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Fluidomat Ltd.

BSE: 522017 Sector: Engineering
NSE: N.A. ISIN Code: INE459C01016
BSE 00:00 | 29 Sep 91.00 1.00
(1.11%)
OPEN

91.90

HIGH

91.90

LOW

91.00

NSE 05:30 | 01 Jan Fluidomat Ltd
OPEN 91.90
PREVIOUS CLOSE 90.00
VOLUME 6
52-Week high 129.90
52-Week low 51.00
P/E 15.37
Mkt Cap.(Rs cr) 45
Buy Price 81.10
Buy Qty 100.00
Sell Price 94.70
Sell Qty 11.00
OPEN 91.90
CLOSE 90.00
VOLUME 6
52-Week high 129.90
52-Week low 51.00
P/E 15.37
Mkt Cap.(Rs cr) 45
Buy Price 81.10
Buy Qty 100.00
Sell Price 94.70
Sell Qty 11.00

Fluidomat Ltd. (FLUIDOMAT) - Auditors Report

Company auditors report

TO THE MEMBERS OF FLUIDOMAT LIMITED

Report on Audit of Ind AS Financial Statements

We have audited the accompanying Ind AS Financial Statements of FLUIDOMATLIMITED (‘the Company') which comprise the balance sheet as at 31stMarch 2019 the statement of profit and loss (including other comprehensive income) thecash flow statement and the statement of changes in equity for the year then ended and asummary of significant accounting policies and other explanatory information (hereinafterreferred to as “The Ind AS financial statements”).

Opinion

In our opinion and to the best of our information and accordingto the explanations given to us the aforesaid Ind AS financial statements give theinformation required by the Companies Act 2013 (“the Act”) in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended (“Ind AS”) and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2019the profit and total comprehensive income changes in equity and its cash flows for theyear ended on that date.

Basis for Opinion

We conducted our audit of the Ind AS financial statements inaccordance with the Standards on Auditing (SAs) specified under section 143(10) of theAct. Our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Ind AS Financial Statements section of our report.We are independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the Ind AS financial statements under theprovisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the Ind AS financial statements.

Key Audit Matters

Key audit matters are those matters that in our professionaljudgment were of most significance in our audit of the financial statements of thecurrent period. These matters were addressed in the context of our audit of the financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

Responsibility of Management for Ind AS Financial Statements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these Ind ASfinancial statements that give a true and fair view of the financial position financialperformance total comprehensive income changes in equity and cash flows of the Companyin accordance with the Ind AS prescribed under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended and other accountingprinciples generally accepted in India.

This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the Ind AS financial statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.

In preparing the Ind AS financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whetherthe financial statements as a whole are free from material misstatement whether due tofraud or error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

As part of an audit in accordance with SAs we exerciseprofessional judgment and maintain professional skepticism throughout the audit. We also:

Identifyand assess the risks of material misstatement of the financial statements whether due tofraud or error design and perform audit procedures responsive to those risks and obtainaudit evidence that is sufficient and appropriate to provide a basis for our opinion. Therisk of not detecting a material misstatement resulting from fraud is higher than for oneresulting from error as fraud may involve collusion forgery intentional omissionsmisrepresentations or the override of internal control.

Obtainan understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

Evaluatethe appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by management.

Concludeon the appropriateness of management's use of the going concern basis of accounting andbased on the audit evidence obtained whether a material uncertainty exists related toevents or conditions that may cast significant doubt on the Company's ability to continueas a going concern. If we conclude that a material uncertainty exists we are required todraw attention in our auditor's report to the related disclosures in the financialstatements or if such disclosures are inadequate to modify our opinion. Our conclusionsare based on the audit evidence obtained up to the date of our auditor's report. Howeverfuture events or conditions may cause the Company to cease to continue as a going concern.

Evaluatethe overall presentation structure and content of the financial statements including thedisclosures and whether the financial statements represent the underlying transactionsand events in a manner that achieves fair presentation.

