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એસટીઆઇ પ્રોડક્ટ્સ ઇન્ડીયા

બીએસઈ: 517492  |  ઍનઍસઈ : N.A  |  ISIN: INE205G01014  |  Steel - Tubes & Pipes

શોધો એસટીઆઇ પ્રોડક્ટ્સ ઇન્ડીયા કનેક્શન � Mar 11
ઓડિટર રિપોર્ટ વર્ષાન્ત : Mar '13
We have audited the attached financial statements of STI Products India
 Limited (hereinafter referred to as the Company), comprising of the
 Balance Sheet as at 31 st March 2013, the Statement of Profit and Loss
 and the Cash Flow Statement for the year then ended along with the
 Significant Accounting Policies and other explanatory information
 forming an integral part thereof.
 
 II.  Management''s Responsibility forthe Financial Statements
 
 Management is responsible for 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 Standards referred to in Section 211(3C) of the
 Companies Act, 1956(hereinafter referred to as the Act). This
 responsibility includes the design, implementation and maintenance of
 internal control 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.
 
 III.  Auditors'' Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India.  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 of
 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 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 control relevant
 to the Company''s preparation and fair presentation of the financial
 statements 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 of
 the accounting estimates made by the management, as well as evaluating
 the overall financial statement presentation.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a reasonable basis for ouraudit opinion.
 
 IV.  Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 as
 amended by the Companies (Auditor''s Report) (Amendment) Order, 2004
 issued by the Central Government of India in terms of sub-section (4A)
 of Section 227 of the Act, we enclose in the Annexure a statement on
 the matters specified in paragraph 4 of the said Order, to the extent
 applicable to the Company during the year under review.
 
 2.  Further to our comments in the Annexure referred to in 1. above, as
 required by Section 227(3) of the Act, we report as follows:
 
 (a) We have 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 by law have
 been kept by the Cpmpany so far as 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 Balance Sheet, Statement of Profit and Loss and
 the Cash Flow Statement dealt with by this report comply with the
 Accounting Standards referred to in subsection (3C) of Section 211 of
 the Act;
 
 (e) On the basis of written representations received from the
 respective directors as on 31 st March 2013 and taken on record by the
 Board of Directors, none of the directors is disqualified as on 31st
 March 2013 from being appointed as a director in terms of clause (g) of
 sub-section (1) of Section 274 of the Act;
 
 V.  Opinion
 
 (i) Basis for Qualified Opinion
 
 a) Note No. 13 to the financial statement regarding the preparation of
 accounts on the assumption of going concern even though no
 manufacturing operation and business activities have been carried out
 by the Comapny during the financial year keeping in view of the
 managements''effort to revive the Company.
 
 b) Note no. 14 to the financial statement regarding non confirmation of
 balances of long term & short borrowings, from banks amounting to Rs.
 393.28 lacs & 14.40 lacs respectively.
 
 c) Note no. 15(a) regarding non provision of interest on long term
 borrowings from bank amount- Unascertainable, due to absence of
 relevant clause in the order ofDebt Recovery Tribunal and,
 
 d) Note no 15(b) regarding non provision of Interest amounting to Rs.
 12384.24 lacs on loan from MPSIDC, since the Company is hopeful
 offawurable waiver of the same in the proposed OTS.
 
 (ii) In our opinion and to the best of our information and according to
 the explanations given to us, subject to the effects of the matter as
 given in comments in para V (i) (a) to (d) above, of the Basis for
 Qualified Opinion and their consequential impact, to the extent
 ascertainable on the respective liabilities, provisions and the loss,
 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 31st March 2013;
 
 (b) In the case of the Statement of Profit and Loss, of the Loss of the
 Company forthe year ended on that date; and
 
 (c) In the case of the Cash Flow Statement, of the Cash flows of the
 Company forthe year ended on that date.
 
 Annexure to the Auditors'' Report
 (Referred to in paragraph IV(1) of our report of even date)
 
 In terms of the information and explanations given to us and the books
 and records examined by us and on the basis of such checks as we
 considered appropriate, we further report as under: (i) a) There was no
 fixed assets with the Company at any time during the year.
 
 b) As explained to us, during the year, no fixed assets have been
 procured ordisposed off.  
 
 (ii) There was no inventory with the Company at any time during the
 year.
 
