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The MembersofSUPREMEXSHINESTEELS LIMITED
(Formerlyknown asICVLSTEELS LIMITED)
Report on the Financial Statements
1. We have audited the accompanying financial statements of SUPREMEX SHINE STEELS LIMITED (Formerly known as ICVLSTEELSLIMITED)("the Company") which comprise the Balance Sheet as at31stMarch, 2018, the Statement of Profit and Loss (Including Other Comprehensive Income), the Cash Flow statement and the Statement of Changes in the Equity for the year ended on that date and a summary of significant accounting policies and other explanatory information ( herein after referred toasIndAS Financial Statements).
Managements Responsibility for the Financial Statements
2. The Companys Board of Directors is responsible for the matters stated in section 134(5) ofthe Companies Act 2013 ("the Act") with repect to the preparation of these Ind AS financial statements that give a true and fairview of the financial position, financial performance including Other Comprehensive Income, Cash Flow and Changes in the Equity of the Company in accordance with the Accounting principles generally accepted in India, including the Indian Accounting Standards("IndAS") specified under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safegaurding of the assets of the company and for preventing and detecting the frauds and other irregularities, selection and application of appropriate accounting policies, making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Ind AS financial statementsthatgiveatrueandfairviewandarefreefrommaterialmisstatement,whetherduetofraudorerror.
3. Our responsibility is to express an opinion on these Ind AS financial statements based on our audit.
4. We have taken into account the provisions of the Act, the Accounting and Auditing Standards and matters which are required to be included in the audit report under the provisions of the Actand the Rules made thereunder.
5. We conducted our audit of the Ind AS Financial Statements in accordance with the Standards on Auditing specified under section 143(10) of the Act. Those Standards require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Ind AS financial statements are free from material misstatement.
6. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Ind AS financial statements. The procedures selected depend on the auditors judgment, including the assessment ofthe risks of material misstatement of the Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companys preparation and presentation of the Ind AS financial statement that give a true & fair view, in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness ofthe accounting estimates made by Companys Directors, as well as evaluating the overall presentation ofthe Ind AS financial statements.
7. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS financial statements.
8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS financial statements give the information required by the Act in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India including the Ind AS of the state of affairs ofthe company as at March 31,2018, and its profit including Other Comprehensive Income, its cash flow, and Changes in the Equity for the year ended on thatdate.
Report on Other Legal and Regulatory Requirements
9. 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 Act herein after referred to as the ("Order"), and on the basis of such checks of the books and records of the company as we consider appropriate and according to the information and explanation given to us . We give in the Annexure A statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
10. As required by section 143(3) oftheActwe further report that:
a. we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary forthe purpose of our audit;
b. in our opinion proper books of account as required bylaw have been kept by the Company so far as it appears from our examination ofthose books;
c. the Balance Sheet, the Statement of Profit and Loss including Other Comprehensive income, the Cash Flow Statement and Changes in Equity dealt with bythis Reportare in agreement with the booksof account;
d. in our opinion, the aforesaid financial statements comply with theAccounting Standards specified under section 133 of theAct, read with Rule 7 ofthe Companies (Accounts) Rule ,2014.
e. on the basis of written representations received from the directors as on March 31,2018, taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2018, from being appointed as a director in terms of section 164(2) of theAct.
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness ofsuch controls, refertoourseparate ReportinAnnexure B.
g. With respect to other matters to be included in the Auditors Report in accordance with the Rule 11 ofthe Companies ( Audit and Auditors) Rules, 2014, in our opinion and to the best of our knowledge and belief and according to the information and explanations given to us:
i. The Company does not have any pending litigations which would impact its financial position and its financial statements.
ii. The company did not have any long term contracts including derivative contracts as at March 31,2018, as such the question of commenting for any material forceable losses there on does notarise.
iii. Therehas notbeen an occasion in case of the companyduring the year ended March 31,2018 under reportto transfer any sums to the Investor Education and Protection Fund. The question of delay in transferring such sums does notarise.
ForJ. B. Dudhela&Co. Chartered Accountants
(J. B. Dudhela)
Place: Mumbai Proprietor
Date : 28th May, 2018 (Memb. No. 035354)
ANNEXUREATO THE INDEPENDENT AUDITORS REPORT
1. (a) The Company has maintained proper records showing full particulars, including quantitative detials and situation of its Property
Plant and Equipments.
(b) As explained to us ,the Property Plant and Equipments have been physically verified by the management during the year at regular intervals and no material discrepancies were noticed on such physical verification. In our opinion the frequency ofthe verification is reasonable having regard to the size of the company and the nature of its assets.
(c) The company does not own any immovable property; therefore the clause Title deeds of immovable properties are held in the name ofthe company is not applicable.
2. As explained to us, the inventories were physically verified during the year by the Management at reasonable intervals and no material discrepancies were notice on physical verification.
3. According to the information and explanations given to us and on the basis of our examination ofthe books of account, the company has not granted any loans, secured or unsecuredtothe companies, firms, Limited Liability Partnership and other parties listed in the register maintained under section 189 ofthe CompaniesAct2013. Therefore the provision of the clause 3 (iii), (iii)(a), (iii)(b)and (iii)(c) ofthe said order are not applicable to the company.
4. The company has not granted any loans or made any Investments or provided any guarantee or security to the parties covered under section 185 and 186. Therefore the provisions of the clause 3(iv) of the said order is not applicable to the company.
5. The company has not accepted any deposit from the public within the meaning of section 73,74,75 and 76 of the Companies Act, 2013and rules framed there under to the extent notified.
6. As informed to us, the Central Government has not prescribed maintenance of cost record under sub section (1) of section 148 of theAct.
