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Steel Strips Infrastructures Ltd.

BSE: 513173 Sector: Infrastructure
NSE: N.A. ISIN Code: INE205F01016
BSE 00:00 | 07 Oct 25.75 -0.65
(-2.46%)
OPEN

26.40

HIGH

27.40

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NSE 05:30 | 01 Jan Steel Strips Infrastructures Ltd
OPEN 26.40
PREVIOUS CLOSE 26.40
VOLUME 3522
52-Week high 62.50
52-Week low 20.70
P/E
Mkt Cap.(Rs cr) 22
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 26.40
CLOSE 26.40
VOLUME 3522
52-Week high 62.50
52-Week low 20.70
P/E
Mkt Cap.(Rs cr) 22
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Steel Strips Infrastructures Ltd. (STEELSTRIPSINF) - Auditors Report

Company auditors report

To the Members of

Steel Strips Infrastructures Limited

Report on the Audit of the Standalone Financial Statements

1. Opinion

We have audited the accompanying standalone financial statements ofSTEEL STRIPS INFRASTRUCTURES LIMITED ("the Company") which comprise the BalanceSheet as at 31st March 2021 and the Statement of Profit and Loss including OtherComprehensive Income the Cash Flow Statement and the Statement of Changes in Equity forthe year then ended and a summary of significant accounting policies and otherexplanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 ("the Act") in the manner sorequired and give a true and fair view in conformity with the Indian Accounting Standardsprescribed under section 133 of the Act read with the Companies (Indian AccountingStandards) Rules 2015 as amended ("Ind AS") and other accounting principlesgenerally accepted in India of the state of affairs of the Company as at 31 March 2021and its loss total comprehensive Income its cash flows and the changes in equity for theyear ended on that date.

2. Basis for Opinion

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing specified under section 143(10) of the Act(SAs). Our responsibilities under those Standards are further described in the Auditor'sResponsibility for the Audit of the Standalone Financial Statements section of our report.We are independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India (ICAI) together with the ethical requirementsthat are relevant to our audit of the standalone financial statements under the provisionsof the Act and the Rules made there- under and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the ICAI's Code of Ethics. Webelieve that the audit evidence obtained by us is sufficient and appropriate to provide abasis for our audit opinion on the standalone financial statements.

3. Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the standalone financial statements of thecurrent period. These matters were addressed in the context of our audit of the standalonefinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. we have determined that there are no key auditmatters to be communicated in our report.

4. Information Other than the Financial Statements and Auditor'sReport Thereon

• The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the AnnualReport but does not include the standalone financial statements and our auditor's reportthereon.

• Our opinion on the standalone financial statements does notcover the other information and we do not express any form of assurance conclusionthereon.

• In connection with our audit of the standalone financialstatements our responsibility is to read the other information and in doing so considerwhether the other information is materially inconsistent with the standalone financialstatements or our knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.

• If based on the work we have performed we conclude that thereis a material misstatement of this other information we are required to report that fact.We have nothing to report in this regard.

5. Management's Responsibility for the Standalone FinancialStatements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these standalone financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income cash flows and changes in equity of the Company inaccordance with the Ind AS and other accounting principles generally accepted in India.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Company and forpreventing 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 standalonefinancial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the standalone financial statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so. Those Board of Directors arealso responsible for overseeing the Company's financial reporting process.

6. Auditor's Responsibility for the Audit of the StandaloneFinancial Statements

Our objectives are to obtain reasonable assurance about whether thestandalone financial statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of thestandalone financial statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal financial control relevantto the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by the management.

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the standalone financialstatements may be influenced. We consider quantitative materiality and qualitative factorsin (i) planning the scope of our audit work and in evaluating the results of our work; and(ii) to evaluate the effect of any identified misstatements in the standalone financialstatements.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

7. 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 in terms of Section 143(11) ofthe Act we give in "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act based on our audit wereport that:

a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

b) In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.

c) The standalone financial statements dealt with by this Report are inagreement with the relevant books of account.

d) In our opinion the aforesaid standalone financial statements complywith the Ind AS specified under Section 133 of the Act.

e) On the basis of the written representations received from thedirectors as on 31st March 2021 taken on record by the Board of Directors none of thedirectors is disqualified as on 31stMarch 2021 from being appointed as a director interms of Section 164(2) of the Act.

f) With respect to the adequacy of the internal financial controls overfinancial reporting 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 over financial reporting.

g) With respect to the other matters to be included in the Auditor'sReport in accordance with the requirements of section 197(16) of the Act as amended

In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014asamended in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company does not have any pending litigations which would impactits financial position.

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company.

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For AKR & Associates
Chartered Accountants
Firm's Registration No.: 021179N
Kailash Kumar
Place: Chandigarh Partner
Date: 11th June 2021 M. No. 505972
UDIN: 21505972AAAAGI7191

Annexure A to Independent Auditor's Report

Referred to in paragraph 7 our report of even date.

Based on the audit procedures performed for the purpose of reporting atrue and fair view on the Standalone financial statements of the Company and taking intoconsideration the information and explanations given to us and the books of account andother records examined by us in the normal course of audit we report that:

(i) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the managementduring the year and no material discrepancies were noticed on such verification. In ouropinion the frequency of verification of the fixed assets is reasonable having regard tothe size of the Company and the nature of its assets.

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

(ii) The management has conducted physical verification of inventory atreasonable intervals during the year and no material discrepancies between physicalinventory and book records were noticed on physical verification.

