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Amtek Auto Ltd.

BSE: 520077 Sector: Auto
NSE: AMTEKAUTO ISIN Code: INE130C01021
BSE LIVE 15:41 | 05 Dec 38.35 -0.05
(-0.13%)
OPEN

38.00

HIGH

39.20

LOW

37.70

NSE LIVE 15:50 | 05 Dec 38.45 0.15
(0.39%)
OPEN

38.45

HIGH

39.20

LOW

37.65

OPEN 38.00
PREVIOUS CLOSE 38.40
VOLUME 404124
52-Week high 56.20
52-Week low 26.05
P/E
Mkt Cap.(Rs cr) 861.92
Buy Price 38.35
Buy Qty 17975.00
Sell Price 0.00
Sell Qty 0.00
OPEN 38.00
CLOSE 38.40
VOLUME 404124
52-Week high 56.20
52-Week low 26.05
P/E
Mkt Cap.(Rs cr) 861.92
Buy Price 38.35
Buy Qty 17975.00
Sell Price 0.00
Sell Qty 0.00

Amtek Auto Ltd. (AMTEKAUTO) - Auditors Report

Company auditors report

TO THE MEMBERS OF AMTEK AUTO LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying Standalone financial statements of Amtek Auto Limited("the company") which comprise the balance sheet as at 31st March2016 the statement of profit and loss for the six months ended 31st March2016 the cash flow statement for the six months ended on that date and a summary ofsignificant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

The company’s board of directors is responsible for the matters specified insection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these Standalone financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the company in accordance withthe accounting 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 the maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of thecompany and for preventing and detecting the frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone financial statements that give a true and fair view and are free frommaterial misstatement whether due 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 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 standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the standalone 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 March 31 2016 and its loss and its cash flows for the six months ended on thatdate.

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 specifiedin paragraph 3 & 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 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 and 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 termsof 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 & Auditors) Rules 2014 in ouropinion and to 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 standalone financial statements (Refer to Note 29).

ii) The company did not have any long-term contract including derivatives contract forwhich there were any material foreseeable losses.

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

For & on behalf of
Manoj Mohan & Associates
Chartered Accountants
ICAI Firm Regd. No.009195C
Sd/-
(Manoj Kumar Agarwal)
Place : New Delhi Partner
Dated : 30th May 2016 Membership No -76980

Annexure - A to the Independent Auditors’ Report

Re : Amtek Auto Limited

The Annexure referred to in Independent Auditors’ Report to the members of theCompany on the standalone financial statements for the six months ended 31st March 2016.

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

(b) As explained to us fixed assets according to the practice of the Company havebeen physically verified by the management at reasonable intervals. In our opinion thefrequency of physical verification of fixed assets is reasonable having regard to the sizeof the Company and nature of its assets. According to the information and explanationsgiven to us no material discrepancies were noticed on such physical 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.

(ii) We have been informed that the inventories are physically verified during theperiod by the management at reasonable intervals. The frequency of physical verificationin our opinion is reasonable having regard to the size of the company and nature of itsbusiness. The discrepancies noticed on verification between the physical inventories andthe book records were not material in relation to the operation of the Company and thesame have been properly dealt with in the books of account.

(iii) The company has granted unsecured loans to companies covered in the registermaintained under Section 189 of the Companies Act 2013 during the period under review:

(a) The terms and conditions of grant of such loan are not prejudicial to the interestof the company.

(b) The schedule of repayment is stipulated and there is no irregularity in thisregard.

(c) No amount is overdue for more than 90 days as on 31st March 2016.

(iv) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013in respect of loans investments guarantees and security.

(v) Since the company has not accepted any deposit from public the directives issuedby the Reserve Bank of India and the provisions of section 73 to 76 or any other relevantprovisions of the Companies Act 2013 and the rules framed there under with regard to thedeposits accepted from the public are not applicable.

(vi) The Central Government has prescribed the maintenance of cost records undersection (1) of section 148 of the Companies Act and on the basis of records producedbefore us for our verification; we are of the opinion that prima facie the prescribedaccounts and cost records have been maintained. However we are neither required to carryout nor have carried out any detailed examination of such accounts & records.

(vii) (a) According to the information and explanations given to us and as per therecords of the company the company has been regular in depositing undisputed statutorydues including provident fund income tax service tax duty of custom duty of excisevalue added tax cess and other statutory dues with appropriate authorities during the sixmonths ended 31st March 2016.

According to the information and explanations given to us no disputed amounts payablein respect of aforesaid dues were in arrears as at 31st March 2016 for a period of morethan six months from the date they become payable.

(b) According to information and explanations given to us the dues of income taxsales tax service tax custom duty excise duty value added tax and cess which have notbeen deposited on account of matters pending before appropriate authorities are asfollows:-

Name of the Statute Nature of Dues Period to which the amount relates Forum where dispute is pending Amount (Rs. in lacs)
Income Tax Act 1961 Income Tax Block Assessement from A.Y. 2005-06 to 2010-11 Income Tax Appellant Tribunal Delhi 825.92
TOTAL 825.92

(viii) According to the information and explanations given to us and as per ourverification of the records of the company there had been delays in payment ofinstallments and Interest on term loan to the banks during the six months ending 31stMarch 2016. The same have been given in details in Note No. 2.31.

(ix) According to the information and explanations given to us and as per ourverification of the records of the company the Company has not raised moneys by way ofinitial public offer or further public offer (including Debt instruments).

The term loans availed by the company have been applied for the purpose for which theloans were obtained.

(x) According to the information and explanations given to us no fraud by the companyor on the company by its officers or employees has been noticed or reported during the sixmonths ended 31st March 2016.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to usthe company is not a Nidhi company.

Therefore the provisions of Clause 3 (xii) of the Order are not applicable to theCompany.

(xiii) According to the information and explanations given to us and as per ourverification of the records of the company all transactions with the related parties arein compliance with the Sections 177 and 188 of the Companies Act2013 where applicable andthe details have been disclosed in the Financial Statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations given to us and as per ourverification 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 period under review. Accordingly the provisions of Clause 3 (xiv) of the order arenot applicable to the Company.

(xv) According to the information and explanations given to us and as per ourverification of the records of the company the company has not entered into any non-cashtransactions with directors or persons connected with it .Accordingly the provisions ofClause 3 (xv) of the order are not applicable to the Company.

(xvi) In our opinion the company is not required to be registered under section 45-IAof the reserve Bank of India Act 1934. Accordingly the provisions of Clause 3 (xvi) ofthe order are not applicable to the Company.

For & on behalf of
Manoj Mohan & Associates
Chartered Accountants
ICAI Firm Regd. No.009195C
Sd/-
(Manoj Kumar Agarwal)
Place : New Delhi Partner
Dated : 30th May 2016 Membership No -76980

Annexure – B to the Independent Auditors’ Report

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

We have audited the internal financial controls over financial reporting of Amtek AutoLimited ("the Company") as of 31st March 2016 in conjunction with our audit ofthe standalone financial statements of the Company for the period ended on that date.

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 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 authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized 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 years are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree 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 & on behalf of
Manoj Mohan & Associates
Chartered Accountants
ICAI Firm Regd. No.009195C
Sd/-
(Manoj Kumar Agarwal)
Place : New Delhi Partner
Dated : 30th May 2016 Membership No -76980

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