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Astra Microwave Products Ltd.

BSE: 532493 Sector: Telecom
NSE: ASTRAMICRO ISIN Code: INE386C01029
BSE LIVE 15:42 | 02 Dec 108.50 -1.25
(-1.14%)
OPEN

108.70

HIGH

109.50

LOW

108.00

NSE LIVE 15:51 | 02 Dec 108.75 -1.05
(-0.96%)
OPEN

109.50

HIGH

109.50

LOW

108.35

OPEN 108.70
PREVIOUS CLOSE 109.75
VOLUME 18130
52-Week high 153.00
52-Week low 101.40
P/E 20.02
Mkt Cap.(Rs cr) 939.61
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 108.70
CLOSE 109.75
VOLUME 18130
52-Week high 153.00
52-Week low 101.40
P/E 20.02
Mkt Cap.(Rs cr) 939.61
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Astra Microwave Products Ltd. (ASTRAMICRO) - Auditors Report

Company auditors report

To

The Members of

ASTRA MICROWAVE PRODUCTS LIMITED

Report on the Standalone Financial Statements:

We have audited the accompanying standalone financial statements of Astra MicrowaveProducts Limited ("the Company") which comprise the Balance Sheet as at31st March 2016 the Statement of Profit and Loss the Cash Flow Statement for the yearthen ended 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 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.

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 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 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 of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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 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 is terms of sub-section (11) of Section 143 ofthe Act se give in the "Annexure A" a statement on the matters specifiedin Paragraphs 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 it 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 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 terms of Section164 (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".

(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 No. 2.33 to the financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For AMAR & RAJU
CHARTERED ACCOUNTANTS
Firm Registration No: 000092S
(P. VENKATA RAMANA)
Place: Hyderabad Partner
Date: 29.04.2016 Membership No: 203346

Annexure - A

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONE FINANCIALSTATEMENTS OF ASTRA MICROWAVE PRODUCTS LIMITED

Referred to in Paragraph 1 under "Report on Other Legal and RegulatoryRequirements" section of our Report

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

b) As explained to us all the fixed assets have been physically verified by themanagement in a phased periodical manner which in our opinion is reasonable havingregard to the size of the Company and the nature of its assets. No material discrepancieswere 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) The inventories have been physically verified during the year by the management. Inour opinion the frequency of verification is reasonable and as explained to us therewere no material discrepancies noticed on physical verification of inventories as comparedto the book records.

iii) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintainedU/Sec.189 of the Act.

iv) In our opinion and according to the information and explanations given to us inrespect of loans investments guarantees and security the Company has complied with theprovisions of Section 185 and 186 of the Act.

v) According to the information and explanations given to us the Company has notaccepted any deposits from the public and accordingly the provisions of Clause (v) ofparagraph 3 of the Companies (Auditor's Report) Order 2016 are not applicable to theCompany.

vi) The Central Government has specified maintenance of cost records under Section 148(1) of the Companies act 2013. We have broadly reviewed the accounts and records of theCompany in this connection and are of the opinion that prima facie the prescribedaccounts and records have been made and maintained. We have not however carried out adetailed examination of the same.

vii) a) The Company is regular in depositing with appropriate authorities undisputedstatutory dues including Provident Fund Employees State Insurance Income Tax Salestax Service Tax Duty of Customs Duty of Excise Value Added Tax Cess and otherstatutory dues applicable to it.

According to the information and explanations given to us no undisputed amounts payablein respect of Provident Fund Employees State Insurance Income Tax Sales Tax ServiceTax Duty of Customs Duty of Excise Value Added Tax and Cess were in arrears as at 31stMarch 2016 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us there are no dues ofIncome Tax Sales Tax Service Tax Duty of Customs and Value Added Tax which have notbeen deposited with the appropriate authorities on account of any dispute. Howeveraccording to the information and explanations given to us there is one dispute pendingbefore The Hon'ble Customs Excise & Service Tax Appellate Tribunal south Zone BenchBangalore under the Central Excise Act 1944 in respect of Duty of Excise relating to theperiods 2009-2010 and 2010-2011 aggregating Rs.24818566/- (excluding interest which isnot yet determined).

viii) Based on our audit procedures and according to the information and explanationsgiven to us we are of the opinion that the Company has not defaulted in repayment ofloans or borrowing to financial institutions banks Government and dues to debentureholders.

ix) Based on our audit procedures and according to the information and explanationsgiven to us we are of the opinion that moneys raised by the Company by way of term loanshave been applied for the purpose for which they were raised.

x) In our opinion and according to the information and explanations given to us nofraud by the Company and no fraud on the company by its officers or employees has beennoticed or reported during the course of audit.

xi) In our opinion and according to the information and explanations given to usmanagerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.

xii) Since the Company is not a Nidhi Company the provisions of Clause (xii) ofparagraph 3 of the Companies (Auditor's Report) Order 2016 are not applicable to theCompany.

xiii) In our opinion and according to the information and explanations given to us alltransactions with the related parties are in compliance with sections 177 and 188 ofCompanies Act and as required by the applicable accounting standards the details of thetransactions with the related parties have been disclosed in the notes to the financialstatements. (Refer Note No: 2.35 of Notes to the financial statements).

xiv) During the year under review the Company made private placement of shares and inour opinion the Company has complied with the requirement of section 42 of the CompaniesAct 2013. Based on our audit procedures and according to the information and explanationsgiven to us to the extent the funds utilized during the period under audit we are of theopinion that moneys raised have been applied for the purpose for which they were raised.The details of amount raised during the year and the amount unused at the end of the yearare disclosed in the notes to the financial statements. (Refer Note No: 2.39 of Notes tothe financial statements).

xv) In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transactions with directors or persons connectedwith him.

xvi) In our opinion and according to the information and explanations given to us theCompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934.

For AMAR & RAJU
CHARTERED ACCOUNTANTS
Firm Registration No: 000092S
(P. VENKATA RAMANA)
Place: Hyderabad Partner
Date: 29.04.2016 Membership No: 203346

Annexure - B

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE STANDALONE FINANCIALSTATEMENTS OF ASTRA MICROWAVE PRODUCTS LIMITED

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 AstraMicrowave Products Limited ("the Company") as of March 312016 inconjunction with our audit of the standalone financial statements of the Company for theyear 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". 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 31 2016 based on"the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India".

For AMAR & RAJU
CHARTERED ACCOUNTANTS
Firm Registration No: 000092S
(P. VENKATA RAMANA)
Place: Hyderabad Partner
Date: 29.04.2016 Membership No: 203346

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