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Alkali Metals Ltd.

BSE: 533029 Sector: Industrials
NSE: ALKALI ISIN Code: INE773I01017
BSE 00:00 | 20 Jun 70.15 1.05
(1.52%)
OPEN

70.10

HIGH

71.50

LOW

66.70

NSE 00:00 | 20 Jun 70.95 1.85
(2.68%)
OPEN

69.10

HIGH

71.90

LOW

67.70

OPEN 70.10
PREVIOUS CLOSE 69.10
VOLUME 1432
52-Week high 106.00
52-Week low 52.00
P/E 53.14
Mkt Cap.(Rs cr) 71
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 70.10
CLOSE 69.10
VOLUME 1432
52-Week high 106.00
52-Week low 52.00
P/E 53.14
Mkt Cap.(Rs cr) 71
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Alkali Metals Ltd. (ALKALI) - Auditors Report

Company auditors report

To the Members of ALKALIMETALS LIMITED Report on the Ind AS Financial Statements

We have audited the acompanying Ind AS financial statements ofALKALI METALS LIMITED

("the Company") which comprise the Balance Sheet as at March 31 2018 theStatement of

Profit and Loss (including other comprehensive income) the Statement of Cash Flows andthe statement of changes in Equity for the year then ended on that date and a summary ofsignificant and other explanatory information (herein after referred to as "Ind ASfinancial statements").

Management's Responsibility for the Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the

Companies Act 2013 ("the Act") with respect to preparation of these Ind ASfinancial statements that give a true and fair view of the financial position financialperformance including other comprehensive income cash flowsand changes of equity of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards ("Ind AS") specified under Section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014.

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 Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

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 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 Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd

AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial controls 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 but not for the purposeof expressing an opinion on whether the Company has in place an adequate internalfinancial control system over financial reporting and the operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of the accounting estimates made by the Company's Directorsas well as evaluating the overall presentation of the Ind AS financial statements.

We believe that the audit evidence we have obtained is sufficient andappropriate toprovide a basis for our audit opinion on the Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformitywith theaccounting principles generally accepted in India including the Ind AS of the financialposition of the Company as at March 312018 and its financial performance including othercomprehensive income its cash flows and the changes in equity for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Act (hereinafterreferred to the "Order") and on the basis of such checks of the books andrecords of the Company as we considered appropriate and according to the information andexplanations given to us we give in the Annexure 1 a statement on the matters specifiedin paragraphs 3 and 4 of the Order.

2. As required by Section 143 (3) (i) of the Companies Act 2013 we given in Annexure- 2 the report on Internal Financial Controls over Financial Reporting.

3. As required by section 143(3) of the Act we report that: a. We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit. b. In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. c. The Balance Sheet the Statement of Profit and Loss(including other comprehensive income) the statement of cash flows and the statement ofchanges in with by this Report are in agreement with the books of account. d. In ouropinion the aforesaid Ind AS financial statements comply with the Indian AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. e. On the basis of written representations received from theDirectors as on March 31 2018 and taken on record by the Board of Directors none of thedirectors are disqualified as on March 31 2018 from being appointed as a director interms of Section 164(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. TheCompany has disclosed the impact of pending litigations on its financial position in itsInd AS financial statements ii. In our opinion and as per the information andexplanations provided to us the Company has not entered into any long-term contractsincluding derivative contracts requiring provision under applicable laws or accountingstandards for material foreseeable losses and iii. There has been no delay intransferring the amounts required to be transferred to the Investor Education andProtection Fund by the Company.

For C K S ASSOCIATES
Chartered Accountants
(F.R.No. 007390S)
N V S SRIKRISHNA
Place : Hyderabad Partner
Date : 12.05.2018 M.No. 025139

ANNEXURE - 1 TO THE INDEPENDENT AUDITORS' REPORT:

(Referred to in Paragraph 1 under section ‘Report on Other Legal and RegulatoryRequirements' of our report of even date)

1.1 According to the information and explanations given to us the Company ismaintaining proper records showing full particulars including quantitative details andsituation of fixed assets.

1.2 According to the information and explanations given to us all the fixed physicallyverified by the management at reasonable intervals and no material discrepancies werenoticed on such verification.

