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Advance Metering Technology Ltd.

BSE: 534612 Sector: Engineering
NSE: AMTL ISIN Code: INE436N01029
BSE LIVE 15:40 | 02 Dec 27.25 -0.55
(-1.98%)
OPEN

28.00

HIGH

28.00

LOW

27.00

NSE LIVE 15:30 | 02 Dec 27.30 -0.70
(-2.50%)
OPEN

28.00

HIGH

28.00

LOW

27.00

OPEN 28.00
PREVIOUS CLOSE 27.80
VOLUME 4250
52-Week high 37.20
52-Week low 18.55
P/E
Mkt Cap.(Rs cr) 43.76
Buy Price 0.00
Buy Qty 0.00
Sell Price 26.95
Sell Qty 50.00
OPEN 28.00
CLOSE 27.80
VOLUME 4250
52-Week high 37.20
52-Week low 18.55
P/E
Mkt Cap.(Rs cr) 43.76
Buy Price 0.00
Buy Qty 0.00
Sell Price 26.95
Sell Qty 50.00

Advance Metering Technology Ltd. (AMTL) - Auditors Report

Company auditors report

TO THE MEMBERS OF ADVANCE METERING TECHNOLOGY LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Advance MeteringTechnology Limited ("the Company") which comprise the Balance Sheet as at31st March 2016 the Statement of Profit and Loss the Cash Flow Statement for the yearthen ended and a summary of the 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 in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples financial 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 records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments 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 accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions 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 about whetherthe financial statements are free from material misstatement. An audit involves performingprocedures to obtain audit evidence about the amounts and the disclosures in the financialstatements. The procedures selected depend on the auditor’s judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company’s preparation of the financial statementsthat give a true and fair view in order to design audit procedures that are appropriate inthe circumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by theCompany’s Directors as well as evaluating the overall presentation of the financialstatements.

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 31stMarch 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 Section 143(11) of theAct 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 andobtained all the information and explanations which to the best of our knowledge andbelief 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; statements complywith the Accounting Standards d) In our opinion the aforesaid standalone financialspecified 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 31 st March 2016 from being appointed as a director in terms ofSection 164 (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".

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. As informed the Company does not have any material pending litigation (refer to Note31(a) and (b) of the Financial Statement).

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

iii. There were no amounts required to be transferred to the Investor Education andProtection Fund by the Company.

For S S Kothari Mehta &Co
Chartered Accountants
Firm’s Registration No. 000756N
Neeraj Bansal
Partner
Membership No. 095960
Place of Signature: Noida
Date: 5th May 2016

Annexure A to the Independent Auditor’s Report to the members of Advance MeteringTechnology Limited dated 5th May 2016

Report on the matters specified in paragraph 3 of the Companies (Auditor’sReport) Order 2016 ("the Order’) issued by the Central Government of India interms of Section 143(11) of the Companies Act 2013 ("the Act") as referred toin paragraph 1 of ‘Report on Other Legal and Regulatory Requirements’ section

(i) (a) The Company is maintaining proper records showing full particulars includingquantitative detailsand situation of fixed assets;

(b) The Company has physically verified these fixed assets as per its program ofphysical verification that covers every item of fixed assets over a period of three years.No material discrepancies were noticed on such verification;

(c) The title deeds of immovable properties are held in the name of the Companyasverified from the original/ photocopies of original title deeds. Some of the originaltitle deeds are pledged with banks as security against term loans which are Certified bythe management.

(ii) (a) The inventories of the Company have been physically verified by the managementduring the year. In our opinion such verification is reasonable ;

(b) The procedure of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness ;

(c ) The company is maintaining proper records of Inventory. The discrepancies noticedon physical verification of inventory between physical stock and inventory records werenot material and have been properly dealt with in books of account.

(iii) The Company has granted unsecured loan during the year and had given Stand ByLetter of Credit to parties covered in the register maintained under Section 189 of theAct. The receipt of the principal amount and interest is regular as per the agreed terms.There is no overdue amount in respect of such loan.

(iv) The Company has granted loan to Company in terms of Section 185 of the Act. Theloans& Security given are exempt from the provision of section 185 read with rules andcomplied with the provision of section 186.

(v) As per information and explanation provided to us the Company has not accepted anypublic deposits during the year. Further we have not come across any such deposit(s) northe management has reported any such deposit(s) therefore the directives issued by theReserve Bank of India and the provisions of Sections 73 to 76 or any other relevantprovisions of the Act and the rules framed there under are not applicable;

(vi) The Company is not required to maintain books and records as specified by theCentral Government under sub-section (l) of Section 148 of the Act;

(vii) (a) The Company is generally regular in depositing undisputed statutory duesincluding provident fundemployees’ state insurance income-tax sales-tax servicetax duty of customs duty of excise value added tax cess andany other statutory dues tothe appropriate authorities. There are no arrears of outstanding statutory dues as at thelast day of the financial year concerned for a period of more than six months from thedate they became payable.

(b) According to the information and explanation given to us and the records of theCompany examined by us there are no dues of income tax or sales tax or service tax orduty of customs or duty of excise or value added tax that have not been deposited onaccount of any dispute.

(viii) The Company has not defaulted in repayment of loans or borrowing to afinancialinstitution bank or government. The Company has not issued any debentures;

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year. Term loans were applied for thepurposes for which those are raised;

(x) According to the information and explanations given to us no fraud by the Companyor fraud on the Company by its officers or employees has been noticed or reported duringthe year;

(xi) According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has paid or provided for themanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of Section 197 read with Schedule V to the Act;

(xii) The Company is not a Nidhi Company hence clause (xii) of the Order is notapplicable to the Company;

(xiii) 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; - Please refer to note no 37 of Financial Statement.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under audit.

(xv) 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 clause (xv) ofparagraph 3 of the Order is not applicable;

(xvi) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For S S Kothari Mehta &Co
Chartered Accountants
Firm’s Registration No. 000756N
Neeraj Bansal
Partner
Membership No. 095960
Place of Signature: Noida
Date: 5th May 2016

Annexure B to the Independent Auditor’s Report to the members of Advance MeteringTechnology Limited dated 5th May 2016

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act") as referred to in paragraph 2(f) of‘Report on Other Legal and Regulatory Requirements’ section of our reportreferred above

We have audited the internal financial controls over financial reporting of AdvanceMetering Technology Limited ("the Company") as of 31st March 2016 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

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 internal control stated in theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe Institute of Chartered Accountants of India". 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 company’s policies the safeguarding of its assets theprevention 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 accordance with the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting (the "Guidance Note") and theStandards on Auditing issued by ICAI and deemed to be prescribed under Section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols both applicable to an audit of Internal Financial Controls and both issued bythe Institute of Chartered Accountants of India.

Those Standards and the Guidance Note require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether adequateinternal financial controls over financial reporting was established and maintained and ifsuch 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 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 auditor’s judgement including the assessment of the risks of materialmisstatement of the financial 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 in accordance with generally acceptedaccounting principles. A company’s internal financial control over financialreporting includes those policies and procedures that:

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

b) 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

c) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company’s assets that could havea 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.

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 generally operating effectively as at 31stMarch 2016 basedon "the internal control over financial reporting criteria Systems& proceduresestablished 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".

For S S Kothari Mehta &Co
Chartered Accountants
Firm’s Registration No. 000756N
Neeraj Bansal
Partner
Membership No. 095960
Place of Signature: Noida
Date: 5th May 2016

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