You are here » Home » Companies » Company Overview » Auto Pins (India) Ltd

Auto Pins (India) Ltd.

BSE: 531994 Sector: Auto
NSE: N.A. ISIN Code: INE706C01028
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr)
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr)
Buy Price
Buy Qty
Sell Price
Sell Qty

Auto Pins (India) Ltd. (AUTOPINSI) - Auditors Report

Company auditors report

INDEPENDENT AUDITORS

TO THE MEMBERS OF AUTO PINS INDIA LIMITED REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of AUTO PINS INDIA LIMITED whichcomprise the Balance Sheet as at 30th June 2014 and the Statement of Profit and Loss andcash flow statement of the Company for the year ended on that date and a summary ofsignificant accounting policies and ether explanatory information.

Management's Responsibility for the Financial statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position and financial performance in accordance withthe Accounting Standards notified under the Companies Act 1956 ("the Act") readwith the General Circular 15/2013 dated 13th September 2013 of the Ministry of CorporateAffairs in respect of section 133 of the Companies Act 2013. This responsibility includesthe design implementation and maintenance of internal control relevant to the preparationand presentation of the financial statements that give a true and fair view and are freefrom 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 conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness ofthe Company's internal control. An audit also indudes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(i) In the case of the Balance Sheet of the state of affairs of the Company as at 30thJune 2014;

(ii) In the case of the Statement of Profit and Loss of the PROFIT for the year endedon that date and

(ill) In the case of Cash flow statement of the cash flows for the year ended on thatdate.

Emphasis of Matter

Without qualifying our opinion we draw attention to Note No.2.25 of the financialstatements relating to non provisions of gratuity and leave liability. The Company hasconsidered non provision of same as the same shall be accounted for on cash basis.

Report on Other Legal and Regulatory Requirements

1. The Companies (Auditor's Report) Order 2003 ('Order') issued by the CentralGovernment of India in terms of sub-section (4A) of section 227 of the Act 1956 enclosein the Annexure a statement on the matters specified In paragraphs 4 and 5 of the saidOrder.

2. As required by section 227(3) of the Act we report that:

(i) we have obtained all the information and explanations which to the best of curknowledge and belief were necessary for the purposes of our audit;

(ii) 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;

(lii) the Balance Sheet and the Statement of Profit and Loss and cash flow statementdealt with by this report are in agreement with the books of account;

(iv) In our opinion the Balance Sheet and the Statement of Profit and Loss dealt withby this report comply with the Accounting Standards notified under the Companies Act 1956("the Act") read with the General Circular 15/2013 dated 13th September 2013 ofthe Ministry of Corporate Affairs in respect of section 133 of the Companies Act 2013.And

(v) On the basis of written representations received from the directors as at 30thJune 2014 and taken on record by the Board of Directors we report that none of thedirectors is disqualified as on 30th June 2014 from being appointed as a director in termsof clause (g) of sub-section (1) of section 274 of the Act.

For Sanjay Rawal & Co.

Chartered Accountants

Firm Regn. No. 012820N

Sd/-

(Sanjay Rawal)

Partner

Membership No.088156

Place; New Delhi

Dated 02.12.2014

ANNEXURE TO THE AUDITOR'S REPORT

Referred to In paragraph 1 of our report of even date

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) All the Assets have not been physically verified by the Management during the yearand no material discrepancies were noticed on such verification

(c) During the year the company has not disposed off any substantial part of FixedAssets.

(li) a) The Inventory has been physically verified during the year by the Management.In our opinion the frequency of verification is reasonable.

(b) The procedures of physically verification of inventories followed by the Managementare reasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) On the basis of our examination of the records of inventory we are of the opinionthat the company is maintaining proper records of inventory. The disaepandes noticed onverification between the physical stocks and the book record were not material.

(ill) According to the information and explanations given to us the company hasneither granted nor taken any loans secured on unsecured to or from companiesfirms and other parties covered in the register maintained under section 301 of theCompanies Act 1956.

