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Accel Transmatic Ltd.

BSE: 517494 Sector: Consumer
NSE: N.A. ISIN Code: INE258C01020
BSE LIVE 15:15 | 05 Dec 5.43 -0.28
(-4.90%)
OPEN

5.43

HIGH

5.43

LOW

5.43

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 5.43
PREVIOUS CLOSE 5.71
VOLUME 1050
52-Week high 10.08
52-Week low 4.68
P/E
Mkt Cap.(Rs cr) 5.99
Buy Price 0.00
Buy Qty 0.00
Sell Price 5.43
Sell Qty 1455.00
OPEN 5.43
CLOSE 5.71
VOLUME 1050
52-Week high 10.08
52-Week low 4.68
P/E
Mkt Cap.(Rs cr) 5.99
Buy Price 0.00
Buy Qty 0.00
Sell Price 5.43
Sell Qty 1455.00

Accel Transmatic Ltd. (ACCELTRANS) - Auditors Report

Company auditors report

To

The Members

Accel Transamatic Limited.

We have audited the accompanying standalone financial statements of Accel TransmaticLimited ('the Company') which comprise the Balance Sheet as at 31st March 2015 theStatement of Profit and Loss and the Cash flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013("the Act") with respect to the preparation andpresentation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgements and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance aboutwhetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2015 and its Loss and its cash flows forthe year ended on that date.

Emphasis of Matter

i) We draw attention to Note No.9.7 As stated therein the management expects the valuein use based on estimated future cash flows forthe Intellectual Property rightsamounting to Rs. 54976881/- carried in the books as Intangible Asset to be not lessthan its carrying amount . Hence no adjustment for impairment is made in the books ofaccount. The pattern/quantum of the cash flows would however depend upon crystallizationof enquiries received by the company.

ii) Also as stated in Note No.4.1 the Company has suffered cash loss from itsoperations during the year. The Net Worth of the Company has been fully eroded as at theBalance Sheet date. The Current Liabilities as at the year end exceeds the Current Assetsby Rs.14671393/-. This read with the matters stated in para (i) above raises seriousdoubt about the ability of the Company to continue as a going concern.

iii) Attention is invited to Note No.21.9. As stated therein the proposal of merger ofthe holding Company with the Company we.f. 1st April 2014 (Appointed Date) is pendingbefore the Stock Exchange and hence no adjustments have been made in the Accounts towardsthe same.

Our opinion is not qualified in respect of the above matters.

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(ll) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in the paragraph 3and 4 of the Order to the extent applicable.

2. As required by Section 143(3) of the Act we reportthat:

(a) we have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of ouraudit;

(b) in our opinion proper books of account as required by law have been kept by theCompany so far as it appears from ourexamination of those books;

(c) the Balance Sheet the Statement of Profit and Loss and the Cash flow Statementdealt with by this Report are in agreement with the books of account;

(d) in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

(e) on the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none ofthe directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164(2) ofthe Act;

(f) The matters discussed in sub- para (i) and (ii) under "Emphasis ofMatter" paragraph above in our opinion may have an adverse impact on thefunctioning ofthe Company

(g) with respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

(h) the Company has disclosed the impact of pending litigations on its financialposition in its financial statements-Refer Note-21.6 to the financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii. There has been a delay of 7 months and 26 days for transfer of an amount ofRs.101817 to the Investor Education and Protection and Protection Fund. The amount wasdue to be transferred on 23rd September 2014. The transfer however is seen made only on19th May 2015.

For Varma & Varma
Chartered Accountants
Firms' Registration No. 04532S
Chennai P.R. Prasanna Varma
26th May 2015 Partner
Membership No.025854

Annexure Referred to In Paragraph 1 of the Independent Auditors' Report

The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the standalone financial statements for the year ended 31st March2015 we reportthat:

(I) a. The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b. The fixed assets of the company have been physically verified by the managementduring the year which in our opinion is reasonable having regard to the size of thecompany and the nature of assets and as per the information and explanation furnished tous no material discrepancies have been noticed on such verification.

(ii) The Company does not carry any Inventory as at the year end and hence thequestion of physical verification of inventory does not arise. Hence the Paragraph(ii)(a) 4(ii)(b) & 4(ii)(c) of Companies (Auditor's Report) Order 2015 are notcommented upon by us.

(iii) The Company has not granted any loans secured or unsecured to companies/firmsor other parties covered in the register maintained under section 189 ofthe Companies Act2013. Hence relative reporting requirement of the Order is not applicable and notcommented upon.

(iv) In our opinion and according to the information and explanations given to us theinternal control systems for the purchase of fixed assets and for the sale of goods andservices are generally commensurate with the size of the company and nature of itsbusiness. There are no major weaknesses in internal control of a continuing nature.

(v) The Company has not accepted any deposits from the public.

(vi) To the best of our knowledge and according to the information and explanationsgiven to us the Central Government has not prescribed the maintenance of cost recordsunder Section 148(1) of the Act for the company atthis stage.

(vii) a. According to the information and explanations given to us and on the basis ofour examination of the records of the Company there are certain delay in depositingIncome Tax Service Tax Sales Tax Employees State Insurance and Employees Provident withthe appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax wealth tax service tax dutyof customs value added tax cess and other material statutory dues were in arrears as at31st March 2015 for a period of more than six months from the date they becamepayable except Income Tax (Tax deducted at source) Rs.1412206/-.

b. According to the information and explanations given to us and the records of theCompany examined by us the following disputed amounts have not been deposited with theauthorities as at 31st March 2015 as per details given below:

Nature of dues Period to which it relates Amount Forum where the dispute is pending
Income Tax AY 2008-09 TO AY 2010-11 13611559 Income Tax Appellate Tribunal Kochi
Customs Duty 2010 - 11 3388000 Honorable High Court Of Kerala

c. According to the information and explanations given to us the amounts which wererequired to be transferred to the investor education and protection fund in accordancewith the relevant provisions of the Companies Act 1956 (1 of 1956) and rules there underhas been transferred to such fund within time except to the extent mentioned in para2(g)(iii) of the report.

(viii) The accumulated loss at the end of the financial year is more than 50% of itsnetworth. The company has incurred cash loss in the financial year and in the immediatelypreceeding financial year.

(ix) According to the information and explanations given to us the Company has notdefaulted in repayment of dues to any banks orfinancial institution.

(x) In our opinion and according to the information and explanations given to us theCompany has not given any guarantee for loans taken by others from banks orfinancialinstitutions.

(xi) According to the information and explanations given to us and the records of thecompany examined by us the Company has not availed any term loans during the year andhence relative clause is not commented upon.

(xii) According to the information and explanations given to us no material fraud onor by the Company has been noticed or reported during the course of our audit.

For Varma & Varma
Chartered Accountants
Firms' Registration No. 04532S
Chennai P.R. Prasanna Varma
26th May 2015 Partner
Membership No.025854

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