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SNL Bearings Ltd.

BSE: 505827 Sector: Engineering
NSE: N.A. ISIN Code: INE568F01017
BSE 00:00 | 14 Aug 361.20 -0.80
(-0.22%)
OPEN

362.05

HIGH

373.95

LOW

361.20

NSE 05:30 | 01 Jan SNL Bearings Ltd
OPEN 362.05
PREVIOUS CLOSE 362.00
VOLUME 406
52-Week high 473.40
52-Week low 250.50
P/E 15.79
Mkt Cap.(Rs cr) 130
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 362.05
CLOSE 362.00
VOLUME 406
52-Week high 473.40
52-Week low 250.50
P/E 15.79
Mkt Cap.(Rs cr) 130
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

SNL Bearings Ltd. (SNLBEARINGS) - Auditors Report

Company auditors report

TO THE BOARD OF DIRECTORS OF SNL BEARINGS LIMITED

1. We have audited the accompanying Statement of Financial Results of SNL BEARINGSLIMITED ("the Company") for the year ended 31 March 2017 ("theStatement") being submitted by the Company pursuant to the requirement of Regulation33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

2. This Statement which is the responsibility of the Company's Management and approvedby the Board of Directors has been compiled from the related financial statements whichhas been prepared accordance with the Accounting Standards prescribed under section 133 ofthe Companies Act 2013 read with relevant rules issued thereunder and other accountingprinciples generally accepted in India. Our responsibility is to express an opinion on theStatement based on our audit of such financial statements.

3. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of

Chartered Accountants of India. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe Statement is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Statement. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the Statementwhether due to fraud or error. In making those risk assessments the auditor considersinternal control relevant to the Company's preparation and fair presentation of theStatement in order to design audit procedures that are appropriate in the circumstancesbut not for the purpose of expressing an opinion on the effectiveness of the Company'sinternal control. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Managementas well as evaluating the overall presentation of the Statement.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion.

4. In our opinion and to the best of our information and according to the explanationsgiven to us the Statement:

(i) is presented in accordance with the requirements of Regulation 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015; and

(ii) gives a true and fair view in conformity with the aforesaid Accounting Standardsand other accounting principles generally accepted in India of the net profit and otherfinancial information of the Company for the year ended 31 March 2017.

5. The Statement includes the results for the Quarter ended 31 March 2017 being thebalancing figure between audited figures in respect of the full financial year and thepublished year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

For DELOITTE HASKINS & SELLS
Chartered Accountants
(Firm's Registration No. 117365W)
Saira Nainar
(Partner)
(Membership No. 040081)
Mumbai 26 May 2017

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date) Report on the Internal FinancialControls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of theAct 2013 ("the Act")

We have audited the internal financial controls over financial reporting of SNLBEARINGS LIMITED ("the Company") as of 31 March 2017 in conjunction withour audit of the financial 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 essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrolsover financial reporting based on our audit. We conducted our audit in accordance with theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India andthe Standards on Auditing prescribed under section 143(10) of the Act to the extentapplicable to an audit of internalfinancialcontrols. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal system over financial reporting and their operating effectiveness. Our auditof internal financial over financial reporting included obtaining an understandingof internal financial controls over financial reporting assessing the risk that amaterial weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement 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 assurance regarding the reliability of financial reporting and the preparationof financial statements for external purposes in accordance with generally acceptedaccounting principles. A Company's internal financialcontrol financial reporting includesthose policies and procedures that (1) pertain to over the maintenance of records that inreasonable detail accurately and fairly reflect the transactions and dispositions of theassets of the Company; (2) provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with acceptedaccounting principles and that receipts and expenditures of the Company are being madeonly in accordance with authorisations of management and directors of the Company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the Company's assets that could have a material effecton the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financialcontrolsoverfinancialreporting including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols overfinancialreporting to future periods are subject to the risk that theinternal financial control over financial reporting may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay 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 31 March 2017 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 DELOITTE HASKINS & SELLS
Chartered Accountants
(Firm's Registration No. 117365W)
Saira Nainar
(Partner)
(Membership No. 040081)
Mumbai 26 May 2017

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date)

(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) The Company has a programme of verification of fixed assets to cover all the itemsonce in every

3 years which in our opinion is reasonable having regard to the size of the Companyand the nature of its assets. Pursuant to the programme all the fixed assets werephysically verified by the Management during the year ended 31 March 2016. According tothe information and explanations given to us no material discrepancies were noticed onsuch verification.

