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Shivalik Bimetal Controls Ltd.

BSE: 513097 Sector: Engineering
NSE: N.A. ISIN Code: INE386D01027
BSE 16:01 | 17 Sep 50.80 -3.55
(-6.53%)
OPEN

57.30

HIGH

57.30

LOW

49.25

NSE 05:30 | 01 Jan Shivalik Bimetal Controls Ltd
OPEN 57.30
PREVIOUS CLOSE 54.35
VOLUME 197757
52-Week high 146.70
52-Week low 49.25
P/E 9.66
Mkt Cap.(Rs cr) 195
Buy Price 50.25
Buy Qty 25.00
Sell Price 50.80
Sell Qty 110.00
OPEN 57.30
CLOSE 54.35
VOLUME 197757
52-Week high 146.70
52-Week low 49.25
P/E 9.66
Mkt Cap.(Rs cr) 195
Buy Price 50.25
Buy Qty 25.00
Sell Price 50.80
Sell Qty 110.00

Shivalik Bimetal Controls Ltd. (SHIVALIKBIMETAL) - Auditors Report

Company auditors report

To

The Members of Shivalik Bimetal Controls Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Shivalik BimetalControls Ltd. ("the Company") which comprise the Balance Sheet as at 31stMarch 2018 the Statement of Profit and Loss (including Other Comprehensive Income)Statement of Cash Flow the Statement of Changes in Equity for the year then ended and asummary of significant accounting policies and other explanatory information. (Hereinafterreferred as "Standalone Ind AS Financial Statements").

Management's Responsibility for the Standalone 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 preparationand presentation of these standalone Ind AS financial statements that give a true and fairview of the financial position financial performance and cash flows of the Company inaccordance with the Indian Accounting Standards (IndAS) prescribed under 133 of the Actread with Companies (Indian Accounting Standards) Rules 2015 as amended and otheraccounting principles generally accepted in India. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditors' 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 theprovisions of the Act the accounting and auditing standards and matters which arerequired to be included in the audit report under the provisions of the Act and the Rulesmade thereunder and the Order issued under section 143(11) of the Act. We conducted ouraudit in accordance with the Standards on Auditing specified under Section 143(10) of theAct. Those Standards require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the standalone financial statementsare free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe Standalone Ind AS financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of standalone the financial statements that give a true and fairview in order to design audit procedures that are appropriate in the circumstances. Anaudit also includes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's directors as well asevaluating the overall 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 financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India including the Ind AS of the state ofaffairs (financial position) of the Company as at March 31 2018 and its profit (financialperformance including other comprehensive income) changes in equity and its cash flowsfor the year ended on that date.

Other Matter

The comparative financial information for the year ended 31st March 2017 andthe transition date opening balance sheet as at 1st April 2016 are prepared inaccordance with Ind AS included in these standalone financial statements are based on thepreviously issued statutory financial statements for the year ended 31st March2017 and 31st March 2016 respectively prepared in accordance with AccountingStandards prescribed under Section 133 of the Act which were audited by the predecessorauditor whose reports dated 25th May 2017 and 30th May 2016respectively expressed unmodified opinion on those standalone financial statements andhave been adjusted for the differences in the accounting principles adopted by the Companyon transition to Ind AS which have been audited by us. Our opinion is not modified inrespect of this matter.

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 bestof our knowledge and belief were necessary for the purpose of our audit;

b. in our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

c. the Balance Sheet Statement of Profit and Loss including other comprehensiveincome Statement of Changes in Equity and Statement of Cash Flow with by this Report arein agreement with the books of account;

d. in our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act.

e. on the basis of written representations received from the directors as on 31stMarch 2018 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director interms of section 164 (2) of the Companies Act 2013.

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". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company internal financial controls overfinancial reporting.

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 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 litigations on its financialposition in its standalone Ind AS financial statements-Refer Note 38 to the financialstatements;

ii. the Company does not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses; and

iii. there has been no delay in transferring amounts required to be transferred tothe Investor Education 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 Act we give in the Annexure A statement on the matters specified in paragraphs 3 and4 of the Order to the extent applicable.

For Arora Gupta & Co.
Chartered Accountants
Firm Registration No:- 021313C
Sd/-
Amit Arora
Place: New Delhi Partner
Dated: 28.05.2018 M.No. 514828

ANNEXURE- A TO THE INDEPENDENT AUDITORS' REPORT

Annexure- A to the Independent Auditors' Report

The Annexure referred to in Independent Auditors Report to the members of the Companyon the standalone Ind AS financial statements for the year ended 31st March2018 we report that:

(i) a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b. According to information and explanations given to us the assets have beenphysically verified by the management during the year as per the regular programme ofverification which in our opinion is reasonable having regard to the size of the companyand the nature of its assets. No material discrepancies were noticed on such verification.

c. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) a. The management has conducted physical verification of inventory at reasonableintervals during the year.

b. In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c. In our opinion and according to the information and explanations given to us theCompany is maintaining proper records of inventory. No material discrepancies were noticedon verification between the physical stocks and the book records.

(iii) The company has not granted any loans to companies firms or other partiescovered in register maintained under section 189 of the Companies Act 2013. Accordinglythe provisions of clause 3 (iii) (a)(b) & (c) of the Companies (Auditor's Report)Order 2016 (hereinafter referred to as the said Order) are not applicable to the company.

(iv) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Act to the extentapplicable in respect of loans investments guarantees and security.

(v) The company has not accepted any deposits from the public and therefore provisionsof clause 3(v) of the order are not applicable to the company.

(vi) Company has maintained the cost records as prescribed by the Central Governmentunder sub-section (1) of section 148 of the Companies Act.

(vii) a. According to the records of the Company and information and explanation givento us the company is regular in depositing undisputed statutory dues including providentfund employees' state insurance income-tax sales-tax wealth tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues with theappropriate authorities.

b. According to the information and explanations given to us there were no undisputeddues outstanding of income tax or sales tax or wealth tax or service tax or duty ofcustoms or duty of excise or value added tax or goods and service tax or cess for a periodof more than six months from the date they became payable.

(viii) In our opinion and according to the information and explanations given to usthe company has not defaulted in repayment of dues to financial institution banks anddebenture holders.

(ix) According to information and explanations given to us the Company did not raiseany money by way of initial public offer or further public offer (including debtinstruments) during the year. Term loans raised during the year have been applied for thepurpose for which they were raised.

(x) According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during thecourse of our audit.

(xi) According to the information and explanation given to us managerial remunerationhas been paid/provided in accordance with the requisite approvals mandated by theprovisions of section 197 read with schedule v of the Companies Act 2013.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly clause 3(xii) is not applicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableIndian Accounting Standards.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly clause 3(xv) isnot applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For Arora Gupta & Co.
Chartered Accountants
Firm Registration No:- 021313C
Sd/-
Amit Arora
Place: New Delhi Partner
Dated: 28.05.2018 M.No. 514828

ANNEXURE - B TO THE AUDITORS' REPORT

Annexure - B to the Independent Auditors' Report

(Referred to paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the members of Shivalik Bimetal Controls Limited ofeven date)

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 ShivalikBimetal Controls Limited ("the Company") as of 31st March 2018 inconjunction with our audit of the standalone Ind AS financial statements of the Companyfor the year ended on that date.

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.

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 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.

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 31st March 2018based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For Arora Gupta & Co.
Chartered Accountants
Firm Registration No:- 021313C
Sd/-
Amit Arora
Place: New Delhi Partner
Dated: 28.05.2018 M.No. 514828