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Skipper Ltd.

BSE: 538562 Sector: Engineering
NSE: SKIPPER ISIN Code: INE439E01022
BSE 00:00 | 18 Feb 36.00 -1.00
(-2.70%)
OPEN

37.25

HIGH

37.25

LOW

35.80

NSE 00:00 | 18 Feb 35.95 -1.15
(-3.10%)
OPEN

37.50

HIGH

37.95

LOW

35.50

OPEN 37.25
PREVIOUS CLOSE 37.00
VOLUME 55276
52-Week high 78.00
52-Week low 35.80
P/E 11.61
Mkt Cap.(Rs cr) 370
Buy Price 35.50
Buy Qty 1.00
Sell Price 39.55
Sell Qty 1.00
OPEN 37.25
CLOSE 37.00
VOLUME 55276
52-Week high 78.00
52-Week low 35.80
P/E 11.61
Mkt Cap.(Rs cr) 370
Buy Price 35.50
Buy Qty 1.00
Sell Price 39.55
Sell Qty 1.00

Skipper Ltd. (SKIPPER) - Auditors Report

Company auditors report

TO THE MEMBERS OF SKIPPER LIMITED

REPORT ON THE STANDALONE Ind AS FINANCIAL STATEMENTS

1. We have audited the accompanying standalone Ind AS financial statements of SKIPPERLIMITED ("the Company") which comprise the Balance Sheet as at 31st March2018 the Statement of Profit and Loss (including Other Comprehensive Income) the CashFlow Statement and the Statement of Changes in Equity for the year then ended and asummary of the significant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE STANDALONE Ind AS FINANCIAL STATEMENTS

2. 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 Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder section 133 of the Act read with the Companies (Indian Accounting Standard) Rules2015 as amended and other accounting 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 standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

AUDITOR'S RESPONSIBILITY

3. 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.

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act and other applicableauthoritative announcements issued by Institute of Chartered Accountants of India. ThoseStandards and pronouncements require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the standalone Ind ASfinancial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

5. We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

OPINION

6. 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 total comprehensive income its cash flowsand the changes in equity for the year ended on that date.

OTHER MATTER

7. The corresponding financial information of the Company as at and for the year ended31 March 2017 and the transition date opening balance sheet as at 1st April 2016included in these Ind AS financial statements are based on the previously issuedfinancial statements for the years ended 31st March 2017 and 31st March 2016 preparedin accordance with the Companies (Accounting Standards) Rules 2006 (as amended) whichwere audited by us on which we expressed an unmodified opinion vide our audit reportdated 15th May 2017 and 18th May 2016 respectively which is also explained in Note no.49 to the attached financial statements. These financial statements have been adjusted fordifferences in accounting principles to comply with Ind AS and such adjustments ontransition to Ind AS which has been approved by the Company's Board of Directors have beenaudited by us.

Our opinion is not modified in respect of this matter.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

8. 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 Act we givein "Annexure A" a statement on the matters specified in paragraphs 3 and 4 ofthe Order.

9. As required by Section 143(3) of the Act based on our audit we report to theextent applicable 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 the Cash Flow Statement and Statement of Changes in Equity dealt with by thisReport are in agreement with the relevant books of account.

d) In our opinion the aforesaid standalone Ind AS financial statements comply with theIndian Accounting Standards prescribed 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 terms of Section164(2) of the Act.

f) With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure B". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internal financialcontrols with reference to financial statements of the Company.

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 Ind AS financial statements as stated in note 34 to thefinancial statement.

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.

iv. The disclosures in the financial statements regarding holdings as well as dealingsin specified bank notes during the period from 8th November 2016 to 30th December 2016have not been made since they do not pertain to the financial year ended 31st March 2018.

For Singhi & Co.
Chartered Accountants
Firm‘s Registration No. 302049E
(Pradeep Kumar Singhi)
Place: Kolkata Partner
Date : 17th day of May 2018 Membership No. 50773

Annexure-A

to The Independent Auditor's Report

(Referred to in paragraph 8 with the heading ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date in respect to statutory audit of SkipperLimited for the year ended 31st March 2018)

We report that:

i. In respect of its fixed assets:

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

b) As per the information and explanations given to us physical verification of fixedassets have been carried out in terms of the phased program of verification of its fixedassets adopted by the Company and no material discrepancies were noticed on suchverification. In our opinion the frequency of verification is reasonable having regard tosize of the Company and nature of its business.

