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Alfred Herbert (India) Ltd.

BSE: 505216 Sector: Financials
NSE: ALFREDHERB ISIN Code: INE782D01027
BSE LIVE 15:29 | 09 Dec 547.90 -0.10
(-0.02%)
OPEN

540.00

HIGH

547.90

LOW

530.10

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 540.00
PREVIOUS CLOSE 548.00
VOLUME 37
52-Week high 646.40
52-Week low 335.00
P/E 49.63
Mkt Cap.(Rs cr) 42.19
Buy Price 532.05
Buy Qty 10.00
Sell Price 547.90
Sell Qty 6.00
OPEN 540.00
CLOSE 548.00
VOLUME 37
52-Week high 646.40
52-Week low 335.00
P/E 49.63
Mkt Cap.(Rs cr) 42.19
Buy Price 532.05
Buy Qty 10.00
Sell Price 547.90
Sell Qty 6.00

Alfred Herbert (India) Ltd. (ALFREDHERB) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR'S REPORT

To

The Members of

Alfred Herbert (India) Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Alfred Herbert(India) Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

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 maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that areresonable 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

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 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 resonable 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 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 order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the resonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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 2016 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 2016 ("the order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Companies Act 2013 ('the Act') we give in the Annexure a statement on the mattersspecified in paragraphs 3 and 4 of the said Order to the extent applicable.

2. As required by Section 143 (3) of the Act we report to the extent applicable 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 the Cash Flow Statementdealt with 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 the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms of Section164 (2) of the Act.

(f) With respect to the adequacy of internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer ourseparate Report in "Annexure A".

(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 opinion and to the best of our information and according to the explanationsgiven to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note 3 to the financial 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.

(h) According to the information and explanations given to us and on the basis of suchchecks as we considered appropriate was carried out by us during the course of the auditof the company our report on the matters specified under the Para 3(A) and 3(C) of Non -Banking Financial Companies Auditor's Report (Reserve Bank) Directions 2008 is as follows:

i) The Company which was incorporated prior to 9th January 1997 has applied forregistration as provided in section 45-IA of Reserve Bank of India Act 1934 (2 of 1934)and has received registration certificate from the Reserve Bank of India and theCertificate No. N. 05. 04665 dated 29th November 2001. The Company is engaged in thebusiness of Non Banking Financial Institution.

ii) The asset/income pattern of the Company As on 31.03.2016 are as follows: InvestmentIncome to Total Income : 42.66%

Total Investments to Total Assets :51.12% In view of the above ratios the Company isentitled to hold Certificate of Registration issued by the Reserve Bank of India as on31.03.2016.

iii) The Company has not been classified as Assets Finance Company as defined in Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions 1998with reference to the business carried on by it during the financial year under reference.

iv) The Company has not been classified as Micro Finance Institution as defined in NonBanking Financial Company - Micro Finance Institutions (Reserve Bank) Directions 2011with reference to the business carried on by it during the financial year under reference.

v) The Board of Directors of the Company had passed a resolution at its meeting held on27th January 2016 for not accepting any public deposit.

vi) The Company has not accepted any public deposit during the year under reference.

vii) The Company has complied with the prudential norms relating to income recognitionaccounting standards assets classification and provisioning for bad and doubtful debts asapplicable to it in terms of Non-Banking Financial (Non-deposit Accepting or Holding)Companies Prudential Norms (Reserve Bank) Directions 2007.

viii) The Company is not a Systemically Important Non-Deposit taking NBFC as defined inparagraph 2 (1)

(xix) of the Non - Banking Financial (Non- Deposit Accepting or Holding) CompaniesPrudential Norms (Reserve Bank) Directions 2007 as the Company has not accepted / heldany public deposits and does not have total assets of Rs.100 crores or above.

For RAY & RAY
Chartered Accountants
(Firm's Registration No.301072E)
Asish Kumar Mukhopadhyay
Place: Kolkata Partner
Date: 26th May 2016 Membership No.056359

ANNEXURE TO THE AUDITOR'S REPORT

(Referred to in Paragraph 1 of Report on Other Legal and Regulatory Requirements of ourreport of even date)

(i) (a) The Company has maintained proper records

showing full particulars including quantitative details and situations of fixed assets.

(b) AII the fixed assets have not been physically verified by the management during theyear but there is a regular programme of verification which in our opinion is resonablehaving regard to the size of the company and the nature of its assets. No materialdiscrepancies were noticed on such verification.

