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Aksh Optifibre Ltd.

BSE: 532351 Sector: Engineering
NSE: AKSHOPTFBR ISIN Code: INE523B01011
BSE LIVE 15:47 | 02 Dec 24.70 0.95
(4.00%)
OPEN

24.05

HIGH

25.80

LOW

24.05

NSE LIVE 15:51 | 02 Dec 24.60 0.75
(3.14%)
OPEN

24.20

HIGH

25.75

LOW

23.90

OPEN 24.05
PREVIOUS CLOSE 23.75
VOLUME 1907449
52-Week high 30.80
52-Week low 12.15
P/E 14.36
Mkt Cap.(Rs cr) 401.77
Buy Price 0.00
Buy Qty 0.00
Sell Price 24.70
Sell Qty 400.00
OPEN 24.05
CLOSE 23.75
VOLUME 1907449
52-Week high 30.80
52-Week low 12.15
P/E 14.36
Mkt Cap.(Rs cr) 401.77
Buy Price 0.00
Buy Qty 0.00
Sell Price 24.70
Sell Qty 400.00

Aksh Optifibre Ltd. (AKSHOPTFBR) - Auditors Report

Company auditors report

TO THE MEMBERS OF AKSH OPTIFIBRE LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying Standalone Financial Statements of AKSH OPTIFIBRELIMITED ('the Company') which comprise the Balance Sheet as at March 31 2016Statement of Profit and Loss and Cash Flow Statement for the year than ended and a summaryof 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 in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation &presentation of these Standalone Financial Statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act as applicable. This responsibility alsoincludes the maintenance of adequate accounting records in accordance with the provisionof the Act for safeguarding of the assets of the Company and for preventing and detectingthe frauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of internal financial control that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the Financial Statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

Auditors' 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 matter's which are required to be included in the audit reportunder the provisions 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 performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error. I n making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statements that give true and fair view in orderto design audit procedures that are appropriate in the circumstances 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:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2016;

b) in the case of Statement of Profit and Loss of the Profit for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

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 the paragraph 3 and4 of the Order.

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 relating to preparation ofthe standalone financial statements have been kept by the Company so far as it appearsfrom 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 as applicable;

e) On the basis of written representations received from the directors as on March 312016 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2016 from being appointed as a director in terms of Section 164(2) of theAct;

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". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the company's internal financial controls overfinancial reporting.

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. The Company has disclosed the impact of pending litigations on its financialposition in its Standalone Financial Statements - Refer Note 33 to the StandaloneFinancial Statements;

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

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For P.C. Bindal & Co.
Firm Registration Number: 003824N
Chartered Accountants
CA K.C. Gupta
Partner
Date: May 28 2016 Membership No 088638
place: New Delhi

"Annexure A" to the Independent Auditors' Report

Referred to in paragraph 1 under the heading 'Report on Other Legal & RegulatoryRequirement' of our report of even date to the financial statements of AKSH OptifibreLimited ("the Company") for the year ended March 31 2016:

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

(b) According to the information and explanation given to us fixed assets except theassets installed at customer premises have been physically verified by the managementduring the year. No material discrepancies were noticed on such verifi- cation. In ouropinion frequency of physical verification of fixed assets is reasonable.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

ii. According to the information & explanation given to us phys- ical verificationof inventory has been conducted at reason- able intervals by the management. Thediscrepancies noticed on verification between the physical stocks and the book re- cordswere not material and have been properly dealt with in the book of accounts.

iii. According to the information & explanation given to us the Company hasgranted unsecured loans to its wholly owned subsidiary covered in the register maintainedunder Section 189 of Companies Act 2013.

(a) in our opinion the rate of interest and other terms and con- ditions on which theloan has been granted to its subsidiary covered in the register maintained under Section189 of the Act was not prima facie prejudicial to the interest of the Company.

(b) in respect of loans granted to subsidiary covered under sec- tion 189 of the Actthe terms of arrangement for payment of principal and interest are payable on demand.Accordingly the provisions of paragraph 3 (iii) (b) of the order are not ap- plicable tothe Company.

(c) In respect of the aforesaid advances as per the information made available to usthere is no overdue amount as at year end.

iv. According to the information & explanation given to us in respect of loansinvestments guarantees and security the Company has complied with the provisions ofsection 185 and I86 of the Companies Act 2013to the extent applicable.

v. According to the information and explanations given to us the Company has notaccepted any deposits from the public as mentioned in the directives issued by ReserveBank of India and provisions of sections 73 to 76 of the Companies Act 2013 or any otherrelevant provisions of the Act and the rules framed thereunder.

vi. We have broadly reviewed the books of account relating to materials labour andother items of cost maintained by the Company pursuant to the Rules made by the CentralGovernment for the maintenance of cost records under sub section (1) of section 148 theCompanies 2013 and we are of the opinion that prima facie the prescribed accounts andrecords have been made and maintained.

vii. (a) According to the information and explanations given to us and according to thebooks and records produced before us the Company is regular in depositing withappropriate au- thorities undisputed statutory dues including provident fund investoreducation protection fund employees' state insur- ance income tax sales tax wealthtax service tax custom duty excise duty Cess and other material statutory dues ap-plicable to it.

