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Standard Batteries Ltd.

BSE: 504180 Sector: Others
NSE: STANDRDBAT ISIN Code: INE502C01039
BSE LIVE 11:28 | 22 Aug 5.07 -0.26
(-4.88%)
OPEN

5.07

HIGH

5.07

LOW

5.07

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 5.07
PREVIOUS CLOSE 5.33
VOLUME 200
52-Week high 9.03
52-Week low 5.07
P/E
Mkt Cap.(Rs cr) 3
Buy Price 5.07
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.07
CLOSE 5.33
VOLUME 200
52-Week high 9.03
52-Week low 5.07
P/E
Mkt Cap.(Rs cr) 3
Buy Price 5.07
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00

Standard Batteries Ltd. (STANDRDBAT) - Auditors Report

Company auditors report

To the Members of Standard Batteries Limited Report on the Financial Statements

1. We have audited the accompanying financial statements of Standard Batteries Limited("the Company") which comprise of the Balance Sheet as at March 31 2016and the Statements of Profit and Loss and Cash Flow for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these 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 (as amended). This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit.

4. 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.

5. 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.

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements.

7. 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

8. 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 of the state of affairs of the Company as at March31 2016 and its loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor’s Report) Order 2016 issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act (the"Order") and on the basis of such checks of the books and records of theCompany as we considered appropriate and according to the information and explanationsgiven to us we give in the "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order.

10. 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 purpose 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 Cash Flow dealt with by thisReport are in agreement with the books of account;

d. 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 (as amended);

e. On the basis of written representations received from the Directors as on March 312016 taken on record by the Board of Directors none of the Directors is disqualified ason March 31 2016 from being appointed as a Director in terms of Section 164(2) of theAct.

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 beincluded in the Auditor’s Report in accordance with Rule 11 of the Companies (Auditand Auditors) Rules 2014 (as amended) in our opinion and to the best of our informationand according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements in Notes forming part of Financial Statements’Significant Accounting Policies. (Refer Note No. 1.2)

ii. The Company did not have any long-term contracts including derivate contracts forwhich there were any material foreseeable losses. iii. There were no amounts which wererequired to be transferred to the Investor Education and Protection Fund by the Company.

Annexure A to the Auditor’s Report referred to in our report of even date:

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

(b) These fixed assets were physically verified by the Management during the year atreasonable intervals and discrepancies noticed during the verification were not materialand have been properly dealt with in the books of accounts.

(c) The Company has no immovable properties and hence Clause 3(i)(c) is not applicableto the company

2 The Company does not hold any inventories and hence Clause 3(ii) of the Companies(Auditor’s Report) Order 2016 is not applicable to the company.

3 The Company has not granted any loans to parties covered in the register maintainedunder section 189 of Companies Act 2013. Therefore clause 3(iii) (a) (b) & (c) ofthe Companies (Auditor’s Report) Order 2016 is not applicable to the company.

4 In our opinion and according to the information and explanations given to us theprovisions of section 186 of the Companies Act 2013 have been complied with. During theyear the Company has not provided loan to any of its Directors’ thereforeprovisions of section 185 were not applicable during the year.

5 In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public. Consequently no order has beenpassed by the Company Law Board or National Company Law Commission or Reserve Bank ofIndia or any court or any other tribunal on the Company. The clause 3(v) therefore is notapplicable to the company.

6 The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for the Company.

7 (a) According to the records of the Company and information and explanations given tous the Company is regular in depositing undisputed statutory dues including providentfund employees’ state insurance income tax sales tax service tax duty ofcustoms duty of excise value added tax cess and other applicable statutory dues withthe appropriate authorities.

