You are here » Home » Companies » Company Overview » Sunflag Iron & Steel Company Ltd

Sunflag Iron & Steel Company Ltd.

BSE: 500404 Sector: Metals & Mining
NSE: SUNFLAG ISIN Code: INE947A01014
BSE LIVE 15:40 | 15 Dec 74.55 0.95
(1.29%)
OPEN

74.40

HIGH

75.95

LOW

74.00

NSE 15:31 | 15 Dec 74.55 1.00
(1.36%)
OPEN

74.05

HIGH

75.90

LOW

74.00

OPEN 74.40
PREVIOUS CLOSE 73.60
VOLUME 39406
52-Week high 87.70
52-Week low 31.50
P/E 17.50
Mkt Cap.(Rs cr) 1,344
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 74.40
CLOSE 73.60
VOLUME 39406
52-Week high 87.70
52-Week low 31.50
P/E 17.50
Mkt Cap.(Rs cr) 1,344
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sunflag Iron & Steel Company Ltd. (SUNFLAG) - Auditors Report

Company auditors report

ON FINANCIAL STATEMENTS

To

The Members

Sunflag Iron and Steel Company Limited C I N - L 27100 MH 1984 PLC 034003 33 MountRoad Sadar Nagpur - 440001 Report on Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of Sunflag Ironand Steel Company Limited ("the Company") which comprise the balance sheet asat March 312017 the statement of profit and loss including the statement of othercomprehensive income the cash flow statement and the statement of changes in equity forthe year then ended and a summary of significant accounting policies.

Management's Responsibility for the 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 Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) specified undersection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 and theCompanies (Indian Accounting Standards) Rules 2015 as amended. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and the designimplementation and maintenance of adequate internal financial control that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the standalone Ind AS financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made thereunder. We conducted our audit of thestandalone Ind AS financial statements in accordance with the Standards on Auditingissued by the Instituteof Chartered Accountants of India as specified under Section143(10) of the Act. Those Standards require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the financialstatements 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 standaloneInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of the Ind AS financial statements. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the Ind AS financial statements give the information required by the Act inthe 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 2017 its profit including other comprehensive income its cash flows and the changesin equity for the year ended on that date.

Other Matters

The financial information of the Company for the year ended March 312016 and thetransition date opening balance sheet as at April 01 2015 included in these standaloneInd AS financial statements are based on the previously issued statutory financialstatements for the years ended March 31 2016 and March 31 2015 prepared in accordancewith the Companies (Accounting Standards) Rules2006 (as amended) which were audited bypredecessor auditors whose report for the year ended March 31 2016 & March 31 2015dated May 26 2016 & May 30 2015 respectively expressed an unmodified opinion onthose standalone financial statements. The adjustments to those standalone financialstatements for the differences in accounting principles adopted by the Company ontransition to the Ind AS have been audited by us.

Report On Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure -1" a statement on the matters specified inparagraphs 3 and 4 of the Order.

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 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 statement of profit and loss including the statement of othercomprehensive income the cash flow statement and statement of changes in equity dealtwith by this Report are in agreement with the books of account;

d) In our opinion the aforesaid standalone Ind AS financial statements comply with theAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 and Companies (Indian Accounting Standards) Rules 2015as amended;

e) On the basis of written representations received from the directors as on March 312017 and 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) ofthe 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 2" to this report;

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 has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements - Refer Note 32 to the standaloneInd AS financial statements;

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 to theInvestor Education and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in Note 9 to these standalone Ind ASfinancial statements as to the holding of Specified Bank Notes on November 8 2016 andDecember 30 2016 as well as dealings in Specified Bank Notes during the period fromNovember 8 2016 to December 30 2016. Based on our audit procedures and relying on themanagement representation regarding the holding and nature of cash transactions includingSpecified Bank Notes we report that these disclosures are in accordance with the books ofaccounts maintained by the Company and as produced to us by the Management.

For S.S. Kothari Mehta & Co. For Patel Shah & Joshi
Chartered Accountants Chartered Accountants
Firm Regn. No. 000756N Firm Regn. No. 107768W
CA Sunil Wahal CA Jayant I. Mehta
Nagpur Partner Partner
26th May 2017 Membership Number - 087294 Membership Number - 042630