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Steel Strips Ltd.

BSE: 504717 Sector: Metals & Mining
NSE: N.A. ISIN Code: N.A.
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Steel Strips Ltd. (STEELSTRIPS) - Auditors Report

Company auditors report

To the Members of

M/S STEEL STRIPS LIMITED

Report on the Financial Statements

1. We have audited the accompanying financial statements of STEEL STRIPS LIMITED("the Company") which comprise the Balance Sheet as at 31 March 2015the Statement 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 for safeguarding the assets of the Company andfor 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.

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 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 2015 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 2015 ("the Order")issued by the Central Government of India in terms of Section 143(11) of the Act we givein the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

10. As required by Section143(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 theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 (as amended);

e. on the basis of the written representations received from the directors as on 31March 2015 and taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2015 from being appointed as a director in terms ofSection164(2) of the 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 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 were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For S.C. Dewan & Co
Chartered Accountants
ICAI Firm Registration Number: 000934N S.C. Dewan
Place : Chandigarh Partner
Date: 30.05.2015 M. No. : 015678

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE TO THE MEMBERS OF STEELSTRIPS LIMITED

ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015.

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) The Company does not have any fixed assets. Accordingly the provisions of clause3(i) of the Order are not applicable.

(ii) The Company does not have any inventory. Accordingly the provisions of clause3(ii) of the Order are not applicable.

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

(iv) Owing to the nature of its business the Company does not maintain any physicalinventories and fixed assets or sell any goods. Accordingly clause 3(iv) of the Orderwith respect to purchase of inventories and sale of goods is not applicable. In ouropinion there is an adequate internal control system commensurate with the size of theCompany and the nature of its business for the sale of services. During the course of ouraudit no major weakness has been noticed in the internal control system in respect ofthese areas.

(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 Order are not applicable.

(vi) To the best of our knowledge and belief the Central Government has not specifiedmaintenance of cost records under subsection (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) There are no dues in respect of income-tax sales-tax wealth tax service taxduty of customs duty of excise value added tax and cess that have not been depositedwith the appropriate authorities on account of any dispute.

(c) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

(viii) In our opinion the Company's accumulated losses at the end of the financialyear are more than fifty percent of its net worth. The Company has incurred cash losses inthe current and the immediately preceding financial year.

(ix) The Company has no dues payable to a financial institution or a bank ordebenture-holders during the year. Accordingly the provisions of clause 3(ix) of theOrder are not applicable.

(x) The Company has not given any guarantees for loans taken by others from banks orfinancial institutions. Accordingly the provisions of clause 3(x) of the Order are notapplicable. (xi) The Company did not have any term loans outstanding during the year.Accordingly the provisions of clause 3(xi) of the Order are not applicable.

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

For S.C. Dewan & Co
Chartered Accountants
ICAI Firm Registration Number: 000934N per S.C.Dewan
Place : Chandigarh Partner
30th May 2015 M. No. : 015678