We communicate with those charged with governance regardingamong other matters the planned scope and timing of the audit and significant auditfindings including any significant deficiencies in internal control that we identifyduring our audit.

We also provide those charged with governance with a statementthat we have complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged withgovernance we determine those matters that were of most significance in the audit of thefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. Asrequired by the Companies (Auditor's Report) Order 2016 (“the Order”) issuedby the Central Government of India in terms of sub-section (11) of section 143 of the Actwe give in the ‘Annexure A' statement on the matters specified in paragraphs 3 and 4of the Order to the extent applicable.

2.  As required bysection 143(3) of the Act we report that: a. we have sought and obtained all theinformation and explanations which to the best of our knowledge and belief were necessaryfor the purpose of our audit; b. In our opinion proper books of account as required by lawhave been kept by the Company so far as it appears from our examination of those books; c.The Balance Sheet the Statement of Profit and Loss Including other comprehensive incomethe Cash Flow Statement and statement of change in equity dealt with by this Report arein agreement with the books of account;

d. In our opinion the aforesaid Ind AS Financial Statementscomply with the Accounting Standards specified under Section 133 of the Act. e. On thebasis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in termsof Section 164 (2) of the Act. f. With respect to the adequacy of the internal financialcontrols over financial reporting of the Company and the operating effectiveness of suchcontrols refer to our separate Report in “Annexure B”. g. With respectto the other matters to be included in the Auditor's Report in accordance with Rule 11 ofthe Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: I. The Company has disclosedthe impact of pending litigations in its financial position in note no. 33 to the Ind AS

Financial Statements.

II. The Company did not have any long term contracts includingderivatives contract for which there were any material foreseeable losses.

III. There has been no eligible amount required to betransferred to the Investor Education and Protection Fund by the Company.

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For C. P. RAWKA & CO.

 

CHARTERED ACCOUNTANTS

 

Firm Reg. No: 000518C

Place: Indore

(C. P. RAWKA)

Date : This 30th Day of May 2019

PROPRIETOR

 

M. No.: 070060

Annexure ‘A' to Independent Auditors' Report

(Referred to Para 1 under the heading of “Report onOther Legal and Regulatory Requirements” of our report of even date to the members ofFluidomat Ltd. for the year ended 31st March 2019)

(i) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) As explained to us the fixed assets have been physicallyverified by the management of the Company in accordance with phased programme ofverification which in our opinion is reasonable considering the size and nature of itsbusiness. No material discrepancies were noticed during such verification.

(c) According to information and explanation given to usincluding registered title deeds we report that the title deed comprising all theimmovable properties of land and buildings which are freehold are held in the name ofcompany as at the balance sheet date. In respect of immovable property of land that havebeen taken on lease and disclosed as property plant and equipment in the financialstatements the lease agreements are in the name of the company where the company is thelessee in the agreement.

(ii) According to the information and explanations given to usphysical verification of the inventories has been conducted by the management atreasonable interval. The Company has maintained proper records of inventory there was nomaterial discrepancies noticed on physical verification of the inventories as compared tothe book. (iii) According to the information and explanations given to us the company hasnot granted any loans secured or unsecured to companies firms Limited Liabilitypartnerships or other parties covered in the Register maintained under section 189 of theAct. Therefore the provision clause 3 (iii) (a) to (C) of the Companies (Auditors'Report) Order 2016 are not applicable to the Company.

(iv) According to the information and explanations given to usthe company has not entered into any eligible transactions as specified in the provisionsof section 185 and 186 of the Companies Act 2013 hence this clause is not applicable tothe Company.

(v) In our opinion and according to the information andexplanations given to us the Company has not accepted any deposits from the public withinthe meaning of Sections 73 to 76 of the Act and the Rules framed there under to the extentnotified.

