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Acme Resources Ltd.

BSE: 539391 Sector: Financials
NSE: N.A. ISIN Code: INE636B01011
BSE LIVE 15:40 | 24 Apr 15.69 -0.31
(-1.94%)
OPEN

15.20

HIGH

16.80

LOW

15.20

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 15.20
PREVIOUS CLOSE 16.00
VOLUME 4711
52-Week high 21.00
52-Week low 11.41
P/E 4.23
Mkt Cap.(Rs cr) 40.39
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 15.20
CLOSE 16.00
VOLUME 4711
52-Week high 21.00
52-Week low 11.41
P/E 4.23
Mkt Cap.(Rs cr) 40.39
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Acme Resources Ltd. (ACMERESOURCES) - Auditors Report

Company auditors report

To the Members of

Acme Resources Limited

1. Report on the Financial Statements

We have audited the accompanying financial statements of Acme Resources Limited ("theCompany") which comprise the Balance Sheet as at 31st March 2016 the Statement ofProfit and Loss the Cash Flow Statement for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

2. Management’s Responsibility for the 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 ofthese financial Statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

3. Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

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

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 about whetherthe 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 ofthe financial statements whether due to fraud or error. In making those risk assessments;the auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating 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 financial statements.

4. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2016 and its Profit and its cash flows for the year ended on that date.

5. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure A a statement on the matters specified inparagraphs 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 bestof 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 theCompany so far as it appears from our examination 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 financial statements comply with the AccountingStandards 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 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms of Section164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; and

(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:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements (Refer Note no. 27 of the financial statement);

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

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection

Fund by the Company.

For T R Chadha & Co LLP
Chartered Accountants
Place of Signature: New Delhi Firm’s Registration Number 006711N/N500028
Date: 25th May 2016 (Neena Goel)
Partner
Membership Number 057986

ANNEXURE A REFERRED TO IN PARAGRAPH 5 (1) OF OUR REPORT OF EVEN DATE

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

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

(b) All the fixed assets have been physically verified by the management during theyear which in our opinion is considered reasonable having regard to the size of thecompany and the nature of its assets and no material discrepancy was noticed on suchverification as compared to book records.

(c) The Company has immovable properties and title deeds are held in the name of thecompany.

2) The physical verification of inventory has been conducted at reasonableintervals by the management and no material discrepancies were noticed during the year.

3) With respect to grant of loans secured or unsecured to companies firms LLPs andPartnership or other parties covered in the register maintained under Section 189 of theCompanies Act;

(a) The company has granted loans to such parties and the terms and conditions of thegrant of such loans are not prejudicial to the company’s interest.

(b) the repayment of principal and interest are regular as per the agreed schedule;

(c) the company has no overdue amount in respect of company covered in the registermaintained under Section 189 of the Companies Act at year end for existing loans.

4) The company is an Non-Banking Financial Company (NBFC). Therefore clause 3 (iv) ofthe order is not applicable.

5) According to the information and explanations given to us the company has notaccepted any deposit from the public within the meaning of Section 73 to 76 or any otherrelevant provisions of the Companies Act and rules framed thereunder.

6) According to the information and explanations given to us the Central Governmenthas not prescribed the maintenance of cost records under sub-section (1) of section 148 ofthe Companies Act 2013 for any for its product and services.

7) In respect of statutory dues

a) The company has been generally regular in depositing undisputed statutory duesincluding provident fund income-tax sales tax duty of customs service tax cess andany other material statutory dues with the appropriate authorities. There are nooutstanding statutory dues as at 31st March 2016 for a period of more than six monthsfrom the date they became payable. We are informed that there is no liability towards

Employees’ State Insurance and duty of Excise for the year under audit.

b) According to the records of the company there are no disputed dues of sales taxincome tax duty of customs service tax and cess which have not been deposited on accountof any dispute.

8) In our opinion and according to the information and explanation given to us thecompany has not defaulted in repayment of loans or borrowing to a financial institutionbank government or dues to debenture holders;

9) The company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Thereforeclause w.r.t. term loans and money raised by way of public offer as given in clause 3 (ix)of the order is not applicable;

10) During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have not come across anyinstance of fraud on or by the company;

11) The Managerial remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of section 197 read with schedule V to theCompanies Act 2013;

12) In our opinion and according to the information and explanation given to us theCompany is not an Nidhi Company. Therefore this clause is not applicable;

13) According to the information and explanation given to us all transactions with therelated parties are in compliance with sections 177 and 188 of Companies Act 2013 whereapplicable and the details have been disclosed in the Financial Statements etc. asrequired by the applicable accounting standards;

14) According to the information and explanation given to us and based on ourexamination of the records of the Company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review;

15) According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransactions with directors or persons connected with him.

16) The company is a Non-Banking Financial Company (NBFC) and registered under section45-IA of the Reserve Bank of India Act 1934 and engaged in the business of loans andadvances.

For T R Chadha & Co LLP
Place of Signature: New Delhi Chartered Accountants
Date: 25th May 2016 Firm’s Registration Number 006711N/N500028
(Neena Goel)
Partner
Membership Number 057986

ANNEXURE - B TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE FINANCIALSTATEMENTS OF ACME RESOURCES LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of AcmeResources Limited ("the Company") as of March 31 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on "the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India". These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company’s policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

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

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on"the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India".

For T R Chadha & Co LLP
Chartered Accountants
Place of Signature: New Delhi Firm’s Registration Number 006711N/N500028
Date: 25th May 2016 (Neena Goel)
Partner
Membership Number 057986