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S & T Corporation Ltd.

BSE: 514197 Sector: Others
NSE: N.A. ISIN Code: INE110Q01015
BSE 00:00 | 25 Jan 21.70 -0.95
(-4.19%)
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NSE 05:30 | 01 Jan S & T Corporation Ltd
OPEN 21.60
PREVIOUS CLOSE 22.65
VOLUME 104
52-Week high 53.05
52-Week low 4.28
P/E 24.94
Mkt Cap.(Rs cr) 14
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 21.60
CLOSE 22.65
VOLUME 104
52-Week high 53.05
52-Week low 4.28
P/E 24.94
Mkt Cap.(Rs cr) 14
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

S & T Corporation Ltd. (STCORPORATIO) - Auditors Report

Company auditors report

To the Members of S & T CORPORATION LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the Standalone Financial Statements of S & T CORPORATION LIMITED("the Company") which comprise the balance sheet as at March 31 2020 and thestatement of Profit and Loss (statement of changes in equity) and statement of cash flowsfor the year then ended and notes to the Standalone Financial Statements including asummary of significant accounting policies and other explanatory information

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Financial Statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theIndian Accounting Standards (Ind As) prescribed under section 133 of the act read with thecompanies (Indian Accounting standards) rules 2015 as amended & other accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2020 and profit/loss comprehensive income (changes in equity) and its cash flowsfor the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder Section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theStandalone Financial Statements Section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of theStandalone Financial Statements under the provisions of the Companies Act 2013 and theRules there under and we have fulfilled our other ethical responsibilities in accordancewith these requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Standalone Financial Statements of the current period.These matters were addressed in the context of our audit of the Standalone FinancialStatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined the matters described below to theKey Audit Matters to be communicated in the Report.

Sr. No. Name of Party Relationship with Company Amount (in Rs.) Year End Balance (in Rs.)
1 RAJYOG ENTERPRISE- LOAN ACCOUNT PARTNER IN PARTNERSHIP FIRM 49631915/- 49631915/-
2 RAJYOG ENTERPRISE- PARTNERS CONTRIBUTION TOWARDS CAPITAL PARTNER IN PARTNERSHIP FIRM 27000/- 27000/-
3 RAJYOG CONSTRUCTION-LOAN ACCOUNT PARTNER IN PARTNERSHIP FIRM 251867/- 251867/-
4 RAJYOG CONSTRUCTION- PARTNERS CONTRIBUTION TOWARDS CAPITAL PARTNER IN PARTNERSHIP FIRM 2200/- 2200/-
5 RAJYOG REALTORS- LOANACCOUNT PARTNER IN PARTNERSHIP FIRM 71818971/- 71818971/-
6 RAJYOG REALTORS- CONTRIBUTION TOWARDS CAPITAL PARTNER IN PARTNERSHIP FIRM 37500/- 37500/-

• The Share of Profit from the firms in which the company is partner is notaccounted for as the books of accounts of the firms are not finalized & the effects onthe financial statements have not been determined.

• During the year under review company has sold the plant & machinery ofRs.6893406/- in scrap & had to suffer a loss of Rs.6448406/-

Our audit procedures included considering the appropriateness of theCompany's revenue recognition accounting policies and assessing compliance with thepolicies in terms of the applicable accounting standards.

Information Other than the Standalone Financial Statements and Auditor's Report thereon

The Company's Board of Directors is responsible for the Other Information. The otherinformation comprises the [information included in the management discussion & BoardReport including Annexure to board report corporate governance & shareholdersinformation but does not include Standalone Financial Statements and our auditor's reportthereon.

Our opinion on the Standalone Financial Statements does not cover the other informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the Standalone Financial Statements or our knowledgeobtained in the audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this information; we required to report that fact. We have nothing toreport in this regard.

Management's Responsibility for the Standalone 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 Financial Statements that give a true and fair view of the financialposition financial performance (changes in equity) and cash flows of the Company inaccordance with the accounting principles generally accepted in India including the IndAS specified under Section 133 of the Act. This responsibility also includes maintenanceof adequate accounting records in accordance with the provisions of the Act forsafeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate implementation andmaintenance of 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 financialstatement that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the Standalone Financial Statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the StandaloneFinancial Statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these Standalone Financial Statements.

As a part of an audit in accordance with SA's we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Standalone Financial Statements whether due to fraud or error design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions misrepresentations or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act 2013 we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis of accounting and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists we are required to draw attention in our auditor's report to the related disclosures in the Standalone Financial Statements or if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation structure and content of the Standalone Financial Statements including the disclosures and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Standalone Financial Statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. 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 best of 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 the Company so far as it appears from our examination of those books.
c. The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account
d. In our opinion the aforesaid Standalone Financial Statements comply with the Ind AS specified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.
e. On the basis of the written representations received from the directors as on March 31 2020 taken on record by the Board of Directors none of the directors is disqualified as on March 31 2020 from being appointed as a director in terms of Section 164 (2) of the Act.
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls refer to our separate Report in "Annexure A".
g. With the respect to the other matters to be included in the Auditor's Report in accordance with the requirements of Section 197 (16) of the Act as amended. In our opinion and to the best of our information and according to the explanations given to us the remuneration paid by the Company to its directors during the year is in accordance with the provisions of the Section 197 of the Act.
h. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company}

2. 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 Companies Act 2013 we give in the "Annexure B" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

For Vridhi & Associates
Chartered Accountants
FRN- 141142W
CA Vridhi Dalal
M. No. 166936
Place of Signature: Mumbai Date:26/06/2020 UDIN-20166936AAAAAT3089

Annexure A to the Auditor's Report - March 31 2020

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 S & TCorporation limited ("the Company") as of March 31 2020 in conjunction with ouraudit of the Standalone Financial Statements of the Company for the year ended on thatdate.

