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Austin Engineering Company Ltd.

BSE: 522005 Sector: Engineering
NSE: N.A. ISIN Code: INE759F01012
BSE LIVE 15:51 | 02 Dec 48.05 -0.95
(-1.94%)
OPEN

47.50

HIGH

48.80

LOW

47.50

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 47.50
PREVIOUS CLOSE 49.00
VOLUME 1319
52-Week high 75.00
52-Week low 44.00
P/E
Mkt Cap.(Rs cr) 16.72
Buy Price 0.00
Buy Qty 0.00
Sell Price 48.05
Sell Qty 1916.00
OPEN 47.50
CLOSE 49.00
VOLUME 1319
52-Week high 75.00
52-Week low 44.00
P/E
Mkt Cap.(Rs cr) 16.72
Buy Price 0.00
Buy Qty 0.00
Sell Price 48.05
Sell Qty 1916.00

Austin Engineering Company Ltd. (AUSTINENGGCO) - Auditors Report

Company auditors report

To

The Members of

AUSTIN ENGINEERING CO. LTD.

Report on the Financial Statements

We have audited the accompanying Financial Statements of Austin Engineering CompanyLimited ( " the company") which comprise the Balance Sheet as at 31stMarch2015 the Statement of Profit and Loss and Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

Management’s Responsibilities for the Financial Statements :

The Company’s Board of Director’s is responsible for the mattersstated in Section 134(5) of the Companies Act 2013 (‘the Act’) with respect topreparation of these 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 Accounting Standards specifiedunder Section 133 of the Companies Act 2013 ("the Act"). read with the Rule 7of the Companies (Accounts) Rule 2014. This responsibility also includes the maintenanceof adequate accounting records in accordance with the provision of the Act forsafeguarding of the assets of the Company and for preventing and detecting the fraud 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 control 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.

Auditors’ Responsibility :

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provision of the Act the accounting and auditingstandard and Matters which are required to be included in the audit report under theprovision of the Act and the rules made there under.

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 anddisclosures in the financial statements. The procedure selected depends 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 procedure that are appropriate in the circumstances. An audit also includeevaluating 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 31stMarch 2015 ;

(b) in the case of the Statement of Profit and Loss of the Profit for the yearended on that date; and

(c) in the case of the Cash Flow Statement of the Cash Flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements :

1. As required by the Companies (Auditor’s Report) Order 2015 ("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 statement on the mattersspecified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act we report that :

a. W e have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose 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 Cash Flow Statement dealtwith by this Report are in agreement with the Books of Accounts;

d. In our opinion the aforesaid financial statements comply with the AccountingStandards specified u/s 133 of the Act read with the Rule 7 of the Companies (Accounts)Rules 2014.

e. On the basis of written representations received from the directors as on March31 2015 taken on record by the board of Directors none of the directors isdisqualified as on March 31 2015 from being appointed as a director in terms ofsection 164(2) of the Act.

f. With respect to other matters to be included in the Auditors’ 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 28.1 (iii) & (iv) to thefinancial statements:

ii) The company did not have any long term contracts including derivative contracts; assuch the question of commenting on any material foreseeable losses thereon does notarise.;

iii) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the company.

FOR DHIRUBHAI DAND & CO.
Firm Registration No. 118190W
Chartered Accountants
DHIRUBHAI H. DAND
PLACE : JUNAGADH PROPRIETOR
DATE : May 28 2015 M. NO. 017117

ANNEXURE TO THE AUDITORS’ REOPRT

(Referred to in paragraph 1 of our report of even date)

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our Audit we report that:

i) In respect of its fixed assets :

a) The Company has maintained proper records showing full particulars includingquantitative details and situations of its Fixed Assets ( other than in respect of toolsdies furniture & fixtures).

b) As explained to us Fixed Assets have been physically verified by the Management atthe reasonable intervals; no material discrepancies were notices on such verification.

ii) In respect of its Inventories :

a) As explained to us Inventories have been physically verified during the year by theManagement at reasonable intervals.

b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

c) In our opinion and on the basis of our examination of the records the Company isgenerally maintaining proper records of its Inventories.

No material discrepancy was noticed on physical verifications of stocks by themanagement as compared to books records.

iii) According to the information and explanations given to us and on the basis of ourexaminations of the books of accounts the Company has not granted any loans secured orunsecured to Companies firm or other parties listed in the register maintained u/s 189of the Companies Act 2013.

iv) In our opinion and according to the information and explanations given to us thereis generally an adequate internal control procedure commensurate with the size of theCompany and the nature of its business for the purchase of Inventory and Fixed Assets andpayment for expenses and for Sale of Goods and services. During the course of our Auditno major instance of continuing failure to correct any weaknesses in the internal controlhas been noticed.

v) The company has not accepted any deposits from the public covered under section 73to 76 of the Companies Act 2013. vi) We have broadly reviewed the books of accountsrelating to materials labour and other items of cost maintained by the Company pursuantto the Rules made by the Central Government for the maintenance of cost records undersection 148(1) of the Companies Act 2013 and we are of the opinion that prima faciethe prescribed accounts and records have been made and maintained.

vii) a) According to the information and explanations given to us and based on therecords of the Company examined by us the Company is regular in depositing undisputedstatutory dues including Provident Fund Employees’ State Insurance Income-TaxSales-Tax Value Added Tax Wealth-Tax Custom Duty Excise Duty Service-Tax Cess andother material Statutory dues as applicable to it with the appropriate authorities.

According to the information and explanations given to us and based on the records ofthe Company examined by us no undisputed amount of Statutory dues were outstanding asat March 31 2015 for a period of more than six months from the date they becamepayable.

b) According to the information and explanations given to us and based on the recordsof the Company examined by us there are no dues of Wealth-Tax Sales-Tax Value AddedTax Service-Tax Custom Duty and cess which have not been deposited on account of anydispute. However according to information and explanations given to us the followingdues of income tax and Central Excise as at March 31 2015 have not been depositedby the Company on account of disputes:

Name of the Statute Nature of dues Amount (Rs.)* Period to which the amount relates Forum where the dispute is pending
Income Tax Act1961 Income Tax 316000 Financial year 2010-11 Commissioner of Income Tax (Appeals)
Central Excise Act 1944 Excise Duty and Penalty 377441 Financial year 2012-13 & 2013-14 Commissioner of Central Excise (Appeals)

* net of amounts paid under protest.

c) In our opinion and according to the information and explanations given to us theCompany has transferred the amount which is required to be transferred to the InvestorEducation & Protection Fund in accordance with the relevant provision of theCompanies’ Act 1956 (1 of 1956) and Rules made there under within time.

viii) The Company does not have any accumulated losses and has not incurred any cashlosses during the financial year covered by our Audit and in the immediately precedingfinancial year.

ix) Based on our audit procedure and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto a financial institution bank or debenture holders.

x) According to the information and explanations given to us the Company has not givenany guarantee for loans taken by others from bank or financial institution.

xi) In our opinion and according to the information and explanations given to us theCompany has not raised any term loan during the year.

xii) Based on the audit procedures carried in accordance with the auditing standardsgenerally accepted in India and the information and explanations given to us we reportthat no fraud on or by the Company has been noticed or reported during the course of auditnor we have been informed of any such case by the Management.

FOR DHIRUBHAI DAND & CO.
Firm Registration No. 118190W
Chartered Accountants
DHIRUBHAI H. DAND
PLACE : JUNAGADH PROPRIETOR
DATE : May 28 2015 M. NO. 017117

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