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STEL Holdings Ltd.

BSE: 533316 Sector: Financials
NSE: STEL ISIN Code: INE577L01016
BSE LIVE 11:08 | 12 Dec 105.00 -0.55
(-0.52%)
OPEN

105.05

HIGH

105.50

LOW

105.00

NSE 10:56 | 12 Dec 105.95 0.50
(0.47%)
OPEN

105.50

HIGH

105.95

LOW

105.00

OPEN 105.05
PREVIOUS CLOSE 105.55
VOLUME 115
52-Week high 115.20
52-Week low 42.80
P/E 27.27
Mkt Cap.(Rs cr) 194
Buy Price 105.05
Buy Qty 250.00
Sell Price 106.35
Sell Qty 100.00
OPEN 105.05
CLOSE 105.55
VOLUME 115
52-Week high 115.20
52-Week low 42.80
P/E 27.27
Mkt Cap.(Rs cr) 194
Buy Price 105.05
Buy Qty 250.00
Sell Price 106.35
Sell Qty 100.00

STEL Holdings Ltd. (STEL) - Auditors Report

Company auditors report

To the Members of STEL Holdings Limited

Report on the Standalone Financial Statements

We have audited the accompanying financial statements of STEL Holdings Limited ('theCompany') which comprise the Balance Sheet as at March 31 2017 the Statement of Profitand Loss the Cash Flow Statement for the year then ended and a summary of significantaccounting policies and other explanatory information.

Management's responsibility for the financial statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ('the Act') with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under Section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility alsoincludes the maintenance of adequate accounting records in accordance with the provisionof the Act for safeguarding of the assets of the Company and for preventing and detectingthe frauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of internal financial control that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

Auditor's 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 thereunder.

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.

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 thereunder.

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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including 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 true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe 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 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 March 31 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 bythe Central Government of India in terms of Section 143 (11) of the Act we give in theAnnexure A a statement on the matters specified in paragraphs 3 and 4 of the Order tothe extent 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 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 March31 2017 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 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 ourseparate report in Annexure B.

g. With respect to other matters to be included in the Auditors' Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest 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.

iv. The Company did not have any holdings or dealings in Specified Bank Notes duringthe period from November 8 2016 to December 30 2016 and the Company has providedrequisite disclosures in the financial statements

For G. Joseph & Associates

Chartered Accountants

Firm Reg. No. 006310S

Reuben Joseph

Partner

M. No. 216884

Kolkata May 30 2017

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONE FINANCIALSTATEMENTS OF STEL HOLDINGS LIMITED

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 have been physically verified by the managementat reasonable intervals; no material discrepancies were noticed on such verification.

c. As per the information and explanations provided to us title deeds of immovableproperties are held in the name of the company.

ii. The Company does not have any inventory. Therefore the provisions of Clauses3(ii)(a) 3(ii)(b) and 3(ii)(c) of the said Order are not applicable to the Company.

iii. According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not granted any loans secured orunsecured to companies firms Limited Liability Partnerships or other parties listed inthe register maintained under section 189 of the Act. Consequently the provisions ofclauses 3(iii)(a) to 3(iii)(c) of the Order are not applicable to the Company.

iv. According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has complied with the provisions ofsection 185 and 186 of the Act with respect to the loans investments guarantees andsecurities provided.

iv. The Company has not accepted any deposit from public within the meaning of sections73 to 76 or any other relevant provisions of the Companies Act and the rules framedthereunder.

vi. The provisions regarding maintenance of cost records under sub-section (1) ofsection 148 of the Act are not applicable to the Company.

vii. a. According to the records of the Company undisputed statutory dues includingprovident fund employees' state insurance income tax sales tax wealth tax servicetax customs duty excise duty cess to the extent applicable and any other statutory dueshave generally been regularly deposited with the appropriate authorities. According to theinformation and explanations given to us there were no statutory dues on the last day ofthe financial year outstanding for a period of more than six months from the date theybecame payable.

b. According to the information and explanations given to us there are no amountspayable in respect of income tax wealth tax service tax sales tax customs duty andexcise duty which have not been deposited on account of any disputes.

viii. According to the information and explanations given to us the Company has notdefaulted in repayment of dues to financial institutions or banks or debenture holders.

ix. Based on our audit procedures and on the information given by the management wereport that the Company has not raised any moneys by way of initial or further publicoffer or any term loans during the year.

x. According to the information and explanations given to us during the year no fraudon or by the Company has been noticed or reported during the year.

xi. The managerial remuneration paid is in accordance with the requisite approvalsmandated by the provisions of section 197 read with schedule V of Act.

xii. The Company is not a Nidhi Company. Therefore the provisions of clause 3 (xii) ofthe Order is not applicable to the Company.

xiii. All transactions with related parties are in compliance with Sections 177 and 188of the Act and the details have been suitably disclosed in the Financial Statements asrequired by the accounting standards.

xiv. Based on the audit procedures performed and the information and explanations givento us by the management we report that the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review.

xv. Based on the audit procedures performed and the information and explanation givento us we report that the Company has not entered into non-cash transactions withdirectors of the Company or persons connected with him.

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

For G. Joseph & Associates

Chartered Accountants

Firm Reg. No. 006310S

Reuben Joseph

Partner

M. No.216884

Kolkata May 30 2017