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Auto Pins (India) Ltd.

BSE: 531994 Sector: Auto
NSE: N.A. ISIN Code: INE706C01028
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Auto Pins (India) Ltd. (AUTOPINSI) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

M/s AUTO PINS INDIA LIMITED

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statement of M/s AUTO PINS INDIA LIMITED ("theCompany") which comprise the Balance Sheet as at 31st March 2016 the Statement ofProfit & Loss and Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE 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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flowsof the Company in accordance with the accountingprinciples generally accepted in India including. The Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also include maintenance adequate accounting records in accordance with theprovisions of the Act for safeguarding the assets of the Company and for preventing anddetecting frauds and others irregularities; selection and application of appropriateaccounting policies; makingjudgment and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating 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 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 misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor'sjudgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risks assessmentsthe auditor considers internal financial control relevant to the Company's preparation ofthe financial statement that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's directors as well as evaluating theoverall 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 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 of the state of affairs of the Company as at 31stMarch 2016 and its Profitand Cash Flow Statement 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) issuedby Central Government of India in terms of sub-section 143 of the Act we give in theAnnexure a statement on the matters specified in the paragraph 3 and 4 of the order tothe extent applicable.

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 purpose 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 theStatement of Profit and Loss andcash flow dealt with by thisReport 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 the written representations received from the directors as on 30thJune2015 taken on record by the Board of Directors none of the directors is disqualifiedas on 30th June2015 from being appointed as a director in terms of Section 164(2) of theAct.

f) 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 Statement.

ii) The company has made provision as required under the applicable law or accountingstandard for material foreseeable losses if any on long term contracts includingderivative contracts.

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

For Sanjay Rawal& Co.

Chartered Accountants

(Firm Reg. No. 012820N)

Sd/-

(SANJAY RAWAL)

Partner

Membership No.: 088156

Place: New Delhi

Dated: 27.05.2016.

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT

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

(b) Assets have been physically verified by the Management during the year.No materialdiscrepancies were noticed on such verification.

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

b) The procedure of physically verification of inventories followed by management arereasonable and adequate in relation to size of the company and nature of its business.

c) On the basis of our examination of the records of the inventory we are of theopinion that the company is maintaining proper records of inventory. The discrepanciesnoticed on verification between the physical stock and the book records are not material.

iii) According to the information and explanations given to us the company has notgranted any loans secured or unsecured to companies firms and other parties covered inthe register maintained under section 189of The Companies Act 2013. Accordingly otherclauses of paragraph (iii) of the order are not applicable to the company.

(iv) In our opinion and according to the information and explanations given to usthere are adequateinternal Control procedures commensurate with the size of the companyand the nature of its business with regard to purchase of fixed assets and for sale ofservices purchase of inventory and the sale of goods. During the course of our audit wehave not observed any major weaknesses in internal control system during the course ofaudit.

(v) The company has not accepted any deposits from the public.

(vi) 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(i) (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.

(vii) (a) According to the information and explanations given to us and on the basis ofthe records of the company amounts deducted/accrued in the books of account in respect ofundisputed statutory dues including Provident Fund Employees' State Insurance IncomeTax Sales Tax Wealth Tax Service Tax Duty of Customs Excise duty Value Added Tax Cess Professional Tax and other material staturtory dues as applicable with theappropriate athorities.

(b) According to the information and explanations given to us there are no materialdues of Employees' State Insurance Income Tax Wealth Tax Service Tax Duty of Customs Excise Duty and Cess which have not been deposited on account of any dispute. Theparticulars of dues of Sales Tax as at 30 June'2015 which have not been deposited onaccount of dispute are as follows:

Name of Statue Nature of Dues Amount Period to which the amount relate Forum where the dispute is pending
Central Sales Tax Act and Local Sales Tax Act Sales Tax including interest and penalty as applicable 51566493 2011-12 Appellant Authority-Upto Commissioner Level

(c) According to the information and explanations given to us the amounts which wererequired to be transferred to Investor Education and Protection fund in accordance withthe relevant provisions of Companies Act 1956 and rules made thereunder has beentransferred to such fund within time except as mentioned above

(viii) The Company has accumulated losses at the end of the financial year and has notincurred cash losses in the financial year and in the immediately preceding financialyear.

(ix) The Company did not have any outstanding dues to the financial institutions orbanks.

(x) According to the information and explanation given to us and records made availableto us the company has not given guarantee for the loans taken by others from banks orfinancial institutions.

(xi) The Company did not have any term loan outstanding during the year.

(xii) According to the information and explanation given to us no fraud on or by theCompany has been noticed or reported during the course of our audit.

For Sanjay Rawal& Co.

Chartered Accountants

(Firm Reg. No. 012820N)

Sd/-

(SANJAY RAWAL)

Partner

Membership No.: 088156

Place: New Delhi

Dated: 27.05.2016.