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. As per the information and explanations given to us the inventories have beenphysically verified at reasonable intervals during the year by the management and nomaterial discrepancies between book stock and physical stock have been found.

iii. The Company has not granted any loan to parties covered in the register maintainedunder section 189 of the Companies Act 2013. Accordingly paragraph 3(iii) of the Orderis not applicable.

iv. In our opinion and according to the information and explanations given to us theCompany has not given any loan not made any investment and have not provided anyguarantee in respect of which section 185 and 186 of the Companies Act 2013 areapplicable. Accordingly the paragraph 3(iv) of the Order is not applicable.

v. According to information and explanations given to us the Company has not acceptedany deposits from public during the year.

vi. We have broadly reviewed the books of accounts maintained by Company in respect ofproduct where pursuant to the rule made by the Central Government of India themaintenance of cost records has been prescribed under section 148 (1) of the Companies Act2013 and are of the opinion that prima facie the prescribed records have beenmaintained. We have not however made a detailed examination of the records with a viewto determine whether they are accurate or complete.

vii. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the Company is regular in depositingundisputed statutory dues including provident fund employee's state insurance incometax sales tax service tax goods and service tax duty of customs duty of excise valueadded tax cess and other statutory dues with the appropriate authorities. According tothe information and explanations given to us no undisputed amounts payable in respect ofprovident fund employee's state insurance income tax sales tax service tax goods andservice tax duty of customs duty of excise value added tax cess and other materialstatutory dues were in arrears as at 31st March 2018 for a period of more than six monthsfrom the date they became payable.

(b) According to the information and explanation given to us the dues of sales taxduty of excise service tax and value added tax which have not been deposited on accountof any dispute and the forum where the dispute is pending as on 31st March 2018 are asunder :-

Name of the statute Nature of dues Amount Rs in million Year Forum where dispute is pending
West Bengal Sales Tax Act 1994 West Bengal Sales Tax 24.37 2005-06 & 2006-07 West Bengal Com. Taxes Appellate & Revisional Board
West Bengal Value Added Tax West Bengal Value Added 50.19 2009-10 Additional Commissioner of Commercial Taxes Kolkata
Act 2003 Tax 90.16 2013-14 & 2014-15 West Bengal Com. Taxes Appellate & Revisional Board

 

Name of the statute Nature of dues Amount Rs in million Year Forum where dispute is pending
Central Sales Tax Act 1956 Central Sales Tax 14.71 2005-06 2006-07 2013-14 West Bengal Com. Taxes Appellate & Revisional Board
0.98 2006-07 Joint Commissioner of Commercial Taxes Kolkata
The Central Excise Act 1944 Duty of Excise 24.24 2005-06 2007-08 Commissioner (Appeals)
2008-09 2010-11 Central Excise Kolkata
2012-13 2014-15
2015-16 2017-18
49.36 2009-10 2010-11 Customs Excise & Service
2011-12 & 2012-13 Tax Appellate Tribunal Kolkata
Service Tax under Service Tax 33.52 2005-06 2007-08 Customs Excise & Service
Finance Act 1994 2009-10 2010-11 Tax Appellate Tribunal
2011-12 & 2012-13 Kolkata

viii. The Company has not defaulted in repayment of dues to Financial Institutions orBanks or Government or Debenture holders.

ix. The company did not raise any money by way of initial public offer or furtherpublic offer including debt instruments during the year. However the Company has raisedTerm Loan during the year and has applied the same for the purpose for which term loansare raised.

x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

xi. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

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

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 applicableaccounting 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 paragraph 3(xv) ofthe Order is not applicable.

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

For Singhi & Co.
Chartered Accountants
Firm‘s Registration No. 302049E
(Pradeep Kumar Singhi)
Place: Kolkata Partner
Date : 17th day of May 2018 Membership No. 50773