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Shree Metalloys Ltd.

BSE: 531962 Sector: Others
NSE: N.A. ISIN Code: INE914B01012
BSE 00:00 | 11 Sep 11.30 0
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NSE 05:30 | 01 Jan Shree Metalloys Ltd
OPEN 11.70
PREVIOUS CLOSE 11.30
VOLUME 275
52-Week high 32.00
52-Week low 8.86
P/E 45.20
Mkt Cap.(Rs cr) 6
Buy Price 11.30
Buy Qty 225.00
Sell Price 11.30
Sell Qty 75.00
OPEN 11.70
CLOSE 11.30
VOLUME 275
52-Week high 32.00
52-Week low 8.86
P/E 45.20
Mkt Cap.(Rs cr) 6
Buy Price 11.30
Buy Qty 225.00
Sell Price 11.30
Sell Qty 75.00

Shree Metalloys Ltd. (SHREEMETALLOYS) - Auditors Report

Company auditors report

To

THE MEMBERS OF SHREE METALLOYS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of SHREE METALLOYS LIMITED("the Company") which comprise the Balance Sheet as at 31st March 2018 theStatement of Profit and Loss (Including the 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.(hereinafter referred toas "Ind AS financial statements")

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 the other comprehensive income cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards(Ind AS) prescribed underSection 133 of the Act read with relevant rules issued thereunder. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation 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 Ind AS financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud 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 thereunder.

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 to design audit procedures that are appropriatein the circumstances. An audit also includes evaluating the appropriateness of theaccounting policies used and the reasonableness of the accounting estimates made by theCompany's Board of Directors as well as evaluating the overall presentation of thefinancial 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 March 31 2018 and its profit total comprehensive income its cash flows and thechanges in equity for the year ended on that date.

Emphasis of Matter

We draw attention to the Note No. 33 to the Financial Statements regarding not havingany transaction in Current Account of Bhuj Mercantile Co-operative Bank Limited due toaccount becoming dormant because of non-updating of KYC documents. Further no bankstatement has been provided during the year for the same account.

Other Matter

Corresponding figures for the year ended 31stMarch 2017 have been audited by anotherauditor who expressed an unmodified opinion dated 30th May 2017 on the Ind AS financialstatements of the Company for the year ended 31st March 2017. Our opinion on the Ind ASfinancial statements is not modified in respect of this matter.

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 purpose 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 the Cash Flow Statement and the Statement of changes in Equity dealt with by thisReport are in agreement with the books of account.

(d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards specified under Section 133 of the Act read with relevant rulesissued thereunder;

(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 terms of Section164 (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" and

(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 Ind AS financial statements

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;

iii. There has been no delay in transferring the amount required to be transferred tothe Investor Education and Protection Fund by the Company.

For Talati&Talati
Chartered Accountants
(Firm Regn No: 110758W)
Anand Sharma
Place of Signature : Ahmedabad (Partner)
Date : 30th May 2018 Mem No: 129033

ANNEXURE A TO INDEPENDENT AUDITOR'S REPORT

With reference to the "Annexure A" referred to in the Independent Auditor'sReport to the members of the

Company on the Ind AS Financial statements for the year ended 31st March 2018 wereport the following:

(Referred to in paragraph 1 under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date.)

(i) In respect of its fixed assets:

(a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) As explained to us the fixed assets have been physically verified by themanagement during the year and there is a regular programme of verification which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. No material discrepancies were noticed on such verification.

(c) Based on our audit procedures and on the basis of information and explanationsgiven to us by the management the title deeds of immovable properties are held in thename of the Company.

(ii) The inventories have been physically verified during the year by the management.In our opinion the frequency of verification is reasonable. As explained to us therewere no material discrepancies noticed on physical verification of inventories as comparedto the book records.

(iii) During the year the Company has not given any loans secured or unsecured to thecompanies firms LLP or other parties covered in the register maintained under section189 of the Companies Act 2013. Hence Clause (iii) (a) (b) and (c) are not applicable tothe Company.

