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Advance Metering Technology Ltd.

BSE: 534612 Sector: Engineering
NSE: AMTL ISIN Code: INE436N01029
BSE 12:47 | 25 May 21.80 -0.35
(-1.58%)
OPEN

21.60

HIGH

21.90

LOW

21.60

NSE 05:30 | 01 Jan Advance Metering Technology Ltd
OPEN 21.60
PREVIOUS CLOSE 22.15
VOLUME 280
52-Week high 42.00
52-Week low 20.45
P/E
Mkt Cap.(Rs cr) 35
Buy Price 21.75
Buy Qty 20.00
Sell Price 22.60
Sell Qty 10.00
OPEN 21.60
CLOSE 22.15
VOLUME 280
52-Week high 42.00
52-Week low 20.45
P/E
Mkt Cap.(Rs cr) 35
Buy Price 21.75
Buy Qty 20.00
Sell Price 22.60
Sell Qty 10.00

Advance Metering Technology Ltd. (AMTL) - Auditors Report

Company auditors report

TO THE MEMBERS OF ADVANCE METERING TECHNOLOGY LIMITED Report on the StandaloneFinancial Statements

We have audited the accompanying standalone financial statements of Advance MeteringTechnology Limited("the

Company") which comprise the Balance Sheet as at

31stMarch 2017 the Statement of Profit and Loss the Cash Flow Statement for the yearthen ended the 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 of these standalone financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under Section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation 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.

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 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 ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are freefrom material misstatement. An audit procedures to obtain audit evidence about the amountsand the 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 audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe Company's Directors as well as evaluating the overall presentation of the financialstatements. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the standalone financialstatements.

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 2017 and its losses 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 ("the Order")issued by the Central Government of India in terms of Section 143(11) of the Act we givein the "Annexure A" a statement on the matters specified in paragraphs 3and 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 ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books; c) The Balance Sheet the Statement of Profit and Loss andthe Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount; d) statements comply with the Accounting Standards In our opinion the aforesaidstandalone financial specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014; e) On the basis of the written representations receivedfrom the directors as on 31stMarch 2017 taken on record by the Board of Directors noneof the directors is disqualified as on 31st March 2017 from being appointed as a directorin terms of Section 164 (2) of the Act; f) With respect to the adequacy of the internalfinancial controls over financial reporting of theCompany and the operating effectivenessof such controls refer to our separate Report in "Annexure B". g) Withrespect to the other matters to be included in the Auditor's Report in accordance withRule 11 of the

Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: i. As informed the Companydoes not have any pending litigations-(refer note 31 (a) to the Financial Statements); ii.The Company did not have long-term contracts including derivative contracts for whichthere were any material foreseeable losses; iii. There were no amounts required to betransferred to the Investor Education and Protection Fund by the Company; iv. As explainedto us and on the basis of the information and explanation provided to us the division hasprovided requisite disclosures in the financial statements as to holdings as well asdealings in Specified Bank Notes during the period from November 08 2016 to December 302016. Based on audit procedures and relying on the management representation we reportthat the disclosures are in accordance with books of account maintained by the divisionand as produced to us by the Management (refer note no 44 to the Financial Statements).

For S S Kothari Mehta &Co.

Chartered Accountants Firm's Registration No. 000756N Neeraj Bansal Partner

Membership No. 095960

Place of Signature: Noida

Date: 22 nd May 2017

Annexure A to the Independent Auditor's Report to the members of Advance MeteringTechnology Limited dated

22nd May 2017

Report on the matters specifiedin paragraph 3 of the Companies (Auditor's Report)Order 2016 ("the Order') issued by the Central Government of India in terms ofSection 143(11) of the Companies Act 2013 ("the Act") as referred to inparagraph 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 verifiedthese fixed assets as per its program of physical verification that covers every item offixed assets over a period of three years. No material discrepancies were noticed on suchverification; (c) The title deeds of immovable properties are held in the name of theCompanyas verified from the original/ photocopies of original title deeds. Some of theoriginal title deeds are pledged with banks as security against term loans which arecertified by the management.

(ii) The physical verification of inventory has been conducted at reasonable intervalsby the management.No material discrepancies were noticed on such physical verification;

(iii) The Company has granted unsecured loan to party covered in the registermaintained under Section 189 of the Companies Act 2013: (a) In our opinion the terms andconditions of the grant of such loans are not prejudicial to the company's interest; (b)&(c) The schedule of repayment of principal and payment of interest has beenstipulated and the repayments or receipts are regular. There is no overdue amount inrespect of said loan. (iv) The Company has granted loan to Company in terms of Section 185of the Act. The loans& Security given are exempt from the provision of section 185read with rules and complied with the provision of section 186 (v) As per information andexplanation provided to us the Company has not accepted any public deposits during theyear. Further we have not come across any such deposit(s) nor the management has reportedany such deposit(s) therefore the directives issued by the Reserve Bank of India and theprovisions of Sections 73 to 76 or any other relevant provisions of the Act and the rulesframed 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 Companyis generally regular in depositing undisputed statutory dues including providentfundemployees' state insurance income-tax sales-tax service tax duty of customs dutyof excise value added tax cess andany other statutory dues to the appropriateauthorities. There are no arrears of outstanding statutory dues as at the last day of thefinancial year concerned for a period of more than six months from the date they becamepayable.

(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 a financialinstitution 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 explanationsgiven to us no fraud by the Company or fraud on the Company by its officers or employeeshas been noticed or reported during the 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 aNidhi Company hence clause (xii) of the Order is not applicable to the Company; (xiii)According to the information and explanations given to us and based on our examination ofthe records of the Company transactions with the related parties are in compliance withsections 177 and 188 of the act where applicable and details of such transactions havebeen disclosed in the financial statements as required by the applicable accountingstandards-refer to note number 37 of the Financial Statement; (xiv) The Company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under audit; (xv) According to the information andexplanations given to us and based on our examination of the records of the company thecompany has not entered into non-cash transactions with directors or persons connectedwith him. Accordingly clause (xv) of paragraph 3 of the Order is not applicable; (xvi)The Company is not required to be registered under Section 45-IA of the Reserve Bank ofIndia 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: 22 nd May 2017

Annexure B to the Independent Auditor's Report to the members of Advance MeteringTechnology Limited dated 22nd May 2017

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' sectionof our report referredabove

We have audited the internal financial controls over financial reporting of AdvanceMetering Technology Limited ("the Company") as of 31st March 2017 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 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 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 the Standards on Auditing issued by ICAIand deemed to be prescribed under

Section 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial established and maintained and if such controls operatedeffectively 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. of internal financial Ourauditofinternalfinancialcontrolsoverfinancialweakness exists and testing and evaluating the design controlsoverfinancial 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 statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and on the Company'sinternal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company'sinternalfinancialcontrol over financial reporting is a process designed toprovide reasonable assurance regarding the reliability of financial reporting and thepreparation financialstatements for external purposes in of accordance with generallyaccepted accounting principles. A company's internal financial control over financialincludes those policies and procedures that: a) pertain to the maintenance of recordsthat in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; b) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and c) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 collusion or improper management override of controls material misstatementsdue to error or fraud may occur and not be detected. Also projections of any evaluationoftheinternalfinancialcontrols over financial reporting to future periods are subject tothe risk that the internal financial control over financial reporting may becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies 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 2017 basedon "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".Statements ).

For S S Kothari Mehta &Co.

Chartered Accountants Firm's Registration No. 000756N

Neeraj Bansal Partner

Membership No. 095960

Place of Signature: Noida

Date: 22nd May 2017