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Atlas Cycles (Haryana) Ltd.

BSE: 505029 Sector: Others
NSE: ATLASCYCLE ISIN Code: INE446A01017
BSE LIVE 15:40 | 02 Dec 350.85 -10.70
(-2.96%)
OPEN

365.00

HIGH

365.00

LOW

349.00

NSE LIVE 15:40 | 02 Dec 351.15 -12.30
(-3.38%)
OPEN

358.15

HIGH

363.40

LOW

350.00

OPEN 365.00
PREVIOUS CLOSE 361.55
VOLUME 10390
52-Week high 444.00
52-Week low 161.00
P/E 19.33
Mkt Cap.(Rs cr) 114.03
Buy Price 350.85
Buy Qty 95.00
Sell Price 0.00
Sell Qty 0.00
OPEN 365.00
CLOSE 361.55
VOLUME 10390
52-Week high 444.00
52-Week low 161.00
P/E 19.33
Mkt Cap.(Rs cr) 114.03
Buy Price 350.85
Buy Qty 95.00
Sell Price 0.00
Sell Qty 0.00

Atlas Cycles (Haryana) Ltd. (ATLASCYCLE) - Auditors Report

Company auditors report

TO THE MEMBERS OF

Atlas Cycles (Haryana) Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Atlas Cycles (Haryana)Limited ("the company") which comprise of the Balance Sheet as at31March2015 the Statement of Prot and Loss the Cash Flow Statement for the year thenended and a summary 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 in section134(5)of the Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash ows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 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 provisions of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor’s 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 section143(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 anddisclosures 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 true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by Company’s Directors as well as evaluating the overallpresentation 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;

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 Statement of Prot and Loss of the loss for the year ended onthat date; 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

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 Prot and Loss and Cash Flow Statement dealtwith 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 written representations received from the directors as on 31March2015 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2015 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the other matters included in the Auditor’s Report and to ourbest 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 XX to the financial statements;

ii. The Company did not have any long-term contracts including derivatives contractsfor which 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 Mehra Khanna & Co
Chartered Accountants
Firm Registration No: 001141N
CA Rajiv Bhasin
Place: Delhi Partner
Date: 7th September 2015 Membership No:093845

ANNEXURE TO INDEPENDENT AUDITORS REPORTS

The Annexure referred to in our Independent Auditors’ Report to the Members of theCompany on the standalone financial statements for the year ended 31 March 2015 we reportthat:

1) In respect of its Fixed Assets:

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

(b) The company has a phased program of physical verification of all Fixed Assets overa period of three years which in our opinion is reasonable having regard to the size ofthe Company and the nature of its business; accordingly the physical verification part ofthe fixed Assets was carried out by the management during the year and we are informedthat no material discrepancies were noticed on such verification.

2) In respect of its inventories :

a. Physical verification of inventories other than those held by the third parties havebeen conducted by the management.

b. The procedures of physical verification of inventories followed by the managementare reasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c. The Company is maintaining proper records of inventory. The discrepancies noticed onverification between the physical stocks and the book records were not material.

3) In our opinion the company has not granted any loans secured or unsecured tocompanies firm or other parties covered in the register maintained under section 189 ofthe companies Act 2013.

4) In our opinion and according to the information and explanation given to us thereis an adequate internal control system commensurate with the size of the company and thenature of its business for the purchase of fixed assets inventory and for the sale ofgoods and services. Further on the basis of our examination of the books and records ofthe company and according to the information and explanations given to us we haveneither come across nor have been informed of any continuing failure to correct majorweaknesses in internal control system.

5) Company has made contravention of Sec 74 of Companies Act 2013 and Rule 20 ofCompanies (Acceptance of Deposits) Rules 2014 regarding filling a Statement regardingdeposits existing as on the date of commencement of the Act in form DPT-4 and repayment ofdeposits outstanding as on 31st March 2014 till the end of the financial year. Howeverthe company is repaying its fixed deposits as and when they are becoming due. According tothe information and explanation given to us no order has been passed against the companyby Company Law Board or National Company Law Tribunal or Reserve Bank of India or anycourt or any other Tribunal.

6) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services or product by the company.

7) (a) According to the information and explanation given to us and the records of thecompany examined by us the company is generally not regular in depositing with theappropriate authorities undisputed statutory dues including provident fund employeesstate insurance income-tax sale tax duty of excise value added tax cess. Howeveraccording to the information and explanation given to us below mentioned undisputedmaterial amounts payable in respect of statutory dues were in arrears as at 31st March2015 for a period more than six months from the date they became payable.

Name Amount (INR)
PF 1801532
ESI 61472
TDS 1309698
Sales Tax 2133814
Excise 507791
Service Tax 446151
Total 6260458

However all the aforesaid amounts are paid before the Balance Sheet date.

(b) According to the information and explanation given to us there are no dues ofincome-tax sales tax value added tax cess and any other statutory dues which have notbeen deposited on account of any disputes.

(c) According to the information and explanations given to us there are no amountsrequired to be transferred to Investor Education and Protection fund in accordance withthe relevant provisions of the companies Act and rules made there under.

8) The Company does not have accumulated losses as at the end of 31st March 2015. Thecompany has made cash loss during the period covered by our audit and also in theimmediately preceding financial period.

9) Based on our audit procedures and on the information and explanation given bymanagement company has defaulted in repayment of dues to IDBI and India Factoring.

10) According to information and explanations given to us the company has not givenguarantees for loans taken by others from banks or financial institutions.

11) The company did not have any term loans outstanding during the year.

12) According to the information and explanation given to us no fraud on or by thecompany has been noticed or reported during the year.

For Mehra Khanna & Co
Chartered Accountants
Firm Registration No: 001141N
CA Rajiv Bhasin
Place: Delhi Partner
Date: 7th September 2015 Membership No:093845

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