You are here » Home » Companies » Company Overview » Ador Multi Products Ltd

Ador Multi Products Ltd.

BSE: 523120 Sector: Consumer
NSE: N.A. ISIN Code: INE628D01014
BSE LIVE 15:15 | 01 Dec 25.00 -0.45
(-1.77%)
OPEN

24.20

HIGH

25.00

LOW

24.20

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 24.20
PREVIOUS CLOSE 25.45
VOLUME 9900
52-Week high 25.50
52-Week low 9.67
P/E
Mkt Cap.(Rs cr) 7.15
Buy Price 0.00
Buy Qty 0.00
Sell Price 25.00
Sell Qty 100.00
OPEN 24.20
CLOSE 25.45
VOLUME 9900
52-Week high 25.50
52-Week low 9.67
P/E
Mkt Cap.(Rs cr) 7.15
Buy Price 0.00
Buy Qty 0.00
Sell Price 25.00
Sell Qty 100.00

Ador Multi Products Ltd. (ADORMULTIPROD) - Auditors Report

Company auditors report

To the Members of Ador Multiproducts Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of AdorMultiproducts Limited (‘the Company’) which comprise the Balance sheet asat March 31 2016 the Statement of Profit and loss and the Cash Flow Statement for theyear ended and a summary of significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated insub-section 5 of Section 134 of the Companies Act 2013 ("the Act") with respectto the preparation and presentation of these financial statements that give a true andfair view of the financial position and financial performance of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditors’ 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 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 assessmentsthe 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 these financial statements.

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 March31 2016 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 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 Rs.A’ a statement on the mattersspecified in the 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 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 March31 2016 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164 (2) of theAct;

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

g. In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014:

(i) The Company has no pending litigations as per the information furnished to us ;

(ii) The Company has not entered into any derivative transactions as per theinformation furnished to us

(iii) There have been no delays in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For AMARNATH KAMATHAND ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Reg. No.: 000099S
Amarnath Kamath
PARTNER
Membership No. 13124
Bengaluru
May 11 2016

Annexure A to the Independent Auditors’ Report

The Annexure referred to in our Independent Auditors’ Report to the members of theCompany on the financial statements for the year ended March 31 2016:

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

(b) A substantial portion of the fixed assets have been physically verified by themanagement during the year. According to the information and explanations given to usthere is a regular programme of verification which in our opinion is reasonable havingregard to the size of the Company and the nature of its assets. We are informed that nomaterial discrepancies were noticed on such verification.

2) a) We are informed that inventories except goods in transit have been physicallyverified by the management during the year and also at the end of the year. In ouropinion the frequency of verification is reasonable.

b). In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c) In our opinion and according to the information and explanations given to us theCompany is maintaining proper records of inventory. The discrepancies noticed onverification between physical stocks and book records were not material and have beenproperly dealt with in the books of account

3) According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not granted loans to companies firmsor other parties listed in the register maintained under Section 189 of the Act.

4) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act whereverapplicable.

5) The Company has not accepted any deposits from the public in accordance with theprovisions of Section 73 to Section 76 of the Act and the rules framed there under.

6) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the activities by the Company.

7) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including Provident Fund Employees StateInsurance Income tax Sales tax Service tax Excise duty Value added tax cess andother material statutory dues have been regularly deposited during the year by the Companywith the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund Employees State Insurance Income tax Sales taxService tax Excise duty Value added tax cess and other material statutory dues were inarrears as at March 31 2016 for a period of more than six months from the date theybecame payable.

(b) According to the information and explanations given to us there are no materialdues of Income tax Sales tax Service tax Value added tax Excise duty and cess whichhave not been deposited with the appropriate authorities on account of any dispute.

(c) According to the information and explanations given to us there are no cases inthe Company’s books where amounts which were required to be transferred to theInvestor Education and Protection fund in accordance with the relevant provisions of theCompanies Act 1956 (1 of 1956) and rules there under;

8. The Company does not have any loans or borrowings from any financial institutiongovernment or debenture holders during the year. With regard to borrowings from a bankthe Company has not defaulted in repayment of the working capital borrowings from a bank.

9. The Company did not raise any money by way of initial public offer or further publicoffer (including debt instruments) and term loans during the year. Accordingly paragraph3 (ix) of the Order is not applicable.

10. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

11. According to the information and explanations give to us and based on ourexamination of the records of the Company no managerial remuneration is payable inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Act.

12. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

13. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

14. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has made a preferential allotmentby conversion of share warrants into equity shares during the year.

15. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

16. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For AMARNATH KAMATHAND ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Reg. No.: 000099S
Amarnath Kamath
PARTNER
Membership No. 13124
Bengaluru
May 11 2016

Annexure B to the Independent Auditors’ Report

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 (‘the Act’)

We have audited the internal financial controls over financial reporting of AdorMultiproducts Limited (‘the Company’) and its joint venture company incorporatedin India as at March 31 2016 in conjunction with our audit of the consolidated financialstatements of the Company for the year ended and as on that date.

Management’s Responsibility for Internal Financial Controls

The respective Board of Directors of the Company and its joint venture companyincorporated in India are responsible for establishing and maintaining internal financialcontrols based on the respective internal control over financial reporting criteriaestablished by the Company and its joint venture company incorporated in India consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by The Institute of CharteredAccountants of India (the ‘Guidance Note’). These responsibilities include thedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the respective company’s policies the safeguarding of itsassets the prevention and detection of frauds and errors the accuracy and completenessof the accounting records and the timely preparation of reliable financial informationas required under the Act.

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 Standards on Auditing prescribed under Section 143(10)of the Act and the GuidanceNote to the extent applicable to an audit of internal financial controls over financialreporting. Those Standards and the Guidance Note require that we comply with the 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 auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditors’ judgment including the assessment of the risks of materialmisstatement 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 processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany’s assets that could have a material 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.

For AMARNATH KAMATHAND ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Reg. No.: 000099S
Amarnath Kamath
PARTNER
Membership No. 13124
Bengaluru
May 11 2016

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard