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Samkrg Pistons and Rings Ltd.

BSE: 520075 | NSE: | Series: NA | ISIN: INE706B01012 | SECTOR: Auto Ancillaries

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Jan 24, 16:00
175.00 -12.70 (-6.77%)
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    187.70

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NSE Live

Dec 27, 11:22
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Samkrg Pistons and Rings is not listed on NSE

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

We have audited the accompanying financial statements of SAMKRG PISTONS AND RINGS LIMITED (The company) [and in which are incorporated the Branch at VISAKHAPATNAM.], which comprise the balance sheet as at 31st March, 2015, the statement of profit and loss, the cash Flow statement for the year then ended, and a summary of the significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements The company''s Board of Directors 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 the companies (Accounting ) 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 judgment 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 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, and its profit and loss and its cash flows for year ended on that date. Emphasis of Matters We draw attention to the following matters in the Notes to the financial statements: a) Note 2-contingent liabilities- to the financial statements which, describes the pending uncertainty related to the outcome of the appeal filed with ADC(CT) WITH REGARDS TO THE ENTRY TAX BY the company . Our opinion is not modified in respect of these matters. Report on Other Legal and Regulatory Requirements As required by section 143 (3) of the Act, we report that: a. We have sought and obtained all the information and explanation 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 at Head office and at Branch at Visakapatnam. 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 accounts maintained at head office and at Branch at Visakapatnam. d. in our opinion, the aforesaid financial statements comply with accounting standards specified under section 133 of the Act, with Rule 7 the companies (accounting ) Rules , 2014. e. on the basis of the written representation received from the directors as on 31st march 2015, taken on record by the board of directors, none of the directors is disqualified as on 31st march 2015, from being appointed as a directors in terms of section 164 (2) of the Act. f. With respect to the adequacy of the internal financial controls over financial reporting of the company and the operating effectiveness of such controls, to our separate report in Annexure A. g. With respect to the matters to be included in the auditor''s reporting 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 litigation on its financial position in its financial statements -Refer Note 2- contingent liabilities to the financial statements; ii. There has been delay of three months in transferring amounts, required to be transferred, to the investor Education and protection fund by the company. REFER NOTE -10 to the financial statements. ANNEXURE TO AUDITORS REPORT (AS PER CARO 2015) (STATEMENT REFERRED TO IN PARAGRAPH 1N OF REPORT OF EVEN DATE) IN RESPECT OF ITS FIXED ASSETS 1. (a) The company has maintained proper records showing the full particulars quantitative details And situation of fixed assets. (b) The company has program for phased physical verification of all its fixed assets which in our opinion is reasonable having regard to the size of the company and the nature of its assets. As informed, no material discrepancies were noticed on such verification. IN RESPECT OF ITS INVENTORIES 2. (a) The management has conducted physical verification of the finished goods at reasonable intervals. (b) The procedure of physical verification of stock followed by management are considered reasonable and adequate in relation to the size of the company and the nature of its business. (c) on the physical verification of stock as compared to book records no material discrepancies were noticed. The company is maintaining proper records of inventory. (d) on the basis of our examination of stock, we are satisfied that the valuation of stock is fair and in accordance with normally accepted accounting principles. IN RESPECT OF THE LOANS SECURED OR UNSECURED GRANTED OR TAKEN BY THE COMPANY TO/FROM COMAPANIES, FIRMS OR OTHER PARTIES IN THE REGISTER MAINTAINED SEC 301 OF THE COMPANIES ACT. 3. According to the information and explanations given to us, The company had repaid all the unsecured loans taken from the directors and their relatives. INTERNAL CONTROL SYSTEM 4. In our opinion and according to the information and explanation of given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regards to purchases of stores, spares parts including components, plants and machinery, equipment and other assets and for sale of the goods. 5. We have broadly reviewed the books of accounting to materials, labour and other item of cost maintained by the company pursuant to the rules made by the central Government for the maintenance of the cost records under section 148 (1) of the companies Act, 2013 and are of the opinion that, prime facie, the prescribed records and accounts have been maintained by the company. we have, however , not made a detailed examination of the records with a view to determine whether they are accurate and complete. 6. (a) The provident fund and employees state insurance dues have been regularly deposited with the appropriate authorities. (b) According to the information and explanation given to us the company does not have undisputed amount payable in respect of income Tax, wealth Tax , Excise Duty and customs Duty outstanding for a period more than six month from then date they become payable. In respect of sales Tax (Entry Tax) there is disputed amount of 22.47 lacs not deposited with sales Tax department. The company had filed an appeal with ADC (CT) PUNJAGUTTA DIVISION HYDERABAD AGAINST CERTAIN points in the order of the of the assessment year 2002-03. Sl. NAME OF THE NATURE OF AMOUNT IN FORUM WHERE DISPUTE NO STATUE DUES LACS IS PENDING 1 SALES TAX ACT ENTRY TAX 22.47 ADC(CT) In this regard please refer to the point 2-CONTINGENT LIABILITIES. to the other information to the NOTES TO THE ACCOUNTS. We are of the opinion that as and when the demand is raised after hearing of the case, the same will be accounted and settled since the period of the case is beyond the stipulated period. There has been delay of three months in transferring amounts, required to be transferred, to the investor Education and protection fund by the company. REFER NOTE -10 to the financial statements 7. The company has no accumulated losses at the end of the financial year and, has not incurred any cash losses in the financial year under report and in the immediately preceding financial year. 8. In our opinion and according to the information and explanation given to us, the company has not defaulted in repayment of dues to financial institution /banks. The company has not issued any debentures. 9. According to the information and explanation given to us, the company has not given any guarantee for loans taken by others from banks or financial institutions. 10. According to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the course of the Audit. For M/s.RAVI & KESHAV REG NO:003187S Chartered Accountants (K.K. KESAVAN) Place : Hyderabad Proprietor Date : 25-05-2015 M NO 17489