(b) According to the records of the company and information and explanations given tous there are no disputed dues of income tax or sales tax or service tax or duty of customsor duty of excise or value added tax which have not been deposited with the relevantauthority other than the following disputed demands

Name of the Statute Nature of the Dues Forum where dispute is pending Amount (Rs. In ‘000)
1. Cuttack
Central Sales Tax Act 1956 AY 96-97 Sales Tax Appellate Tribunal 74
Odisha Sales Tax Act 1947 AY 95-96 Sales Tax Appellate Tribunal 284
Odisha Sales Tax Act 1947AY 96-97 Sales Tax Appellate Tribunal 188
Odisha Sales Tax Act 1947 AY 97-98 Sales Tax Appellate Tribunal 193
2. Guwahati
Central Sales Tax Act 1956 AY 94-95 Sales Tax Appellate Tribunal 59
Central Sales Tax AY Act 1956 95-96 Sales Tax Appellate Tribunal 228
Central Sales Tax Act 1956 AY 96-97 Sales Tax Appellate Tribunal 314
Central Sales Tax AY Act 1956 97-98 Sales Tax 381
Sales Tax Appellate Tribunal
Assam Sales Tax Act 1993 AY 93-94 Sales Tax Appellate Tribunal 72
Assam Sales Tax Act 1993 AY 94-95 Sales Tax Appellate Tribunal 341
Assam Sales Tax Act 1993 AY 95-96 Sales Tax Appellate Tribunal 396
Assam Sales Tax Act 1993 AY 96-97 Sales Tax Appellate Tribunal 48
Assam Sales Tax Act 1993 AY 97-98 Sales Tax Appellate Tribunal 246
2085
3. Indore
Madhya Pradesh General Sales Tax Act 1958
AY 1997-98 Sales Tax Appellate Tribunal 54
4. Termination/Retirement High Court 465
Benefits
5. Provident Fund Penalty PF Tribunal 1457
1922
6. Income Tax Act 1961 (A.Y.)
1974-75 Bombay High Court 898
1975-76 Bombay High Court 110
1978-79 Bombay High Court 105
1980-81 Bombay High Court 327
2007-08 CIT (A) 10
1450
Total 6250

8 On the basis of examination of relevant records and according to the information andexplanations given to us the Company has not borrowed any money from financialinstitution or bank or debenture holders as at the Balance Sheet date.

9 On the basis of examination of relevant records and according to the information andexplanations given to us the Company has not raised moneys by way of initial public offeror further public offer (including debt instruments) and term loans.

10 On the basis of our examination of the relevant records of the Company carried outin accordance with generally accepted auditing practices and according to the informationand explanations given to us no fraud by the company or any fraud on the Company by itsofficers or employees has been noticed or reported during the year.

11 The Company has paid/ provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct.

12 The Company is not a ‘Nidhi Company’ therefore clause 3(xii) of theCompanies (Auditor’s Report) Order 2016 is not applicable to the Company.

13 On the basis of examination of relevant records and according to the information andexplanations given to us all transactions with the related parties are in compliance withsections 177 and 188 of Companies Act 2013 where applicable. The Company has disclosedthe details of transactions with related parties in the Financial Statements as requiredby the applicable accounting standards.

14 The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under audit therefore clause3(xiv) of the Companies (Auditor’s Report) Order 2016 is not applicable to thecompany.

15 On the basis of examination of relevant records and according to the information andexplanations given to us in our opinion the Company has not entered into any non-cashtransactions with Directors or persons connected with him.

16 On the basis of examination of relevant records and according to the information andexplanations given to us in our opinion the Company is not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934.

Annexure B To The Independent Auditor’s Report Of Even Date On The FinancialStatements Of Standard Batteries Limited Report on the Internal Financial Controls underClause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financial reporting of StandardBatteries Limited ("the Company") as of March 31 2016 in conjunction with ouraudit 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding 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.

Auditors’ 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 judgement 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that 1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; 2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 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 March 31 2016 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 B. K. Khare & Co.

Chartered Accountants

Firm’s Registration Number 105102W

Naresh Kumar Kataria

Partner

Membership Number 037825

Mumbai 30th May 2016