(iv) Based on our audit procedures and on the basis of information and explanationsgiven to us by the management provisions of section 185 and 186 of the Companies Act2013 in respect of loans investments guarantees and security have been complied with.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposit and hence the provisions of Section 73 to 76 or anyother relevant provisions of the Companies Act and the Companies (Acceptance of Deposits)Rules 2014 with regard to the deposits accepted are not applicable to the Company.Therefore the provisions of clause (v) of paragraph 3 of the Order are not applicable tothe company.

(vi) The Company is not required to maintain cost records under sub-section (1) ofsection 148 of Companies Act 2013. Therefore the provisions of clause (vi) of paragraph3 of the Order are not applicable to the Company.

(vii) In respect of statutory dues:

(a) According to the records of the Company the Company is generally regular indepositing with appropriate authorities undisputed statutory dues including ProvidentFund Employees' State Insurance Income Tax Sales Tax Service Tax Duty of CustomsDuty of Excise Value Added Tax Cess and any other statutory dues applicable to it.According to the information and explanations given to us no undisputed amounts payablein respect of the aforesaid statutory dues were in arrears as at 31stMarch 2018 for aperiod of more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofIncome-tax Sales tax Service tax Goods and Service tax Duty of customs Duty ofexcise Value added tax and Cess as at 31st March 2018 which have not been depositedwith the appropriate authorities on account of any dispute.

(viii) Based on our audit procedures and on the basis of information and explanationsgiven to us by the management we are of the opinion that the company has not defaulted inrepayment of dues to the financial institution banks Government or debenture holders asat the balance sheet date.

(ix) In our opinion and according to the information and explanation given to usneither any moneys raised by Initial public offer/ further public offer (including debtinstruments) nor any term loans has been availed by the company hence purpose of questionof proper utilization does not arise.

(x) Based on the audit procedures performed and representation obtained from managementwe report that no case of material fraud by the Company or on the Company by its officeror employee has been noticed or reported for the year under audit.

(xi) Based on our audit procedures and on the basis of information and explanationsgiven to us by the management managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act.

(xii) The Company is not a Nidhi Company therefore; the provisions of clause (xii) ofparagraph 3 of the Order are not applicable to the Company.

(xiii) Based on our audit procedures and on the basis of information and explanationsgiven to us by the management all transactions with the related parties are in compliancewith sections 177 and 188 of Companies Act2013 where applicable and the details have beendisclosed in the Financial Statements as required by the applicable accountingstandards;

(xiv) Based on our audit procedures and on the basis of information and explanationsgiven to us by the management the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review. Therefore the provisions of clause (xiv) of paragraph 3 of the Order arenot applicable to the company.

(xv) Based on our audit procedures and on the basis of information and explanationsgiven to us by the management the company has not entered into any non-cash transactionswith directors or persons connected with him. Therefore the provisions of section 192 ofCompanies act 2013 are not applicable to the company

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

For Talati&Talati
Chartered Accountants
(Firm Regn No: 110758W)
Anand Sharma
Place of Signature : Ahmedabad (Partner)
Date : 30th May 2018 Mem No: 129033

Annexure B to Independent Auditors' Report

(Referred to in paragraph 2(f)] under the heading of "Report on Other Legal andRegulatory

Requirements" of our report of even 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 ShreeMetalloys Limited ("the

Company") as of March 31 2018 in conjunction with our audit of the Ind ASfinancial statements of the

Company for the year ended on that 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. 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 prescribed under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued 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 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 of records that in reasonable detail accuratelyand fairly reflect the transactions and dispositions of the assets of the company; (2)provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and (3) providereasonable assurance regarding prevention or timely detection of unauthorized acquisitionuse or disposition of the company's assets that could have a material effect on thefinancial 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 March 31 2018 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For Talati&Talati
Chartered Accountants
(Firm Regn No: 110758W)
Anand Sharma
Place of Signature : Ahmedabad (Partner)
Date : 30th May 2018 Mem No: 129033