pradeep Kumar Singhi)
Place: Kolkata Partner
Date : 15th day of May 2017 Membership No. 50773

ANNEXURE-A TO THE INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in our Independent Auditor's Report to the members of theCompany on the standalone financial statements for the year ended 31 March 2017 we reportthat:

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

(b) As per the information and explanations given to us physical verification of fixedassets have been carried out in terms of the phased program of verification of its fixedassets adopted by the Company and no material discrepancies were noticed on suchverification. In our opinion the frequency of verification is reasonable having regard tosize of the Company and nature of its business.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

ii. As per the information and explanations given to us the inventories have beenphysically verified at reasonable intervals during the year by the management and nomaterial discrepancies between book stock and physical stock have been found.

iii. The Company has not granted any loan to parties covered in the register maintainedunder section 189 of the Companies Act 2013. Accordingly paragraph 3(iii) of the Orderis not applicable.

iv. In our opinion and according to the information and explanations given to us theCompany has not given any loan not made any investment and have not provided anyguarantee. Accordingly the paragraph 3(iv) of the Order is not applicable.

v. The Company has not accepted any deposits from the public.

vi. We have broadly reviewed the books of accounts maintained by Company in respect ofproduct where pursuant to the rule made by the Central Government of India themaintenance of cost records has been prescribed under section 148 (1) of the Companies Act2013 and are of the opinion that prima facie the prescribed records have beenmaintained. We have not however made a detailed examination of the records with a viewto determine whether they are accurate or complete.

vii. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the Company is regular in depositingundisputed statutory dues including provident fund employee's state insurance incometax sales tax wealth tax service tax duty of customs duty of excise value added taxcess and other statutory dues with the appropriate authorities. According to theinformation and explanations given to us no undisputed amounts payable in respect ofprovident fund employees' state insurance income tax sales tax service tax duty ofcustoms duty of excise value added tax cess and other material statutory dues were inarrears as at 31 March 2017 for a period of more than six months from the date they becamepayable.

(b) According to the information and explanation given to us the dues of sales taxincome tax duty of customs duty of excise service tax and value added tax which havenot been deposited on account of any dispute and the forum where the dispute is pending ason 31st March 2017 are as under :-

Name of the statute Nature of dues

Amount Rs.in million

Year Forum where dispute is pending
West Bengal Sales Tax Act 1994 West Bengal Sales Tax

24.37

2005-06 & 2006-07 West Bengal Com. Taxes Appellate & Revisional Board
West Bengal Value Added Tax Act 2003 West Bengal Value Added

50.19

2009-10 Additional Commissioner of Commercial Taxes Kolkata
Tax

2.04

2012-13 Joint Commissioner of Commercial Taxes Kolkata

0.58

2011-12 West Bengal Com. Taxes Appellate & Revisional Board
Central Sales Tax Act 1956 Central Sales Tax

14.50

2005-06 & 2006-07 West Bengal Com. Taxes Appellate & Revisional Board

35.90

2006-07 2011-12 & 2012-13 Joint Commissioner of Commercial Taxes Kolkata

3.25

2011-12 West Bengal Com. Taxes Appellate & Revisional Board
The Central Excise Act 1944 Duty of Excise

1.23

2005-06 2007-08 & 2010-11 Commissioner Appeals (Central Excise) Kolkata

1.24

2007-08 & 2008-09 Commissioner (Appeal I) - Central Excise Kolkata

17.52

2009-10 2010-11 2011-12 & 2012-13 Customs Excise & Service Tax Appellate Tribunal Kolkata
Service Tax under Finance Act 1994 Service Tax

17.06

2005-06 2007-08 2009-10 2010-11 2011-12 & 2012-13 Customs Excise & Service Tax Appellate Tribunal Kolkata

0.13

2007-08 2009-10 & 2010-11 Commissioner (Appeals) Service Tax Kolkata

viii. The Company has not defaulted in repayment of dues to Financial Institutions orBanks or Government or Debenture holders.

ix. The company did not raise any money by way of initial public offer or furtherpublic offer including debt instruments during the year. However the Company has raisedTerm Loan during the year and has applied the same for the purpose for which term loansare raised.

x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

xi. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

xvi. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Singhi &Co.
Chartered Accountants
Firm's Registration No. 302049E
(Pradeep Kumar Singhi)
Place: Kolkata Partner
Date : 15th day of May 2017 Membership No. 50773

ANNEXURE-B TO THE INDEPENDENT AUDITOR'S REPORT

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 SKIPPERLIMITED ("the Company") as of 31st March 2017 in conjunction withour audit of 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 ('ICAI'). 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 Internal 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 ethicalrequirements and plan 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 internal financial controls systemover financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company's internal financial 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Singhi &Co.
Chartered Accountants
Firm's Registration No. 302049E
(Pradeep Kumar Singhi)
Place: Kolkata Partner
Date : 15th day of May 2017 Membership No. 50773