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Updated:24 Feb, 2020, 11:17 AM IST

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Updated:24 Feb, 2020, 11:18 AM IST

Independent Auditor's Report

To

The Members of STL GLOBAL LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of STL GLOBAL LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2015, the Statement of Profit & Loss, 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 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 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; 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 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 the disclosures in the financial statements. 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 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 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 March 31,2015, and its loss 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 ("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 statement on the matters specified in paragraph 3 and 4 of the Order to the extent applicable.

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 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 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 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 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; and.

f) In our opinion and to the best of our information and according to the explanations given to us, we report as under 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:

i. The company has disclosed the impact of pending litigation on its financial position in its financial statements. (Please refer note 27 to the financial statements)

ii. The company did not have any long term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise.

iii. There has not been any occasion in case of the Company during the year under report to transfer any sums to the investor Education and protection Fund. The question of delay in transferring such sums does not arise..

Annexure to the Independent Auditor's Report

The Annexure referred to in our independent Auditor's report to the members of the Company on the financial statements for the year ended 31st March, 2015, 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, fixed assets covering significant value have been physically verified by the management at reasonable intervals and no material discrepancies were identified on such verification.

(ii) (a) As explained to us, Inventories have been physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of its business.

(c) In our opinion and on the basis of our examination of the records, the company is generally maintaining proper records of inventories and no material discrepancies were noticed on physical verification of inventories by the management

(iii) According to the information and explanation given to us and on the basis of our examination of the books of accounts, 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.

(iv) In our opinion and according to the information and explanations given to us and on the basis of our examination of books and records of the Company, there is an adequate internal control system commensurate with the size of the company and the nature of its business and no major weakness has been noticed or reported in the internal control systems in respect of those areas.

(v) The Company has not accepted any deposits from the public covered under section 73 to 76 of the Companies Act, 2013.

(vi) In our Opinion and as per information and explanation given to us, no maintenance of cost records has been prescribed by the Central Government under section 148 (1) of the Companies Act, 2013.

(vii) (a) According to the information and explanations given to us and on the basis of our examination of Company's books and records, the Company is regular in depositing undisputed statutory dues including provident fund, employee's state insurance, Income tax, sale tax, wealth tax, service tax, excise duty, custom duty, value added tax, cess and any other statutory dues as applicable with the appropriate authorities. And no undisputed statutory dues payable as at 31st March, 2015 for a period of more than six months from the date they become payable.

(c) According to the information and explanations given to us there has not been an occasion in the case of Company during the year under report to transfer any sums to the investor Education and Protection Fund. The question of reporting delay in transferring such sums does not arise;

(viii). In our opinion and according to the information and explanation given to us the Company has been registered for more than five years and its accumulated losses at the end of the financial year are more than fifty percent of its net worth. The Company has incurred cash losses during the current financial year covered by our audit and in the immediately preceding financial year;

(ix) Based on our audit procedures and as per the information and explanations given to us, the Company has defaulted in repayment of loans and interest to bank and financial institutions and the Punjab National Bank as consortium leader issued Notice u/s 13(2) and further u/s 13(4) of the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act,2002. by declaring accounts as NPA. The Company disputes the validity of the aforesaid notices and has a separate claim for losses due to action/inaction of various parties and filed an Appeal U/s 17 of the same Act before Hon'ble DRT–I Chandigarh and are under consideration;

(x) 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 bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the Company;

(xi) In our opinion and according to the information and explanations given to us, the Company has not raised any term loan s during the year.

(xii) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the year.

For MM Goyal & Co.

Chartered Accountants

Firm Registration No. : 007198N

M.M.Goyal

Partner

Membership No. 86085

New Delhi

May 29th 2015

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