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Apar Industries Ltd.

BSE: 532259 Sector: Engineering
NSE: APARINDS ISIN Code: INE372A01015
BSE LIVE 14:18 | 05 Dec 582.00 8.75
(1.53%)
OPEN

572.75

HIGH

588.10

LOW

570.00

NSE LIVE 14:26 | 05 Dec 581.65 9.95
(1.74%)
OPEN

571.75

HIGH

590.00

LOW

565.05

OPEN 572.75
PREVIOUS CLOSE 573.25
VOLUME 1710
52-Week high 633.55
52-Week low 406.00
P/E 14.64
Mkt Cap.(Rs cr) 2240.70
Buy Price 582.25
Buy Qty 10.00
Sell Price 586.25
Sell Qty 13.00
OPEN 572.75
CLOSE 573.25
VOLUME 1710
52-Week high 633.55
52-Week low 406.00
P/E 14.64
Mkt Cap.(Rs cr) 2240.70
Buy Price 582.25
Buy Qty 10.00
Sell Price 586.25
Sell Qty 13.00

Apar Industries Ltd. (APARINDS) - Auditors Report

Company auditors report

To the Members of Apar Industries Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Apar IndustriesLimited (the ‘Company’) which comprise the Balance Sheet as at 31st March2016 the Statement of Profit and Loss and the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

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 (the ’Act’) with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting 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 maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate implementation and maintenance of accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring 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 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 Rules made thereunder.

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 performingprocedures to obtain audit evidence about the amounts and the disclosures in the financialstatements. The procedures selected depend on the auditor’s judgement including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company’s preparation of the financial statementsthat gives a true and fair view in order to design audit procedures that are appropriatein the circumstances. An audit also includes evaluating the appropriateness of theaccounting policies used and reasonableness of the accounting estimates made by theCompany’s Directors as well as evaluating the overall presentation of the financialstatements.

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 31st March 2016 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 (the‘Order’) issued by the Central Government of India in terms of Section 143(11)of the Act we give in the Annexure ‘A’ a Statement on the matters specified inparagraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act we report that: (a) we have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit; (b) in our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books; (c) the Balance Sheet the Statement of Profit and Loss andthe Cash Flow Statement dealt with by this report are in agreement with the books ofaccount; (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 the written representations receivedfrom the directors as on 31st March 2016 taken on record by the Board of Directors noneof the directors is disqualified as on 31st March 2016 from being appointed as a directorin terms of Section 164 (2) of the Act; and (f) with respect to the adequacy of theinternal financial controls over financial reporting of the Company and the operatingeffectiveness of such controls refer to our separate Report in Annexure ‘B’:(g) 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 of our information and according to the explanations given to us: 1) theCompany has disclosed the impact of pending litigations on its financial position in itsfinancial statements (Refer Note 31 of the financial statements); 2) the Company did nothave any long -term contracts including derivative contracts for which there were anymaterial foreseeable losses; and 3) there has been no delay in transferring amountsrequired to be transferred to Investor Education and Protection Fund by the Company.

SHARP & TANNAN
Chartered Accountants
Firm’s Registration No.109982W
by the hand of
MILIND P. PHADKE
Partner
Mumbai 25th May 2016 Membership No. 033013

Annexure ‘A’ to the Independent Auditor’s Report

(Referred to in paragraph 1 of our report of even date)

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

(b) As explained to us these fixed assets have been physically verified by themanagement during the year which in our opinion is reasonable considering the size ofthe Company and nature of its assets. The frequency of physical verification is reasonableand no material discrepancies were noticed on such verification. (c) According to theinformation and explanations given to us the title deeds of immovable properties are heldin the name of the Company (ii) As explained to us inventories have been physicallyverified by the management during the year. In our opinion the frequency of suchverification is reasonable. The discrepancies noticed on such verification which were notmaterial have been properly dealt with in the books of account. (iii) According to theinformation and explanations give to us the Company has not granted any loans secured orunsecured to companies firms limited liability partnerships or other parties covered inthe register maintained under Section 189 of the Act. Accordingly the Paragraph 3(iii) ofthe Order is not applicable to the Company.

(iv) According to the information and explanations given to us the Company hascomplied with the provisions of Sections 185 and 186 of the Act in respect of loansinvestments guarantees and security.

(v) According to the information and explanations given to us and the records examinedby us the Company has not accepted deposits during the year. Accordingly the Paragraph3(v) of the Order is not applicable to the Company.

