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Stovec Industries Ltd.

BSE

Apr 28, 11:39
2465.00 -44.90 ( -1.82 %)
 
VOLUME : 175
PREV. CLOSE
2509.90
OPEN PRICE
2509.00
TODAY'S LOW / HIGH
2452.05
 
 
 
2520.00
BID PRICE(QTY.) 2466.00 (5)
OFFER PRICE (Qty.)
2491.10 (5)
52 WK LOW / HIGH
1860.00
 
 
 
2580.00
Stovec Industries Ltd. is not traded in NSE

Auditor Report

Market Cap.(`) 514.70 Cr. P/BV 5.72 Book Value (`) 430.62
Bookclosure 11/05/2017 FV/ML 10/1 P/E(X) 20.63
EPS (`) 119.47 Div Yield (%) 1.26
You can view full text of the latest Auditor's Report for the company.
Year End :2015-12 

Report on the Standalone Financial Statements

 

  1. We have audited the accompanying standalone financial statements of Stovec Industries
    Limited ("the Company"), which comprise the Balance Sheet as at December 31, 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 Standalone Financial Statements

 

  1. 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 standalone financial
    statements to 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.

 

Auditors' Responsibility

 

  1. Our responsibility is to express an opinion on these standalone financial statements based on our
    audit.

     

  2. We have taken into account the provisions of the Act and the Rules made thereunder including the
    accounting standards and matters which are required to be included in the audit report.

     

  3. We conducted our audit in accordance with the Standards on Auditing specified under Section
    143(10)of the Act and other applicable authoritative pronouncements issued by the Institute of
    Chartered Accountants of India. Those Standards and pronouncements 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.

     

  4. 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, 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
    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.

     

  5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
    basis for our audit opinion on the standalone financial statements.

Opinion

 

  1. In our opinion and to the best of our information and according to the explanations given to us, the
    aforesaid standalone 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 December 31, 2015, and its profit
    and its 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', issued by the Central Government

of India in terms of sub-section (11) of section 143 of the Act (hereinafter referred to as the

"Order"), and on the basis of such checks of the books and records of the Company as we
considered appropriate and according to the information and explanations given to us, we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

 

  1. As required by Section 143 (3) of the Act, we report that:

 

  1. 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.

     

  2. 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.

     

  3. 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.

     

  4. In our opinion, the aforesaid standalone financial statements comply with the Accounting
    Standards specified under Section 133 of the Act, read with Rule 7 of the Companies
    (Accounts) Rules, 2014.

     

  5. On the basis of the written representations received from the directors as on December 31,
    2015 taken on record by the Board of Directors, none of the directors is disqualified as on
    December 31, 2015 from being appointed as a director in terms of Section 164 (2) of the Act.

     

  6. With respect to the other matters to be included in the Auditors' Report in accordance with
    Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of
    our knowledge and belief and according to the information and explanations given to us:

 

  1. The Company has disclosed the impact, if any, of pending litigations as at December 31,
    2015 on its financial position in its standalone financial statements;

     

  2. The Company has long-term contracts including derivative contracts as at December 31,
    2015 for which there were no material foreseeable losses.

     

  3. There has been no delay in transferring amounts, required to be transferred, to the
    Investor Education and Protection Fund by the Company during the year ended December

  1. 2015.

 

For Price Waterhouse

Firm Registration Number: 301112E
Chartered Accountants

Sd/-

Place : Mumbai

Date : February 16, 2016

Priyanshu Gundana

Partner

Membership Number: 109553

 

Annexure to Independent Auditors' Report

 

Referred to in paragraph 9 of the Independent Auditors' Report of even date to the members of Stovec

Industries Limited on the standalone financial statements as of and for the year ended December 31, 2015.

 

i.(a) The Company is maintaining proper records showing full particulars, including quantitative

details and situation, of fixed assets.

 

(b) The fixed assets are physically verified by the Management according to a phased programme

designed to cover all the items over a period of three years which, in our opinion, is
reasonable having regard to the size of the Company and the nature of its assets. Pursuant

to the programme, a portion of the fixed assets has been physically verified by the

Management during the year and no material discrepancies have been noticed on such
verification.

 

ii. (a)The inventory excluding stocks with third parties has been physically verified by the

Management during the year. In respect of inventory lying with third parties, these have
substantially been confirmed by them. In our opinion, the frequency of verification is
reasonable.

