You are here » Home » Companies » Company Overview » Advance Multitech Ltd

Advance Multitech Ltd.

BSE: 526331 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr)
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr)
Buy Price
Buy Qty
Sell Price
Sell Qty

Advance Multitech Ltd. (ADVANCEMULTI) - Auditors Report

Company auditors report

To the Members of

M/S. ADVANCE MULTITECH LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of ADVANCE MULTITECH LIMITED ("theCompany") which comprise the Balance Sheet as at March 31 2015 the Statement ofProfit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management’s Responsibility for the Sandalone 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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting 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 Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities selection and application ofappropriate accounting policies; making judgements and estimates that are responsible andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

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 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 the 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 31March 2015 and its profit 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 2015 ("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 statement on the matters specified inparagraphs 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 purpose of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as 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 written representations received from the directors as on March 312015 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2015 from being appointed as a director in terms of Section 164 (2) of theAct; and

f) 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 does not have any pending litigations for which provision have not beenmade which would impact its financial position.

ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any.

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company

As per our Report of Even Date
For and on Behalf of
For Nahta Jain & Associates
Place: Ahmedabad Chartered Accountants
Dare: 29/05/2015 Firm Regn. No. 106801W
(CA.I.C. Nahta)
Partner
M.No.070023

Annexure to the Independent Auditor’s Report

The Annexure referred to in our Independent Auditor’s Report to the members of theCompany on the financial statements for the year ended 31 March 2015 we report that;

(i) In respect of Fixed Assets:

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

(b) As per the information and explanations given to us all the assets have not beenphysically verified by the management during the year but there is a regular programme ofverification which in our opinion is reasonable having regard to the size of the companyand the nature of its assets. No material discrepancies were noticed on such verification.

(ii) In respect of Inventory:

(a) As explained to us inventories have been physically verified during the year bythe management at reasonable intervals. In our opinion the frequency of verification isreasonable.

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 nature of its business.

c) The company is maintaining proper records of inventory. As informed to us there wereno material discrepancies noticed on verification between the physical stocks and the bookrecords and any discrepancies found has been properly dealt within the books of accounts.

(iii) In respect of the loans secured or unsecured granted by the company tocompanies firms or other parties covered in the register maintained u/s. 189 of theCompanies Act 2013:

(a) During the year under audit the Company has not granted any loans secured orunsecured to the companies firms and other parties covered in the register maintainedunder section 189 of the Companies Act 2013 hence clause 3 (iii) (a) and (iii) (b) of theCompanies (Auditor’s Report) Order 2015 are not applicable.

iv) In our opinion and according to the information and explanations given to us thereare an adequate internal control system commensurate with the size of the Company and thenature of its business with regard to purchase of inventory fixed assets and sale ofservices. We have not observed any major weakness in the internal control system duringthe course of our audit.

v) According to the information and explanation given to us the company has notaccepted any deposit from the public during the year. Therefore the provisions of clause(v) of paragraph 3 of the order are not applicable to the company.

vi) The central government has prescribed maintenance of cost records under section209(1)(d) of the companies act 1956 in respect of certain manufacturing activities of thecompany. Company has obtained cost audit report for the financial year 2013-14 during theyear. We have broadly reviewed the accounts and records of the company in this connectionand are of the opinion that prima facie the prescribed accounts and records have beenmade and maintained. We have not however carried out detailed examination of the same.

vii) (a) The company is generally regular in depositing the undisputed statutory duesincluding Provident Fund Employees State Insurance Income Tax Wealth Tax Sales TaxCustom Duty Excise Duty Service Tax Value Added Tax Cess and any other statutory dueswith the appropriate authorities. According to the information and explanations given tous no undisputed amounts payable in respect of afore mentioned dues were outstanding asat 31St March 2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no materialdues of Income Tax Wealth Tax Sales Tax Custom Duty Excise Duty Service Tax ValueAdded Tax Cess and any other statutory dues which have not been deposited with theappropriate authorities on account of any dispute.

(viii) The Company does not have any accumulated losses at the end of the financialyear and has not incurred cash losses in the financial year and in the immediatelypreceding financial year.

(ix) In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to financial institutions or banks. Asthere are no debentures the question of repayment does not arise.

(x) In our opinion and according to the information and the explanations given to usthe Company has not given any guarantee for loans taken by others from banks or financialinstitutions.

(xi) In our opinion and according to the information and explanations given to us theTerm loans have been applied for the purpose for which they were obtained.

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

As per our Report of Even Date
For and on Behalf of
For Nahta Jain & Associates
Place: Ahmedabad Chartered Accountants
Dare: 29/05/2015 Firm Regn. No. 106801W
(CA.I.C. Nahta)
Partner
M.No.070023

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