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APM Industries Ltd.

BSE: 523537 Sector: Industrials
NSE: N.A. ISIN Code: INE170D01025
BSE LIVE 15:40 | 17 Nov 63.35 1.35
(2.18%)
OPEN

64.70

HIGH

64.70

LOW

62.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 64.70
PREVIOUS CLOSE 62.00
VOLUME 30061
52-Week high 84.40
52-Week low 52.00
P/E 10.12
Mkt Cap.(Rs cr) 137
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 64.70
CLOSE 62.00
VOLUME 30061
52-Week high 84.40
52-Week low 52.00
P/E 10.12
Mkt Cap.(Rs cr) 137
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

The Members of

APM INDUSTRIES LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of APM IndustriesLimited ("the Company") which comprise the Balance sheet as at March 312017the Statement 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 standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate 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 standalone financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error.

Auditors' 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 accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the 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 standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone 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 312017 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 sub-section (11) of section 143 ofthe Act we give in the Annexure A a statement on the matters specified in the paragraph3 and 4 of the Order to the 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 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 the written representations received from the directors as on March312017 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164 (2) of theAct;

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 standalone 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.

iv. the Company has provided requisite disclosures in the standalone financialstatements as to holdings as well as dealings in Specified Bank Notes during the periodfrom November 08 2016 to December 30 2016. Based on audit procedures and relying on themanagement representation we report that the disclosures are in accordance with books ofaccount maintained by the Company and as produced to us by the Management - Refer Note 35to the financial statements.

For CHATURVEDI & CO.
Chartered Accountants
Firm Registration No. 302137E
PANKAJ CHATURVEDI
New Delhi Partner
May 122017 Membership No. 091239

ANNEXURE A REFERRED IN INDEPENDENT AUDITORS REPORT OF EVEN DATE

The Annexure referred to in Independent Auditors' Report to the members of APM

Industries on the standalone financial statements for the year ended March 312017 wereport 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 during the yearpursuant to a regular programme designed for physical verification which in our opinionis reasonable having regard to the size of the Company and the nature of its assets. Nomaterial discrepancies were noticed on such verification.

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 LLP firms or other partiescovered in the register maintained under Section 189 of the Companies Act 2013.Accordingly the clause iii (a) (b) and (c) of paragraph 3 of the Order are not applicableto 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 directors are interested orgive any guarantee or provide any security in connection with any loan taken by him orsuch other person. The Company had complied with the provision of Section 186 of theCompanies Act 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 the Orderis not applicable to the Company.

vi. We have broadly reviewed the cost records maintained by the Company specified bythe Central Government under Sub Section (1) of Section 148 of the Companies Act 2013 andrules thereunder and are of the opinion that prima facie the prescribed cost records havebeen made and maintained. We have however not made a detailed examination of the costrecords with a view to determine whether they are accurate or complete.

vii. a. The Company is regular in depositing undisputed statutory dues includingprovident 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 there are no outstanding statutory due outstanding at year endfor a period of more than six months from the date they became payable. b. According tothe information and explanation given to us there were no disputed amounts payable inrespect of income tax sales tax service tax duty of customs value added tax or cess asat March 31 2017 except sales tax demand of Rs. 294483 for the year 2016-17 pending inappeal before Deputy commissioner Commercial Taxation Department Alwar.

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 did not have any debenture outstanding during the year.

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

x. According to the information and explanation given to us no fraud by the company oron the company by its officers or employees has been noticed or reported during the year.

xi. According to the information and explanations given to us the Company has paid orprovided managerial remuneration in accordance with the requisite approval mandated by theprovisions of Section 197 read with Schedule V of the Companies Act 2013.

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 provisions of the sections 177 and 188 of theCompanies Act 2013 and have disclosed the details in the financial statements as requiredby the applicable accounting standard with respect to the transaction with the relatedparties during the year.

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 them.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
May 122017 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 312017 in conjunction with ouraudit 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 Reportingissued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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 312017 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
May 122017 Membership No. 091239