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AMD Industries Ltd.

BSE: 532828 Sector: Industrials
NSE: AMDIND ISIN Code: INE005I01014
BSE LIVE 09:36 | 28 Jun 26.60 0.45
(1.72%)
OPEN

26.20

HIGH

26.60

LOW

26.20

NSE 09:26 | 28 Jun 26.05 -0.10
(-0.38%)
OPEN

26.45

HIGH

26.45

LOW

26.05

OPEN 26.20
PREVIOUS CLOSE 26.15
VOLUME 20
52-Week high 40.55
52-Week low 25.00
P/E 190.00
Mkt Cap.(Rs cr) 51
Buy Price 26.60
Buy Qty 1.00
Sell Price 26.75
Sell Qty 300.00
OPEN 26.20
CLOSE 26.15
VOLUME 20
52-Week high 40.55
52-Week low 25.00
P/E 190.00
Mkt Cap.(Rs cr) 51
Buy Price 26.60
Buy Qty 1.00
Sell Price 26.75
Sell Qty 300.00

AMD Industries Ltd. (AMDIND) - Auditors Report

Company auditors report

To

The Members of AMD Industries Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of AMD IndustriesLimited (‘the company’) which comprise the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss the Cash Flow Statement and a summary ofsignificant accounting policies and other explanatory information for the year then ended.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters in section 134(5)of the Companies Act 2013 (“the Act”) with respect to the preparation of thesestandalone 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 the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the 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 financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting 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 accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions 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 reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures 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 true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by Company’s Directors as well as evaluating the overallpresentation 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 March 312016 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 matters specified inthe paragraph 3 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 appears from our examination of those books;

c) The Balance Sheet the Statement of Profit and Loss and 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 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 interms of Section 164(2) of the Act;

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 included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 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 financial statements - Refer Note 32(i)(c) to the financial statements

ii. There are no material foreseeable losses on long term contracts includingderivative contracts therefore no such provision is required to be made.

iii. There has been no delay in transferring amount required to be transferred tothe investor education and protection fund by the company.

For Suresh & Associates
FRN: 003316N
Chartered Accountants
(CA Narendra Kr Arora)
Date : 26th May 2016 Partner
Place: New Delhi M. No. 088256

Annexure - A to the Independent Auditors’ Report

The Annexure referred to in our Independent Auditors’ Report to the members of theCompany on the standalone financial statements for the year ended 31st March2016 we report that:

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

(b) The Company has a regular program of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner. In accordance with this programcertain fixed assets were verified during the year and no material discrepancies werenoticed on such verification. In our opinion this periodicity of physical verification isreasonable having regard to the size of the Company and the nature of its assets.

(c) According to the information and explanation given to us and on the basis of ourexamination of the records of the company the title deeds of the immovable properties areheld in the name of the company.

(ii) (a) The management of the Company has conducted the physical verification ofinventory at reasonable intervals during the year.

(b) The procedure of physical verification of inventory followed by the management isreasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintained proper records of inventory and no materialdiscrepancies were noticed on physical verification.

(iii) The Company has not granted any loans to companies firms or other partiescovered in the register maintained under section 189 of the Companies Act 2013 (‘theAct’).

(iv) The company has not granted any loans under provisions of section 185 and hascomplied with provisions of section 186 of the Companies Act 2013 in respect of loansinvestments guarantees and security.

(v) The Company has not accepted any deposits under provisions of sections 73 to 76 orany other relevant provisions of the Companies Act’ 2013.

(vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act.

(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 is regular in depositingundisputed statutory dues including provident fund employees’ state insuranceincome-tax sales-tax service tax duty of customs duty of excise value added tax cessand other material statutory dues with the appropriate authorities.

(b) According to the information and explanations given to us below given dues ofincome tax sales tax service tax excise duty value added tax and cess have not beendeposited with the appropriate authorities on account of disputes:

S. No. Period of Demand Amount Involved Particulars of demand Appeal pending before
1 A.Y. 1999-00 to 2006-07 Rs.950962/- Local Sales Tax raised by UP Local Sales Tax Authorities. Supreme Court
2. A.Y. 1999-00 to 2006-07 Rs.3118745/- Central Sales Tax raised by UP Trade tax Authorities. Supreme Court
3 A.Y. 2003-04 Rs.358400/- Demand raised by Assessing Authority u/s 21 of UP Trade Tax Act 1948 UP Trade Tax Tribunal Ghaziabad
4 F.Y 2001-02 Rs.1145102/- Entry tax raised by UP Trade Tax Authorities Jt. Commissioner Appeal (Trade Tax) - III Ghaziabad
5. F.Y 2002-03 Rs.1140307/- Entry tax raised by UP trade tax Authorities. Supreme Court
6. FY 2004-05 Rs.1637643/- Entry tax raised by UP trade tax Authorities. Supreme Court
7. F Y 2001-02 Rs.200000/- Labour Dispute Labour Court-I Ghaziabad
8. F.Y. 2005-06 Rs.474111/- Sales Tax Demand raised by UP trade tax Authorities Commissioner Appeal (Trade Tax)-I Ghaziabad
9. A Y 2005-2006 Rs.220397/- Entry tax raised by UP trade tax Authorities. Supreme Court
10. A Y 2007-2008 Rs.3809702/- Demand raised by Trade Tax Department. High Court Allahabad
11. F.Y. 2008-092012-13 Rs.4171281/- Entry Tax raised by Rajasthan Trade Tax Authorities. Supreme Court
12. F.Y 2014-15 Rs. 271360/- Excise authorities has raised demand Commissioner Appeal Ghaziabad.

(viii) The company has not defaulted in repayment of loans or borrowing to a financialinstitution bank Government or dues to debenture holders.

(ix) In our opinion and according to the information and the explanations given to usthe company has not raised any moneys by way of initial public offer or further publicoffer (including debt instruments) and term loans were applied for the purposes for whichthose are raised.

(x) In our opinion no material fraud by the company or on the Company by its officersor employees has been noticed or reported during the year under review.

(xi) In our opinion and according to the information and the explanations given to usand based on examination of records of the company the company has paid/provided formanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Companies Act.

(xii) In our opinion and according to information given to us the company is not anidhi Company. Accordingly paragraph 3(xii) of the order is not applicable.

(xiii) In our opinion and according to the information and the explanations given to usand based on our examination of the records of the company all transactions with therelated parties are in compliance with sections 177 and 188 of Companies Act 2013 whereever applicable and the details of such transactions have been disclosed in the FinancialStatements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us and based on ourexamination 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 year.

(xv) According to the information and the explanations given to us the company has notentered into any non-cash transactions with directors or persons connected with him underthe provisions of section 192 of Companies Act 2013

(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934

For Suresh & Associates
FRN: 003316N
Chartered Accountants
(CA Narendra Kr Arora)
Date : 26th May 2016 Partner
Place: New Delhi M. No. 088256

Annexure - B to the Auditor’s Report

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

We have audited the internal financial controls over financial reporting of AMDIndustries Limited (‘the company’) as of March 312016 in conjunction with ouraudit 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 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 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 the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable 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 reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company’s assets that could havea 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 March 31 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 Suresh & Associates
FRN: 003316N
Chartered Accountants
(CA Narendra Kr Arora)
Date : 26th May 2016 Partner
Place: New Delhi M. No. 088256