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STL Global Ltd.

BSE: 532730 Sector: Industrials
NSE: SGL ISIN Code: INE353H01010
BSE 00:00 | 22 Mar 6.23 -0.02
(-0.32%)
OPEN

6.50

HIGH

6.50

LOW

5.70

NSE 00:00 | 22 Mar 5.90 -0.10
(-1.67%)
OPEN

5.70

HIGH

6.00

LOW

5.65

OPEN 6.50
PREVIOUS CLOSE 6.25
VOLUME 950
52-Week high 18.30
52-Week low 5.62
P/E 1.07
Mkt Cap.(Rs cr) 17
Buy Price 5.72
Buy Qty 10.00
Sell Price 6.24
Sell Qty 119.00
OPEN 6.50
CLOSE 6.25
VOLUME 950
52-Week high 18.30
52-Week low 5.62
P/E 1.07
Mkt Cap.(Rs cr) 17
Buy Price 5.72
Buy Qty 10.00
Sell Price 6.24
Sell Qty 119.00

STL Global Ltd. (SGL) - Auditors Report

Company auditors report

To the Members of STL GLOBAL LIMITED

Report on the Ind AS Financial statements

We have audited the accompanying Ind AS Financial statements of STL GLOBAL LIMITED("the Company") which comprise the Balance Sheet as at March 31 2018 theStatement of Profit & Loss (including other comprehensive income) the Statement ofCash Flows and the statement of changes in Equity for the year ended on that date and asummary of significant accounting policies and other explanatory information.

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 Act2013 ("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 other comprehensive income) cash flows andchanges in the equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards ("IndAS") specified under section 133 of the Act read with relevant rules issuedthereunder. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind AS Financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud 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 andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the rules made thereunder and the Order under section143(11) of the Act. We conducted our audit of these Ind AS Financial statements inaccordance with the Standards on Auditing specified under section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the Ind AS Financial statements arefree from material misstatement. An audit involves performing procedures to obtain auditevidence about the amounts and the disclosures in the Ind AS Financial statements. Theprocedures selected depend on the auditor's judgment including the assessment of the riskof material misstatement of the Ind AS Financial statements whether due to fraud orerror. In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the Ind AS Financial statements that give a trueand 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 reasonableness of the accounting estimates made by the Company's Boardof Directors as well as evaluating the overall presentation of the Ind AS Financialstatements. We believe that the audit evidence we have obtained is sufficient andappropriate to provide 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 312018 and its profit (financial performance including other comprehensiveincome) its cash flows and the changes in equity for the year ended on that date.

Other Matter

The comparative financial information of the Company for the year ended March 312017and the transition date opening balance sheet as at April 1 2016 included in the Ind ASfinancial statements are based on previously issued audited financial statements for theyear ended March 31 2017 and March 312016 prepared in accordance with the Companies(Accounting Standards) Rules 2006 which were audited by the predecessor auditor whosereport for the years ended March 31 2017 and March 312016 dated May 29 2017 and May 292016 respectively expressed modified/ unmodified opinion on these financial statements.The adjustments to financial statements for the differences in the accounting principlesadopted by the Company on transition to the Ind AS have been audited by us.

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 sub-section (11) of Section 143 of the Actwe give in the "Annexure-A" a statement on the matters specified in paragraph 3and 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 andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit; b) in our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books; c) the Balance Sheet the Statement of Profit and Loss(Including other comprehensive income) the Statement of Cash Flows and the Statement ofchanges in equity dealt with by this Report are in agreement with the books of account; d)in our opinion the aforesaid Ind AS Financial statements comply with the applicableAccounting Standards specified under section 133 of the Act as applicable. e) on thebasis of written representations received from the directors as on March 31 2018 taken onrecord by the Board of Directors none of the directors is disqualified as on March 312018 from being appointed as a director in terms of section 164(2) of the Act; and. f)with respect to the adequacy of the internal financial controls over financial reportingof the Company and the operating effectiveness of such controls refer to our separatereport in "Annexure-B". Our reports express an unmodified opinion on theadequacy and operating effectiveness of the Company's internal financial control overfinancial reporting. g) 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 2014 inour opinion and to the best of our information and explanation given to us : i. Thecompany has disclosed the impact of pending litigation on its financial position in itsInd AS Financial statements. ii. The company did not have any long- term contractsincluding derivative contracts for which there were any material foreseeable losses. iii.There were no amounts which were required to be transferred to the investor Education andprotection Fund by the Company during the year.

