You are here » Home » Companies » Company Overview » APM Industries Ltd

APM Industries Ltd.

BSE: 523537 Sector: Industrials
NSE: N.A. ISIN Code: INE170D01025
BSE LIVE 15:40 | 16 Jan 63.65 0.05
(0.08%)
OPEN

64.00

HIGH

64.00

LOW

63.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 64.00
PREVIOUS CLOSE 63.60
VOLUME 8818
52-Week high 76.85
52-Week low 48.50
P/E 7.24
Mkt Cap.(Rs cr) 137.48
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 64.00
CLOSE 63.60
VOLUME 8818
52-Week high 76.85
52-Week low 48.50
P/E 7.24
Mkt Cap.(Rs cr) 137.48
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

APM Industries Ltd. (APMINDS) - Auditors Report

Company auditors report

To the Members of APM INDUSTRIES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of APM Industries Limited("the Company") which comprise the Balance sheet as at March 31 2016 theStatement of profit and loss and cash flow statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management’s Responsibility for the 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 preparationand presentation of these 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 maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors’ 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 thereunder. 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 the amounts andthe disclosures in the 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 financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March312016 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 ("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 specified inthe paragraph 3 and 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 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 as on March312016 taken on record by the Board of Directors none of the directors is disqualifiedas on March 312016 from being appointed as a director in terms of Section 164 (2) oftheAct;

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 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:

i. the Company has disclosed the impact of pending litigations on its financialposition in its financial statements- Refer Note 27(a);

ii. the Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses. The Company did not have any long-termcontracts including derivative contracts for which there were any material foreseeablelosses.

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

For CHATURVEDI & CO.
Chartered Accountants
Firm Registration No. 302137E
PANKAJ CHATURVEDI
New Delhi Partner
13 May 2016 Membership No. 091239

ANNEXURE A REFERRED IN INDEPENDENT AUDITORS REPORT OF EVEN DATE

The Annexure referred to in our Independent Auditors’ Report to the members of theCompany on the financial statements for the year ended March 312016 we report that:

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

b. These Fixed assets have been physically verified by the management at reasonableinterval during the year pursuant to a Program for physical verification. No materialdiscrepancies were noticed on such verification. In our opinion this periodicity ofphysical verification is reasonable having regard to the size of the Company and thenature of its assets.

c. The title deed of immovable properties are held in the name of the Company

ii. Physically verification of inventories has been conducted at reasonable interval bythe management and no material discrepancies were noticed.

iii. According to the information and explanations given to us the Company has notgranted any loan secured or unsecured to companies firms or other parties covered inthe register maintained under Section 189 of the Companies Act 2013. Accordingly theclause iii (a) (b)and (c) of paragraph 3 of the Order are not applicable to the Company.

iv. According to the information and explanation given to us the company has notdirectly or indirectly advance any loan including any loan represented by a book debtto any of its directors or to any other person in whom the director is interest or giveany guarantee or provide any security in connection with any loan taken by him or suchother person. The Company had complied with the provision of Section 186 of the CompaniesAct 2013 regarding investment and loan.

v. According to the information and explanations given to us the Company has notaccepted any deposit during the year. Accordingly the clause (v) of paragraph 3 of theOrder is not applicable to the Company.

vi. We have broadly reviewed the cost records maintained by the Company specified bythe Central Government for the maintenance of cost records under Sub Section (1) ofSection 148 of the Companies Act 2013 and are of the opinion that prima facie theprescribed cost records have been maintained. We have however not made a detailedexamination of the cost records with a view to determine whether they are accurate orcomplete.

vii. a. The Company is regular in depositing undisputed statutory dues including

provident fund employee state insurance income tax sales tax service tax duty ofcustoms value added tax cess and other statutory dues as applicable with theappropriate authorities and no outstanding statutory dues as on the last day of thefinancial year concerned for more than six months from the date they became payable. b.According to the information and explanation given to us there were no disputed amountspayable in respect of income tax sales tax service tax duty of customs value added taxor cess as at March 312016 except sales tax of Rs.1148212 and Rs.1402597 for the year2002-2003 and 1999-2000 respectively pending before Rajasthan High Court.

viii. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to any bank or financial institution. TheCompany had not issued any debenture during the year.

ix. According to the information and explanations given to us the Company has notraised money by way of initial public offer or further public offer during the year. Theterm loan availed during the year were applied for the purpose for which term loan wastaken.

x. During the course of our examination of the books and records of the company carriedout in accordance with the generally accepted auditing practices and according to theinformation and explanation given to us we have neither come across any instance ofmaterial fraud by the company or on the company by its officers or employees has beennoticed or reported during the year.

xi. According to the information and explanations given to us the company has compliedwith the requisite approvals mandated by the provisions of Section 197 read with ScheduleV to the Companies Act 2013 during the year.

xii. The company is not a Nidhi Company. Accordingly the clause xii of paragraph 3 ofthe Order is not applicable to the Company.

xiii. The company has complied with the provision of the section 177 and 188 of theCompanies Act 2013 and have disclosed as required by the applicable accounting standardwith respect to the transaction with the related parties in the Financial Statements.

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 debenture during the year under review. Accordingly the clause xiv ofparagraph 3 of the Order is not applicable to the Company.

xv. According to the information and explanations given to us the company has notentered into any non-cash transaction with directors or person connected with him.Accordingly the clause xv of paragraph 3 of the Order is not applicable to the Company.

xvi. The company is not required to be registered under section 45 -IA of Reserve Bankof India Act 1934. Accordingly the clause xvi of paragraph 3 of the Order is notapplicable to the Company.

For CHATURVEDI & CO.
Chartered Accountants
Firm Registration No. 302137E
PANKAJ CHATURVEDI
New Delhi Partner
13 May 2016 Membership No. 091239

Annexure - B to the 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 "APMINDUSTRIES LIMITED ("the Company") as of March 312016 in conjunction with ouraudit of the financial statements of the Company for the year 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 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 March 312016 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 CHATURVEDI & CO.
Chartered Accountants
Firm Registration No. 302137E
PANKAJ CHATURVEDI
New Delhi Partner
13 May 2016 Membership No. 091239