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Agarwal Industrial Corporation Ltd.

BSE: 531921 Sector: Industrials
NSE: AGARIND ISIN Code: INE204E01012
BSE LIVE 09:36 | 08 Dec 375.50 7.40
(2.01%)
OPEN

374.70

HIGH

375.50

LOW

373.00

NSE LIVE 09:38 | 08 Dec 374.00 4.60
(1.25%)
OPEN

372.00

HIGH

377.00

LOW

372.00

OPEN 374.70
PREVIOUS CLOSE 368.10
VOLUME 1598
52-Week high 387.05
52-Week low 108.00
P/E 31.45
Mkt Cap.(Rs cr) 206.90
Buy Price 372.25
Buy Qty 10.00
Sell Price 375.50
Sell Qty 9.00
OPEN 374.70
CLOSE 368.10
VOLUME 1598
52-Week high 387.05
52-Week low 108.00
P/E 31.45
Mkt Cap.(Rs cr) 206.90
Buy Price 372.25
Buy Qty 10.00
Sell Price 375.50
Sell Qty 9.00

Agarwal Industrial Corporation Ltd. (AGARIND) - Auditors Report

Company auditors report

To the Members of Agarwal Industrial Corporation Limited Report on the StandaloneFinancial Statements

We have audited the accompanying standalone financial statements of AgarwalIndustrial Corporation Limited ("the company") which comprise the BalanceSheet as at 31 March 2015 the Statement of Profit and Loss the Cash Flow Statement forthe year then ended and a summary of significant accounting policies and otherexplanatory 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 ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting 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 the maintenance of adequate accountingrecords in accordance with the provision of the Act for safeguarding the assets of theCompany and for preventing and detecting the frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial control 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 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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and the operative effectiveness of such control. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by Company's Directors as well as evaluating the overallpresentation 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 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 31st March 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 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 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 Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms ofSection 164(2) of the Act.

f) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of Companies (Audit and Auditors) Rules 2014 in our opinion andto the best of our information and according to the explanations given to us:

i) The Company does not have any pending litigations which would materially impact itsfinancial position;

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

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

For Ladha Singhal & Associates
Chartered Accountants
Firm Registration No. 120241W
Ajay Singhal
Place : Mumbai (Partner)
Dated : 30th May 2015 M. No.104451

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT

Referred to as Annexure in our Independent Auditors' Report of even date to the membersof Agarwal Industrial Corporation Limited on the standalone financial statement forthe year ended 31st March 2015 we report that:

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

(b) The fixed assets have been physically verified by the management during the yearunder a regular programme of verification which in our opinion is reasonable havingregard to the size of the company and the nature of its assets. No material discrepancieswere noticed on such verification.

(ii) (a) The inventory has been physically verified during the year by the management.In our opinion the frequency of verification is reasonable.

(b) The procedures 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 verification between the physical stocks and the book records were not material.

(iii) (a) The Company has granted interest free unsecured loan to one body corporatebeing wholly owned subsidiary covered in the register maintained under section 189 of theCompanies Act 2013 ('the Act').

(b) In the case of the loans granted to the body corporate the terms of arrangementsdo not stipulate any repayment schedule and the loans are repayable on demand.

(c) There are no overdue amounts of more than rupees one lakh in respect of the loansgranted to the body corporate listed in the register maintained under section 189 of theAct.

(iv) In our opinion and according to the information and explanations given to usthere are adequate internal control procedures commensurate with the size of the companyand the nature of its business with regard to purchase of inventory fixed assets and forthe sale of goods and Services. Further on the basis of our examination of books andrecords of the company and according to information and explanations given to us we haveneither come across nor have been informed of any continuing failure to correct majorweaknesses in internal controls.

(v) In our opinion and according to the information given to us the company has notaccepted deposits and hence compliance with the directives issued by Reserve Bank ofIndia and the provisions of sections 73 to 76 or any other relevant provisions of the Actand the rules framed there under with regard to the deposits accepted is not applicable.

(vi) We have broadly reviewed the books of accounts maintained by the Company pursuantto the Rules made by the Central Government for the maintenance of cost records undersection 148(1) of the Act in respect of Company's products/ services and are of theopinion that prima facie the prescribed accounts and records have been made andmaintained. However we have not made a detailed examination of the records with a view todetermine whether they are accurate or complete.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the company is regular in depositing withappropriate authorities applicable undisputed statutory dues including employee stateinsurance income tax sales tax wealth tax service tax duty of custom duty of excisevalue added tax cess.

According to the information and explanation given to us no undisputed amounts payablein respect of income tax sales tax wealth tax service tax duty of custom duty ofexcise value added tax or cess were in arrears as at 31st March 2015 for a period ofmore than six months from the date they became payable.

(b) According to the information and explanation given to us details of income taxsales tax wealth tax service tax duty of custom duty of excise value added tax orcess which have not been deposited as on 31st March 2015 on account of any dispute are asgiven below:

Name of Statute Nature of the dues Unpaid disputed Amount (in Lacs) Period for which the amount relates Forum where dispute is pending
The Karnataka Tax on Entry of Goods Act 1979 Tax on Entry of Goods 39.75 April 2011 to March 2012 JCCT Appeal
The Karnataka Value Added Tax 2003 Sales Tax Demand 0.97 April 2011 to March 2012 JCCT Appeal
Central Sales Tax 1956 Sales Tax Demand 0.93 April 2010 to March 2011 JCCT Appeal
The Karnataka Tax on Entry of Goods Act 1979 Tax on Entry of Goods Demand 38.35 April 2010 to March 2011 JCCT Appeal
Custom Act Penalty under the Custom Act 6.48 April 2013 to March 2014

CESAT Appellate Tribunal

Income Tax Act Income Tax Demand 20.25 A.Y. 2003-04 Rectification
Income Tax Act Income Tax Demand 17.50 A.Y. 2004-05 Rectification

(c) According to the information and explanation given to us there were no any amountwhich were required to be transferred to investor education and protection fund inaccordance with the relevant provisions of the Companies Act1956 (1 of 1956) and rulesmade thereunder.

(viii) In our opinion the company does not have accumulated losses at the end of thefinancial year and have not incurred cash losses during the financial year and during theimmediately preceding financial year.

(ix) In our opinion and according to the information and explanation given to us thecompany has not defaulted in repayment of dues to any financial institution or bank. TheCompany did not have any outstanding debentures during the year.

(x) As informed to us the company has not given guarantees for loans taken by othersfrom banks or financial institutions.

(xi) The term loans were applied for the purpose for which the loans were obtained bythe company.

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

For Ladha Singhal & Associates
Chartered Accountants
(Firm Registration No. 120241W)
Ajay Singhal
Place : Mumbai (Partner)
Dated : 30th May 2015 M. No.104451

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