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Skyline Millars

BSE: 505650|ISIN: INE178E01026|SECTOR: Engineering - Heavy
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« Mar 14
Auditor's Report (Skyline Millars) Year End : Mar '15
We have audited the accompanying Financial Statements of SKYLINE
 MILLARS LIMITED (the Company), which comprise the Balance Sheet as at
 March 31, 2015, 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 management and Board of Directors of the Company are 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 Companies (Accounts) Rules, 2014. This responsibility
 includes maintenance of adequate accounting records in accordance with
 the provisions of the Act for safeguarding 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; design,
 implementation and maintenance of adequate internal financial controls,
 that are 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 thereunder. 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 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, but not for the purpose of expressing an opinion on
 whether the Company has in place an adequate internal financial
 controls system over financial reporting and the operating
 effectiveness of such controls An audit also includes evaluating the
 appropriateness of accounting policies used and the reasonableness of
 the accounting estimates made by the Company''s management and Board of
 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.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid 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 of the state of affairs of the Company as
 at 31st March 2015, its loss and its cash flows for the year ended on
 that date.
 
 Report on Other Legal and Regulatory Requirements
 
 As required by the Companies (Auditor''s Report) Order, 2015, issued by
 the Central Government of India in terms of sub-section (11) of section
 143 of the Act (the Order), we give in the Annexure a statement on
 the matters specified in paragraphs 3 and 4 of the Order.
 
 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, Statement of Profit and Loss, and 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
 applicable Accounting Standards specified under Section 133 of the Act,
 read with Rule 7 of the Companies (Accounts) Rules 2014
 
 e) On the basis of written representations received from the directors
 as on March 31, 2015, and 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 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, we report as under::
 
 i.  The Company has disclosed the impact oMf penAdiPng litigation on
 its financial position in its financial statements. Refer Note 29 of
 the financial statements;
 
 ii.  The Company did not have any long-term contracts including
 derivative contracts for which there are any material foreseeable
 losses;
 
 iii.  There has been no delay in transferring amounts required to be
 transferred to the Investor Education and Protection Fund by the
 Company.
 
 ANNEXURE TO THE INDEPENDENT AUDITORS REPORT
 
 (Referred to in paragraph 1 under  Report on other Legal and
 Regulatory Requirement  section of our report of even date.)
 
 On the basis of such checks as we considered appropriate and according
 to the information and explanations given to us during the course of
 our audit, we report that:
 
 1.  (a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets;
 
 (b) As explained to us, fixed assets have been physically verified by
 the management at regular intervals; as informed to us no material
 discrepancies were noticed on such verification;
 
 2.  (a) The inventory have been physically verified by the Management
 at the end of the year or after the close of the year.
 
 (b) The procedure of physical verification of stocks followed by the
 management are reasonable and adequate in relation to the size of the
 Company and the nature of its business.
 
 (c) The Company is maintaining proper records of inventory. The
 discrepancies noticed on physical verification of stocks as compared to
 the books records were not material and the same has been properly
 dealt with in the books of accounts.
 
 3.  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 the Companies Act 2013.Therefore the provisions of
 the clause (iii) (a) and (b) of the Companies (Auditors Report)
 Order,2015 are not applicable for the year under report.
 
 4.  In our opinion and according to the information and explanations
 given to us, there is adequate internal control system commensurate
 with the size of the Company and the nature of its business, for the
 purchase of fixed assets and for the sale of services. Further, on the
 basis of our examination of the books and records of the Company and
 according to the information and explanations given to us, no major
 weakness has not been noticed or reported.
 
 5.  In our opinion and according to the explanation given to us, the
 Company has not accepted any deposits from the public within the
 meaning of Section 73 to 76 of the Companies Act, 2013 and the rules
 framed there under.
 
 6.  The provisions of clause 3(vi) of the order are not applicable to
 the company as the company is not covered by the Companies ( Cost
 Records and Audit )Rules, 2014.
 
 7.  (a) According to the information and explanations given to us and
 based on the records of the company examined by us, the company is
 generally regular in depositing the undisputed statutory dues,
 including Provident Fund , Employees'' State Insurance, Income-tax,
 Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, value
 added tax, cess and other material statutory dues, as applicable, with
 the appropriate authorities ;
 
 According to the information and explanations given to us and the
 records of the Company examined by us, in our opinion, no undisputed
 amounts payable in respect of Provident Fund , Employees'' State
 Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty,
 Excise Duty, value added tax, cess and any other material statutory
 dues, as applicable, were in arrears as at last day of financial year
 for a period of more than six months from the date they became payable.
 
 (b) According to the information and explanations given to us and as
 per the records of the Company, the particulars of dues of income tax,
 sales tax, wealth tax, service tax, duty of customs duty of excise,
 value added tax or cess as at last day of financial year which have not
 been deposited on account of dispute, is as follows:
 
                                        Financial Year     Forum where
 Name of the                 Amount
                Nature of 
                dues                    to which the       the dispute
 statute                    (Rs.)       amount relates     is pending
 
 Central Sales
                                                           Deputy
 Tax, Local 
 Sales                                  2001-2002 to
                CST, BST & 
                WCT          4,39,27,
                                 899/-                     Commissioner
 Tax and Works                          2004-2005          Appeal
 Contract Tax
 
 (c ) The amounts required to be transferred to the Investor Education
 and Protection Fund in accordance with the relevant provisions of the
 Companies Act ,1956 ( 1 of 1956) and the rules made there under has
 been transferred to the fund within time.
 
 8.  The Company has no accumulated losses as at 31st March 2015 and has
 incurred cash losses in the financial year ended on that date but it
 has not incurred cash loss in the immediately preceding financial year.
 
 9.  According to the records of the Company examined by us and the
 information and explanation given to us, the Company has generally not
 defaulted in repayment of dues to any financial institution or banks.
 The Company has not issued any debentures.  MAP
 
 10. In our opinion, and according to the information and explanations
 given to us, the Company has not given any guarantee for loan taken by
 others from a bank or financial institution during the year
 
 11. In our opinion, and according to the information and explanations
 given to us, the term loans have been applied for the purposes for
 which they were obtained.
 
 12. According to the information and explanations given to us , no
 fraud on or by the company has been noticed or reported during the
 year.
 
                                       For Manubhai & Shah
 
                                     Chartered Accountants
 
                         (Firm''s Registration No.: 106041W)
 
                                           Kshitij M Patel
 
                                                  (Partner)
 
 Place : Mumbai
 
                                   (Membership No.: 045740)
 
 Date : 15 May 2015
Source : Dion Global Solutions Limited
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