 (iii) During the year, the Company has not taken unsecured loans from
 the parties covered in the register to be maintained under Section 301
 of the Companies Act, 1956. The maximum balance and closing balance
 Including opening balance against the loan taken in earlier years is
 Rs. 655.80 lacs.
 
 Further the Company has granted loan to one party covered in the
 register to be maintained under Section 301 of the Companies Act, 1956.
 The maximum balance and closing balance against the loan is Rs. 28.81
 lacs.
 
 We have been explained that the above loans are payable on demand. As
 regards the other terms and conditions of the said loans, whether the
 same are prima facie prejudicial to the Company''s interest can not be
 commented upon by us since there is no formal documentation in respect
 of the above loans. Also for the above reason, we cannot comment upon
 (i) regularity in services (ii) Overdue Principal and (iii)
 Reasonableness in steps taken by the Company to recoverthe above loan.
 
 (iv) In our opinion, there are adequate internal control procedures
 commensurate with the size of the Company and the nature of its
 business forthe provision of services. During the course of the audit,
 we have not come across any major weakness in the internal controls
 prevailing in the Company.
 
 (v) There were no transactions entered into by the Company during the
 year, with the parties listed in the Register maintained under Section
 301 of the Companies Act, 1956.
 
 (vi) The Company has not accepted any deposits from the public within
 the purview of the directives issued by the Reserve Bank of India and
 the provisions of Sections 58A and 58AA or any other relevant
 provisions of the Companies Act, 1956 and the rules framed there under.
 
 (vii) The Company does not have a formal internal audit system at any
 time during the year under review.
 
 (viii) As explained to us, maintenance of cost records has not been
 prescribed by the Central Government for the Company under Section
 209(1) (d) of the Companies Act, 1956.
 
 (ix) As per the records verified by us and as explained to us, the
 Company has been regular in depositing undisputed statutory dues
 involving Income-tax with the appropriate authorities. There were no
 arrears under the above heads which were duo for more than six months
 from the date they became payable as at the close of the year. Keeping
 in view the present operations of the Company, statutes relating to
 Employees'' State Insurance, Sales-tax, Services Tax, Wealth Tax, Custom
 Duty, Investor Education and Protection Fund, Excise Duty and Cess are
 not applicable to the Company during the year under review.
 
 As per the records, no statutory dues have been disputed and lying
 pending with the Company as at the close of the year under review.
 
 (x) As per the accounts verified by us, the Company''s accumulated
 losses as at the end of the current financial year have exceeded 50% of
 its Net Worth as on that date. Also, the Company has incurred cash
 losses in the current as well as in the immediately preceding financial
 years.
 
 (xi) As per the records verified by us, the Company has defaulted in
 repayment of loans to banks/financial institutions. The balance
 outstanding as on 31.03.2013 is Rs.134.83 lacs (excluding interest
 thereon).  Further, no amounts were borrowed by the Company through
 Debentures.
 
 (xii) As per the records verified by us, the Company has not granted
 loans and advances on the basis of security by way of pledge of shares,
 debentures and other securities during the year under review.
 
 (xiii) As explained to us, the provisions of special statutes
 applicable to Chit fund, Nidhi, Mutual Benefit Fund or Societies are
 not applicable to the Company during the year under review.
 
 (xiv) During the year under review, the Company has not dealt with or
 traded in the shares, securities, etc.
 
 (xv) As explained to us, the Company has not given any guarantee for
 loans taken by others from banks or financial institutions. (Refer Note
 No. 23 of the financial statements)
 
 (xvi) No Term loans were obtained by the Company during the year under
 review.
 
 (xvii) Based on the overall funds flow of the Company, we are of the
 opinion that no funds raised by the Company on short-term basis during
 the year were utilized for long term investment.
 
 (xviii) The Company has not made any preferential allotment of equity
 shares during the year.
 
 (xix) The Company has not issued any Debentures and hence no securities
 kre required to be created in respect thereof.
 
 (xx) The Company has not raised any money by way of public issue during
 the year under review.
 
 (xxi) As per the books examined by us and based on the explanations
 given to us, no fraud on or by the Company has been noticed or reported
 during the year.
 
 
                                              For S M N P & Co.
                                              Chartered Accountants 
                                       Firm Registration No.105929W
 
                                                  Anand Malpani
                                             Membership No.F-125779 
 Place:Mumbai, 
 Dated:20th August,2013
સ્તોત્ર: રેલીગેર ટેકનોવા


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