You are here » Home » Companies » Company Overview » Akar Tools Ltd

Akar Tools Ltd.

BSE: 530621 Sector: Engineering
NSE: N.A. ISIN Code: INE864E01013
BSE LIVE 15:40 | 08 Dec 48.40 0.65
(1.36%)
OPEN

49.95

HIGH

50.00

LOW

48.20

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 49.95
PREVIOUS CLOSE 47.75
VOLUME 3856
52-Week high 64.95
52-Week low 33.10
P/E 12.25
Mkt Cap.(Rs cr) 26.09
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 49.95
CLOSE 47.75
VOLUME 3856
52-Week high 64.95
52-Week low 33.10
P/E 12.25
Mkt Cap.(Rs cr) 26.09
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Akar Tools Ltd. (AKARTOOLS) - Auditors Report

Company auditors report

TO THE MEMBERS OF AKAR TOOLS LTD.

Report on the financial statements

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

Management’s Responsibility for the Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these 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 (as amended). This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act; safeguarding the assetsof the Company; 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

3. Our responsibility is to express an opinion on these financial statements based onour Audit.

4. 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.

5. We conducted our audit in accordance with the Standards of Auditing specified 6.under section 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.

7. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditors’ 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 controls 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 accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall presentation of the financial statements.

8. 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

9. 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

10. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of Section 143(11) of theAct we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 ofthe Order.

11. 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 purpose 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 financial statements dealt with by this report are inagreement with the books of account; d. in our opinion the aforesaid financial statementscomply with the Accounting Standards specified under Section 133 of the Act read withRule 7 of the Companies (Accounts) Rules 2014 (as amended); e. on the basis of writtenrepresentations received from the directors as on 31 March 2015 and taken on record by theBoard of Directors none of the directors is disqualified as on 31 March 2015 from beingappointed as a director in terms of Section 164(2) of the Act; and f. with respect to theother matters to be included in the Auditor’s Report in accordance with Rule 11 ofthe 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 detailed in Note 28 tothe financial statements the Company has disclosed the impact of pending litigations onits financial position; ii. the Company did not have any long-term contracts includingderivatives contract for which there were any material foreseeable losses; and iii. therehas been no delay in transferring amounts required to be transferred to the InvestorEducation and Protection Fund by the Company.

For A.K. BAGADIA & CO.
CHARTERED ACCOUNTANTS
(A K BAGADIA)
PROPRIETOR
MEMBERSHIP NO. 30520
(FRN 100846W)
Place: Aurangabad
Dated: 30th May 2015

ANNEXURE TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE TO THE MEMBERS OF AKARTOOLS LTD ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2015

Based on the audit procedures performed for the purpose of reporting a true and fairview on the financial statements of the Company and taking into consideration theinformation and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit we report that:

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

(b) The Company has a regular program of physical verification of its fixed assetsunder which fixed assets are verified in a phased manner during the year which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. No material discrepancies were noticed on such verification.

(ii) (a) The management has conducted physical verification of inventory at reasonableintervals during the year.

(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 and no materialDiscrepancies between physical inventory and book records were noticed on physicalverification.

(iii) The Company has not granted any loan secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of the Act.

Accordingly the provisions of clauses 3(iii)(a) and 3(iii)(b) of the Order are notapplicable.

(iv) In our opinion there is an adequate internal control system commensurate with thesize of the Company and the nature of its business for the purchase of inventory and fixedassets and for the sale of goods and services. During the course of our audit no majorweakness has been noticed in the internal control system in respect of these areas.

(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended).accordingly the provisions of clause 3(v) of the Order are not applicable.

(vi) To the best of our knowledge and belief the Central Government has specifiedmaintenance of cost records under sub-section (1) of Section 148 of the Act in respect ofCompany’s products. Accordingly the provisions of clause 3(vi) of the Order areapplicable.

(vii) (a) The Company is regular in depositing undisputed statutory dues includingprovident fund employees’ state insurance income tax sales tax wealth taxservice tax duty of customs duty of excise value added tax cess and other materialstatutory dues as applicable with the appropriate authorities except Rs.57.58 Lacs whichis outstanding as on 31st March 2015. Further 5.99 of undisputed amount payable inrespect thereof were outstanding at the year-end for a period of more than six months fromthe date they become payable.

(b) The dues outstanding in respect of income-tax sales-tax wealth tax service taxduty of customs duty of excise value added tax and cess on account of any dispute theamount involved and the forum where disputes are as follows :-

Statute Nature of Dues Amount (Rs.in lacs) Amount paid under Protest (Rs in Lacs) Period to which the amount relates Forum where dis- pute is pending
Income Tax Act Income tax and interest 0.44 - A.Y. 1999-2000 CCIT
1961 Income tax and interest 5.34 - A.Y. 2000-2001 CCIT
Income tax and interest 10.72 - A.Y.2001-2002 CCIT
Income tax and interest 3.26 - A.Y.2002-2003 CCIT
Income tax and interest 13.65 - A.Y.2003-2004 CCIT
Income tax and interest 4.16 - A.Y.2004-2005 CCIT
Income tax and interest 28.42 - A.Y.2006-2007 CIT (A)
Income tax and interest 1.81 - A.Y.2007-2008 CIT (A)
Income tax and interest 2.07 - A.Y.2010-2011 CIT (A)
Maharashtra Sales Tax and interest 19.64 - A.Y.2003-2004 Comm. Of ST
Vat Act

(c) A Sum of Rs.0.95 lacs related to FY 2006-07 has been transferred to the InvestorEducation and Protection Fund by the Company in accordance with the relevant provisions ofthe Companies Act 1956 (1 of 1956) and rules made thereunder within time. (viii) In ouropinion the Company has no accumulated losses at the end of the financial year and it hasnot incurred cash losses in the current and the immediately preceding financial year.

(ix) In our opinion the Company has not defaulted in repayment of dues to anyfinancial institution or a bank or to debenture-holders during the year.

(x) The Company has not given any guarantees for loans taken by others from banks orfinancial institutions. Accordingly the provisions of clause 3(x) of the Order are notApplicable.

(xi) The Company did not have any term loans outstanding during the year. Accordinglythe provisions of clause 3(xi) of the Order are not applicable.

(xii) No fraud on or by the Company has been noticed or reported during the periodcovered by our audit

For A.K. BAGADIA & CO.
CHARTERED ACCOUNTANTS
(A K BAGADIA)
PROPRIETOR
MEMBERSHIP NO. 30520
(FRN 100846W)
Place: Aurangabad
Dated: 30th May 2015

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