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ANG Industries Ltd.

BSE: 530721 Sector: Auto
NSE: ANGIND ISIN Code: INE017D01010
BSE LIVE 15:43 | 09 Dec 12.18 -0.61
(-4.77%)
OPEN

12.65

HIGH

12.65

LOW

12.16

NSE LIVE 15:31 | 09 Dec 12.05 -0.55
(-4.37%)
OPEN

12.65

HIGH

12.65

LOW

12.00

OPEN 12.65
PREVIOUS CLOSE 12.79
VOLUME 4240
52-Week high 57.50
52-Week low 9.61
P/E
Mkt Cap.(Rs cr) 19.60
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 12.65
CLOSE 12.79
VOLUME 4240
52-Week high 57.50
52-Week low 9.61
P/E
Mkt Cap.(Rs cr) 19.60
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

ANG Industries Ltd. (ANGIND) - Auditors Report

Company auditors report

The Members

ANG INDUSTRIES LIMITED

(FORMERLY KNOWN AS ANG AUTO LIMITED)

We have audited the accompanying standalone Financial statements of ANG INDUSTRIESLIMITED (formerly known as ANG AUTO LIMITED) which comprise the Balance Sheet as at 31stMarch 2015 statement of Profit & Loss Account and also the Cash Flow Statement ofthe Company for the year then ended and a summary of significant accounting policies andother explanatory information.

Management's Responsibility for the (Standalone) Financial Statements

The Company's Board of Directors is responsible for matters stated 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 position financial 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 forprevailing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; judgments and estimates that are reasonable and prudent:and design implementation of adequate financial controls that were operating 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 stanalone 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 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 the 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 control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness ofthe company's Internal Control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement 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 standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations tothe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2015;

b) in the case of the Profit and Loss Account of the Loss for the year ended on thatdate; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

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 'Companies Act 2015 we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

2. Further to our comments in the aforesaid annexure as required by section 143( 3) ofthe 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 purpose 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 Company does not have any branch offices which are audited under Section 143(8)of the Act by branch auditors.

d) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account.

e) 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) Rule 2014.

f) There are no observations or comments on the financial transactions or matters whichmay have any adverse effect on the functioning of the Company.

g) on the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of section 164(2) of theAct.

h) With respect to the other matters to be included in the Auditor's report inaccordance with Rule 11 of the companies ( Audit and Auditors) Rule 2014 in our opinionand to the best of our information and according to the explanations given to us :

1) Company does not have any pending litigations which would impact its financialposition. The list of pending litigations and its impact on financial position hasdisclosed under the notes related to "Contingent Liabilites"- Refer Note

2) The company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

3) There has been no delay in transferring amounts required to be transferred to theinvestor education and Protection Fund by the company and during the year there were noamount which were required to be transferred to the investor Education and protection Fundby the Company.

For SANDESH JAIN & CO.
CHARTERED ACCOUNTANTS
(SANDESH JAIN)
Partner
Place : New Delhi Membership No. : 087316
Date : 30-05-2015 FRN: 008548N

ANNEXURE TO THE AUDITORS' REPORT

Referred to our report of even date on the accounts of ANG INDUSTRIES LIMITED (Formerly known as ANG Auto Limited) for the year ended 31st March 2015

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that :

1. In respect of its Fixed Assets :

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets on the basis of availableinformation.

b) As per explanation given to us the Fixed Assets were physically verified by themanagement at reasonable intervals having regard to the size of the Company and the natureof its assets. No material discrepancies were noticed on such verification.

c) In our opinion and according to the information and explanation given to us theCompany has not disposed off substantial part of fixed assets during the year and thegoing concern status of the Company is not affected. Though the Company has maintainedrecords relating to fixed assets the company may need to comprehensively compile/complete the fixed asset register with particulars including quantitative details andsituation of some of its fixed assets. Further the Company would need to furtherstrengthen its records so as to include adequate breakdown of asset group description ofassets inter location movement etc. in view of increasing size of the Company.

2. In respect of its Inventories :

a) As explained to us inventories were physically verified during the year by themanagement at reasonable intervals.

b) In our opinion and according to the information and explanations provided to us theprocedures of physical verification of inventories followed by the Company were reasonableand adequate in relation to the size of the Company and the nature of its business.

c) In our opinion and according to the information and explanations given to us theCompany has maintained proper records of its inventories and no material discrepancieswere noticed on physical verification of stocks by the management as compared to bookrecords.

