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Steel Strips Wheels Ltd.

BSE: 513262 Sector: Auto
NSE: SSWL ISIN Code: INE802C01017
BSE LIVE 11:53 | 25 Sep 841.30 -23.00
(-2.66%)
OPEN

861.00

HIGH

861.00

LOW

820.00

NSE 11:42 | 25 Sep 842.00 -28.70
(-3.30%)
OPEN

885.00

HIGH

885.00

LOW

802.00

OPEN 861.00
PREVIOUS CLOSE 864.30
VOLUME 772
52-Week high 956.60
52-Week low 481.10
P/E 19.19
Mkt Cap.(Rs cr) 1,309
Buy Price 837.40
Buy Qty 4.00
Sell Price 844.00
Sell Qty 16.00
OPEN 861.00
CLOSE 864.30
VOLUME 772
52-Week high 956.60
52-Week low 481.10
P/E 19.19
Mkt Cap.(Rs cr) 1,309
Buy Price 837.40
Buy Qty 4.00
Sell Price 844.00
Sell Qty 16.00

Steel Strips Wheels Ltd. (SSWL) - Auditors Report

Company auditors report

To

The Members of

Steel Strips Wheels Limited

Report on the Financial Statements

1. We have audited the accompanying financial statements of Steel Strips Wheels Limited("the Company") which comprise the Balance Sheet as at 31 March 2016 theStatement of Profit and Loss the Cash Flow Statement 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 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 (asamended). This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act; safeguarding the assets of the Company;preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditors' 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 of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial controls 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 the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating 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 31March 2016 and its profit 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 ("the Order")issued by the Central Government of India in terms of Section 143(11) of the Act we givein the Annexure A a statement on the matters specified in paragraphs 3 and 4 of theOrder.

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 financial statements dealt with by this report are in agreement with the booksof 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 the written representations received from the directors as on 31March 2016 and taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2016 from being appointed as a director in terms ofSection 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

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 does not have any pending litigations which would impact its financialposition;

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

iii. there has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For S. C. Dewan & Co.
Chartered Accountants
Firm's Registration No.: 000934N
per S.C. Dewan
Place : New Delhi Partner
Date : 28 April 2016 Membership No.: 015678

Annexure A to the Independent Auditors' Report of Even Date to the members of SteelStrips Wheels Limited on the Financial Statements for the year ended 31st March 2016.

Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit we report that:

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

(b) The fxed assets have been physically verifed by the management during the year andno material discrepancies were noticed on such verifcation. In our opinion the frequencyof verifcation of the fxed assets is reasonable having regard to the size of the Companyand the nature of its assets.

(c) The title deeds of immovable properties are held in the name of the Company.

(ii) The management has conducted physical verifcation of inventory at reasonableintervals during the year and no material discrepancies between physical inventory andbook records were noticed on physical verifcation.

(iii) The Company has not granted any loan secured or unsecured to companies frms orother parties covered in the register maintained under Section 189 of the Act.Accordingly the provisions of clauses 3(iii)(a) 3(iii)(b) and 3(iii)(c) of the saidOrder are not applicable to the Company.

(iv) The Company has not granted any loan or made any investments or provided anyguarantees or security to the parties covered under section 185 and 186. Therefore theprovisions of clauses 3(iv) of the said Order are not applicable to the Company.

(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended) .Accordingly the provisions of clause 3(v) of the said Order are not applicable to theCompany.

(vi) To the best of our knowledge and belief the Central Government has not specifedmaintenance of cost records under sub-section (1) of Section 148 of the Act in respect ofCompany's products. Accordingly the provisions of clause 3(vi) of the Order are notapplicable.

(vii) (a) The Company is regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income- tax sales-tax wealth tax servicetax duty of customs duty of excise value added tax cess and other material statutorydues as applicable with the appropriate authorities. Further no undisputed amountspayable in respect thereof were outstanding at the year-end for a period of more than sixmonths from the date they become payable.