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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal 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 Standalone Financial Statements whether due to fraud orerror.

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 Standalone 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 StandaloneFinancial Statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effect on the StandaloneFinancial 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 2020 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 Vridhi & Associates
Chartered Accountants
FRN- 141142W
CA Vridhi Dalal
M. No. 166936
Place of Signature: Mumbai
Date: 26/06/2020 UDIN- 20166936AAAAAT3089

Annexure "B" to the Independent Auditors' Report

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 Companies Act 2013 a statement on the matters specified in paragraphs 3 and 4 of theOrder to the extent applicable.

1. Fixed Assets

a. According to information & explanations given to us the company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
b. According to information & explanations given to us all the assets have not been physically verified by the management during the year but there is a regular program of verification which in our opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.
c. During the year under review company has sold the plant & machinery of Rs.6893406/- in scrap & had to suffer a loss of Rs.6448406/-
d. According to information & explanations given to us the title deeds of immovable properties if any are held in the name of the company.

2. Inventory

a. According to information & explanations given to us the inventory if any has been physically verified during the year by the management. In our opinion the frequency of verification is reasonable.
b. According to information & explanations given to us the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.
c. In our opinion according to information & explanations given to us the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3. Loans granted by the Company

a. According to information & explanations given to us the following are theparticulars of loans granted by the company to companies firms and other parties coveredin the register maintained under section 189 of the Companies act 2013:

Sr. No. Name of Party Relationship with Company Amount (in Rs.) Year End Balance (in Rs.)
1 RAJYOG ENTERPRISE- LOAN ACCOUNT PARTNER IN PARTNERSHIP FIRM 49631915/- 49631915/-
3 RAJYOG CONSTRUCTION-LOAN ACCOUNT PARTNER IN PARTNERSHIP FIRM 251867/- 251867/-
5 RAJYOG REALTORS- LOAN ACCOUNT PARTNER IN PARTNERSHIP FIRM 71818971/- 71818971/-

b. In our opinion the rate of interest and other terms and conditions on which loanshave been granted to companies firm or other parties listed in the registers maintainedunder Section 189 of the Companies Act 2013 are not prima facie prejudicial to theinterest of the company.

c. According to information & explanations given to us Payment/Receipt of principalamount and interest on loans granted are regular & there is no overdue principal orinterest on such loans.

4. Loans Investments Guarantees & Security

In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and I86 of the Companies Act 2013In respect of loans investments guarantees and security.

5. Deposits from the public

According to the information and explanation given to us company has not accepteddeposits from the public & in view of the same the provisions of section 73 to 76 ofthe Companies Act 2013 and the rules framed there under is not applicable to the company.

6. Cost Records

According to information & explanations given to us the Central Government has notprescribed the maintenance of cost records under section 148(1) of the Companies Act 2013in respect of the activities carried on by the company.

7. Statutory Dues

a. According to information and explanations given to us and on the basis of our examination of the books of account and records the Company has been generally regular in depositing undisputed statutory dues including Provident Fund Employees State Insurance Income-Tax Sales tax Service Tax Duty of Customs Duty of Excise Value added Tax Cess GST and any other statutory dues with the appropriate authorities. According to the information and explanations given to us no undisputed amounts payable in respect of the above were in arrears as at March 31 2019 for a period of more than six months from the date on when they become payable.
b. According to the information and explanation given to us there are no dues of income tax sales tax service tax duty of customs duty of excise value added tax outstanding on account of any dispute

8. Default in Financial dues

In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to banks. The Company has not taken anyloan either from financial institutions or from the government and has not issued anydebentures.

9. Moneys raised by way of initial public offer or further public offer

Based upon the audit procedures performed and the information and explanations given bythe management the company has not raised moneys by way of initial public offer orfurther public offer including debt instruments and term Loans during the year.Accordingly the provisions of clause of the Order are not applicable to the Company andhence not commented upon.

10. Frauds

Based upon the audit procedures performed and the information and explanations given bythe management we report that no fraud by the Company or on the company by its officersor employees has been noticed or reported during the year.

11. Managerial Remuneration

As per the information & explanation given to us& the records made availablefor our verifications no managerial remuneration was paid during the year.

12. Nidhi Company

In our opinion the Company is not a Nidhi Company. Therefore the provisions of clauseof the Order are not applicable to the Company.

13. Related Party Transactions

In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in thestandalone Ind AS Financial Statements as required by the applicable accounting standards.

14. Preferential Allotment or Private Placement

Based upon the audit procedures performed and the information and explanations given bythe management the company has not made any preferential allotment or private placementof shares or fully or partly convertible debentures during the year under review.Accordingly the provisions of clause of the Order are not applicable to the Company andhence not commented upon.

15. Non Cash Transaction

Based upon the audit procedures performed and the information and explanations given bythe management the company has not entered into any non-cash transactions with directorsor persons connected with him. Accordingly the provisions of clause of the Order are notapplicable to the Company and hence not commented upon.

16. Registration with RBI

In our opinion the company is not required to be registered under section 45- IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause of the Orderare not applicable to the Company and hence not commented upon.

For Vridhi & Associates
Chartered Accountants
FRN- 141142W
CA Vridhi Dalal
M. No. 166936
Place of Signature: Mumbai
Date: 26/06/2020 UDIN-20166936AAAAAT3089

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