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Nature of Dues

Period to which

Forum where matter is pending

Amount (In Rupees)

Sales Tax

2014-15 & 2015-16

Asst. Comm. Of commercial Tax Div.-III Indore

1958785

 

(viii) In our opinion and according to the information andexplanations given to us the Company has not defaulted in the repayment of loans tobanks. The Company has not taken any loan either from financial institutions or thegovernment and has not issued any debentures during the year.

(ix) In our opinion and according to the information andexplanations given to us the company has not raised moneys by way of any public offerincluding debt instruments and term Loans during the year and hence the provisions ofclause 3 (ix) of the Order are not applicable to the Company (x) On the basis of ourexamination of the books and records of the Company and according to the information andexplanations given to us we have neither come across any instance of material fraud bythe Company or on the Company by its officers or employees noticed or reported during theyear nor have we been informed of any such case by the Management.

(xi) In our opinion and according to the information andexplanations given to us the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act; (xii) In our opinion the Company is not a NidhiCompany. Therefore the provisions of   clause3 (xii) of the Order are not applicable to the Company.

(xiii) In our opinion and according to the information andexplanations given to us all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in the IndAS Financial Statements as required by the applicable Indian accounting standards.

(xiv) In our opinion and according to the information andexplanations given to us the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 (xiv) of the Order are not applicable tothe Company. (xv) In our opinion and according to the information and explanations givenby the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company.

(xvi) In our opinion the company is not required to beregistered under section 45 IA of the Reserve Bank of India Act 1934 and accordingly theprovisions of clause 3 (xvi) of the Order are not applicable to the Company.

 

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For C. P. RAWKA & CO.

 

CHARTERED ACCOUNTANTS

 

Firm Reg. No: 000518C

Place: Indore

(C. P. RAWKA)

Date : This 30th Day of May 2019

PROPRIETOR

 

M. No.: 070060

 

Annexure ‘B' to Independent Auditors' Report

(Referred to Para 2(f) under the heading of “Reporton Other Legal and Regulatory Requirements” of our report of even date to the membersof Fluidomat Ltd. for the year ended 31st March 2019) Report on the InternalFinancial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act2013 (“the Act”) We have audited the internal financial controls over financialreporting of FLUIDOMAT LIMITED (“the Company”) as of 31stMarch 2019 in conjunction with our audit of the Ind AS Financial Statements of theCompany for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management 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).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the “Guidance Note”) and the Standards on Auditing anddeemed to be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls over Financial Reporting bothapplicable to an audit of the Internal Financial Controls and both issued by the Instituteof Chartered Accountants of India. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain auditevidence about the adequacy of the internal financial controls system over financialreporting and their operating effectiveness. Our audit of internal financial controls overfinancial reporting included obtaining an understanding of internal financial controlsover financial reporting assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. 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.

We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the Company'sinternal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reportingis a process designed to provide reasonable assurance regarding the reliability offinancial reporting and the preparation of Financial Statements for external purposes inaccordance with generally accepted accounting principles. A company's internal financialcontrol over financial reporting includes those policies and procedures that (1) pertainto the maintenance of records that in reasonable detail accurately and fairly reflectthe transactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of FinancialStatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial  statements.

Inherent Limitations of Internal Financial Controls overFinancial Reporting

Because of the inherent limitations of internal financialcontrols over financial reporting including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols over financial reporting to future periods are subject to the risk that theinternal financial control over financial reporting may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.

Opinion

In our opinion to the best of our information and according tothe explanations given to us  the Companyhas in all material respects an adequate internal financial  controls system over financial reporting and suchinternal financial controls over financial reporting were operating effectively as atMarch 31 2019 based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants  ofIndia.

 

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For C. P. RAWKA & CO.

 

CHARTERED ACCOUNTANTS

 

Firm Reg. No: 000518C

Place: Indore

 

Date : This 30th Day of May 2019

(C. P. RAWKA)

 

PROPRIETOR

 

M. No.: 070060