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Alliance Integrated Metaliks Ltd.

BSE: 534064 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE123D01016
BSE 00:00 | 24 May 113.50 0
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NSE 05:30 | 01 Jan Alliance Integrated Metaliks Ltd
OPEN 113.50
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VOLUME 5048
52-Week high 199.50
52-Week low 89.65
P/E
Mkt Cap.(Rs cr) 132
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 113.50
CLOSE 113.50
VOLUME 5048
52-Week high 199.50
52-Week low 89.65
P/E
Mkt Cap.(Rs cr) 132
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Alliance Integrated Metaliks Ltd. (ALLIANCEINTEG) - Auditors Report

Company auditors report

To

The Members of

Alliance Integrated Metaliks Limited

New Delhi Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of AllianceIntegrated Metaliks Limited (‘The Company) which comprises the Balance Sheet as at31st March 2017 the statement of Profit and Loss [including othercomprehensive income] the statement of Cash Flow and the statement of changes in equityfor the year then ended and a summary of the significant accounting policies and otherexplanatory information.

Management's Responsibility for the standalone Ind AS Financial Statements

The company's board of directors is responsible for the matters specified in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance [including other comprehensive income] cashflows and change in equity of the company in accordance with the accounting principlesgenerally accepted in India including the accounting standards specified under section133 of the Act read with relevant rules issued there under.

This responsibility also includes the maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the companyand for preventing and detecting the 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 control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based 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 of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the company'sdirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of thecompany as at March 31 2017 and its loss and its 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 2017 ("the Order")issued by the Central Government of India in terms of sub section (11) of section 143 ofthe act we give in annexure A a statement on the matters specified in paragraph 3 &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 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 profit and loss statement [including other comprehensiveincome] the cash flow statement and statement of change in equity dealt with by thisreport are in agreement with the relevant books of account;

(d) In our opinion the aforesaid standalone Ind AS financial statements comply withthe accounting standards specified under section 133 of the Act read with the relevantrules there under;

(e) On the basis of the written representations received from the directors as on 31stMarch 2017 and taken on record by the board of directors none of the directors isdisqualified as on March 312017 from being appointed as a director in terms of Section164 (2) of the Act; and

(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 express an unmodified opinion on theadequacy and the operating effectiveness of the company's internal financial controls overfinancial reporting; and

(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 Ind AS financial statements [Refer Note no. 3.26.4].

ii. the company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

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

iv. The company has provided requisite disclosures in its standalone Ind AS financialstatements as to holdings as well as dealings in specified Bank notes during the periodfrom 8th November 2016 to 30th December 2016. Based on the auditprocedures performed and the representations provided to us by the management we reportthat the disclosures are in accordance with the books of accounts maintained by thecompany and as produced to us by the management. [Refer Note no. 3.32]

For A. C. Gupta & Associates

Chartered Accountants

Firm's registration number: 008079N

Sd/-

A.C. Gupta

[Partner]

Membership number: 08565

New Delhi

May 30 2017

Annexure - A to the Independent Auditors' Report

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the standalone

Ind AS financial statements for the year ended 31st March 2017.

(i) (a) The company has maintained proper records showing full particulars includingquantitative details

and situation of fixed assets.

(b) As explained to us fixed assets according to the practice of the company havebeen physically verified by the management at reasonable intervals. In our opinion thefrequency of physical verification of fixed assets is reasonable having regard to the sizeof the Company and nature of its assets. According to the information and explanationsgiven to us no material discrepancies were noticed on such physical verification.

(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) We have been informed that the inventories are physically verified during theperiod by the management at reasonable intervals. The frequency of physical verificationin our opinion is reasonable having regard to the size of the company and nature of itsbusiness. The discrepancies noticed on verification between the physical inventories andthe book records were not material in relation to the operation of the company and thesame have been properly dealt with in the books of account.

(iii) The company during the year has not granted any loans secured or unsecured tocompanies firms Limited Liability Partnerships or other parties covered in the registermaintained under section 189 of the Companies Act 2013 (‘the Act'). Accordinglyparagraph 3(iii) of the Order is not applicable to the company.

