You are here » Home » Companies » Company Overview » SEAMEC Ltd

SEAMEC Ltd.

BSE: 526807 Sector: Infrastructure
NSE: SEAMECLTD ISIN Code: INE497B01018
BSE 00:00 | 20 Feb 321.40 0
(0.00%)
OPEN

318.05

HIGH

324.55

LOW

318.05

NSE 09:31 | 21 Feb 325.05 2.15
(0.67%)
OPEN

325.50

HIGH

326.80

LOW

325.05

OPEN 318.05
PREVIOUS CLOSE 321.40
VOLUME 83
52-Week high 328.75
52-Week low 172.00
P/E 15.17
Mkt Cap.(Rs cr) 817
Buy Price 317.60
Buy Qty 1.00
Sell Price 326.00
Sell Qty 16.00
OPEN 318.05
CLOSE 321.40
VOLUME 83
52-Week high 328.75
52-Week low 172.00
P/E 15.17
Mkt Cap.(Rs cr) 817
Buy Price 317.60
Buy Qty 1.00
Sell Price 326.00
Sell Qty 16.00

SEAMEC Ltd. (SEAMECLTD) - Auditors Report

Company auditors report

To

The members of Seamec Limited

Report on the Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of SeamecLimited ("the Company") which comprise the Balance Sheet as at 31 March2018 the Statement of Profit and Loss (including other Comprehensive income) the CashFlow Statement for the year then ended the statement of changes in Equity for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation (herein after referred to as "the standalone Ind AS financialstatement").

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 preparationand presentation of these standalone Ind AS financial statements that give a true and fairview of the financial position financial performance including other comprehensiveincome cash flows and change in equity of the Company in accordance with the IndianAccounting Standards (Ind AS) prescribed under Section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules as amended from time to time and otheraccounting principles generally accepted 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 standalonefinancial 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 standalone Ind AS financialstatements based on our audit.

In conducting our Audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder and the OrderIssued under section 143 (11) of the Act.

We have conducted our audit of standalone financial statement 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 standalone Ind AS financial statements are freefrom material misstatement. An audit involves performing procedures to obtain auditevidence about the amounts and the disclosures in the standalone Ind AS financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the standalone Ind AS financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thestandalone Ind AS financial statements that give a true and fair view in order to designaudit 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 standalone 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 standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2018 and its profit (including othercomprehensive income) the changes in equity and its cash flows for the year ended on thatdate.

Other Matter

Corresponding figures of the Company for the year ended 31 March 2017 have been auditedby another auditor who expressed an unmodified opinion dated 30th May 2017 onthe standalone Ind AS financial statements of the Company for the year ended 31 March2017.

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 Section 143(11) of the CompaniesAct 2013 we give in the Annexure A a statement on the matters specified inparagraphs 3 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 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 Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome Statement of Changes in Equity and the Cash Flow Statement dealt with by thisReport are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 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 B.

(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 has disclosed the impact of pending litigations on its financialposition in its standalone financial statement – Refer Note 37; ii. The company didnot have any long-term contracts including derivative contract for which there were anymaterial foreseeable losses; iii. There were no amounts which were required to betransferred to the Investor Education and Protection Fund by the Company.

For T R Chadha & Co LLP
Chartered Accountants
Firm Regn. No: 006711N/N500028
Vikas Kumar
Place: Mumbai Partner
Date: 25th May 2018 Membership No. 075363

Annexure A to the Auditor's Report

The annexure referred to in Independent Auditor's Report to the member of the Companyon the standalone financial statement for the year ended 31st March 2018 wereport that; (i) Fixed Assets a) The Company has maintained proper records showingfull particulars including quantitative details and situtation of its fixed assets. b)Fixed assets have been physically verified during the year by the management as per theplan and no material discrepancies were identified on such verifiction. c) According tothe informations and explanations given to us there is no Immovable Property in the booksof accounts of the Company. Thus the provision of clause 3(i)(c) of the Order is notapplicable to the Company

(ii) Inventories

The management has conducted physical verification of inventory at reasonable intervalsduring the year as per plan and no material discrepancies were noticed on such physicalverification.

