TO THE MEMBERS OF SUPER FORGINGS & STEELS LIMITED
Report on the Audit of the Financial Statements
1. Opinion
We have audited the accompanying Standalone Ind AS financial statements of SUPER
FORGINGS & STEELS LIMITED (“the Company”), which comprise the Balance Sheet
as at 31st March, 2019, the statement of Profit & Loss Account (including other
Comprehensive Income), the cash flow statement and the statement of changes in Equity for
the year then ended and notes to the financial statements including a summary of
significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone Ind AS and Financial Statements give the information
required by the Act in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India.
(a) In the case of Balance Sheet of the State of Affairs of the Company as at 31st
March, 2019.
(b) In the Case of the statement of profit & Loss of the Loss for the year ended on
that date; and
(c) In the case of the Cash Flow Statement of the cash flow of the Company for the year
ended on that date.
2. Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 2013. Our responsibilities under those
Standards are further described in the Auditors Responsibilities for the Audit of the
Financial Statements section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India together with the ethical requirements that are relevant to our audit of the
standalone Ind AS financial statements under the provisions of the Companies Act, 2013 and
the Rules there under, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code of Ethics. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
3. Key Audit Matters
Key Audit Matters are those matters that, in our professional judgement, were of most
significance in our audit of the standalone Ind AS financial statements of the current
year. These matters were addressed in the context of our audit of the standalone Ind AS
financial statements as a whole and informing our opinion thereon and we do not provide a
separate opinion on these matters.
4. Information other than the Standalone Ind AS Financial Statements and Auditors
Report Thereon
a) The Companys Board of Directors is responsible for the other information. The other
information comprises the information included in the Management Discussion and Analysis,
Boards Report including Annexures to Boards Report, Business Responsibility Report,
Corporate Governance and Shareholders Information, but does not include the standalone
financial statements and our auditors report thereon.
b) Our opinion on the standalone financial statements does not cover the other
information and we do not express any form of assurance conclusion thereon.
c) In connection with our audit of the standalone financial statements, our
responsibility is to read the other information and, in doing so, consider whether the
other information is materially inconsistent with the standalone financial statements or
our knowledge obtained in the audit or otherwise appears to be materially misstated.
d) If, based on the work we have performed, we conclude that there is a material
misstatement of this other information; we are required to report that fact. We have
nothing to report in this regard.
5. Responsibility of Management and those charged with Governance for the Standalone
Ind AS Financial Statements
The Companys 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 of
these financial statements that give a true and fair view of the financial position,
financial performance, including other comprehensive income, changes in equity and cash
flows of the Company in accordance with the Ind AS and other accounting principles
generally accepted in India, including Indian Accounting Standards specified under section
133 of the Act. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding of the assets of the
Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate implementation and maintenance of accounting policies; making
judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the financial statement that give a true and fair view and
are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the
Companys ability to continue as a going concern, disclosing as applicable, matters
related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
Those Board of Directors are also responsible for overseeing the companys financial
reporting process.
6. Auditors Responsibility for the Audit of the Standalone Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS
financial statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditors report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these Standalone Ind AS financial statements.
As part of an audit in accordance with Standards on Auditing (SAs), we exercise
professional judgment and maintain professional skepticism throughout the audit. We also:
a) Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
b) Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the
Companies Act, 2013, we are also responsible for expressing our opinion on whether the
company has adequate internal financial controls system in place and the operating
effectiveness of such controls.
c) Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
d) Conclude on the appropriateness of managements use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditors
report. However, future events or conditions may cause the company to cease to continue as
a going concern.
e) Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the financial statements represent the
underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the Financial Statements may be influenced. We consider
quantitative materiality and qualitative factors in (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 financial statements.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and communicate with them all
relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, determine those
matters that were of most significance in the audit of the financial statements of the
current period and are therefore the key audit matters. We describe these matters in our
auditors report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
7. Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2016 (“the Order”),
issued by the Central Government of India in terms of sub-section (11) of section 143 of
the Companies Act, 2013, we give in the Annexure “A” a statement on the matters
specified in paragraphs 3 and 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 and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purposes of our audit.
b) In our opinion, proper books of accounts as required by law have been kept by the
Company so far as it appears from our examination of those books.
c) The reports on the accounts of the branch offices of the Company audited under
Section 143(8) of the Act by branch auditors have been sent to us. We did not audit the
financial statement of Chennai Branch included in these financial Statement of Company.
The branch auditors report was furnished to us and our opinion is solely based on the
report of the branch auditor.
d) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement
dealt with by this Report are in agreement with the books of account.
e) In our opinion, the aforesaid standalone Ind AS financial statements comply with the
Indian Accounting Standards specified under Section 133 of the Act.
f) In our opinion, proper Books of Accounts as required by the law have been kept by
the company so far as it appears from our examination of those books.
g) On the basis of the written representations received from the directors as on 31st
March, 2019, taken on record by the Board of Directors, none of the directors is
disqualified as on 31st March, 2019 from being appointed as a director in terms of Section
164 (2) of the Act.
h) With respect to the adequacy of the Internal Financial Control with reference to
Financial Statements of the Company and the operating effectiveness of such controls,
refer to our separate Report in “Annexure B”.
i) In our opinion and to the best of our information and according to the explanations
given to us, the remuneration paid by the Company to its directors during the year is in
accordance with the provisions of section 197(16) of the Act. j) With respect to the other
matters to be included in the Auditors Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial
position in its standalone Ind AS financial statements (Refer Point No. 3 of Note No. 20
of the Standalone Ind AS financial statements)
ii. The Company did not have any long term contracts including derivative contracts for
which there were any material foreseeable losses.
iii. The amount required to be transferred to the Investor Education and Protection
Fund is not applicable as the company has incurred loss.
|
For GORA & COMPANY |
|
(Chartered Accountants) |
|
FRN: 330091E |
|
Gora Chand Mukherjee |
| Place: Kolkata |
Proprietor |
| Date : 27th May, 2019 |
Membership No: 017630 |
+91-9892691696
