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Alphageo (India) Ltd.

BSE: 526397 Sector: Oil & Gas
NSE: ALPHAGEO ISIN Code: INE137C01018
BSE LIVE 15:43 | 08 Dec 957.35 17.95
(1.91%)
OPEN

944.35

HIGH

978.95

LOW

944.35

NSE LIVE 15:40 | 08 Dec 960.05 17.60
(1.87%)
OPEN

942.45

HIGH

977.70

LOW

935.00

OPEN 944.35
PREVIOUS CLOSE 939.40
VOLUME 3052
52-Week high 1145.50
52-Week low 379.25
P/E 24.22
Mkt Cap.(Rs cr) 565.79
Buy Price 957.35
Buy Qty 36.00
Sell Price 0.00
Sell Qty 0.00
OPEN 944.35
CLOSE 939.40
VOLUME 3052
52-Week high 1145.50
52-Week low 379.25
P/E 24.22
Mkt Cap.(Rs cr) 565.79
Buy Price 957.35
Buy Qty 36.00
Sell Price 0.00
Sell Qty 0.00

Alphageo (India) Ltd. (ALPHAGEO) - Auditors Report

Company auditors report

To

The Members of ALPHAGEO (INDIA) LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of ALPHAGEO (INDIA)LIMITED ("the Company") which comprise the Balance Sheet as at 31st March2016 the Statement of Profit and Loss and 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 provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue 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 thereunder.

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 financial statements. The procedures selected depend on theauditor’s 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 control 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. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation 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 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 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" a statement on the mattersspecified in paragraphs 3 and 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 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 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 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 the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate report in "Annexure B". (g) With respect to the othermatters to be included in the Auditor’s Report in accordance with Rule 11 of theCompanies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: i. The Company does not haveany pending litigations as at 31st March 2016 which would impact its financial position;ii. The Company did not have any long-term contracts including derivative contracts as at31st March 2016; iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company during the yearended 31st March 2016.

For P.V.R.K. Nageswara Rao & Co.
Chartered Accountants
Firm’s Registration Number: 002283S
N. Anka Rao
Hyderabad Partner
20.05.2016 Membership Number: 23939

ANNEXURE A TO INDEPENDENT AUDITOR’S REPORT

Referred to in Paragraph 1 under the heading of ‘Report on Other Legal andRegulatory Requirements’ of our report of even date

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

(b) The fixed assets have been physically verified by the management according to thephased programme designed to cover all the fixed assets on rotation basis. In respect offixed assets verified according to this programme which is considered reasonable nomaterial discrepancies were noticed on such 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.

2 The inventories representing stock of stores of the Company have been physicallyverified at reasonable intervals during the year by the Management. The discrepanciesnoticed on physical verification of stocks as compared to book records which in ouropinion were not material have been properly dealt with in the books of account.

3 The Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained underSection 189 of the Companies Act 2013 ("the Act"). Therefore the provisions ofClause 3(iii) (iii)(a) (iii)(b) and (iii)(c) of the Order are not applicable to theCompany.

4 The Company has not granted any loans or made any investments or provided anyguarantees or security to the parties covered under Section 185 of the Act. The Companyhas complied with the provisions of Section 186 of the Act in respect of the loans made byit.

5 The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the rules framed there under to the extentnotified.

6 In respect of this company maintenance of cost records has not been prescribed bythe Central Government under subsection (1) of Section 148 of the Act.

7 (a) According to the records of the Company and as per the information andexplanations given to us the Company is generally regular in depositing the undisputedstatutory dues including provident fund employees state insurance income tax servicetax duty of customs cess and any other statutory dues with the appropriate authorities.In respect of these statutory dues there are no outstanding dues as on 31.03.2016 whichare outstanding for a period of more than six months from the date they became payable. Asconfirmed by the Company the provisions of the sales tax duty of excise and value addedtax are not applicable to the Company.

(b) According to the records of the Company and as per the information and explanationsgiven to us there are no dues of income tax sales tax service tax duty of customsduty of excise and value added tax which have not been deposited on account of any disputeas on 31.03.2016.

8 According to the records of the Company examined by us and the information andexplanation given to us the Company has not defaulted in repayment of loans or borrowingsto any financial institution or bank or Government as at the balance sheet date. There wasno amount raised by the Company through the issue of Debentures.

9 The Company has not raised any moneys by way of initial public offer further publicoffer (including debt instruments) and term loans. Accordingly the provisions of Clause3(ix) of the Order are not applicable to the Company.

10 During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by theManagement.

11 The Company has paid/ provided for managerial remuneration in accordance with therequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct.

12 As the Company is not a Nidhi Company and the Nidhi Rules

2014 are not applicable to it the provisions of Clause 3(xii) of the Order are notapplicable to the Company.

13 The Company has entered into transactions with related parties in compliance withthe provisions of Sections 177 and 188 of the Act. The details of such related partytransactions have been disclosed in the financial statements as required under AccountingStandard (AS) 18 Related Party Disclosures specified under Section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014.

14 The Company has made a preferential allotment of share warrants during the yearunder review in compliance with the requirements of Section 42 of the Act. The amountsraised have been used for the purpose for which funds were raised.

15 The Company has not entered into any non cash transactions with its directors orpersons connected with him. Accordingly the provisions of Clause 3(xv) of the Order arenot applicable to the Company.

16 The Company is not required to be registered under Section 45-IA of the Reserve Bankof India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.

For P.V.R.K. Nageswara Rao & Co.

Chartered Accountants

Firm’s Registration Number: 002283S

N. Anka Rao

Hyderabad

Partner

20.05.2016

Membership Number: 23939

ANNEXURE B TO INDEPENDENT AUDITOR’S REPORT

Referred to in Paragraph 2(f) under the heading of ‘Report on Other Legal andRegulatory Requirements’ of our report of even date Report on the Internal FinancialControls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013("the Act")

We have audited the internal financial controls over financial reporting of ALPHAGEO(INDIA) LIMITED ("the Company") as of 31st March 2016 in conjunction withour audit 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 (‘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.

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 controlssystem over 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 P.V.R.K. Nageswara Rao & Co.
Chartered Accountants
Firm’s Registration Number: 002283S
N. Anka Rao
Hyderabad Partner
20.05.2016 Membership Number: 23939

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