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Automobile Products of India Ltd.

BSE: 505032 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Automobile Products of India Ltd. (AUTOPRODINDIA) - Auditors Report

Company auditors report

To the Members of

Automobile Products of India Limited Report on the Financial Statements

We have audited the accompanying financial statements of Automobile Products of IndiaLimited ("the Company") which comprise the Balance Sheet as at March 31 2015the Statement of Profit and Loss and Cash Flow Statement for the year then ended and asummary 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 stated 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 flows 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 Companies (Accounts) Rules 2014. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation 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 accordancewith the Standards on Auditing specified under Section 143(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 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 financial control relevant to the Company's preparation of thefinancial statements 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 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2015 ("the Order”)issued by the Central Government of India in terms of sub-section (11) of sectionl43 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 of the Order to the 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 the statement of profit and loss and the cash flow statementdealt with 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 March 312015 taken on record by the Board of Directors none of the directors is disqualified ason March 312015 from being appointed as a director in terms of Section 164(2) ofthe Act:and

f) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements (Refer note no. 31 of the Financial Statements)

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

iii There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For S G C O & Co.
Chartered Accountants
Firm Reg. No. 112081W
Suresh Murarka
Partner
Mem. No. 44739
Place: Mumbai
Date: 28thMay 2015

Annexure to The Independent Auditors Report

Annexure referred to in Paragraph 1 of "Report on Other Legal and RegulatoryRequirements" of our Report of even date on the accounts of Automobile Products ofIndia Limited for the year ended 31st March 2015.

As required by the Companies (Auditors Report) Order 2015 and according to theinformation and explanations given to us during the course of the audit and on the basisof such checks of the books and records as were considered appropriate we report that:

(i) a) The company has maintained proper records showing full particulars

including quantitative details and situation of fixed assets.

b) As explained to us all the fixed assets have been physically verified by themanagement at the year end which in our opinion is reasonable considering the size andthe nature of business. The frequency of verification is reasonable and no materialdiscrepancies have been noticed on such physical verification.

(ii) a) The inventories have been physically verified during the year by the

management

b) The procedures of physical verification of the inventories followed by themanagement are reasonable and adequate in relation to the size of the Company and thenature of its business.

c) The Company has maintained proper records of inventories and no discrepanciesnoticed on physical verification of inventories as compared to book records.

(iii) a) During the year the Company has not granted any secured or unsecured loan to

any party covered in the register maintained under section 189 of the Companies Act2013.

b) In view of our comments in para (iii) (a) above clauses 3 (iii) (a) and (b) of thesaid Order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business with regard to purchase of inventories and for the sale ofgoods and services. The Company has not purchased any fixed assets during the year. Duringthe course of our audit we have not

observed any continuing failure to correct major weaknesses in internal control system.

(v) In our opinion and according to the information and explanations given to us theCompany has complied with the directive issued by the Reserve Bank of India and theprovisions of section 73 to 76 or any other relevant provisions of the Companies Act 2013and the Companies (Acceptance of Deposits) Rules 2014 with regards to unclaimed maturedfixed deposits accepted from public. However the Company has not accepted any freshdeposits during the year.

(vi) As per explanation & information given to us the Central Government has notprescribed for maintenance of cost records under section 148 (1) of the Companies Act2013.

(vii) a) According to the records of the Company the undisputed statutory dues

including Provident Fund Income tax Sales tax Wealth tax Service tax Duty ofCustoms Duty of Excise Value Added Tax and Cess to the extent applicable to theCompany have been regularly deposited with the appropriate authorities. According to theinformation and explanations given to us there are no undisputed amount payable inrespect of such statutory dues which have remained outstanding as at 31st March 2015 fora period more than six months from the date they became payable.

b) According to the information and explanations given to us disputed dues of IncomeTax Sales Tax Wealth Tax Service Tax Duty of Custom Duty of Excise Value Added Taxand Cess which have not been deposited on account of disputes with the related authoritiesare as under.

Nature of Liability Amount (Rs.) Period to which matter pertains Forum at which dispute is pending
Income Tax 1658948 A.Y. 2003-04 ITAT
121446007 A.Y. 2008-09 ITAT
265398 A.Y. 2012-13 CIT (A)

c) There were no amount which were required to be transferred to investor education andprotection fund in accordance with the relevant provisions of the Companies Act 1956 (1of 1956) and rules made thereunder.

(viii) The Company has accumulated losses at the end of the financial year exceeding

50% of its net worth. However the Company has not incurred cash losses in the currentfinancial year as well as in the immediately preceding financial year.

(ix) The Company has not obtained any facilities from banks and financial institutionsand hence the question of default in repayment does notarise.

(x) The Company has not given any guarantee for loans taken by others from banks andfinancial institutions.

(xi) The Company has not obtained any term loan during the year and hence the questionof utilisation of loan does notarise.

(xii) Based upon the audit procedures performed and according to the information andexplanations given and representations made by the management we report that no fraud onor by the Company has been noticed or reported during the year.

For S G C O & Co.
Chartered Accountants
Firm Reg. No. 112081W
Suresh Murarka
Partner
Mem No: 44739
Place : Mumbai.
Date : 28thMay 2015

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