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Supershakti Metaliks Ltd.

BSE: 541701 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE00SY01011
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NSE 05:30 | 01 Jan Supershakti Metaliks Ltd
OPEN 408.00
PREVIOUS CLOSE 408.00
VOLUME 300
52-Week high 430.00
52-Week low 375.50
P/E 18.99
Mkt Cap.(Rs cr) 235
Buy Price 390.00
Buy Qty 300.00
Sell Price 410.00
Sell Qty 300.00
OPEN 408.00
CLOSE 408.00
VOLUME 300
52-Week high 430.00
52-Week low 375.50
P/E 18.99
Mkt Cap.(Rs cr) 235
Buy Price 390.00
Buy Qty 300.00
Sell Price 410.00
Sell Qty 300.00

Supershakti Metaliks Ltd. (SUPERSHAKTIMET) - Auditors Report

Company auditors report

TO THE MEMBERS OF SUPERSHAKTI METAUKS PRIVATE LIMITED REPORT ON THE FINANCIALSTATEMENTS

We have audited the accompanying financial statements of SUPERSHAKTI METAUKS PRIVATELIMITED ('the Company') which comprise the Balance Sheet as at 31st March2017 the Statement of Profit and Loss and the Cash Flow Statement for the year thenended and a summary 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 Section134(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 read with Rule 7 of the Companies (Accounts) Rules 2014.

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 financialstatements that give a true and fair view and are free from material misstatement whetherdue 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 of the financial statements in accordance with the Standards onAuditing specified under Section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditors' judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

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 of the state of affairs of the Company as at 31stMarch 2017 and its profit and its cash flows for the year ended on that date.

EMPHASIS OF MATTER

We draw attention to the following matter in the Notes to the financial statements:

Attention is drawn to note no. 12 regarding carry forward of Deferred Tax Asset (DTA)(net) of Rs. 17992648/- (after reversal of Rs 549660/- during the year) as at 31stMarch 2017 based on the future taxable income projected by the management.

Our opinion is not modified in respect of above matter.

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 'A' a statement on the matters specified in the paragraph3 and 4 of the 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 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 and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d. In our opinion the aforesaid financial statements comply with the AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e. The matter described in the "Emphasis of Matter" paragraph above in ouropinion may not have any adverse effect on the functioning of the Company.

f. On the basis of the written representations received from the directors as on 31stMarch 2017 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of section164 (2) of the Act.

g. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in Annexure 'B' and

h. 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 financial statements; (Refer Note 2\A to the financial statements)

ii. The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

ili. The provisions relating to transferring any amounts to the Investor Education andProtection Fund is not applicable to the Company during the year.

iv. The Company has provided requisite disclosures in the financial statements asregards its holding and dealings in Specified Bank Notes as defined in the NotificationS.O. 3407(E) dated the 8* November 2016 of the Ministry of Finance during the periodfrom 8l November 2016 to 30* December 2016. Based on audit proceduresperformed and the representations provided to us by the management we report that thedisclosures are in accordance with the books of account maintained by the Company and asproduced to us by the management. (Refer Note 27 N to the financial statements)

For Singhi & Co. Chartered Accountants Firm's Registration No. 302049E

(Aditya Singhi) Partner

Membership No. 305161

Place: Kolkata Date: W*h June 2017.

ANNEXURE- "A" TO THE INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in paragraph 1 under the heading 'Report on Other Legal andRegulatory Requirements' of our Independent Auditors' Report of even date in respect tostatutory audit of SUPERSHAKTI METALIKS PRIVATE LIMITED for the year ended 31stMarch 2017 we report that:

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

(b) As explained to us and confirmed by the management fixed assets of are beingphysically verified by the management/internal auditors in a phased periodically mannerwhich in our opinion is reasonable having regard to the size of the company and natureof its business. Further as confirmed by the management no material discrepancies werenoticed on such physical verification.

