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Apollo Tricoat Tubes Ltd.

BSE: 538566 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE919P01029
BSE 00:00 | 13 Nov 287.30 -3.55
(-1.22%)
OPEN

296.00

HIGH

296.00

LOW

287.00

NSE 05:30 | 01 Jan Apollo Tricoat Tubes Ltd
OPEN 296.00
PREVIOUS CLOSE 290.85
VOLUME 26771
52-Week high 303.70
52-Week low 124.00
P/E 63.56
Mkt Cap.(Rs cr) 873
Buy Price 286.10
Buy Qty 100.00
Sell Price 288.00
Sell Qty 123.00
OPEN 296.00
CLOSE 290.85
VOLUME 26771
52-Week high 303.70
52-Week low 124.00
P/E 63.56
Mkt Cap.(Rs cr) 873
Buy Price 286.10
Buy Qty 100.00
Sell Price 288.00
Sell Qty 123.00

Apollo Tricoat Tubes Ltd. (APOLLOTRICOAT) - Auditors Report

Company auditors report

To

The Members of

Best Steel Logistics Limited

Report on the Ind AS Financial Statements

1. We have audited the accompanying financial statements of Best Steel LogisticsLimited ('the Company") which comprise the Balance Sheet as at March 31 2018 andthe Statement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year then ended and a summary ofthe significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Ind AS

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 Ind AS financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the Indian Accounting Standards (IndAS) prescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 (as amended) and other accounting principles generally accepted inIndia. 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

3. Our responsibility is to express an opinion on these Ind AS financial statementsbased on our audit.

4. In conducting our audit we have taken into account the provisions of the Act andthe rules made thereunder including the accounting and auditing standards and matterswhich are required to be included in the audit report under the provisions of the Act andthe Rules made thereunder.

5. We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Ind AS financial statements are free from materialmisstatement.

5. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the Ind AS financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe Ind 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 the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the Ind AS financial statements.

7. We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.

Opinion

8. 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 conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 312018 and its profit(including other comprehensive income) its cash flowsand the changes in equity for the year ended on that date.

Other Matter

9. The Financial information of the Company for the year ended March 31 2017 and thetransition date opening Balance Sheet as at April 1 2016 included in these Ind ASfinancial statements are based on the previously issued statutory financial statementsfor the years ended March 312017 and March 31 2016 prepared in accordance with theCompanies (Accounting Standards) Rules 2006 (as amended) which were audited by us onwhich we expressed an unqualified opinion May 232017 and May 282016 respectively. Theadjustments to those Ind AS financial statements for the differences in accountingprinciples adopted by the Company on transition to Ind AS have been audited by us. Ouropinion is not qualified in respect of this matter.

Report on Other Legal and Regulatory Requirements

10. As required by the Companies (Auditor's Report) Order2016 issued by the CentralGovernment of India in terms of subsection (11) of Section 143 of the Act (' theOrder") and on the basis such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanations given to us wegive considered appropriate and according to the information and explanations given to uswe give in Annexure B a statement on the matters specified in paragraphs 3 and 4 of thatOrder.

11. As required by Section 143(3) of the Act based on our audit 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 Ind AS Balance Sheet the Statement of Profit and Loss (including othercomprehensive Income) the Cash

Flow Statement and the Statement of Changes in Equity dealt with by this Report are inagreement with the books of account.

(d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards prescribed under section 133 of the Act.

(e) On the basis of the written representations received from the directors of theCompany as on March 31 2018 taken on record by the Board of Directors none of thedirectors is disqualified as on March 312018 from being appointed as a director in termsof Section 164(2) of the 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 A". Our report expresses an unmodified opinion on theadequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

(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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company does not have any pending litigations which could affect the financialposition in its Ind AS financial statements

ii. The Company has long term contracts as at March 312018 for which there were nomaterial foreseeable losses. There are no long term derivative contracts as at March312018.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company. - not applicable

For VAPS& COMPANY

Chartered Accountants

ICAI Firm Registration No-003612N

Praveen Kumar Jain

Partner

Membership Number:082515

New Delhi

May 29 2018

ANNEXURE A TO INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 11(f) of the Independent Auditors' Report of even date to theMembers of Best Steel Logistics Limited on the Ind AS Financial statements for the yearended March 31 2018

Report on the Internal Financial Controls under Clause (I) of Sub- section 3 of Section143 of the Act

1. We have audited the internal financial controls over financial reporting of BestSteel Logistics Limited ('the Company") as of March 312018 in conjunction with ouraudit of the Ind AS financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. The Board of Directors of the Company is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India(ICAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the 'Guidance Note") issued by the Institute of Chartered Accountants ofIndia and the Standards on Auditing prescribed under Section 143(10) of the Companies Act2013 to the extent applicable to an audit of internal financial controls. Those Standardsand the Guidance Note require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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 judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the Company's internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial

Reporting

6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of Ind ASfinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the Ind ASfinancial statements.

