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Amrapali Industries Ltd.

BSE: 526241 Sector: Others
NSE: N.A. ISIN Code: INE762C01021
BSE LIVE 14:41 | 07 Dec 3.91 -0.14






NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 3.89
52-Week high 6.37
52-Week low 3.60
Mkt Cap.(Rs cr) 20.11
Buy Price 3.91
Buy Qty 33.00
Sell Price 4.25
Sell Qty 1000.00
OPEN 3.89
CLOSE 4.05
52-Week high 6.37
52-Week low 3.60
Mkt Cap.(Rs cr) 20.11
Buy Price 3.91
Buy Qty 33.00
Sell Price 4.25
Sell Qty 1000.00

Amrapali Industries Ltd. (AMRAPALIINDS) - Auditors Report

Company auditors report


Report on the Financial Statements

We have audited the accompanying financial statements of AMRAPALI INDUSTRIES LTD.which comprise the Balance Sheet as at March 312015 the Statement of Profit and Lossthe Cash Flow Statement for the year then ended and a summary of the significantaccounting policies and other explanatory information.

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 with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under Section 133 of theAct read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and design Implementationand maintenance of adequate internal financial controls that were operation effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

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 there under. 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 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 s preparation ofthe financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrol system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company s Directors as well asevaluating the overall presentation of the financial statements. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the financial statements.

Basis for Qualified Opinion

A search was conducted by the competent authority u/s 132 of the Income Tax Act 1961in the premises of the Company as on 26.10.2012 pursuant to which the Company madedisclosure of additional income to the tune of Rs. 115898063/- for a block period of01.04.2006 to 31.03.2014 in order to purchase peace of mind and avoid unwantedlitigations. The Company preferred an application before the Settlement Commission whichstood admitted. Pursuant to which the Company has paid sum of Rs. 68125000/- on theadditional income so offered and final order from the Commission is awaited. In light offacts as informed by the Company and for want of adequate evidences clearly indicatingexact nature of undisclosed income impact of the disclosure on the assertions made in thefinancial statements as well as internal financial control system cannot be quantified andthus the opinion is qualified to that extent in this report.

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 above the aforesaid 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 312015 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 issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Act we give in theAnnexure a statement on the matters specified in the paragraph 3 and 4 of the Order tothe 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 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 ason31stMarch 2015taken on record by the Board of Directors none of the directors isdisqualified as on 31stMarch 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 ofour 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 statement.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; hence the company need not make anyprovision.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For MehulThakker& Co.
Chartered Accountants
Firm Reg.No. 118993W
Place: Ahmedabad S. P. Thakker
Date: 30-05-2015 Partner
Membership No. 032233

Annexure to the Independent 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 March 31 2015 wereport that:

i. In respect of its Fixed Assets:

a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

b) All the assets have been physically verified by the management during the period asper the regular programme of verification which in our opinion is reasonable havingregard to the size of the Company and the nature of its assets. No material discrepancieswere noticed on such verification.

ii. In respect of its inventories:

a) The management has conducted physical verification of inventory atreasonableintervals.

b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c) The Company is maintaining proper records of inventory and no material discrepancieswere noticed on physical verification by the management.

iii. In respect of loans secured or unsecured granted by the Company to companiesfirms or other parties covered in the register maintained under Section 189 of theCompanies Act 2013:

a) The company has not granted any secured or unsecured loan to the companies firms orother parties covered in the register maintained u/s. 189 of the Act. Accordinglyrelevant paragraph of the said Order is not applicable to the company.

iv. The company has not accepted any deposit from public.

v. We are informed that the Central Government has not prescribed maintenance of costrecords under section 148(1) of the Companies Act for any products of the company.

vi. In respect of statutory dues:

a) According to the records of the Company the Company is regular in depositingundisputed statutory dues including Provident Fund Employees' State InsuranceIncome-tax Sales-tax Wealth Tax Service tax duty of Custom Duty Duty of Excise Valueadded tax Cess and other statutory dues with the appropriate authorities.

b) According to the information and explanation given to us there are no outstandingdisputed dues of Income Tax Sales Tax Wealth Tax Service Tax duty of Custom duty ofExcise value added tax or Cess.

c) According to the information and explanations given to us there is no amount whichare required to be transferred to the investor education and Protection fund in accordancewith the relevant provisions of the Companies Act 1956 (1 of 1956) and rules there under.

vii. The company does not have accumulated losses at the end of the financial year andhas not incurred cash losses in the financial year and in the immediately precedingfinancial year. viii. In our opinion and according to the information and explanationsgiven to us the company has not defaulted in the repayment of dues to banks.

ix. According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from bank or financial institutions.

x. The company has not taken any term loan during the year. Accordingly paragraph 4(xi)of the order is not applicable to the company.

xi. According to the information and explanations given to us no material fraud on orby the Company has been noticed or reported during the course of our audit.

For Mehul Thakker& Co.
Chartered Accountants
Firm Reg.No. 118993W
Place: Ahmedabad S. P. Thakker
Date: 30-05-2015 Partner
Membership No. 032233

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