(c) According to the information and explanations given to us and based on theexamination of the relevant document provided to us we report that the building on theleasehold land that has been disclosed as fixed asset in the financial statements is heldin the name of the

Company as at the balance sheet date.

(ii) As explained to us the inventories were physically verified during the year bythe Management at reasonable intervals except for the inventories which are lying at thirdparty location for which confirmation has been obtained by the Management and no materialdiscrepancies were noticed on physical verification.

(iii) The Company has not granted any loans secured or unsecured to firmsLimitedcompanies

Liability Partnerships or other parties covered in the register maintained undersection 189 of the Act.

(iv) The Company has not granted any loans made investments or provide guarantees andhence reporting under clause (iv) of the Order is not applicable.

(v) According to the information and explanations given to us the Company has notaccepted any deposit during the year in terms of the provisions of sections 73 and 76 orany other relevant provisions of the Act.

(vi) Having regard to the nature of the Company's business / activities reportingunder clause (vi) of the Order is not applicable.

(vii) According to the information and explanations given to us in respect ofstatutory dues:

(a) The Company has been regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income-tax Sales Tax Service Tax CustomsDuty Excise Duty Value Added Tax Cess and other material statutory dues applicable toit with the appropriate authorities. (b) There were no undisputed amounts payable inrespect of Provident Fund Employees' State Insurance Income-tax Sales Tax Service TaxCustoms Duty Excise Duty Value Added Tax Cess and other material statutory dues inarrears as at 31 March 2017 for a period of more than six months from the date theybecame payable.

(c) There are no dues of Income-tax Service Tax Customs Duty Excise Duty and Cesswhich have not been deposited as on 31 March 2017 on account of disputes. Details ofSales tax and

Value added tax which have not been deposited as on 31 March 2017 on account ofdispute is given below:

Name of Statute Nature of Dues Forum where dispute is pending Period to which the Amount relates Amount unpaid (Rs. in Lakhs)
The Central Sales Sales tax and Deputy FY 2011-12 15.04
Tax Act 1956 Value added tax. Commissioner Sales tax - Ranchi FY 2012-13

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of loans or borrowings to financialinstitutions banks and Government.

The Company has not issued any debentures.

(ix) The term loan availed by the Company has been applied during the year for thepurpose for which it was raised. The Company has not raised moneys by way of initialpublic offer or further public offer (including debt instruments). (x) To the best of ourknowledge and according to the information and explanations given to us no fraud by theCompany and no material fraud on the Company by its officers or employees has been noticedor reported during the year.

(xi) In our opinion and according to the information and explanations given to us theCompany has not paid / provided managerial remuneration and hence reporting under clause(xi) of the Order is not applicable.

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of theOrder is not applicable.

(xiii) In our opinion and according to the information and explanations given to us theCompany is in compliance with sections 177 and 188 of the Act where applicable for alltransactions with the related parties and the details of related party transactions havebeen disclosed in the financial statements etc. as required by the applicable accountingstandards.

(xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause (xiv) of the Order is not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to usduring the year the

Company has not entered into any non-cash transactions with its directors or personsconnected with him and hence provisions of section 192 of the Act are not applicable.

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

1934.

For DELOITTE HASKINS & SELLS
Chartered Accountants
(Firm's Registration No. 117365W)
Saira Nainar
(Partner)
(Membership No. 040081)
Mumbai 26 May 2017