SENSEX NIFTY
Smiths & Founders | Auditor's Report > Castings & Forgings > Auditor's Report from Smiths & Founders - BSE: 513418, NSE: N.A
YOU ARE HERE > MONEYCONTROL > MARKETS > CASTINGS & FORGINGS > AUDITORS REPORT - Smiths & Founders

Smiths & Founders

BSE: 513418|ISIN: INE728B01032|SECTOR: Castings & Forgings
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Apr 29, 16:01
5.05
-0.05 (-0.98%)
VOLUME 1,840
Smiths & Founders is not listed on NSE
« Mar 14
Auditor's Report (Smiths & Founders) Year End : Mar '15
 We have audited the accompanying financial statements of M/s. SMITHS &
 FOUNDERS (INDIA) LIMITED (the Company) which comprise the Balance
 Sheet as at March 31, 2015, and the Statement of Profit and Loss and
 Cash Flow Statement for the year then ended, 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 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 and cash
 flows of the Company in accordance with the accounting principles
 generally accepted in India, including the Accounting Standards
 specified under Section 133 of the Act, read with Rule 7 of the
 Companies (Accounts) Rules, 2014.  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 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 statements that give a true and fair view
 and are free from material misstatement, whether due to fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. 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 Act and the Rules made there under.
 
 We conducted our audit in accordance 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 the audit
 to obtain reasonable assurance about whether the financial statements
 are free from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and the disclosures in the financial statements. The
 procedures selected depend on the auditor''s judgment, including the
 assessment of the risks of material misstatement of the financial
 statements, whether due to fraud or error. In making those risk
 assessments, the auditor considers internal financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the Company''s Directors, as well as
 evaluating the overall presentation of the financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide 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
 explanations given to us, the 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 the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2015;
 
 (b) In the case of the Statement of Profit and Loss, of the loss for
 the year ended on that date; and
 
 (c) In the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date
 
 Report on Other Legal and Regulatory Requirements
 
 1. As required by the Companies (Auditor''s Report) Order, 2015 (the
 Order) issued by the Central Government of India in terms of
 sub-section (11) of section 143 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 3 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 best of our knowledge and belief were necessary for the
 purpose of our audit;
 
 b.  In our opinion proper books of account as required by law have been
 kept by the Company 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 Statement dealt with by this Report are in agreement with the
 books of account;
 
 d. In our opinion, the aforesaid financial statements comply with the
 Accounting Standards specified under section 133 of the Companies Act,
 2013, read with the Rule 7 of the Companies (Accounts) Rules, 2014;
 
 e.  On the basis of written representations received from the directors
 as on March 31,2015, taken on record by the Board of Directors, none of
 the directors is disqualified as on March 31, 2015, from being
 appointed as a director in terms of section 164 (2) of the Act;
 
 f.  With respect to the other matters to be included in the Auditor''s
 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 does not have any pending litigation which would impact
 its financial position;
 
 (ii) The Company did not have any long term contracts including
 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 and Protection Fund by the Company
 
 Annexure to the Independent Auditors'' Report
 
 (i) Fixed Assets
 
 a) The Company has maintained proper records of fixed assets showing
 full particulars, including quantitative details and situation of the
 assets.
 
 b) The Management has conducted physical verification of fixed assets
 at reasonable intervals and no material discrepancies were noticed on
 such verification.
 
 (ii) Inventory
 
 a) The inventory has been physically verified during the year by the
 management. In our opinion the frequency of verification is reasonable.
 
 b) The procedures of physical verification of inventories followed by
 the management are reasonable and adequate in relation to the size of
 the company and nature of its business.
 
 c) The Company is maintaining proper records of inventory. There were
 no material discrepancies noticed on verification between physical
 stock and books of account.
 
 (iii) Loans and Advances
 
 The Company has not granted any loans, secured or unsecured to
 companies, firms or other parties covered in the register maintained
 under section 189 of Companies Act, 2013. Accordingly the provisions of
 clause (iii) (a) & (b) of the above said order are not applicable to
 the company.
 
 (iv) Internal Control
 
 In our opinion and according to the information and explanations given
 to us, there is an adequate internal control system commensurate with
 the size of the Company and the nature of its business, with regard to
 purchase of inventory, fixed assets and for sale of goods and services.
 We have not noted any continuing failure to correct major weakness in
 the internal controls during the course of audit.
 
 (v) Deposits
 
 According to the information and explanation given to us, and based our
 verification, the Company has not accepted any deposits from public
 during the year and the provisions of Section 73 to 76 and the
 directives of Reserve Bank of India have been complied with by the
 Company.
 
 (vi) Cost records
 
 According to information and explanation given to us, the company is
 not required to maintain cost records as per section 148 of the Act,
 hence no comment is required on the same.
 
 (vii) Statutory Dues
 
 a) According to the records of the Company, the Company is regular in
 depositing with appropriate authorities undisputed statutory dues
 including provident fund, employee''s state insurance, income tax, sales
 tax, wealth tax, service tax, duty of customs, duty of excise, value
 added tax, cess and other statutory dues applicable to it.
 
 b) According to the records of the Company, there are no dues of income
 tax or sale tax or wealth tax or service tax or duty of customs or duty
 of excise or value added tax or cess which have not been deposited on
 account of any dispute.
 
 c) According to the information and explanation given to us, the
 company did not have amount required to be transferred to Investors
 Education and Protection Fund, hence no comment is required on the
 same.
 
 (viii) Erosion of net worth
 
 Consequent to a one-time charge of Rs.1,15,57,079/-, being the carrying
 amount of Assets whose written down value has been written off since
 the useful life is nil as at 01.04.2014 pursuant to the provisions of
 Companies Act, 2013, to the retained earnings / accumulated losses, the
 Company''s accumulated losses has exceeded fifty percent of its
 net-worth at the end of the financial year. The Company has incurred
 cash losses of Rs. 1,41,12,954/- during the financial year covered by
 our audit and Rs. 80,00,966/- in the immediately preceding financial
 year.
 
 (ix) Based on our audit procedures and on the information and
 explanations given by the management, we are of the opinion that the
 company has not defaulted in repayment of dues to banks. The Company has
 no dues to any other financial institution or debenture holders.
 
 (x) According to the information and explanations given to us, the
 Company has not given any guarantee for the loans taken by others from
 the bank or financial institutions.
 
 (xi) According to the information and explanations given to us, the
 Company has applied the term loans for the purpose for which they were
 obtained.
 
 (xii) In our opinion and to the best of our information and according
 to the explanations given to us no fraud on or by the Company have been
 noticed or reported during the year.
 
                                              For B N Subramanya & Co.
                                              Chartered Accountants
                                              Firm Reg.No.004142S
 
                                                 DEVENDRA NAYAK
 Place: Bangalore                                     Partner
 Date: 30th May, 2015                             Membership No. 27449
 
Source : Dion Global Solutions Limited
Quick Links for smithsfounders
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.