(iii) The Company has not granted any loan secured or unsecured tocompanies firms or other parties covered in the register maintained under Section 189 ofthe Act. Accordingly the provisions of clauses 3(iii)(a) 3(iii)(b) and 3(iii)(c) of thesaid Order are not applicable to the company.

(iv) The Company has not granted any loan or made any investments orprovided any guarantees or security to the parties covered under section 185 and 186.Therefore the provisions of clauses 3(iv) of the said Order are not applicable to thecompany.

(v) The Company has not accepted any deposits within the meaning ofSections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules 2014 (asamended) . Accordingly the provisions of clause 3(v) of the said Order are not applicableto the company.

(vi) To the best of our knowledge and belief the Central Governmenthas not specified maintenance of cost records under sub-section (1) of Section 148 of theAct in respect of Company's products. Accordingly the provisions of clause 3(vi) of theOrder are not applicable.

(vii) (a) The Company is regular in depositing undisputed statutorydues including provident fund employees' state insurance income-tax sales- tax GSTservice tax duty of customs duty of excise value added tax cess and other materialstatutory dues as applicable with the appropriate authorities. Further no undisputedamounts payable in respect thereof were outstanding at the year-end for a period of morethan six months from the date they become payable.

(b) According to the information and explanations given to us noundisputed amounts payable in respect of provident fund employees' state insuranceincome-tax service tax sales-tax duty of custom duty of excise value added tax cessand other material statutory dues were outstanding at the year end for a period of morethan six months from the date they became payable.

(c) According to the information and explanations given to us thereare no dues of income tax sales-tax service tax customs duty excise duty value addedtax and cess which have not been deposited on account of any dispute.

(viii) In our opinion the Company has not defaulted in repayment ofdues to any financial institution or bank or Government or to debenture-holders during theyear.

(ix) The Company has not raised any moneys by way of initial publicoffer or further public offer (including debt instruments).Money raised by way of termloans were applied for the purposes for which those are raised.

(x) No fraud on or by the Company has been noticed or reported duringthe period covered by our audit.

(xi) The Company has paid /provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act.

(xii) As the Company is not a Nidhi company and the Nidhi Rules 2014are not applicable to it the provisions of clause 3(xii) of the order are not applicableto the company.

(xiii) The Company has entered into transactions with related partiesin compliance with the provisions of section 177 and 188 of the Act. The detail of suchrelated party transactions have been disclosed in the Standalone Ind AS FinancialStatements as required under Indian accounting standards (Ind AS) 24 Related PartyDisclosures specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rule 2014.

(xiv) The Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3(xiv) of the order are not applicable tothe company.

(xv) The Company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3(xv) ofthe Order are not applicable to the company.

(xvi) The Company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934 Accordingly the provisions of clause 3(xvi) of theOrder are not applicable to the company.

For AKR & Associates
Chartered Accountants
Firm's Registration No.: 021179N
Kailash Kumar
Place: Chandigarh Partner
Date: 11th June 2021 M. No. 505972

Annexure B to Independent Auditor's Report

Referred to in paragraph 7 our report of even date.

Report on the Internal Financial Controls under Clause (i) ofsub-section 3 of Section 143 of the Act

1. We have audited the internal financial controls over financialreporting of STEEL STRIPS INFRASTRUCTURES LIMITED ("the Company") as of March31 2021 in conjunction with our audit of the Standalone financial statements of theCompany for the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the 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 (ICAI).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the act.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the company'sinternal financial control over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on audit of internal financial control overfinancial reporting (the "Guidance Notes") and the standards on auditing deemedto be prescribed under section 143(10) of the act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of internal financial controlsand both issued by the ICAI. Those standards and the guidance notes require that we complywith ethical requirements and planned and performed the audit to obtain reasonableassurance about whether adequate internal financial control over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

4. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial controls system over financial reporting andtheir operating effectiveness. Our audit of internal financial controls system overfinancial reporting included obtaining an understanding of internal financial controlssystem over financial reporting assessing the risks that material weakness exists andtesting and evaluating the design and operating effectiveness of the internal controlbased on the assessed risk. The procedures selected depend on the auditor's judgementincluding the assessment of the risks of material misstatements of the financialstatements whether due to fraud or error.

5. We believe that the audit evidence we have obtained in our audits issufficient and appropriate to provide a basis for our audit opinion on the company'sinternal financial controls system over financial reporting. Meaning of Internal financialcontrols over financial reporting

6. A company's internal financial controls over financial reporting isa process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of Standalone financial statements for external purposes inaccordance with generally accepted accounting principles. A company's internal financialcontrols over financial reporting includes those policies and procedures that (1.) pertainto the maintenance of records that in reasonable detail accurately and fairly reflectthe transactions and dispositions of the assets of the company (2.) provide reasonableassurance that transactions are recorded as necessary to permit preparation of Standalonefinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditure of the company are being made only in accordance withauthorization of management and directors of the company ; and (3.) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effect on the financialstatements.

Inherent Limitation of Internal financial controls over financialreporting

7. Because of the Inherent limitation of internal financial controlsover financial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projection of any evaluations of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrols over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

8. In our opinion the company has in all material respects anadequate internal financial controls over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at March 31st 2021 basedon the internal financial controls over financial reporting criteria established by thecompany considering the essential components of internal control stated in the guidancenote on audit of internal financial controls over financial reporting issued by theInstitute of Chartered Accountants of India.

For AKR& Associates
Chartered Accountants
Firm's Registration No.: 021179N
Kailash Kumar
Place : Chandigarh Partner
Date: 11th June 2021 M. No. 505972

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