(iii) Loans given

According to the information and explanations given to us during the year the Companyhas not granted any Secured or unsecured loan to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under Section 189 of theCompanies Act 2013. Hence reporting under clause 3 (iii) (a) (b) and (c) of the order isnot applicable to the Company.

(iv) Compliance of Sec. 185 & 186

In our opinion and according to the information and explanations given to us theCompany has not given loans or guarantees to directors or other persons in which adirector is interested or provide security in connection with a loan and as such section185 of the Companies Act is not applicable. In our opinion and according to theinformation and explanation given to us the company has made investments in securitieswhich is in compliance with the provisions of Section 186 of the Companies Act 2013.

(v) Public Deposit

During the year the company has not accepted any deposits from the public thereforeparagraph 3 (v) of the order is not applicable.

(vi) Cost Records

To the best of our knowledge and according to the information and explanation providedto us the Central Government has not prescribed the maintenance of cost records under subsection (1) of section 148 of the Companies Act

(vii) Statutory Dues a) According to the information and explanations given to usand on the basis of our examination of the books of account the Company has generallybeen regular in depositing its undisputed statutory dues including Provident FundEmployees State insurance Income-tax Sales-Tax GST Service tax Value added tax cessetc. There are no undisputed dues payable outstanding as on 31st March 2018for a period of more than six months from the date they became payable except the intereston availment of wrong credit of service tax as given below:

Name of the statute Nature of Dues Amount Period to which the amount relates Due Date Date of payment
(Rs in Million)
Finance Act 1994 Interest on wrongly credit of service tax 11.21 2016-17 Various Not yet paid

b) According to the information and explanations given to us the following dues ofService Tax has not been deposited by the Company on account of dispute;

Name of the Nature of Amount Period to which Forum where the dispute is pending
statute Dues ( Rs in Million) amount relates
Finance Act 1994 Service Tax 77.37 2010-11 to 2014-15 Commissioner of Service Tax
Finance Act 1994 Service Tax 14.04 2013-14 to 2015-16 Assisstant Commissioner of Service Tax
Finance Act 1994 Service Tax 38.50 2015-16 Deputy Commissioner of CGST & Central Excise Mumbai East

(viii) According to the information and explanations given to us and based on therecords of the company examined by us the company has not defaulted in repayment of loansto bank. The Company did not have any loan from financial institutions or government andalso did not have any debentures outstanding during the year.

(ix) The Company didn't raise any money by way of initial public offer or furtherpublic offer or term loans during the year. Accordingly paragraph 3(ix) of the Order isnot applicable.

(x) According to the information and explanation given to us no material fraud onthe Company or any fraud on the company by its officers or employees has been noticed orreported during the year.

(xi) According to information & explanations given to us no managerialremuneration has been paid or provided as such para paragraph 3(xi) of the Order is notapplicable.

(xii) In our opinion and according to the information and explanations given to usthe Company is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) As per the information and explanations given by the management all thetransactions with the related parties are in compliance with section 177 and 188 ofCompanies Act 2013 and the details have been disclosed in the standalone financialstatements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us the company hasnot made any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review. Accordingly paragraph 3(xiv) of theOrder is not applicable.

(xv) As per the information and explanations given by the management the companyhas not entered into any non-cash transaction with directors or persons connected withhim. Therefore paragraph 3 (xv) of the order is not applicable to the company.

(xvi) As per the information and explanations given by the management company isnot required to be registered under section 45-IA of the Reserve Bank of India Act 1934.Therefore paragraph 3 (xvi) of the order is not applicable to the company.

For T R Chadha & Co LLP
Chartered Accountants
Firm Regn. No: 006711N/N500028
Vikas Kumar
Place: Mumbai Partner
Date: 25th May 2018 Membership No. 075363

ANNEXURE B

Report on the Internal Financial Controls over financial reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of SeamecLimited ("the Company") as of 31st March 2018 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on "the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting 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 including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation 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 Controls Over Financial Reporting(the "Guidance Note") issued by ICAI and the Standards on Auditing prescribedunder section 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout 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 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 judgement 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31st March 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 T R Chadha & Co LLP
Chartered Accountants
Firm Regn. No: 006711N/N500028
Vikas Kumar
Place: Mumbai
Partner
Date: 25th May 2018
Membership No. 075363