3. (a) According to the information and explanations given to

us and on the basis of our examination of the book of account during the year Companyhas not given/ taken any loan secured or unsecured to Companies firms or other partiesto be covered in the register maintained under Section 189 of the Companies Act 2013.except the following :

(Amt. in Lacs)
Opening Balance Debit Credit Closing Balance
Premjit Singh 16.61 (Dr.) 44.80 29.00 32.41 (Dr)
ANG Structure & Energy (P) Ltd. 86.49 (Dr.) 21.26 136.55 28.81 (Cr.)
ANG Logistic Private Limited 29.11 (Dr.) 0.82 29.93 Nil

(b) The Principal amounts are repayable/receivable at the discretion of the Company.

(c) No interest has been paid/ taken by the company on the unsecured loan given /takenfrom the director & others related parties.

4. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with size of the company and thenature of its business for the purchase of inventory and fixed assets and payment forexpenses & for the sale of goods. During the course of our Audit no major instance ofcontinuing failure to correct any weakness has been noticed in the internal control.

5. According to the information and explanations given to us the Company has notaccepted any deposits within the meaning of Section 73 to section 76 or any other relevantprovision of the Companies Act 2013 and the rules framed there under during the year .

6. The Central Government has not prescribed the maintenance of cost records by theCompany under section 148(I) of the Companies Act 2013.

7. According to the records of the Company and the information and explanations givento us in respect of statutory and other dues:

a) The Company was generally irregular in depositing statutory dues including providentfund employees state insurance income tax sales tax service tax custom duty exciseduty cess etc. with the appropriate authorities.

b) According to the information and explanation given to us there are no undisputedamounts payable in respect of statutory dues including provident fund employees stateinsurance income tax sales tax service tax custom duty excise duty cess etc. thatwere outstanding as on 31st March 2015 for a period of more than six months from thedate they became payable.

c) According to the information and explanations given to us details of dues of IncomeTax stamp duty and sales tax etc. which has not been deposited as on March 31st 2015 onaccount of any dispute is given below:

Particulars Period to which Amount relates Forum where matter is pending Amount (Rs.in lacs)
Stamp Duty Fin. year 2007-08 Revenue Board Allahabad (U.P) 12.73
Entry Tax Fin year 2005-06 Deputy Commissioner of Commercial tax Jaipur 0.40
Entry Tax Fin year 2006-07 Deputy Commissioner of Commercial tax Jaipur 7.84
Entry Tax Fin year 2007-08 Deputy Commissioner of Commercial tax Jaipur 7.06
Entry Tax Fin year 2008-09 Deputy Commissioner of Commercial tax Jaipur 3.74
Entry Tax Fin year 2009-10 Deputy Commissioner of Commercial tax Jaipur 2.10
Income Tax Demand Assessment Year 2010-11 CIT (A) - IV New Delhi 8.71
Income Tax Demand Assessment Year 2011-12 CIT (A) - Circle 2(2) New Delhi 7.68
Sales Tax Assessment year 2010-11 Joint Commissioner Sales Tax (Khatima) Uttrakhand 6.03
Sales Tax Assessment year 2008-09 2009-10 & 2010-11 Commissioner VAT (Appeals) Kol 25.31
Sales Tax Assessment Year 2009-10 Joint Commissioner Sales Tax (Khatima) Uttarakhand 10-21
Sales Tax Assessment Year 2010-11 Joint Commissioner Sales Tax (Khatima) Uttarakhand 6.61
Sales Tax Assessment Year 2011-12 Joint Commissioner Sales Tax (Khatima) Uttarakhand 6.22

8. The Company does not any have accumulated losses at the end of the financial yearand in preceding Financial year. The company has not suffered the cash losses during theFinancial year as well as immediately preceding financial year covered by the audit .

9. Based on our audit procedure and on the information and explanations given to us weare of the opinion that the Company has been irregular in repayment of dues to financialinstitutions or banks during the year. However same has been paid / cleared in succeedingmonths from the due date.

10 According to the information and explanation given to us and records examined byus the company has not given any guarantee for loans taken by others from Banks orFinancial Institutions.

11 To the best of our knowledge and belief and according to the information andexplanation given to us in our opinion all long term loans availed by the company wereprima facie applied by the company during the year for the purpose for which these wereobtained.

12. Based on the audit procedures performed and the information and explanations givento us we report that no fraud on or by the Company has been noticed or reported duringthe year nor have we been informed of such case by the management.

For SANDESH JAIN & CO.
CHARTERED ACCOUNTANTS
(SANDESH JAIN)
Partner
Place : New Delhi Membership No. : 087316
Date : 30-05-2015 FRN:008548N

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