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Supershakti Metaliks Ltd Ltd.

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Annual Report

For Year :
2018

Auditor's Report

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of SUPERSHAKTIMETAUKS LIMITED (Formerly Known as SUPERSHAKTI METALIKS PRIVATE LIMITED) (‘the Company’), which comprise the Balance Sheet as at 31st March, 2018 the Statement of Profit and Loss and the 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 iii India, Including the Accounting Standards specified under Section 133 of the Act, read with Rule 1 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 the assets of the Company and for preventing and detecting frauds and other Irregularities; serectlbn 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 truer- and fair view ancj; are free from material misstatement, whether due to fraud or error. .

AUDITORS’ 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 of the financial statements 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 auditors’ 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, 2018, and its profit and its cash flows for the year ended on that date.

RFPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor’s Report) Order, 2016 (“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’ a statement on the matters specified in the paragraph 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 purposes 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 Gash 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 Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

e. On the basis of the written representations received from the directors as on 31st March, 201B and ‘ taken on record by the Board of Directors, none of the directors Is disqualified as on 31st March, 2018 from being appointed as a director 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, refer to our separate Report in Annexure B, and

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 (as amended), in our opinion and to the best of our information and according to the explanations given to us:

g. The Company has disclosed the Impact of .pending litigations on Its financial position In its Financial statements; (Refer Note 27A to the financial statements)

i. The Company has disclosed the Impact of pending litigations on its financial position in its financial statements; (Refer Note 27A to the 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 provisions relating to transferring any amounts to the Investor Education and Protection Fund is not applicable to the Company during the year. .

iv. The disclosures In the financial statements regarding holdings as well as dealings in specified bank ‘ notes during the period from 8th November 2016 to 30 December 2016 have not been made since they do not pertain to the financial year ended 31 March 2018.

ANNEXURE- “A”TO THE INDEPENDENT AUDITOR’S REPORT

The Annexure referred to !n paragraph 1 under the heading ‘Report on Other Legal and Regulatory Requirements’ of our Independent Auditors’ Report of even date in respect to statutory audit of SUPERSHAKTI METALIKS LIMITED (FORMERLY SUPERSHAKTI METALIKS PRIVATE LIMITED) (“the Company”) for the year ended 31st March 2018, we report that:

i, (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) As explained to us and confirmed by the management, fixed assets of are being physically verified by the management/internal auditors in a phased periodically manner, which, in our opinion, is reasonable having regard to the size of the company and nature of its business. Further as confirmed by the management, no material discrepancies were noticed on such physical verification.

(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.

ii According to the Information and explanation given to us, the Inventory has been physically verified at reasonable intervals: by the management/ internal auditors/ third parties during the year and discrepancies noticed on physical verification of inventories as compared to book records; were not material and have been properly dealt with in the books of accounts.

iii, In our opinion and according to the Information and explanations given to us, the Company has not granted any.loans, secured or unsecured, to companies,; firm, Limited Liability partnerships or other parties covered in the . register maintained under section 189 of the Companies Act, 2013. Thus, paragraph 3(111)- of the Order Is not applicable.

iv, In our opinion and according to the Information and explanations given to us, the Company has not given any loan, not made any investment and have not provided any guarantee or security. Hence, paragraph 3(lv) of the Order Is not applicable.

v, In our opinion and according to the Information and explanation given to us, the Company has not accepted any deposits within the meaning of Section 73 to 76 of the Companies Act, 2013 and the rules framed thereunder.

vi. The maintenance of cost records has been specified by the Central Government under section 148(1) of the Companies Act, 2013. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended prescribed by the Central Government under subsection (1) of Section 148 of the Companies Act, 2013, and are of the opinion that, prima facie, the prescribed cost records have been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

vii. (a) According to the Information and explanations given to us and on the basis of our examination of the records of the Company, the Company has generally been regular In depositing the undisputed statutory dues Including Provident fund, Employees’ state insurance, Income tax, Sales tax, Service tax, Duty of Customs, Duty of Excise, Value added tax, Cess and any other material statutory dues as applicable during the year with the appropriate authorities and no such dues were In arrears, as at 31st March, 2018 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 the records of the Company examined by us, the dues of Income tax, Sales tax, Wealth tax, Service tax, Duty of Customs, Duty of Excise, Value added tax and cess as at 3l” March, 2018 which have not been deposited on account of dispute and the forum where the disputes are pending are as under:

