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Sterling Tools Ltd.

BSE: 530759 Sector: Engineering
NSE: STERTOOLS ISIN Code: INE334A01023
BSE LIVE 15:25 | 20 Nov 378.60 63.10
(20.00%)
OPEN

325.00

HIGH

378.60

LOW

325.00

NSE 15:51 | 20 Nov 380.60 63.40
(19.99%)
OPEN

329.90

HIGH

380.60

LOW

326.00

OPEN 325.00
PREVIOUS CLOSE 315.50
VOLUME 160767
52-Week high 378.60
52-Week low 162.00
P/E 32.81
Mkt Cap.(Rs cr) 1,363
Buy Price 378.60
Buy Qty 23451.00
Sell Price 0.00
Sell Qty 0.00
OPEN 325.00
CLOSE 315.50
VOLUME 160767
52-Week high 378.60
52-Week low 162.00
P/E 32.81
Mkt Cap.(Rs cr) 1,363
Buy Price 378.60
Buy Qty 23451.00
Sell Price 0.00
Sell Qty 0.00

Sterling Tools Ltd. (STERTOOLS) - Auditors Report

Company auditors report

TO THE MEMBERS OF STERLING TOOLS LIMITED

Report on the Standalone financial Statements

We have audited the accompanying standalone financial statements of Sterling ToolsLimited ("the Company") which comprise the Balance Sheet as at March31 2017 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and significant accounting policies and other summary of the explanatoryinformation.

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) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance 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 operating effectively for ensuring the accuracy and completeness of theaccounting 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

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 accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions 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 performingprocedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of the accounting policies used and the reasonableness of theaccounting estimates made by the Company's directors as well as evaluating the overallpresentation of the financial . statements We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion onstandalone 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 its profit and cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. 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. statements complywith the

(d) In our opinion the aforesaid standalone financial Accounting Standards specifiedunder Section 133 of the Act read with Rule 7 of the Companies (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 to ourseparate Report in "Annexure A".

(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. On the basis of written representations received from the management of the Companythe Company has disclosed the impact of pending litigations on its financial position financialits statements- Refer Note No. 8 "Contingent Liabilities & Commitments"to the financial statements .

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses. However the Company uses derivativefinancial instruments such as forward contracts to hedge its risks associated with certainforeign currency transactions; which are short term in nature and details of outstandingcontracts is disclosed in Note No. 29 of the financial statements

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

iv. The Company has provided requisite disclosures in the financial statements asregards its holding and dealings in Specified Bank during the period from 8th November2016 to 30th December 2016; and such disclosures are in accordance with thebooks of account maintained by the Company.-Refer Note No 32 to the financialstatements.

2. 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 "Annexure B" a statement on the matters specified in paragraphs 3 and 4 ofthe Order.

for S.R. Dinodia & Co. LLP
Chartered Accountants
firm Registration Number 001478N/N500005
(Pradeep Dinodia)
Place of Signature: faridabad Partner
Date:26 May 2017 Membership No. 080617