(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. According to the information and explanation given to us the inventory has beenphysically verified at reasonable intervals by the management/ internal auditors/ thirdparties during the year and discrepancies noticed on physical verification of inventoriesas compared to book records were not material and have been properly dealt with in thebooks of accounts.

iii. In our opinion and according to the information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firm LimitedLiability Partnerships or other parties covered in the register maintained under section189 of the companies Act 2013. Thus paragraph 3(iii) of the Order is 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 or security. Hence paragraph 3(iv) of the Order is not applicable.

v. In our opinion and according to the information and explanation given to us theCompany has not accepted any deposits within the meaning of Section 73 to 76 of theCompanies Act 2013 and the rules framed there under.

vi. The maintenance of cost records has been specified by the Central Government undersection 148(1) of the Companies Act 2013. We have broadly reviewed the cost recordsmaintained by the Company pursuant to the Companies (Cost Records and Audit) Rules 2014as amended prescribed by the Central Government under subsection (1) of Section 148 of theCompanies Act 2013 and are of the opinion that prima facie the prescribed cost recordshave been made and maintained. We have however not made a detailed examination of thecost records with a view to 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 has generally been regular indepositing the undisputed statutory dues including Provident fund Employees' stateinsurance Income tax Sales tax Service tax Duty of Customs Duty of Excise Valueadded tax Cess and any other material statutory dues as applicable during the year withthe appropriate authorities and no such dues were in arrears as at 31st March 2017 for aperiod of more than six months from the date they became payable.

(b) According to the information and explanations given to us and the records of theCompany examined by us the dues of Income tax Sales tax Wealth tax Service tax Dutyof Customs Duty of Excise Value added tax and cess as at 31st March 2017which have not been deposited on account of dispute and the forum where the disputes arepending are as under:

1 Name of the Statute Nature of Dues Amount (Rs.) Period to Which the Amount Relates Forum where Dispute is Pending
The West Bengal Tax on Entry of Goods into Local Areas Act 2012 Entry Tax 442985 2016-17 High Court Calcutta

viii. Based on our audit procedures and on the basis of information and explanationsgiven by the management we are of the opinion that the Company has not defaulted inrepayment of dues to banks or financial institutions.

ix. The company did not raise any money by way of initial public offer or furtherpublic offer including debt instruments and term loans during the year.

x. To the best of our knowledge and according to the information and explanations givento us no material fraud by the Company and no material fraud on the Company by itsofficers or employees has been noticed or reported during the year.

xi. According to the information and explanations given to us and based on ourexamination of the records of the Company section 197 read with schedule V of theCompanies Act 2013 is not applicable to the company. Accordingly paragraph 3(xi) of theOrder is not applicable.

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 188 of the Act where applicable and details of such transactionshave been disclosed in the financial statements as required by the applicable accountingstandards. Further section 177 of the Act is not applicable to the company.

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 preferential allotmentor private placement of shares or fully or partly convertible debentures during the yearand hence reporting under clause (xiv) of the Order is not applicable to the company.

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 them. Accordingly paragraph 3(xv)of the 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
(Aditya Singhi)
Place: Kolkata Partner
Date:28th June 2017. Membership No. 305161

ANNEXURE - "B" TO THE INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in paragraph 2 (g) under the heading 'Report on Other Legaland Regulatory Requirements' of our Independent Auditors' Report of even date in respecton the Internal Financial Control under clause (i) of Subsection 3 of Section 143 of theCompanies Act 2013 ("the Act").

We have audited the internal financial controls over financial reporting of SUPERSHAKTIMETALIKS PRIVATE LIMITED ("the Company") as of 31st March 2017 inconjunction with our audit of the financial statements of the Company for the year endedon 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.

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") issued by the Institute of Chartered Accountants of Indiaand the Standards on Auditing prescribed under section 143(10) of the Companies Act 2013to the extent applicable to an audit of internal financial controls. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 auditors' judgment 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions

and dispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's assets that could have a material 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 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 Singhi & Co.
Chartered Accountants
Firm's Registration No. 302049E
(Aditya Singhi)
Place: Kolkata Partner
Date: 16th June 2017. Membership No. 305161