Name of the Statute

Nature of Dues

Amount (Rs,)

Period to Which the Amount Relates

Forum where Dispute is Pending

The West Bengal Tax on Entry of Goods into Local Areas Act, 2012

Entry Tax

1,4B,583/-

2017-18

High Court, Calcutta

The Central Excise Act,1994

Cenval Credit/ Service Tax credit Disallowances

1,52,00,427/-

2010-11 to 2017-18

The Central Excise & Service Tax Appellate Tribunal

The Central Excise Act, 1994

Cenvat Credit/ Service Tax credit Disallowances

2,35,08,300/-

2008-09 to 2017-18

Commissioner/ Assistant Commissioner of the Central Excise & Service Tax

viii, Based on our audit procedures and on the basis of information and explanations given by the management we are of the opinion that the Company has not defaulted In repayment of dues to banks or financial Institutions.

Ix. The company did hot raise any money by way of Initial public offer or further public offer including debt Instruments and term loans during the year,

x. To the best of our knowledge and according to the Information and. explanations given to us, no material fraud by the Company and no material fraud on the Company by its officers or employees has been noticed or reported during the year.

xi. According to the Information and explanations given to Os and based on our examination of the records of the Company, section 197 read with Schedule V of the Companies Act, 2013 Is not applicable to the company; Accordingly, paragraph 3(xi) of the Order is not applicable.

xii. In our opinion and according to the Information and explanations given to us, the Company Is not a Nldhi company. Accordingly, paragraph 3{xii) of the Order Is not applicable.

xiii. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are !n compliance with sections 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards. Further section 177 of the Act is not applicable to the company.

xiv. According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made preferential allotment or private placement of shares or fully or partly convertible debentures during the year and hence reporting under clause (xiv) of the Order is not applicable to the company.

xv. According to the Information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with them. Accordingly, paragraph 3(xv) of the order is not applicable.

xvi. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

ANNEXURE -”B” TO THE INDEPENDENT AUDITOR’S REPORT

The Annexure referred to in paragraph 2 (g) under the heading ‘Report on Other Legal and Regulatory Requirements’ of our Independent Auditors’ Report of even date In respect on the Internal Financial Control under clause (!) of Subsection 3 of Section 143 of the Companies Act, 2013 (“the Act”).

We have audited the internal financial controls over financial reporting of SUPERSHAKTI METALIKS LIMITED (FORMERLY SUPERSHAKTI METALIKS PRIVATE LIMITED) (‘‘the Company”) as of 31slMarch, 2018 In conjunction with our audit of the financial statements of the Company for the year ended on that date.

MANAGEMENT’S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company’s management is responsible for establishing and ‘maintaining Internal financial controls based on the internal control over financial 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 by the Institute of Chartered Accountants of India f’ICAl’), These responsibilities include the design. Implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of Its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable, financial Information, as required Under the Companies Act, 2013.

AUDITORS’ RESPONSIBILITY

Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the “Guidance Note”) issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an , audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate Internal financial controls over financial reporting was established and maintained and if such controls operated effectively In all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the Internal financial controls system over financial reporting and their operating effectiveness. Our audit of Internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that 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 or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system over financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company’s Internal financial control over financial 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 company’s 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 of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements In accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timeiy detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

Because of the inherent limitations of internal financial controls over financial reporting, Including the P^hity of collusion or Improper management override of controls, material misstatements due to error or fraud may occur nd not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the polices or procedures may deteriorate.

OPINION

in our opinion to the best of our information and according to the explanations, given to us, the Company has, in all material respects, ah adequate Internal financial controls system over financial reporting and such Internal financial cotrols over financial reporting were operating effectively aS at 3i’*March, 3017, based oh the Internal control ove, financial reporting criteria established by the Company considering the essentlal components of ‘in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting Issued by The Institute of Chartered Accountants of India.

For Slnghi & Co.

Chartered Accountants

Firm’s Registration No. 302049E

(Anurag Singhi)

Partner

Membership No. 066274

Place: Kolkata

Date: 4 May, 2018.