(c) The title deed of immoveable properties are held in the name of the Company.

(ii) The Company does not have any inventory. Accordingly provisions of Clause (ii) ofparagraph 3 of the aforesaid Order are not applicable to the Company.

(iii) According to the information and explanation given to us the company has notgranted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theAct. Accordingly provisions of clauses (iii) (a) (b) and (c) of paragraph 3 of theaforesaid Order are not applicable to the Company.

(iv) In our opinion and according to the information and explanation given to us theCompany has complied with the provisions of section 185 and 186 of the Act in respect ofthe loans and investments made and guarantees and security provided by it as applicable.

(v) The Company has not accepted any deposits during the year.

(vi) The maintenance of Cost records has not been specified by the Central Governmentunder sub-section (1) of section 148 of the Act for the Company.

(vii) (a) According to the information and explanations given to us the Company isgenerally regular in depositing with appropriate authorities undisputed statutory duesincluding Provident Fund Employee's State Insurance Income Tax Sales Tax Service TaxDuty of Customs Duty of Excise Value added Tax Cess and any other statutory dues to theappropriate authorities. On the basis of the records of the Company and the informationand explanations given to us there was no arrears of outstanding statutory dues as on thelast day of the financial year concerned outstanding for a period of more than six monthsfrom the date they became payable.

(b) According to the information and explanations given to us the following dues ofincome tax have not been deposited by the Company on account of dispute:

Sl. No. Name of Statute Nature of Dues Period for which it relates Forum where dispute is pending Amount (Rs.)
1. Income Tax Act Income Tax Assessment Year 2011-12 CIT (Appeals) 15230
1961 Total 15230

(viii) The Company has no borrowings from financial institution bank government andthe Company has no debenture holders. Accordingly clause (viii) of paragraph 3 of theaforesaid Order is not applicable to the Company.

(ix) According to the information and explanations given to us the Company has notraised money by way of initial public offer or further public offer including debtinstruments and term loan during the year. Accordingly clause (ix) of paragraph 3 of theaforesaid Order is not applicable to the Company.

(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 theyear.

(xi) On the basis of our examination of the records of the Company the managerialremuneration has been paid /provided in accordance with the requisite approvals mandatedby the provisions of section 197 read with Schedule V to the Companies Act.

(xii) The Company is not a Nidhi Company. Accordingly clause (xii) of paragraph 3 ofthe aforesaid Order is not applicable to the Company.

(xiii) On the basis of our examination of the books of account of the Company andaccording to the information and explanations given to us the transactions entered intowith the related parties are in compliance with section 177 and 188 of the Act and thesame has been disclosed in the Financial Statements as required by the applicableAccounting Standards.

(xiv) The Company has not made any preferential allotment or private placement ofsharesor fully or partly convertible debentures during the year under review.

(xv) On the basis of our examination of the records of the Company and according to theinformation and explanations given to us the Company has not entered into any non-cashtransactions with directors or persons connected with him.

(xvi) The Company is registered under section 45-IA of the Reserve Bank of India Act1934 and has received registration certificate from the Reserve Bank of India and theCertificate No. is N. 05.04665 dated 29th November2001.

For RAY & RAY
Chartered Accountants
(Firm's Registration No.301072E)
Asish KumarMukhopadhyay
Place: Kolkata Partner
Date: 26th May 2016 Membership No.056359

ANNEXURE-A

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTSOF ALFRED HERBERT (INDIA) LIMITED

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

Report on the Financial Statements

We have audited the internal financial controls over financial reporting of AlfredHerbert (India) Limited ("the Company") as of March 31 2016 in conjunction withour audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for laying down and maintaining internalfinancial controls based on the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls Over Financial Reporting issued bythe Institute of Chartered Accountants of India. These responsibilities include thedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 2013 Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on my /our audit. We conducted our audit inaccordance with the Standards on Auditing to the extent applicable to an audit ofinternal financial controls and the Guidance Note on Audit of Internal Financial ControlsOver Financial Reporting (the" Guidance Note") both issued by the Institute ofChartered Accountants of India. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain resonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide resonable 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 of records that in resonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

2) provide resonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

3) provide resonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company's assets that could have a material effecton the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

In view 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 312016 based on 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 RAY & RAY
Chartered Accountants
(Firm's Registration No.301072E)
Asish KumarMukhopadhyay
Place: Kolkata Partner
Date: 26th May2016 Membership No.056359

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