(vi) We have broadly reviewed the books of account and records maintained by theCompany specified by the Central Government for the maintenance of cost records underSection 148(1) of the Act in respect of manufacturing activities and are of the opinionthat prima facie the prescribed accounts and records have been made and maintained. Thecontents of these accounts and records have not been examined by us.

(vii) (a) According to the information and explanations given to us the Company isgenerally regular in depositing undisputed statutory dues including provident fundemployees’ state insurance income tax sales tax service tax duty of customs dutyof excise value added tax cess and any other statutory dues where applicable to theappropriate authorities. According to the information and explanations given to us thereare no arrears of outstanding statutory dues as at the last day of the financial year fora period of more than six months from the date they became payable (b) According to theinformation and explanations given to us and the records examined by us the particularsof income tax sales tax service tax duty of customs duty of excise and value addedtax as at 31st March 2016 which have not been deposited on account of a dispute pendingare as under:

Name of the Statute Nature of the disputed dues Amount Rs. in crore* Period to which the amount relates Forum where disputes are pending
The Central Sales Tax Act 1956 Local Sales Tax Acts and Works Contract Tax Act Tax Interest and Penalty 0.13 1998-99 Commercial Tax Officer
2001-02
2003-04
2004-05
2010-11
0.09 2011-12 to 2013-14 Deputy Commissioner
6.69 2002-03 to 2004-05 Commissioner VAT
2006-07
2007-08
2009-10
2011-12
5.34 1998-99 Tribunal
2006-07
2008-09
0.15 2009-10 High Court
The Central Excise Act 1944 the Customs Act 1962 and Service Tax under the Finance Act 1994 Duty Service Tax Interest and Penalty 1.77 2004-05 to 2011-12 Commissionerate (Appeals)
4.19 1997-98 to 2000-01 CESTAT / Tribunal
2004-05 to 2009-10
2011-12 to 2012-13
2.46 1993-94
1998-99 to 2003-04 High Court
2005-06 to 2006-07
5.30 1995-96 to 2001-02 Supreme Court

(*net of pre-deposit paid in getting the stay / appeal admitted) (viii) According tothe information and explanations given to us the Company has not defaulted in repaymentof loans or borrowings to financial institutions and banks. The Company has not taken anyloans or borrowings from Government. The Company has not issued any debentures.

(ix) According to the information and explanations given to us the Company has notraised monies by way of initial public offer or further public offer (including debtinstruments). In our opinion and according to the information and explanations given tous on an overall basis the term loans were applied for the purposes for which they wereraised. (x) During the course of our examination of the books and records of the Companycarried out in accordance with generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyfraud by the Company or any fraud on the Company by its officers or employees noticed orreported during the year nor have we been informed of such case by management.

(xi) According to the information and explanations given to us the managerialremuneration has been paid or provided in accordance with the requisite approvals mandatedby the provisions of Section 197 read with Schedule V to the Act. (xii) According to theinformation and explanations given to us the Company is not a Nidhi company. Accordinglythe Paragraph 3 (xii) of the Order is not applicable to the Company.

(xiii) According to the information and explanations given to us all the transactionswith the related parties are in compliance with Sections 177 and 188 of the Act and therelevant details have been disclosed in the Financial Statements etc. as required by theapplicable accounting standards.

(xiv) According to the information and explanations given to us the Company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year. Accordingly the Paragraph 3 (xiv) of the Order isnot applicable to the Company.

(xv) According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with him duringthe year. Accordingly compliance with the provisions of Section 192 of the Act is notapplicable to the Company.

(xvi) According to the information and explanations given to us the Company is notrequired to be registered under Section 45-IA of the Reserve Bank of India Act 1934.

SHARP & TANNAN
Chartered Accountants
Firm’s Registration No.109982W
by the hand of
MILIND P. PHADKE
Partner
Mumbai 25th May 2016 Membership No.033013

Annexure ‘B’ to the Independent Auditor’s Report

(Referred to in paragraph 2(f) of our report of even date)

We have audited the internal financial controls over financial reporting of AparIndustries Limited (the ‘Company’) as of 31st March 2016 in conjunction withour audit 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 Reporting (the‘Guidance Note’) issued by the Institute of Chartered Accountants of India(ICAI). These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company’spolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013(the ‘Act’).

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 and the Standards on Auditing issued by ICAI and deemed to beprescribed under Section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany’s assets that could have a 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 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 issued by theICAI.

SHARP & TANNAN
Chartered Accountants
Firm’s Registration No.109982W
by the hand of
MILIND P. PHADKE
Partner
Mumbai 25th May 2016 Membership No.033013

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