Limitations of Internal Financial Controls Over Financial

Reporting

7. 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

8. In our opinion to the best of our information and according to the explanationsgiven to us the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 31 2018 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For VAPS& COMPANY

Chartered Accountants

ICAI Firm Registration No-003612N

Praveen Kumar Jain

Partner

Membership Number:082515

New Delhi

May 29 2018

ANNEXURE B TO INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 10 of the Independent Auditors' Report of even date to theMembers of Best Steel Logistics Limited on the Ind AS Financial statements for the yearended March 312018

i. (a) The company is maintaining proper records showingfull particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets are physically verified by the Management according to a phasedprogramme designed to cover all the items over a period of three years which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. Pursuant to the programme a portion of the fixed assets has been physicallyverified by the management during the year and no material discrepancies were noticed onsuch physical verification.

(c) The title deeds of immovable properties as disclosed in Note 3 on fixed assets tothe Ind AS financial statements are held in the name of the Company.

ii. As explained at us the physical verification of inventory excluding stocks withthird parties have been conducted at reasonable intervals by the management during theyear and no material discrepancies were noticed on physical verification.

iii. The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained underSection 189 of the Act. Therefore the provisions of Clause 3(iii) (iii)(a) (iii)(b) and(iii)(c) of the said Order are not applicable to the Company.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 185 of the Companies Act 2013in respect of the loans and investments made and guarantees and security provided by it.

v. The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 75 of the Act and the Rules framed there under to the extentnotified.

vi. The company is not required to maintain cost records as per section 148(1) of theAct hence this clause is not applicable to the company.

vii. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the company there had been no delays in depositingundisputed statutory dues including Income Tax Employees' State Insurance ProvidentFund Sales Tax Value Added Tax Service Tax Goods and Services Tax Duty of CustomsDuty of Excise Cess and other material statutory dues as applicable with theappropriate authorities

(b) According to the information and explanations given to us no undisputed amountpayable in respect of Income Tax Wealth Tax Sales Tax Goods and Services Tax CustomsDuty and Excise Duty Service Tax Value Added Tax Cess etc. were outstanding as at 31stMarch 2018 for a period of more than six months from the date they became payable.

viii. According to the records of the Company examined by us and the information andexplanation given to us the company has not defaulted in repayment of loans or borrowingsto any bank. Further there were no dues payable to financial institution or Government ordebenture holders as at Balance Sheet date.

ix. The Company has not raised any moneys by way of initial public offer furtherpublic offer (including debt instruments) and term loans during the year. Accordingly theprovisions of clause 3(ix) of that Order are not applicable to the Company.

x. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement. The Company has not given any guarantee for loans taken by others from bank orfinancial institutions.

xi. The Company has not paid/ provided for managerial remuneration during the year.Hence the provisions of Section 197 read with Schedule V to the Act are not applicable tothe company.

xii. As the Company is not a Nidhi Company and the Nidhi Rules2014 are not applicableto it the provisions of Clause 3(xii) of the Order are not applicable to the Company.

xiii. The Company has entered into transactions with related parties in compliance withthe provisions of Section 177 and 1988 of the Act. The details of such related partytransactions have been disclosed in the Standalone Ind AS Financial Statements as requiredunder Indian Accounting Standard (Ind AS) 24 Related Party Disclosures specified underSection 133 of the Act read with Rule 4 of the Companies (Indian Accounting Standards)Rules 2015 (as amended).

xiv. According to the information and explanations given to us and as per ourverification of the records of the company the company has made a preferential allotmentof 7200000 equity shares of Rs. 2/- each at a premium of Rs. 118/- per share and theproceeds of the same have been utilized for the purpose for which it has been raised.

xv. The Company has not entered into any non-cash transactions with its Directors orpersons connected with him. Accordingly the provisions of Clause 3(xv) of the Order arenot applicable to the Company

xvi. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.

For VAPS& COMPANY

Chartered Accountants

ICAI Firm Registration No-003512N

Praveen Kumar Jain

Partner

Membership Number: 082515

New Delhi

May 29 2018