1.3 All the title deeds of the immovable properties are held in the name of theCompany.

2. According to the information and explanations given to us the inventories have beenphysically verified at reasonable intervals by the management and no materialdiscrepancies were noticed on such verification.

3. According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companiesfirmsLimited Liability Partnershipsor other parties covered in the register maintained under Section 189 of the CompaniesAct 2013. Accordingly the sub-clauses (a)(b) and (c) are not applicable to the Company.

4. According to the information and explanations given to us the Company has notgranted any loans nor has it made any investments or given any guarantee or security whichare covered under the provisions of Section 185 and 186 of the Companies Act 2013.

5. According to the information and explanations given to us the Company has notaccepted any deposits in terms of the directives issued by Reserve Bank of India and theprovisions of Sections 73 to 76 or any other relevant provisions of the Companies Act2013 and the rules framed there under.

6. W e have broadly reviewed the cost records maintained by the Company pursuantsubsection (1) of Section 148 of the Companies Act 2013 and are of the opinion that primafacie the prescribed accounts and records have been made and maintained. 7.1 According tothe information and explanations given to us the Company is generally regular indepositing undisputed statutory dues including provident fund employees state insuranceincome tax sales tax service tax duty of customs duty of excise value added taxgoods and service tax cess and other statutory dues as are applicable with theappropriate authorities.

According to the information and explanations given to us there are no arrears ofoutstanding statutory dues expect income tax provision of INR 1434921 pertaining to

F Y 2002-03 as at the last day of the financial year under audit for a period of morethan six months from the date they became payable.

7.2 According to the information and explanations given to us there are no dues ofincome tax or sales tax or service tax or duty of customs or duty of excise or value addedtax which have not been deposited on account of dispute.

8. According to the information and explanations given to us the Company has notdefaulted in repayment of loans or borrowings to a financial institution or bank.

9. According to the information and explanations given to us during the year underreview the Company has not raised any money by way of initial public offer furtherpublic offer or term loans and hence the reporting requirement on the purpose ofapplication of the same is not warranted.

10. According to the information and explanations given to us and based upon the auditprocedures performed by us no fraud by the Company or on the Company committed by itsofficers or employees has been noticed or reported during the year.

11. According to the information and explanations given to us the managerialremuneration paid during the year is in compliance with the provisions of Section 197 readwith Schedule V of the Companies Act 2013.

12. As the Company is not a Nidhi Company in terms of the provisions of the CompaniesAct 2013 read with Nidhi Rules 2014 the matters to be reported under clause (xii) arenot applicable.

13. According to the information and explanations given to us in respect of thetransactions with the related parties the Company has complied with the provisions ofSection 177 and 188 of the Companies Act. 2013 wherever applicable. In our opinion thedetails as required by the applicable accounting standards have been disclosed in thefinancial statements for the year under review.

14. According to the information and explanations given to us the Company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review. Hence reporting requirement on compliance withSection 42 of the Companies Act 2013 and purpose of application of the funds so raised isnot applicable.

15. According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with him andhence reporting requirement on compliance with the provisions of Section 192 of theCompanies Act 2013 is not applicable.

16. According to the information and explanations given to us and in our opinion theCompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934.

For C K S ASSOCIATES
Chartered Accountants
(F.R.No. 007390S)
N V S SRIKRISHNA
Place : Hyderabad Partner
Date : 12.05.2018 M.No. 025139

ANNEXURE – 2 TO THE INDEPENDENT AUDITOR'S REPORT:

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act"):

We have audited the internal financial controls over financial reporting of ALKALIMETALS LIMITED ("the Company") as of March 31 2018 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

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 stated in the GuidanceNote on Audit of Internal Financial Controls over Financial Reporting issued by theInstitute of Chartered Accountants of India. These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to Company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit.

We conducted our audit in accordance with the Guidance Note on Audit of InternalFinancial Controls over Financial Reporting (the "Guidance Note") and theStandards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols both applicable to an audit of Internal

Financial Controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting 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 expenditures of the Company are being made only inaccordance with authorisations of management and directors of the Company; and

3) Provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the Company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

For C K S ASSOCIATES
Chartered Accountants
(F.R.No. 007390S)
N V S SRIKRISHNA
Place : Hyderabad Partner
Date : 12.05.2018 M.No. 025139