You are here » Home » Companies » Company Overview » Atlas Cycles (Haryana) Ltd

Atlas Cycles (Haryana) Ltd.

BSE: 505029 Sector: Others
NSE: ATLASCYCLE ISIN Code: INE446A01017
BSE LIVE 15:14 | 28 Apr 430.30 6.40
(1.51%)
OPEN

416.05

HIGH

443.90

LOW

416.05

NSE 15:52 | 28 Apr 430.10 2.40
(0.56%)
OPEN

424.10

HIGH

437.00

LOW

424.10

OPEN 416.05
PREVIOUS CLOSE 423.90
VOLUME 1231
52-Week high 694.00
52-Week low 189.00
P/E 28.20
Mkt Cap.(Rs cr) 139.85
Buy Price 430.30
Buy Qty 44.00
Sell Price 434.30
Sell Qty 20.00
OPEN 416.05
CLOSE 423.90
VOLUME 1231
52-Week high 694.00
52-Week low 189.00
P/E 28.20
Mkt Cap.(Rs cr) 139.85
Buy Price 430.30
Buy Qty 44.00
Sell Price 434.30
Sell Qty 20.00

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

Company auditors report

To the Members of ATLAS CYCLES (HARYANA) LTD.

Report on the Financial Statements

We have audited the accompanying financial statements of ATLAS CYCLES (HARYANA) LIMITED(‘the Company’) which comprise the Balance Sheet as at 31 March 2016 thestatement of Profit & Loss and Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information("financial statements").

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors are responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance in accordance with the accounting principles generally accepted inIndia including the Accounting Standards specified under Section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting frauds andother irregularities; 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 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 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 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 ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial controls 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 but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall 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 subject to Note No 34 which is self-explanatory in itself the aforesaidfinancial statements give the information required by the Act in the manner so requiredand give a true and fair view in conformity with the accounting principles generallyaccepted in India a) In case of the Balance Sheet of the state of affairs of the Companyas at 31st March 2016; b) In case of Statement of Profit & Loss the lossincurred for the year then ended on 31st March 2016. c) In the case of the Cash FlowStatement of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

(i) As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") as amended issued by the Central Government of India in terms ofsub-section (11) of section 143 of the Act we give in the "Annexure A" astatement on the matters specified in the paragraph 3 and 4 of the Order to the extentapplicable. (ii) As required by Section 143 (3) of the Act we report that: (a) we havesought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit; (b) in our opinionproper books of account as required by law have been kept by the Company so far as itappears from our examination of those books; (c) the Balance Sheet the statement ofprofit and loss and cash flow Statement dealt with by this Report are in agreement withthe books of account; (d) in our opinion the aforesaid financial statements comply withthe Accounting 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 31 March 2016 taken on record by the Board of Directors none ofthe directors is disqualified as on 31 March 2016 from being appointed as a director interms of Section 164 (2) of the Act; (f) with respect to the adequacy of the InternalFinancial Controls Over Financial Reporting of the Company and the operating effectivenessof such controls refer to our separate 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. Thecompany does not have any pending litigations which would impact its financial position;ii. The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses; and iii. There were no amounts whichwere required to be transferred to the Investor Education & Protection Fund by theCompany.

For Mehra Khanna & Co
Chartered Accountants
Firm Registration No: 001141N
CA Rajiv Bhasin
Place: New Delhi Partner
Date: 24.08.2016 Membership No:093845

"Annexure A" to the Independent Auditors’ Report

Referred to in paragraph 1 under the heading ‘Report on Other Legal &Regulatory Requirement’ of our report of even date to the financial statements of theCompany for the year ended March 31 2016:

1) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets; (b) The Fixed Assets have beenphysically verified by the management in a phased manner designed to cover all the itemsover a period of three years which in our opinion is reasonable having regard to thesize of the company and nature of its business. Pursuant to the program a portion of thefixed asset has been physically verified by the management during the year and no materialdiscrepancies between the books records and the physical fixed assets have been noticed.

(c) According to 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.

2) (a) As explained to us the inventories were physically verified during the year bythe Management wherever applicable at reasonable intervals other than for inventorieslying with third parties at the end of the year for which confirmations have been obtainedin most of the cases. b) The discrepancies noticed on physical verification of theinventory as compared to books records which has been properly dealt with in the books ofaccount were not material.

3) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability partnerships or other parties covered in the Register maintained undersection 189 of the Act. Accordingly the provisions of clause 3 (iii) (a) to (C) of theOrder are not applicable to the Company and hence not commented upon.

4) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and I86 of the Companies Act 2013In respect of loans investments guarantees and security.

5) The Company has not accepted deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable. However company hasfailed to repay deposits accepted before 1st Apr 2014 to the tune of Rs. 768.69Lacs.

6) As informed to us the maintenance of Cost Records has not been specified by theCentral Government under sub-section (1) of Section 148 of the Act in respect of theactivities carried on by the company and the such accounts and records are made andmaintained 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 no undisputed material amountspayable in respect of statutory dues were in arrears as at 31st March 2016 for a periodmore than six months from the date they became payable. b) According to the informationand explanation given to us there are no dues of income tax service tax duty ofcustoms duty of excise value added tax outstanding on account of any dispute. Howeverbelow mentioned sales tax entry tax liability is outstanding on balance sheet date.

Name Amount (INR)
VAT 205.99
CST 465.26
Entry Tax 37.95
Total 709.20

8) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to banks. The Company has not taken anyloan either from financial institutions or from the government and has not issued anydebentures.

9) Based upon the audit procedures performed and the information and explanations givenby the management the company has not raised moneys by way of initial public offer orfurther public offer including debt instruments. However term Loans raised by the companyhas been applied for which those are raised.

10) To the best of our knowledge and according to the information and explanationsgiven to us we report that no fraud by the Company or on the company by its officers oremployees has been noticed or reported during the year.

11) To the best of our knowledge and according to the information and explanationsgiven to us the managerial remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act;

12) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 4 (xii) of the Order are not applicable to the Company.

13) In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

14) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 (xiv) of the Order are not applicable tothe Company and hence not commented upon.

15) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon.

16) In our opinion the company is not required to be registered under section 45 IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi) ofthe Order are not applicable to the Company and hence not commented upon.

For Mehra Khanna & Co
Chartered Accountants
Firm Registration No: 001141N
CA Rajiv Bhasin
Place: New Delhi Partner
Date: 24.08.2016 Membership No:093845

Annexure - B to the Auditors’ Report

Report on the Internal Financial Controls under Clause (i) of Subsection 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ATLASCYCLES (HARYANA) LIMITED ("the Company") as of 31 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 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 auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company’s internal financial controls system over financialreporting.

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 31 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 on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute

For Mehra Khanna & Co
Chartered Accountants
Firm Registration No: 001141N
CA Rajiv Bhasin
Place: New Delhi Partner
Date: 24.08.2016 Membership No:093845