(b) The dues outstanding in respect of income-tax sales-tax wealth tax service taxduty of customs duty of excise value added tax and cess on account of any dispute areas follows:

Name of the statute Nature of dues Amount (R) Amount Paid Under Protest (r) Period to which the amount relates Forum where dispute is pending
INCOME TAX TDS 97850.00 Nil 2007-08 CITAPEAL
INCOME TAX TDS 38300.00 Nil 2008-09 CIT APEAL
INCOME TAX TDS 65290.00 Nil 2009-10 CIT APEAL

(viii) In our opinion the Company has not defaulted in repayment of dues to anyfnancial institution or bank or Government or to debenture- holders during the year.

(ix) The Company has not raised any moneys by way of initial public offer or furtherpublic offer (including debt instruments). Money raised by way of term loans were appliedfor the purposes for which those are raised.

(x) No fraud on or by the Company has been noticed or reported during the periodcovered by our audit.

(xi) 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 theCompanies Act.

(xii) As the Company is not a Nidhi Company and the Nidhi Rules 2014 are notapplicable to it the provision of clause 3(xii) of the order are not applicable to theCompany.

(xiii) The Company has entered into transactions with related parties in compliancewith the provisions of section 177 and 188 of the Act. The detail of such related partytransactions have been disclosed in the fnancial statements as required under accountingstandards (AS) 18

Related Party Disclosures specified under Section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rule 2014.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.Accordingly the provisions of clause 3(xiv) of the order are not applicable to theCompany.

(xv) The Company has not entered into any non-cash transactions with directors orpersons connected with him Accordingly the provisions of clause 3(xv) of the Order arenot applicable to the Company.

(xvi) The Company has not is required to be registered under section 45-IA of theReserve Bank of India Act 1934 Accordingly the provisions of clause 3(xvi) of the Orderare not applicable to the Company.

For S.C. Dewan & Co
Chartered Accountants
Firm's Registration No.: 000934N
per S.C.Dewan
Place : New Delhi Partner
Date : 28th April 2016 Membership
No.: 015678

Annexure B to Independent Auditors' Report

Referred to in paragraph 10 (f) of the Independent Auditors' Report of even date to themembers of Steel Strips Wheels Limited on the

Standalone Financial Statements for the year ended March 312016

Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section143 of the Act

1. We have audited the internal financial controls over financial reporting of SteelStrips Wheels Limited ("the Company) as of March 312016 in conjunction with ourAudit of the Standalone Financial Statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

2. 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 act.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company's Internal FinancialControl over Financial Reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on audit of internal financial control over financial reporting(the "Guidance Notes") and the standards on auditing deemed to be prescribedunder section 143(10) of the act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those standards and the guidance notes require that we comply withethical requirements and planned and performed the audit to obtain reasonable assuranceabout whether adequate internal financial control over financial reporting was establishedand maintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the Internal Financial Controls System over financial reporting and their operatingeffectiveness. Our audit of internal financial controls system over financial reportingincluded obtaining an understanding of internal financial controls system over financialreporting assessing the risks that material weakness exists and testing and evaluatingthe design and operating effectiveness of the internal control based on the assessed risk.The procedure selected depend on the auditor's judgement including the assessment of therisks of material misstatements of the financial statements whether due to fraud orerror

5. We believe that the audit evidence we have obtained in our audits is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

6. A Company's Internal Financial Controls 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 controls overfinancial reporting 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 expenditure of the Company are being made only inaccordance with authorization 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 Limitation of Internal Financial Controls over Financial Reporting

7. Because of the Inherent limitation of internal financial controls over financialreporting including the possibility of collusion or improper management over-ride ofcontrols material mis-statements due to error or fraud may occur and not be detected.Also projection of any evaluations of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlsover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects an adequate InternalFinancial Controls over Financial Reporting and such Internal Financial Controls overFinancial reporting were operating effectively as at March 31st 2016 based on theinternal financial controls over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the guidance note onaudit of Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India.

For S.C. Dewan & Co
Chartered Accountants
Firm's Registration No.: 000934N
per S.C.Dewan
Place : New Delhi Partner
Date : 28 April 2016 Membership No.: 015678