Accordingly the provisions of clause 4(111) (b) (c) (d) (f) and (g) of the order arenot applicable.

(v) In our opinion and according to the Information and explanations given to us thereare adequate Internal control procedures commensurate with the size of the company and thenature of its business for the purchase of inventory and fixed assets and for sale ofgoods and services. During the course of our audit we have not observed any continuingfailure to correct major weaknesses in internal controls.

(Vi) (a) According to the Information and explanation given to us we are of theopinion that the transactions that need to be entered in to the register maintained undersection 301 of the Companies Act1956 have been so entered.

(b) In our opinion and according to the information and explanations given to ustransactions made in pursuance of contracts or arrangements required to be entered in theregister maintained under section 301 of the Companies Actl956 and exceeding the value ofRupees five lacs in respect of any party during the year has been made at the prices whichare reasonable having regard to prevailing market price.

(vii) During the year under review the company has not accepted any deposits frompublic.

(viii) In our opinion the company has an adequate in-house internal Audit system.

(ix) We have broadly reviewed the Books of Accounts maintained by the Company pursuantto the rules made by central government for the maintenance of cost records under section209(1) (d) of the Companies Act 1956/ and are of the opinion that prima facie theprescribed accounts and records have been made and maintained. We have not however madea detailed examination of the records with a view to determine whether they are accurateor complete.

(x) (a) According to the records of the company the company is generally regular indepositing with appropriate authorities undisputed statutory dues including ProvidentFund Investor Education and Protection Fund Employees' State Insurance Income tax SalesTax Wealth Tax Service Tax Custom duty Excise duty Cess and other statutory dues. FollowingStatutory dues were outstanding as at 30/06/2014 for a period of more than 6 months fromthe date they became payable.

a) Investor Education & Protection Fund Rs. 294118.00
b) Labour Welfare Fund R5. 43170.00

(b) According to the records of the company there are no dues of Income tax/Salestax/Wealth tax/Service tax/Custom duty/Excise duty/cess which have not been deposited onaccount of any dispute.

(xi) The company has no accumulated losses and has not incurred cash losses during thefinancial year covered by our audit and the Immediately preceding financial year.

(xii) Based on our audit procedures and according to the information and explanationgiven to us we are of the opinion that in view of approval of Rehabilitation/Revivalproposal by Board for Industrial and Financial Reconstruction and settlement withFinancial Institutions by paying the dues the Company has not defaulted in repayment ofdues to financial institutions and/or Banks

(xiii) According to the information and explanations given to us the company has notgranted any loans or advances on the basis of security by way of pledge of sharesdebentures or other securities.

(xiv) The provisions of special statute applicable to Chit Fund Nidhi or MutualBenefit Fund/ Society are not applicable to the company.

(xv) The nature of company's business/activities during the year does not Includedealing in shares securities debentures or other investments;

hence the requirement of offering comments on this clause is not applicable.

(xvi) According to the information and explanation given to us the company has notgiven guarantee for the loans taken by others from hanks nr financial institutions.

(xvil) According to the Information and explanation given to us no term Loan has beentaken by the Company during the year.

(xviii) According to the information and explanation given to us and on an overallexamination of the Balance Sheet of the company we report that during the year no fundsraised on short-term basis have been used for long term investment by the company.

(xix) The company has not made preferential allotment of shares to parties andcompanies covered in the register maintained under section 301 of the Companies Act 1956.

(xx) During the period covered by our audit report the company has not issued anydebentures requiring report under this clause.

(xxi) The company has not raised any money by public Issue during the year and hencethe question of disclosure and verification of end use of such moneys does not arise.

(xxii) Based upon the audit procedures performed and information and explanations givenby the Management we report that no fraud on or by the company has been noticed orreported during the course of our audit.

For Sanjay Rawal & Co.

Chartered Accountants

Firm Regn. No. 012820N

Sd/-

(Sanjay Rawal)

Partner

Membership No.08S156

Place: New Delhi

Dated: 02.12.2014

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard