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Fluidomat Ltd.

BSE: 522017 Sector: Engineering
NSE: N.A. ISIN Code: INE459C01016
BSE 00:00 | 19 Mar 113.90 0
(0.00%)
OPEN

117.25

HIGH

117.25

LOW

110.00

NSE 05:30 | 01 Jan Fluidomat Ltd
OPEN 117.25
PREVIOUS CLOSE 113.90
VOLUME 1486
52-Week high 187.00
52-Week low 107.50
P/E 24.81
Mkt Cap.(Rs cr) 56
Buy Price 111.30
Buy Qty 3.00
Sell Price 113.90
Sell Qty 32.00
OPEN 117.25
CLOSE 113.90
VOLUME 1486
52-Week high 187.00
52-Week low 107.50
P/E 24.81
Mkt Cap.(Rs cr) 56
Buy Price 111.30
Buy Qty 3.00
Sell Price 113.90
Sell Qty 32.00

Fluidomat Ltd. (FLUIDOMAT) - Auditors Report

Company auditors report

TO THE MEMBERS FLUIDOMAT LIMITED

Report on the Ind AS Financial Statements

We have audited the accompanying Ind AS Financial Statements of FLUIDOMAT LIMITED (‘theCompany') which comprise the balance sheet as at 31st March 2018 thestatement of profit and loss (including other comprehensive income) the cash flowstatement and the statement of changes in equity for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the Ind AS 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 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 India Accounting Standards (IndAS) prescribed specified under Section 133 of the Act read with the companies (IndianAccounting Standards) Rules 2015 as amended and other accounting principles generallyaccepted in India.

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 and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under and the order issued under section143(11) of the Act.

We conducted our audit of Ind AS financial statements in accordance with the Standardson Auditing specified under Section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the Ind AS Financial Statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures 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 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 but not for the purposeof expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of the 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 and appropriate 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 conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st

March 2018 and its profit total comprehensive income its cash flows and the changesin equity for the year ended on that date.

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 A' statement on the matters specified in paragraphs3 and 4 of the Order to the extent applicable.

2. 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 LossIncluding other comprehensive income the Cash Flow Statement and statement of change inequity dealt with by this Report are in agreement with the books of account; d. In ouropinion the aforesaid Ind AS Financial Statements comply with the Accounting Standardsspecified under Section 133 of the Act. e. On the basis of the written representationsreceived from the directors as on 31st March 2018 taken on record by the Boardof Directors none of the directors is disqualified as on 31st March 2018 frombeing appointed as a director in terms of Section 164 (2) of the Act. f. With respect tothe adequacy of the internal financial controls over financial reporting of the Companyand the operating effectiveness of such controls refer to our separate Report in "AnnexureB". g. With respect to the other matters to be included in the Auditor's Reportin accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in ouropinion and to the best of our information and according to the explanations given to us:I. The Company has disclosed the impact of pending litigations in its financial positionin note no. 35.2 to the Ind AS Financial Statements.

II. The Company did not have any long term contracts including derivatives contract forwhich there were any material foreseeable losses.

III. There has been no eligible amount required to be transferred to the InvestorEducation and Protection Fund by the Company.

For C. P. RAWKA & CO.
CHARTERED ACCOUNTANTS
Firm Reg. No: 000518C
Place: Indore
Date : This 30th Day of May 2018
Z
(C. P. RAWKA)
PROPRIETOR
M. No.: 070060

Annexure ‘A' to Independent Auditors' Report

(Referred to Para 1 under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date to the members of Fluidomat Ltd.for the year ended 31st March 2018) (i) (a) The Company has maintained properrecords showing full particulars including quantitative details and situation of fixedassets.

(b) As explained to us the fixed assets have been physically verified by the managementof the Company in accordance with phased programme of verification which in our opinionis reasonable considering the size and nature of its business. No material discrepancieswere noticed during such verification.

(c) According to information and explanation given to us including registered titledeeds we report that the title deed comprising all the immovable properties of land andbuildings which are freehold are held in the name of company as at the balance sheetdate. In respect of immovable property of land that have been taken on lease and disclosedas property plant and equipment in the financial statements the lease agreement are inthe name of the company where the company is the lessee in the agreement.

(ii) According to the information and explanations given to us physical verificationof the inventories has been conducted by the management at reasonable interval. TheCompany has maintained proper records of inventory there was no material discrepanciesnoticed on physical verification of the inventories as compared to the book. (iii)According to the information and explanations given to us the company has not granted anyloans secured or unsecured to companies firms Limited Liability partnerships or otherparties covered in the Register maintained under section 189 of the Act. Therefore theprovision clause 3 (iii) (a) to (C) of the Companies (Auditors' Report) Order 2016 arenot applicable to the Company.

(iv) According to the information and explanations given to us the company has notentered into any eligible transactions as specified in the provisions of section 185 and186 of the Companies Act 2013 hence this clause is not applicable to the Company.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of Sections 73 to76 of the Act and the Rules framed there under to the extent notified.

(vi) According to the information and explanations given to us the Company is notcovered under Companies (Cost Records and Audit) Rules 2014 prescribed by the CentralGovernment under Section 148(1) of the Act hence this clause is not applicable to theCompany.

(vii)(a) According to the information and explanations given to us and on the basis ofthe records of the Company the Company is generally regular in depositing undisputedstatutory dues including Provident Fund Employee's State Insurance Sales Tax ServiceTax Custom Duty Excise Duty Value Added Tax Cess and other material statutory dueswith the appropriate authorities. As provided to us by the management the extent of thearrears of outstanding statutory dues as at the last day of the financial year concernedfor a period of more than six months from the date they became payable are Rs. 1242896/-(Commercial Tax Central Sales Tax & Entry Tax ).

(b) According to the records of the Company there are no dues outstanding of incometax / Sales Tax/ wealth tax / service tax / custom duty / excise duty / VAT / cess etc. onaccount of any dispute except the following:

Nature of Dues Period to which the amount relates Forum where matter is pending Amount (In Rupees)
Sales Tax 2013-14 & 2014-15 Asst. Comm. Of commercial Tax Div.-III Indore 4280549

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of loans to banks. The Company has nottaken any loan either from financial institutions or the government and has not issued anydebentures during the year.

(ix) In our opinion and according to the information and explanations given to us thecompany has not raised moneys by way of any public offer including debt instruments andterm Loans during the year and hence the provisions of clause 3 (ix) of the Order are notapplicable to the Company (x) On the basis of our examination of the books and records ofthe Company and according to the information and explanations given to us we have neithercome across any instance of material fraud by the Company or on the

Company by its officers or employees noticed or reported during the year nor have webeen informed of any such case by the Management.

(xi) In our opinion and according to the information and explanations given to us themanagerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct; (xii) In our opinion the Company is not a Nidhi Company. Therefore the provisionsof clause 3 (xii) of the Order are not applicable to the Company.

(xiii) In our opinion and according to the information and explanations given to usall transactions with the related parties are in compliance with section 177 and 188 ofCompanies Act 2013 and the details have been disclosed in the Ind AS Financial Statementsas required by the applicable Indian accounting standards.

(xiv) In our opinion and according to the information and explanations given to us thecompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year under review. Accordingly the provisions ofclause 3 (xiv) of the Order are not applicable to the Company. (xv) In our opinion andaccording to the information and explanations given by the management the company has notentered into any non-cash transactions with directors or persons connected with him.Accordingly the provisions of clause 3 (xv) of the Order are not applicable to theCompany.

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

For C. P. RAWKA & CO.
CHARTERED ACCOUNTANTS
Firm Reg. No: 000518C
Place: Indore
Date : This 30th Day of May 2018
(C. P. RAWKA)
PROPRIETOR
M. No.: 070060

Annexure ‘B' to Independent Auditors' Report

(Referred to Para 2(f) under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date to the members of Fluidomat Ltd.for the year ended 31st March 2018) Report on the Internal Financial Controlsunder Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 ("theAct") We have audited the internal financial controls over financial reporting of FLUIDOMATLIMITED ("the Company") as of 31st March 2018 in conjunctionwith our audit of the Ind AS Financial Statements of the Company for the year ended onthat 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 statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies 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 accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing and deemed to be prescribedunder section 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls over Financial Reporting both applicable to an audit of theInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of Financial Statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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 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. P. RAWKA & CO.
Place: Indore CHARTERED ACCOUNTANTS
Date : This 30th Day of May 2018 Firm Reg. No: 000518C
(C. P. RAWKA)
PROPRIETOR
M. No.: 070060