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Samkrg Pistons & Rings Ltd.

BSE: 520075 Sector: Auto
NSE: N.A. ISIN Code: INE706B01012
BSE 16:01 | 16 Jul 220.00 -5.40
(-2.40%)
OPEN

229.95

HIGH

229.95

LOW

220.00

NSE 05:30 | 01 Jan Samkrg Pistons & Rings Ltd
OPEN 229.95
PREVIOUS CLOSE 225.40
VOLUME 2827
52-Week high 379.00
52-Week low 211.20
P/E 10.59
Mkt Cap.(Rs cr) 216
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 229.95
CLOSE 225.40
VOLUME 2827
52-Week high 379.00
52-Week low 211.20
P/E 10.59
Mkt Cap.(Rs cr) 216
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Samkrg Pistons & Rings Ltd. (SAMKRGPISTONS) - Auditors Report

Company auditors report

TO THE MEMBERS OF

SAMKRG PISTONS AND RINGS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of SAMKRG PISTONS AND RINGSLIMITED (" the company") which comprise the balance sheet as at 31st march2017 the statement of profit and loss the cash Flow statement for the year then endedand a summary of the significant accounting policies and other explanatory information[in which are incorporated the Returns for the year ended on the date of thecompany’s branch at VISAKAPATNAM ]

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 financial statements that gives a true and fair view of the financial positionfinancial performance and cash flows of the company in accordance with the accountingprinciples generally accepted in India including the Accounting standards specified undersection 133 of the Act read with Rule 7 of the companies (Accounting ) Rules 2014 .Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgment and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statement based on ouraudit.

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. We conducted our audit in accordancewith the standards on Auditing specified under section 143 (10) of the Act. Thosestandards require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.An Audit involves performing procedures to obtain audit evidenceabout the amounts and the disclosures in the financial statements. The procedures selecteddepend on the auditor’s judgment Including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to thecompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the company’s Directors as wellas evaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the company as at 31stmarch 2017 and its profit and loss and its cash flows for year ended on that date.

Emphasis of Matters

We draw attention to the following matters in the Notes to the financial statement: a)Note 2-contingent liabilities- to the financial statement which describes the pendinguncertainty related to the outcome of the appeal filed with ADC(CT) WITH REGARDS TO THEENTRY TAX BY the company .

Our opinion is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

As required by section 143 (3) of the Act we report that :

a. We have sought and obtained all the information and explanation which to the best ofour knowledge and belief were necessary for the purposes of our audit.

b. In our opinion proper books of accounts as required by law have been kept by thecompany so far as it appears from our examination of those books [and proper returnsadequate for the purposes of our audit have been received from the VISAKAPTNAM branch ]

c. The balance sheet the statement of profit and loss and the cash flow statementdealt with by this Report are in agreement with the books of account [and with the returnsreceived from the VISAKAPATNAM branch ]

(d) in our opinion the aforesaid financial statements comply with accounting standardsspecified under section 133 of the Act with Rule 7 the companies (accounting ) Rules 2014.

(e) on the basis of the written representation received from the directors as on 31stmarch 2017 taken on record by the board of directors none of the directors isdisqualified as on 31st march 2017 from being appointed as a directors in terms ofsection 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 to our separatereport in "Annexure A".

(g) With respect to the matters to be included in the auditor’s reporting 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. The company has disclosed the impact of pending litigation on its financial positionin its financial statement –Refer Note 2- contingent liabilities to the financialstatement;

ii. The company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts –Refer Note 5 to the financial statement;

(h) With respect to the matters included in the auditor’s reporting in accordancewith Rule11(d) of the companies Rule 2017 in our opinion and to the best of ourinformation and according to the explanations given to us :

The company has provided the requisite disclosures in the financial statements as tothe holding as well as dealing in Specified Bank Notes during the period from 8th November2016 to 30th December 2016. Based on audit procedures and relying on the managementrepresentation we report that the disclosures are in accordance with books of accountmaintained by the company and produced to us by the Management -Refer clause no 17 note tothe accounts .

Chartered Accountants
(Firm registration no003187S)
(K.K.Kesavan)
Place :HYDERABAD M.NO 017489
Date :10-05-2017 Proprietor

"ANNEXURE A" TO INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SAMKRGPISTONS AND RINGS LIMITED ON THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH31ST 2016. .