For Vishnu Aggarwal Associates Chartered Accountants Firm Registration No. : 007231C

Sd/-

(Vishnu Aggarwal)

Proprietor

Membership No. 086573

Place : New Delhi

Date : May 30th 2018

Annexure – A to the Independent Auditor's Report

The Annexure referred to in paragraph 1 under Report on other Legal and Regulatoryrequirements section of our independent Auditor's report of even date we report that: (i)(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. (b) The fixed assets were physicallyverified during the year by the management in accordance with a regular programme ofverification which in our opinion provides for physical verification of all the fixedassets at reasonable intervals. According to the information and explanation given to usno material discrepancies were noticed on such verification. (c) According to theinformation and explanation given to us and on the basis of our examination of the recordsof the Company the title deeds of immovable properties are held in the name of theCompany. (ii) As explained to us the inventories were physically verified during the yearby the management at reasonable intervals and no material discrepancies were noticed onphysical verification of inventories by the management (iii) According to the informationand explanation given to us and on the basis of our examination of the books of accountsthe company has not granted any loans secured or unsecured to companies firms or otherparties covered in the register maintained under section 189 of the Companies Act 2013.(iv) In our opinion and according to the information and explanations given to us theCompany has not granted any loans made investments or provided guarantee and hencereporting under clause (iv) of the Order is not applicable. (v) According to theinformation and explanation given to us The Company has not accepted any deposits from thepublic covered under section 73 to 76 of the Companies Act 2013. (vi) In our opinion andaccording to the information and explanation given to us the Central Government has notprescribed the maintenance of cost records under section 148 (1) of the Companies Act2013. (vii) According to the information and explanations given to us in respect ofstatutory dues: (a) The Company is regular in depositing undisputed statutory duesincluding Provident fund Employee's State Insurance Income tax Sales tax Service taxExcise duty Custom duty Value Added Tax cess and any other statutory dues as applicableto it with the appropriate authorities. (b) There were no undisputed amount payable inrespect of statutory dues payable as at 31st March 2018 for a period of more than sixmonths from the date they become payable. (c) According to the information and explanationgiven to us the following dues have not been deposited with the concerned authorities onaccount of dispute -

Name of the Statue Nature of Dues Amount Forum where Dispute
Rupees is pending
Local Area Development Local Area 4799479 Jt. Excise & Taxation
Ordiance-2000 Development Tax Commissioner Faridabad
HVAT Act Sale Tax 2191221 Jt. Excise & Taxation
Commissioner Faridabad
HVAT Act Sale Tax 3070369 Jt. Excise & Taxation
Commissioner Faridabad

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in repayment of loans and interest to bank and financialinstitutions during the year and are repaying as per rescheduled / restructured by lender.(ix) In our opinion and according to the information and explanations given to us theCompany has not raised money by way of initial public offer (including debt instrument)and term loans during the year and hence reporting under clause (ix) of the order is notapplicable. (x) To the best of our knowledge and according to the information andexplanations given to us no fraud by the Company and no fraud on the Company by itsofficers or employees has been noticed or reported during the year. (xi) In our opinionand according to the information and explanations given to us the Company haspaid/provided managerial remuneration in accordance with the requisite approvals mandatedby the provisions of Section 197 read with schedule V to the Act.

(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 andexplanations given to us the Company is in compliance with Section 177 and 188 of the Actwhere applicable for all transactions with the related parties and the details of relatedparty transactions have been disclosed in the Ind AS financial statement as required bythe applicable accounting standards. (xiv) During the Year the company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures hence reporting under clause (xiv) of the Order is not applicable to theCompany. (xv) In our Opinion and according to the information and explanations given to usthe Company has not entered into any non-cash transactions with its directors or personsconnected with them and hence reporting under clause (xv) of the Order are not applicableto the Company. (xvi) In our opinion the company is not required to be registered undersection 45 IA of the Reserve Bank of India Act 1934 and accordingly the provisions ofclause (xvi) of the Order are not applicable to the Company.

For Vishnu Aggarwal Associates

Chartered Accountants

Firm Registration No. : 007231C

Sd/-

(Vishnu Aggarwal)

Proprietor

Membership No. 086573

Place : New Delhi Date : May 30th 2018

Annexure – B to the Independent Auditor's Report

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 STL GlobalLimited ("the Company") as of March 31 2018 in conjunction with our audit ofthe Ind AS 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'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the 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 issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material 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 Ind AS Financial statements whether due to fraud or error. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion on the Company's internal financial controls system over financialreporting.

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 Ind AS Financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of Ind ASFinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations 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 Ind ASFinancial 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 2018 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 Vishnu Aggarwal Associates

Chartered Accountants

Firm Registration No. : 007231C Sd/-

(Vishnu Aggarwal)

Proprietor

Membership No. 086573

Place : New Delhi

Date : May 30th 2018