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AMD Industries Ltd.

BSE: 532828 Sector: Industrials
NSE: AMDIND ISIN Code: INE005I01014
BSE LIVE 15:59 | 02 Dec 30.35 -0.20
(-0.65%)
OPEN

30.00

HIGH

30.40

LOW

29.50

NSE LIVE 15:30 | 02 Dec 29.95 -0.35
(-1.16%)
OPEN

29.90

HIGH

30.40

LOW

29.05

OPEN 30.00
PREVIOUS CLOSE 30.55
VOLUME 1308
52-Week high 44.00
52-Week low 22.50
P/E
Mkt Cap.(Rs cr) 58.18
Buy Price 0.00
Buy Qty 0.00
Sell Price 30.35
Sell Qty 468.00
OPEN 30.00
CLOSE 30.55
VOLUME 1308
52-Week high 44.00
52-Week low 22.50
P/E
Mkt Cap.(Rs cr) 58.18
Buy Price 0.00
Buy Qty 0.00
Sell Price 30.35
Sell Qty 468.00

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

31 March 2015 the Statement of Profit and Loss the Cash Flow Statement and a summaryof significant accounting policies and other explanatory information for the year thenended .

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe 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 internal financial control thatwere operating 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'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 the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe 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.

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 2015 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 2015("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in the paragraph 3and 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 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 31 March2015 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2015 from being appointed as a director in terms of Section 164(2) of theAct; and

f) With respect to the other matters included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinion and to thebest 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 forseeable losses on long term contracts including derivativecontracts therefore no such provision is required to be made.

iii. There are no instances of delay in transferring amount required to betransferred to the Investor Education and Protection Fund by the Company.

For Suresh & Associates
FRN: 003316N
Chartered Accountants
(CA. Narendra Kumar Arora)
Partner
M. No. 088256
Date : 27.05.2015
Place : New Delhi

Annexure to the Intependent Auditor’s Report

The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the standalone financial statements for the year ended 31 March 2015 we reportthat: (i) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(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 the 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) 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 with regard to purchase of fixed assets and sale of goods. Wehave not observed any major weakness in the internal control system during the course ofthe audit.

(v) The Company has not accepted any deposits from the public.

(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 insurance incometax sales tax wealth tax service tax duty of customs duty of excise value added taxcess and any 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 wealth tax service tax value added tax and cess have not beendeposited with the appropriate authorities on account of dispute: (c) According to theinformation and explanations given to us the amount which were required to be transferredto the investor education and

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 2012-13 Rs.2897299/- Excise Duty Demand raised by Excise Assessing CESTAT New Delhi
Authorities. Filed an appeal with stay at CESAT New Delhi.
11. A Y 2007-2008 Rs.3809702/- Demand raised by Trade Tax Department. High Court Allahabad
12. F.Y. 2011-12 Rs.999264/- Entry Tax raised by Rajasthan Trade Tax Authorities. High Court Rajashthan

protection fund in accordance with the relevant provisions of the Companies Act 1956(1 of 1956) and rules made there under has been transferred to such fund within time.

(viii) Company has no accumulated losses at the end of the financial year. The companyhas not incurred cash losses in current financial year and in the immediately precedingfinancial year.

(ix) The Company has not defaulted in repayment of dues to financial institutionsbanks or debenture holders during the year.

(x) In our opinion and according to the information and the explanations given to usthe Company has given guarantee for loans taken by others from banks or financialinstitutions. The company has given corporate guarantees of Rupees Twenty three crores forloans taken by its subsidiaries from bank and financial institutions. The terms and otherconditions in our opinion are not prima facie prejudicial to the interest of the company.

(xi) The Company has utilised term loans for the purpose for which the loans wereobtained.

(xii) According to the information and explanations given to us no material fraud onor by the Company has been noticed or reported during the course of our audit.

For Suresh & Associates
FRN: 003316N
Chartered Accountants
(CA. Narendra Kumar Arora)
Partner
M. No. 088256
Date : 27.05.2015
Place : New Delhi

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