You are here » Home » Companies » Company Overview » Alliance Integrated Metaliks Ltd

Alliance Integrated Metaliks Ltd.

BSE: 534064 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE123D01016
BSE LIVE 15:00 | 24 Nov 169.00 0
(0.00%)
OPEN

169.00

HIGH

169.00

LOW

169.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 169.00
PREVIOUS CLOSE 169.00
VOLUME 5
52-Week high 199.50
52-Week low 95.95
P/E
Mkt Cap.(Rs cr) 196
Buy Price 0.00
Buy Qty 0.00
Sell Price 169.00
Sell Qty 97.00
OPEN 169.00
CLOSE 169.00
VOLUME 5
52-Week high 199.50
52-Week low 95.95
P/E
Mkt Cap.(Rs cr) 196
Buy Price 0.00
Buy Qty 0.00
Sell Price 169.00
Sell Qty 97.00

Alliance Integrated Metaliks Ltd. (ALLIANCEINTEG) - Auditors Report

Company auditors report

To the Members of Alliance Integrated Metaliks Limited New Delhi

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Alliance IntegratedMetaliks Limited (`The Company) which comprises the Balance Sheet as at 31stMarch 2016 the statement of Profit and Loss and the Cash Flow Statement for the ninemonths then ended and a summary of the significant accounting policies and otherexplanatory information.

Management's Responsibility for the Financial Statements

The company's board of directors is responsible for the matters specified 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. This responsibility also includes the maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of 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 standalone financial statements that give a true and fair view and are free frommaterial misstatement 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 accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the standalone financial statements arefree from material misstatements. An audit involves performing procedures to obtain auditevidence about the amounts and the disclosures in the standalone financial statements. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the 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 financial statements that give a trueand 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 thecompany's directors as well as evaluating the overall presentation of the financialstatements.

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 March 31 2016 and its loss and its cash flows for the nine months ended on thatdate.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 (theOrder) issued by the Central Government of India in terms of sub section (11) ofsection 143 of the act we give in annexure A a statement on the matters specified inparagraph 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 and the 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 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 March 31 2016 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; 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 does not have any pending litigations which impact on its financialposition in its standalone financial statements. ii. the Company did not have anylong-term contracts including derivative contracts for which there were any materialforeseeable losses. iii. There were no amounts which were required to be transferred tothe Investor Education and Protection Fund by the Company.

For A. C. Gupta & Associates

Chartered Accountants

Firm's registration number: 008079N

Sd/-

A.C. Gupta

Partner

Membership number: 08565

New Delhi

28th May 2016

Annexure - A to the Independent Auditors' Report

The Annexure referred to in Independent Auditors' Report to the members of theCompany on the standalone financial statements for the nine months ended 31st March 2016.

(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 period 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 acceptedany deposit from public the directives issued by the Reserve Bank of India and theprovisions of section 73 to 76 or any other relevant provisions of the Companies Act 2013and the rules framed there under with regard to the deposits accepted from the public arenot 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 depositingundisputed statutory dues including provident fund employees state insurance income-taxsales tax service tax duty of customs duty of excise value added tax cess and otherstatutory dues with appropriate authority during the nine months ended 31st March 2016Accordingly to the above information and explanations given to us no undisputed amountspayable in respect of the above were in arrears as at 31st March 2016 for a period of morethan six months from the date on when they become payable..

(b) According to the information and explanations given to us and as per ourverification of records of the company the company does not have any dues which have notbeen deposited by the Company on account of dispute.

(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. Note No. 2.27 of thefinancial statements contains details in this regard.

(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 theNine Months ended 31st March 2016.

(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 Financial Statements as required by theapplicable 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

28th May 2016

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 2016 in conjunctionwith our audit of the standalone financial statements of the Company for the nine monthsended 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 safeguardingof its 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 financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea 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 processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally 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 financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 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 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For A.C. Gupta & Associates

Chartered Accountants

Firm's registration number: 008079N

Sd/-

A.C. Gupta

Partner

Membership number: 08565

New Delhi

28th May 2016