7. According to the record, information and explanations givento us in respect of statutory dues, the company is generally regular in depositing with appropriate authorities undisputed amount of provident fund, employee state insurance, Income Tax, Sales Tax, Custom duty, Excise duty, Service Tax, Cess, and other statutory dues applicable to it and no undisputed amount payable were outstanding as at March 312018, for a period of more than Six months from the date they become payable.
8. According to the records of the company examined by us and the Information and explanation given to us, the company does not have any loans or borrowings from any Financial Institution, Bank Government or debenture holders during the year. Accordingly the provisions of Clause 3(viii) of the order is not applicable to the company.
9. The company has not raised any moneys by way of initial public offer, further public offer (including debt instruments) and Term Loans. Accordingly the provisions of Clause3(ix)of the order are not applicable to the company.
10. During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted Auditing practices in India and according to the information and explanation given to us, we have neither come across anyinstanceofmaterialfraudbytheCompanyorontheCompanybyitsofficersoremployees, noticed or reported during the year, nor have we been informed of any such case by the management.
11. The Company has not paid / provided for Managerial Remuneration therefore provision of Clause 3(xi) ofthe order are not applicable to the company.
12. As the company is nota Nidhi Company and the Nidhi Rules, 2014 are not applicable to it. The Provision ofclause 3(xii) of the order are not applicable to the company
13. The company has entered into Transaction with related parties in compliance with the provisions of section 177 and 188 of the Act. The details of such related party transaction have been disclosed in the Financial Statement as required under Accounting Standard (AS) 18. Related Party Disclosers specified under section 133 of the Act, read with rule 7 of the Companies (Accounts) Rules,2014.
14. During the year, the Company has not made any preferential allotment or private placement of Shares or fully or partly convertible Debentures during the year under review. Accordingly the provisions of Clause 3(xiv) of the order are not applicable to the company.
15. The Company has not entered into any Non Cash Transaction with its Directors or person connected with him, during the year. Accordingly the provisions of the Clause 3 (xv) of the order are not applicable to the company.
16. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly the provisions of the Clause 3 (xvi) ofthe order are not applicable to the company
ForJ. B. Dudhela&Co. Chartered Accountants
(J. B. Dudhela)
Place: Mumbai Proprietor
Date : 28th May, 2018 35 (Memb. No. 035354)
ANNEXURE-B TOINDEPENDENTAUDITORS REPORT
Referredto in paragraph 10(f) ofthe IndependentAuditors Reportofevendateto the members ofSUPREMEXSHINESTEELSLIMITED
(Formerlyknown as ICVLSTEELS LIMITED)onthefinancial statementsasofandfortheyearendedMarch31,2018.
Reporton the Internal Financial Controls underClause (i) ofSub-section 3 ofSection 143 oftheAct.
1. We have auditedthe internalfinancial controlsoverfinancial reportingofSUPREMEXSHINESTEELS LIMITED (Formerlyknown as ICVL STEELS LIMITED) ("The Company") as of March 31,2018, in conjunction with our audit ofthe financial statements ofthe Companyfortheyearendedonthatdate.
Managements Responsibility forInternal Financial Controls
2. The Companys management is responsible for establishing and maintaining internalfinancial controls basedonthe internal control overfinancial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting issued bythe Institute ofCharteredAccountants of India (ICAI). These responsibilities include the design, implementation and maintenance ofadequate internalfinancial controlsthat were operating effectivelyforensuring the orderlyand efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection offrauds and errors, the accuracy and completeness ofthe accounting records,andthe timely preparationof reliablefinancial information, as requiredundertheAct.
3. Our responsibility is to express an opinion onthe Companys internal financial controls overfinancial reporting based on our audit. We conductedourauditinaccordancewith the Guidance Note onAudit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the StandardsonAuditing deemed to be prescribed under section 143(10) ofthe Act, to the extentapplicable toanauditofinternalfinancial controls, both applicable to an auditofInternal Financial Controls and, both issued bythe ICAI.Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhetheradequateinternalfinancial controlsoverfinancialreportingwas established and maintained and ifsuch controlsoperated effectively in all material respects.
4. Our auditinvolves performing procedures to obtain audit evidence aboutthe adequacy ofthe internalfinancial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding ofinternal financial controls overfinancial reporting, assessing the riskthat a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud orerror.
5. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companysinternalfinancial controls system overfinancial reporting.
Meaning ofInternal Financial Controls over Financial Reporting
6. Acompanys internal financial control overfinancial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions ofthe assets ofthe company;
(2) provide reasonable assurance thattransactions are recorded as necessaryto permit preparation offinancial statements in accordance with generally accepted accounting principles, and that receipts and expenditures ofthe company are being made onlyinaccordance with authorizations ofmanagementanddirectors ofthe company; and
(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.
Inherent Limitations ofInternal Financial Controls over Financial Reporting
7. Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections ofany evaluation ofthe internal financial controls overfinancial reporting to future periods are subjectto the riskthatthe internal financial control overfinancial reporting may become inadequate because ofchanges in conditions, orthatthe degree of compliancewiththepoliciesorproceduresmaydeteriorate.
8. In our opinion, the Company has, in all material respects, an adequate internal financial controls system overfinancial reporting and such internal financial controls overfinancial reporting wereoperating effectively as at March 31,2018, basedonthe internal control overfinancial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe Institute ofCharteredAccountants of India.
ForJ. B. Dudhela&Co. Chartered Accountants
(J. B. Dudhela)
Place: Mumbai Proprietor
Date : 28th May, 2018 36 (Memb. No. 035354)