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Sreeleathers Ltd.

BSE: 535601 Sector: Others
NSE: SREEL ISIN Code: INE099F01013
BSE 00:00 | 19 Jun 249.80 0
(0.00%)
OPEN

250.15

HIGH

266.00

LOW

248.55

NSE 09:39 | 20 Jun 251.95 3.30
(1.33%)
OPEN

248.00

HIGH

255.55

LOW

248.00

OPEN 250.15
PREVIOUS CLOSE 249.80
VOLUME 1502
52-Week high 342.50
52-Week low 144.35
P/E 29.42
Mkt Cap.(Rs cr) 629
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 250.15
CLOSE 249.80
VOLUME 1502
52-Week high 342.50
52-Week low 144.35
P/E 29.42
Mkt Cap.(Rs cr) 629
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sreeleathers Ltd. (SREEL) - Auditors Report

Company auditors report

To

The Members of

Sreeleathers Limited

Report on the Financial Statements

We have audited the accompanying standalone financial statements of SreeleathersLimited ('the Company') which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the Accountingprinciples generally accepted in India including the accounting standards specified undersection 133 of the act. This responsibility also includes the maintenance of adequateaccounting records in accordance with the provisions of the act for safeguarding theassets of the company and for preventing and detecting the frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgment and estimates that are reasonable and prudent; and design implementation andmaintenance of internal financial control that were operating effectively for ensuringthe accuracy and completeness of the accounting records relevant to the preparation andpresentation of financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

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 there under.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation of the financialstatements that give true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bycompany's directors as well as evaluating the overall presentation of the financialstatements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(i) in the case of the Balance sheet of the state of affairs of the company as atMarch 31 2017;

(ii) in the case of the Statement of Profit and Loss of the profit for the year endedon that date; and

(iii) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

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 sub-section (11) of Section 143 ofthe Act we give in the "Annexure I" a statement on the matters specified inparagraphs 3 and 4 of the said Order.

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 Statement of Profit and Loss and Cash Flow Statement dealt withby this report are in agreement with the books of account;

d. in our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards referred to in section 133 of the CompaniesAct 2013.

e. on the basis of written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of sub section (2) ofsection 164 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 we give ourseparate reports in "Annexure II".

g. with respect to the other matters included in the auditor's report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to bestof our information and according to the explanation given to us:

1) The company has disclosed the impact of pending litigation if any on its financialposition in its financial statement.

2) 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.

3) There has been no delay in transferring amounts required to be transferred to theinvestor's education and protection fund by the company.

4) In the financial statements holding as well as dealings in Specified Bank Notesduring the period from 8th November 2016 to 30th December 2016 by the company has beenrequisitely disclosed on the basis of information available with the company. Based onaudit procedure relying on management representation we report that the disclosures are inaccordance with books of accounts maintained by the company as produced to us by themanagement - Refer Note - 2.29.

For K. Rungta & Co.
Chartered Accountants
Firm's registration number: 321068E
K.L. Rungta
Kolkata Proprietor
May 27 2017 Membership number: 073418

ANNEXURE TO AUDITOR'S REPORT

Companies (Audit Report) Order 2016

Statement referred to our report of even date to the Members of Sreeleathers Limited onthe financial statements for the year ended 31st March 2017 we report that:

i) (a) The Company has generally maintained proper records showing full particularsincluding quantitative details and situation of fixed assets.

(b) Fixed assets have been physically verified by the management at reasonableintervals and no material discrepancies have been noticed by the management of thecompany on such verification.

(c) The title deeds of immovable properties recorded in the books of accounts of thecompany are held in the name of the company.

ii) (a) The Inventory has been physically verified by the Management during the year.In our opinion the frequency of verification is reasonable.

(b) In our opinion the procedure of physical verification of inventory followed by theManagement are reasonable and adequate in relation to the size of the company and natureof its business.

(c) On the basis of our examination of inventory records in our opinion the companyis maintaining proper record of inventory. The discrepancies noticed on physicalverification of inventory as compared to book records were not material.

iii) The company has not granted loans secured or unsecured to the companies firms orother parties covered in the register maintained under section 189 of the Companies Act2013. In view of this sub clause (b) & (c) are not applicable.

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 with respectto the loans and investments made.

v) In our opinion and according to information and explanation given to us the companyhas not accepted deposits under the provisions of section 73 to 76 or any other relevantprovisions of the Companies Act 2013.

vi) The Central Government has not prescribed for the maintenance of cost records undersection 148 (1) of the Companies Act 2013 for the company.

vii) (a) The company as per information given is generally regular in depositingundisputed statutory dues including provident fund employees state insurance income taxsales tax service tax duty of Customs Duty of Excise Value Added Tax cess and anyother statutory dues applicable to it with appropriate authorities.

(b) According to the information and explanation given to us there are no dues ofincome tax wealth tax excise duty and cess which have not been deposited on account ofany dispute.

viii) As per the information and explanation given and according to records provided tous the company has not defaulted in repayment of dues to the financial institutions orbank or debenture holders.

In our opinion and according to the information and explanations given to us theCompany has not taken any term loans during the year. The Company has not raised moneys byway of public offer (including debt instruments).

ix) During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the company or on the company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by themanagement.

x) The company has paid/provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct.

xi) As the Company is not a Nidhi Company and the Nidhi rules 2014 are not applicableto it the provisions of Clause 3(xii) of the Order are not applicable to the Company.

xii) The Company has entered into transactions with related parties in compliance withthe provisions of sections 177 and 188 of the Act. The details of such related partytransactions have been disclosed in the financial statements as required under AccountingStandard (AS) 18 Related Party Disclosures specified under section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014.

xiii) The Company has not made any preferential allotment or private placement ofshares fully or partly convertible debentures during the year under review. Accordinglythe provisions of Clause 3(xiv) of the Order are not applicable to the Company.

xiv) The Company has not entered into any non cash transactions with its directors orpersons connected with him. Accordingly the provisions of Clause 3(xv) of the Order arenot applicable to the Company.

xv) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.

For K. Rungta & Co.
Chartered Accountants
Firm's registration number: 321068E
K.L. Rungta
Kolkata Proprietor
May 27 2017 Membership number: 073418

ANNEXURE II TO INDEPENDENT AUDITORS' REPORT

Statement referred to in paragraph 2(f) of the Independent Auditors' Report of evendate to the members of Sreeleathers Limited on the standalone financial statements for theyear ended March 31 2017.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Act

We have audited the internal financial controls over financial reporting ofSreeleathers Limited ("the Company") as of March 31 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 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 (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal Financial controlsthat were 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 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") and the Standards on Auditing deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate 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 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 of records that in reasonable detail accurately andfairly 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 statementsin accordance with generally accepted accountingprinciples and that receipts and expenditures of the company arebeing made only inaccordance with authorisations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial 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 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 March 31 2017 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 K. Rungta & Co.
Chartered Accountants
Firm's registration number: 321068E
K.L. Rungta
Kolkata Proprietor
May 27 2017 Membership number: 073418