(STATEMENT REFERRED TO IN PARAGRAPH 5 OF REPORT OF EVEN DATE)

IN RESPECT OF ITS FIXED ASSETS

1. (a) The company has maintained proper records showing the full particularsquantitative details And situation of fixed assets.

(b) The company has program for phased physical verification of all its fixed assetswhich in our opinion is reasonable having regard to the size of the company and the natureof its assets. As informed no material discrepancies were noticed on such verification.

IN RESPECT OF ITS INVENTORIES

2. (a) The management has conducted physical verification of the finished goods atreasonable intervals. (b) the procedure of physical verification of stock followed bymanagement are considered reasonable and adequate in relation to the size of the companyand the nature of its business.

C) on the physical verification of stock as compared to book records no materialdiscrepancies were noticed. The company is maintaining proper records of inventory.

(d) on the basis of our examination of stock we are satisfied that the valuation ofstock is fair and in accordance with normally accepted accounting principles. e) Theimported goods were valued the invoice value. The exchange rate variation if any at theend of the year were not considered sine the impact on the profit or loss isinsignificant.

IN RESPECT OF THE LOANS SECURED OR UNSECURED GRANTED OR TAKEN BY THE COMPANY TO/FORMCOMAPANIES FIRMS OR OTHER PARTIES IN THE REGISTER MAINTAINED SEC 301 OF THE COMPANIESACT.

3. According to the information and explanations given to us The company had not takenany loans from the directors and their relatives during the year .

INTERNAL CONTROL SYSTEM

4. In our and according to the information and explanation of given to us there areadequate internal control procedures commensurate with the size of the company and thenature of its business with regards to purchases of stores spares parts includingcomponents plants and machinery equipment and other assets and for sale of the goods.The company had internal auditor and the report of the internal Auditor was placed beforeus. In the Internal audit report there are no adverse comments which warrants ourreporting.

5. We have broadly reviewed the books of accounting to materials labour and other itemof cost maintained by the company pursuant to the rules made by the central Government forthe maintenance of the cost records under section 148 (1) of the companies Act 2013 andare of the opinion that prime facie the prescribed records and accounts have beenmaintained by the company . we have however not made a detailed examination of therecords with a view to determine whether they are accurate and complete.

6. (a) The provident fund and employees state insurance dues have regularly depositedwith the appropriate authorities.

(b) According to the information and explanation given to us the company does not haveundisputed amount payable in respect of income Tax wealth Tax Excise Duty and customsDuty outstanding for a period more than six month from then date they become payable. Inrespect of sales Tax (Entry Tax) there is disputed amount of 22.47 lacs not deposited withsales Tax department. The company had filed an appeal with ADC (CT) PUNJAGUTTA DIVISIONHYDERABAD AGAINST CERTAIN points in the order of the of the assessment year 2002-03.

S.NO NAME OF THE STATUE NATURE OF DUES AMOUNT IN LACS FORUM WHERE DISPUTE IS PENDING
1 SALES TAX ACT ENTRY TAX 22.47 ADC(CT)

In this regard please refer to the point 2-CONTINGENT LIABLITIES to the otherinformation to the NOTES TO THE ACCOUNTS. We are of the opinion that as and when thedemand is raised after hearing of the case the same will be accounted and settled sincethe period of the case is beyond the stipulated period.

7. The company has no accumulated losses at the end of the financial year and has notincurred any cash losses in the financial year under report and in the immediatelypreceding financial year.

8. In our opinion and according to the information and explanation given to us thecompany has not defaulted in repayment of dues to financial institution /banks. Thecompany has not issued any debentures.

9. According to the information and explanation given to us the company has not givenany guarantee for loans taken by others from banks or financial institutions.

10. According to the information and explanation given to us no fraud on or by thecompany has been noticed or reported during the course of the Audit.

For RAVI AND KESHAV
Chartered Accountants
(Firm registration no003187S)
(K.K.Kesavan)
Place : HYDERABAD M.NO 017489
Date : 10-05-2017 Proprietor

ANNEXTURE-B TO THE AUDITOR’S REPORT

Report on the internal Financial Control under Clause (i) of Sub Section 3 of Section143 of the Companies Act 2013("the Act") We have audited the internal financialcontrols over the financial reporting of SAMKRG PISTONS AND RINGS LIMITED AS OF 31st March2017 in conjunction with our audit of the standalone financial statements of the companyfor the year ended on that date.