 

  1. In our opinion, the procedures of physical verification of inventory followed by the
    Management are reasonable and adequate in relation to the size of the Company and the
    nature of its business.

     

  2. On the basis of our examination of the inventory records, in our opinion, the Company is
    maintaining proper records of inventory. The discrepancies noticed on physical verification of
    inventory as compared to book records were not material.

 

  1. 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 Act. Therefore, the
    provisions of Clause 3(iii), (iii)(a) and (iii)(b) of the said Order are not applicable to the
    Company.

     

  2. 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 for the purchase of inventory and fixed assets and for the sale of goods and
    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, we have neither come across,
    nor have been informed of, any continuing failure to correct major weaknesses in the
    aforesaid internal control system.

     

  3. The Company has not accepted any deposits from the public within the meaning of Sections
    73, 74, 75 and 76 of the Act and the rules framed there under to the extent notified.

     

  4. We have broadly reviewed the books of account maintained by the Company in respect of
    products where, pursuant to the rules made by the Central Government of India, the
    maintenance of cost records has been specified under sub-section (1) of Section 148 of the
    Act, and are of the opinion that, prima facie, the prescribed accounts and records have been
    made and maintained. We have not, however, made a detailed examination of the records
    with a view to determine whether they are accurate or complete.

     

  5. (a) According to the information and explanations given to us and the records of the Company

examined by us, in our opinion, the Company is regular in depositing the undisputed statutory

dues, including provident fund, employees' state insurance, income tax, sales tax, wealth tax,
service tax, duty of customs, duty of excise, value added tax, and other material statutory
dues, as applicable, with the appropriate authorities.

 

  1. According to the information and explanations given to us and the records of the Company

examined by us, there are no dues of sales-tax, wealth-tax, duty of customs and value added

tax which have not been deposited on account of any dispute. The Particulars of dues of

 

 

Referred to in paragraph 9 of the Independent Auditors' Report of even date to the members of Stovec
Industries Limited on the standalone financial statements as of and for the year ended December 31, 2015.

income tax, service tax and duty of excise as at December 31, 2015 which have not been
deposited on account of dispute, are as follows:

 

Name of the
statute

Nature of dues

Amount*

(Rs.)

Period to which the
amount relates

Forum where the
dispute is pending

The Income Tax
Act, 1961

Tax Liability
Including Interest

5,100,601

Assessment year
2007 - 2008

Income Tax Appellate
Tribunal

Service Tax
The Finance
Act, 1994

Tax Including
Interest and
Penalty

444,777

2003 - 2004

Custom, Excise and
service Tax appellate
Tribunal

The Central
Excise Act,
1944

Tax Including
Interest and
Penalty

4,138,118

2002 - 2007

Custom, Excise and
service Tax appellate
Tribunal

*Net of payments made

 

  1. The amount required to be transferred to Investor Education and Protection Fund has been
    transferred within the stipulated time in accordance with the provisions of the Companies Act,
    1956 and the rules made thereunder.

 

  1. The Company has no accumulated losses as at the end of the financial year and it has not
    incurred any cash losses in the financial year ended on that date or in the immediately
    preceding financial year.

     

  2. As the Company does not have any borrowings from any financial institution or bank nor has
    it issued any debentures as at the balance sheet date, the provisions of Clause 3(ix) of the
    Order are not applicable to the Company.

     

  3. In our opinion, and according to the information and explanations given to us, the Company
    has not given any guarantee for loans taken by others from banks or financial institutions
    during the year. Accordingly, the provisions of Clause 3(x) of the Order are not applicable to
    the Company.

     

  4. The Company has not raised any term loans. Accordingly, the provisions of Clause 3(xi) of the
    Order are not applicable to the Company.

     

  5. During the course of our examination of the books and records of the Company, carried out in
    accordance with the generally accepted auditing practices in India, and according to the
    information and explanations given to us, we have neither come across any instance of
    material fraud on or by the Company, noticed or reported during the year, nor have we been
    informed of any such case by the Management.

 

For Price Waterhouse

Firm Registration Number: 301112E
Chartered Accountants

Sd/-

Place : Mumbai

Date : February 16, 2016

Priyanshu Gundana

PartnerMembership Number: 109553

 

 

 

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