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Amba Enterprises Ltd.

BSE: 539196 Sector: Engineering
NSE: N.A. ISIN Code: INE829P01020
BSE LIVE 11:52 | 08 Dec 111.10 5.25
(4.96%)
OPEN

107.20

HIGH

111.10

LOW

107.20

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 107.20
PREVIOUS CLOSE 105.85
VOLUME 287
52-Week high 226.55
52-Week low 66.67
P/E 137.16
Mkt Cap.(Rs cr) 140.65
Buy Price 111.10
Buy Qty 406.00
Sell Price 0.00
Sell Qty 0.00
OPEN 107.20
CLOSE 105.85
VOLUME 287
52-Week high 226.55
52-Week low 66.67
P/E 137.16
Mkt Cap.(Rs cr) 140.65
Buy Price 111.10
Buy Qty 406.00
Sell Price 0.00
Sell Qty 0.00

Amba Enterprises Ltd. (AMBAENTERPRISES) - Auditors Report

Company auditors report

To the Members of Amba Enterprises Limited Report on the Financial Statements

We have audited the accompanying Financial Statements of Amba Enterprises Limited ("theCompany") which comprise the Balance Sheet as at 31st March 2015Statement of Profit and Loss Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management’s Responsibility for the 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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor’sResponsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. 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 accordancewith the 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 financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and the disclosures in the financial statements. The procedures selected depend onthe auditor’s judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances but not forpurpose of expressing an opinion on whether the Company has in place of adequate internalfinancial control system over financial reporting and operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of the accounting policiesused and the reasonableness of the accounting estimates made by the Company’sDirectors as well as evaluating the overall 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 financial statements.

Basis for Qualified Opinion

As per AS 15 Employees Benefits a company is required to get actuarial certificate atleast once during the financial year for retirement and other benefits. Also "Definedbenefits obligations" in nature of Gratuity and Leave encashment are to be accountedon accrual basis. The company provides Leave encashment and Gratuity are accounted on cashbasis and not on accrual basis as per an actuarial certificates. The Company has notobtained an actuarial certificate during the financial year.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the Basis for QualifiedOpinion paragraph the aforesaid financial statements give the information required by theAct 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 2015 and its profit and its cash flows for the year ended onthat date.

Report on Other Legal And Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act and on the basis of such checks of the books and records of theCompany as we considered appropriate and according to the information and explanationsgiven to us we give in the Annexure a statement on the matters specified in the paragraph3 and 4 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 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 financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.

(f) 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 would impact its financialposition; ii. The Company did not have any long-term contracts including derivativecontracts for which there were any material foreseeable losses; iii. There were no amountswhich were required to be transferred to the Investor

Education and Protection Fund by the Company.

For U. D. KACHARE & CO.
Chartered Accountants
Firm Registration No.104513W
SD/-
Uday. D. Kachare
Place: Mumbai Proprietor
Date : 10/05/2015 Membership No. 38046

ANNEXURE TO INDEPENDENT AUDITORS’ REPORT – 31STMARCH 2015

Referred to in Paragraph 1 under the heading of "Report on Other Legal andRegulatory Requirements" of our Report of even date on the financial statements forthe year ended on 31st March 2015 of Amba Enterprises Limited:

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

The fixed assets were physically verified during the year by the Management inaccordance with a regular programme of verification which in our opinion provides forphysical verification of the fixed assets at reasonable intervals. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification.

(ii) The inventory excluding stocks with third parties has been physically verified bythe Management during the year. In respect of inventory lying with third parties thesehave substantially been confirmed by them. In our opinion the frequency of verificationis reasonable.

In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness. In our opinion and according to the information and explanations given to usthe Company has maintained proper records of its inventories and no material discrepancieswere noticed on physical verification.

(iii) The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the Register maintained under Section 189 of the Act.Therefore the provisions of Clause 3(iii) (iii)(a) and (iii)(b) of the said Order arenot applicable to the Company.

(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business for the purchase of inventory and fixed assets and for the saleof goods. Further on the basis of our examination of the books and records of theCompany and according to the information and explanations given to us we have neithercome across nor have been informed of any continuing failure to correct major weaknessesin the aforesaid internal control system.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted deposits during the year and does not have any unclaimeddeposits. Therefore the provisions of the clause 3 (v) of the Order are not applicable tothe Company.

(vi) The aggregate value of turnover of the Company during the immediately precedingfinancial year did not exceed rupees thirty five crores and therefore the provisions ofCompanies (Cost Accounting Records) Rules 2014 notified by the Central Government underSection 148 of the Act are not applicable to the Company for the current financial year.

(vii) According to the information and explanations given to us and the records of theCompany examined by us in our opinion the Company is regular in depositing theundisputed statutory dues including provident fund employees’ state insuranceincome tax sales tax wealth tax service tax duty of customs duty of excise valueadded tax and other material statutory dues as applicable with the appropriateauthorities.

There were no undisputed amounts payable in respect of Employees’ State InsuranceIncome Tax Sales Tax and Value Added Tax Wealth Tax Service Tax duty of Customs dutyof Excise Cess and other material statutory dues in arrears as at March 31 2015 for aperiod of more than six months from the date they became payable. Details of dues ofIncome Tax and Value Added Tax which have not been deposited as at March 31 2015 onaccount of dispute are given below:

Name of the statute
Amount Period to which the Forum where
(in Rs.) amount relates Dispute is pending
Income Tax 13689070 Assessment Year 2009-10 2012-13 Commissioner of Income Tax
MVAT Act 2002 212295 Assessment Year 2009-10 Dy Comm. of Sales Tax Mumbai

There were no dues of Wealth Tax Service Tax duty of Customs duty of Excise and Cesswhich have not been deposited as at March 31 2015 on account of dispute.

There are no amounts required to be transferred by the Company to the InvestorEducation and Protection Fund in accordance with the provisions of the Companies Act 2013and Rules made there under within time.

(viii) The Company has no accumulated losses as at the end of the financial year and ithas not incurred any cash losses in the financial year ended on that date or in theimmediately preceding financial year.

(ix) 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 dues to anyfinancial institution or bank or debenture holders as at the balance sheet date.

(x) In our opinion and according to the information and explanations given to us theCompany has not given any guarantee for loans taken by others from banks or financialinstitutions during the year. Accordingly the provisions of Clause 3(x) of the Order arenot applicable to the Company.

(xi) According to the information and explanations given to us the Company has nottaken any term loan during the financial year covered under audit and accordingly theprovisions of clause (xi) of the paragraph 3 of the Order are not applicable to theCompany.

(xii) 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 on or by the Company noticed or reported during the year norhave we been informed of any such case by the Management.

For U. D. KACHARE & CO.
Chartered Accountants
Firm Registration No.104513W
SD/-
Uday. D. Kachare
Place: Mumbai Proprietor
Date: 10/05/2015 Membership No. 038046

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