(iv) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans investments guarantees and security.

(v) Since the company has not accepted any deposit from public the directives issuedby the Reserve Bank of India and the provisions of section 73 to 76 or any other relevantprovisions of the Companies Act 2013 and the rules framed there under with regard to thedeposits accepted from the public are not applicable.

(vi) According to the information and explanations given to us maintenance of costrecords has not been prescribed by the Central government under sub-section (1) of Section148 of the Companies Act 2013 for any of the activities of the Company.

(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 has been regular in depositing undisputedstatutory dues including provident fund employees state insurance income-tax sales taxservice tax duty of customs duty of excise value added tax cess and other statutorydues with appropriate authorities during the year ended 31st March 2017 exceptstatutory dues pertaining to tax deducted at source provident fund service tax andwelfare fund aggregating to Rs. 10.90 Lakh which have not been deposited by the companyand is outstanding as on the date of balance sheet. Accordingly to the information andexplanations given to us a sum of Rs. 0.09 Lakh in respect of the welfare fund was inarrears as at 31st March 2017 for a period of more than six months from thedate when they became payable.

(b) According to the information and explanations given to us and as per ourverification of records of the company the company has not paid / deposited followingstatutory dues on account of disputes:

Name of Statute Period to which it pertains Forum where dispute is pending Amount (Rs. In Lakh)
Income Tax Act 1961 2004 to 2014 ACIT 234.23
Total 234.23

(viii) According to the information and explanations given to us and as per ourverification of the records of the company there had been delays in payment ofinstalments and Interest of term loan to the banks during the period. In view of thepersisting defaults entire term loans amounting to Rs. 23184.42 Lakhs [includinginterest due thereon] is under default.

(ix) According to the information and explanations given to us and as per ourverification of the records of the company the company has not raised moneys by way ofinitial public offer or further public offer (Including debt instruments). The term loansavailed by the company have been applied for the purpose for which the loans wereobtained.

(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 ended 31st March 2017.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the company the company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to usthe company is not a Nidhi company. Therefore the provisions of Clause 3 (xii) of theOrder are not applicable to the company.

(xiii) According to the information and explanations given to us and as per ourverification of the records of the company all transactions with the related parties arein compliance with the Sections 177 and 188 of the Companies Act 2013 where applicableand the details have been disclosed in the standalone Ind AS financial statements asrequired by the applicable accounting standards.

(xiv) According to the information and explanations given to us and as per ourverification of the records of the company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe period under review. Accordingly the provisions of Clause 3 (xiv) of the order arenot applicable to the company.

(xv) According to the information and explanations given to us and as per ourverification of the records of the company the company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly the provisions ofClause 3 (xv) of the order are not applicable to the company.

(xvi) In our opinion the company is not required to be registered under section 45-IAof the reserve Bank of India Act 1934. Accordingly the provisions of Clause 3 (xvi) ofthe order are not applicable to the company.

For A. C. Gupta & Associates

Chartered Accountants

Firm's registration number: 008079N

Sd/-

A.C. Gupta [Partner]

Membership number: 08565

New Delhi May 30 2017

Annexure - B to the Independent Auditors' Report

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 AllianceIntegrated Metaliks Limited ("the Company") as of 31st March 2017 in conjunctionwith our audit of the standalone Ind AS financial statements of the company for the yearended on that date.

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 (‘ICAI'). 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 judgment including the assessment of the risks ofmaterial misstatement of the standalone Ind AS financial statements whether due to fraudor error. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over 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 standalone Ind AS financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of standaloneInd AS financial statements in accordance with generally accepted accounting principlesand that receipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the standaloneInd AS 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 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 31st March 2017based on the internal control over financial reporting criteria established by the companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For A. C. Gupta & Associates

Chartered Accountants

Firm's registration number: 008079N

Sd/-

A.C. Gupta [Partner]

Membership number: 08565

New Delhi May 30 2017