According to the information and explanations given to us no undisputed amountspayable in respect of income tax wealth tax Service Tax sales tax custom duty exciseduty and Cess were in arrears as at March 31 2016 for a period of more than six monthsfrom the date they became payable.

(b) According to the information and explanations given to us there are no dues ofincome tax or sales tax or wealth tax or service tax or duty of customs or duty of exciseor value added tax or cess which have not been deposited on account of any dispute exceptof the following amounts:-

Name of the Statute Nature of Dues Disputed amount (Rs. in lacs) Period to which mount relates Forum where dispute is pending
SALES TAX
Sales Tax Act Sales Tax Demand 41.12 2001-02 Hon'ble High Court Jaipur
Sales Tax Act MvAT Demand 7.85 2007-08 Joint Commissioner of Sales Tax (appeals) Mumbai
COUSTOM
Customs Act 1962 Duty Interest & penalty 416.36 2000-01 2005-06 2008-09 & 2013-14 CESTAT New Delhi
EXCISE
Central Excise Act 1944 Excise duty Interest & Penalty 84.38 2003-05 CESTAT New Delhi
Central Excise Act 1944 Excise duty 32.79 2011-12 assistant Commissioner Bhiwadi
Central Excise Act 1944 Excise duty 22.35 2010-11 assistant Commissioner Bhiwadi
SERVICE TAX
Finance Act 1994 Service tax 7.50 2004-05 Hon'ble High Court Jaipur
Finance Act 1994 Service tax 0.54 2005-06 Commissioner of Central Excise (appeals) Jaipur
Finance Act 1994 Service tax 0.42 2005-06 Deputy Commissioner
Finance Act 1994 Service tax & interest 219.70 2004-06 2009-10 & 2011-12 CESTAT New Delhi
Finance Act 1994 Service tax 0.91 2010-11 assistant Commissioner Bhiwadi
Finance Act 1994 Service tax 1.94 2014-15 Commissioner (Appeals) Jaipur
INCOME TAX
Income Tax Act 1961 Income Tax 91.01 2010-11 CIT (Appeals) Alwar (Rajasthan)
PROVIDENT FUND
provident Fund Act provident Fund 7.60 2004-05 Hon'ble High Court Jaipur

viii. In our opinion and according to the information and explana- tions given to usthe Company has not defaulted in repay- ment of dues to a financial institution bankGovernment or debenture holders.

ix. According to the information and explanations given to us and our examination ofthe records of the Company the term loans have been applied for the purposes for whichthey were obtained. The Company has not raised any moneys by way of initial public offeror further public offer (including debt instruments).

x. According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during thecourse of our audit.

xi. According to the information and explanations given to us the managerialremuneration has been paid or provided in accordance with the requisite approvals mandatedby the provisions of section 197 read with Schedule V to the Com- panies Act.

xii. According to the information and explanations given to us the Company is not aNidhi Company. Therefore the provi- sions of paragraph 3 (xii) of the Order are notapplicable to the Company.

xiii. According to the information and explanations given to us and our examination ofthe records of the Company all transactions with the related parties are in compliancewith section 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

xiv. According to the information and explanations given to us the Company has notmade any preferential allotment or pri- vate placement of shares or fully or partlyconvertible deben- tures during the year under audit. However Company has issued11125381 share in pursuant to conversion of FCCBs during the year.

xv. According to the information and explanations given to us and based on ourexamination of the records the Company has not entered into any non-cash transactionswith directors or persons connected with him. Accordingly the provisions of paragraph 3(xv) of the Order are not applicable to the Company.

xvi. According to the information and explanations given to us the Company is notrequired to be registered under section 45 IA of the Reserve Bank of India Act 1934.

For P.C. Bindal & co.
Firm Registration Number: 003824N
Chartered accountants
CA K.C. Gupta
Partner
Date: May 28 2016 membership No 088638
Place: New Delhi

"Annexure B" to the Independent Auditor's Report

(Referred to in paragraph 2(f) under 'Report on Other Legal and RegulatoryRequirements' section of our report of even date)

Report on the Internal Financial Controls under Clause (i) of Sub- section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of AKSHOPTIFIBRE LIMITED ("the Company") as of March 31 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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 (the 'Guidance Note'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required 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 accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofinternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such 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 includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements 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 controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) 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 (3) 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 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 to the best of our information and according to the the explanationsgiven to us the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 31 2016 based on internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For P.c. Bindal & co.
Firm Registration Number: 003824N
Chartered accountants
CA K.C. Gupta
Partner
Date: May 28 2016 Membership No 088638
Place: New Delhi

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