MANAGEMENT’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 controlsstated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to the company’s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of accounting records and the timely preparation of reliablefinancial information as required under the companies Act 2013.

AUDITOR’S 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 Reporting (the "GuidanceNote") and the Standards on Auditing issued by the ICAI and deemed to be prescribedunder Section 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal Financial Control both applicable to an audit of internal Financial Control andboth issued by the institute of chartered accountants of India. Those standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about adequacy of theinternal 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 controls bases on assessed risk. The proceduresselected depended on auditor’s judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due fraud or error. We believethat the audit evidence which we have obtained is sufficient and appropriate to providebasis for our audit opinion on the company’s financial controls system over financialreporting.

MEANING OF INTERNAL FINANCIAL CONTORLS OVER FINANCIAL REPORING.

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 purpose in accordance with thegenerally accepted accounting principles. 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 financialstatements in accordance with generally accepted accounting principles and that thereceipts 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 unauthorized acquisition use ordisposition of the company’s assets that could have a material effect on thefinancial statements.

INHERENT LIMITATION 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. Alsoprojection of any evaluations of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion the company has in all material respects an adequate internalfinancial control system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 312016 bases on theinternal control over financial reporting criteria established by the company consideringthe essential components of internal controls stated in the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting issued by the institute of CharteredAccountants of India.

For RAVI AND KESHAV
Chartered Accountants
(Firm registration no003187S)
(K.K.Kesavan)
Place :HYDERABAD M.NO 017489
Date :10-05-2017 Proprietor

INDEPENDENT AUDITORS’ CERTIFICATE

To the Members of SAMKRG PISTONS AND RINGS LIMITED

1. We RAVI AND KESHAV CHARTERED ACCOUNTANTS THE STATUTORY AUDITORS OF SAMKRG PISTONSAND RINGS LIMITED("THE COMPANY") have examined compliance of conditions ofCorporate Governance by the company for the year ended 31st March 2017 as stipulated inregulations 17 to 27 and clause (b)to (i) of regulation 46(2) and para C and D of scheduleV of the Securities and Exchange Board of India (Listing Obligations and DisclosureRequirements )Regulations 2015 ("THE Listing Regulations").

Managements’ Responsibility

2. The compliance of conditions of Corporate Governance is the responsibility of themanagement. This responsibility includes design implementation and maintenance ofInternal control and procedures to ensure the compliance with the conditions of thecorporate Governance stipulated in listing Regulations.

Auditors Responsibility

3. Our Responsibility is limited to examining the procedures and implementationthereof adopted by the company for ensuring compliance with the conditions of theCorporate Governance. It is neither an audit nor an expression of opinion on the financialstatements of the company.

4. We have examined the books of account and relevant records and documents maintainedby the company for the purpose of providing reasonable assurance on the compliance withthe Corporate Governance requirements of the company.

5. We have carried out an examination of relevant records of the company in accordancewith the Guidance Note on certification of Corporate Governance issued by the Institute ofChartered Accountants of India ("the ICAI ") THE Standards On Auditingspecified under sec 143(10) of the Companies Act 2013 in so far as applicable for thepurpose of this certificate and as per the Guidance Note on Reports or certificates forSpecial Purpose issued by the ICAI which requires that we comply with the ethicalrequirements of the Code of Ethics issued by the ICAI.

6. We have complied with the relevant applicable requirements of the Standard onQuality Control (SQC)1 Quality Control for firms that performs Audits and Reviews ofHistorical Financial Information and other Assurance and related Service Engagements.

Opinion

7. Based on our examination of the relevant records and according to the informationand explanations provided to us and the representations provided by the Management wecertify that the company has complied with the conditions of Corporate Governance asstipulated in regulations 17 to 27 and clause (b) to (i) of regulations 46(2) and para Cand D of Schedule V of the Listing Regulations DURING THE YEAR ENDED March 312017.

8. We further state that such compliance is neither an assurance as to the futureviability of the Company nor the efficiency or effectiveness with which the management hasconducted the affairs of the Company.

For M/s. RAVI & KESHAV
REG NO:003187S
Chartered Accountants
( K.K. KESAVAN )
Place: Hyderabad Proprietor
Date: 10-05-2017 M.NO 17489