You are here » Home » Companies » Company Overview » Autoline Industries Ltd

Autoline Industries Ltd.

BSE: 532797 Sector: Auto
NSE: AUTOIND ISIN Code: INE718H01014
BSE LIVE 15:40 | 06 Dec 50.50 -0.45
(-0.88%)
OPEN

51.95

HIGH

52.55

LOW

50.05

NSE LIVE 15:46 | 06 Dec 50.10 -1.25
(-2.43%)
OPEN

51.50

HIGH

52.75

LOW

49.20

OPEN 51.95
PREVIOUS CLOSE 50.95
VOLUME 8322
52-Week high 68.45
52-Week low 34.10
P/E
Mkt Cap.(Rs cr) 78.98
Buy Price 0.00
Buy Qty 0.00
Sell Price 50.40
Sell Qty 27.00
OPEN 51.95
CLOSE 50.95
VOLUME 8322
52-Week high 68.45
52-Week low 34.10
P/E
Mkt Cap.(Rs cr) 78.98
Buy Price 0.00
Buy Qty 0.00
Sell Price 50.40
Sell Qty 27.00

Autoline Industries Ltd. (AUTOIND) - Auditors Report

Company auditors report

To The Members of Autoline Industries Limited Report on the Standalone FinancialStatements

We have audited the accompanying standalone financial statements of AUTOLINE INDUSTRIESLIMITED ("the Company") which comprise the Balance Sheet as at March 312015;the Statement of Profit and Loss the Cash Flow Statement for the year then ended asummary of significant accounting policies and other explanatory information.

Management’s responsibility for the Standalone 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 preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; 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 misstatements whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

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 anddisclosures 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 control 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 accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas 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 standalone financial statements.

Basis for Qualified Opinion

Provision for Gratuity and Leave Encashment is made on an estimated basis which is notin accordance with Accounting Standard -15 Employee Benefits. In the absence of therequired information effect of the same on the Standalone financial statements are notquantified.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the paras mentioned in Basis for qualified opinion theaforesaid Standalone 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 of the state of affairs of the company as at March312015 and its loss and cash flows for the year ended on that date.

EMPHASIS OF THE MATTER

Without qualification we draw you attention to the following:-

Sub Note to Note No. 10 of schedule of notes to the financial statements for nonprovision of diminution in the value of investment amounting to Rs. 32.63 crores insubsidiary Kodrat Investments Limited (Cyprus) the note is self-explanatory and thematter is subjudice with Italian courts and therefore no effect has been given in theseStandalone financial statements. In the given circumstances we are unable to express ouropinion on the matter.

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 matters specified inparagraphs 3 and 4 of the said order.

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 purposes of our audit except for theparas mentioned in qualified opinion;

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 the Cash Flow Statementdealt with by this Report are in agreement with the Books of Account;

d) in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 exceptfor Accounting Standard 15 Employee Benefits.

e) on the basis of written representations received from the directors as on March312015 and taken on record by the Board of Directors none of the Directors isdisqualified as on March 312015 from being appointed as a Director in terms of Section164 (2) of the Act; and

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 statements.

ii. the Company has made provisions as required under the applicable law or accountingstandards for material foreseeable losses if any on long term contracts includingderivative contracts except for the paras mentioned in qualified opinion

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

FOR A. R. SULAKHE & CO CHARTERED

ACCOUNTANTS FRN: - 110540W

ANAND SULAKHE

PARTNER M. NO.33451

Date: May 27 2015

Place: Pune

Annexure to the Independent Auditors’ Report:

The Annexure referred to in our Independent Auditors’ Report to the members of theCompany on the standalone financial statements for the year ended March 312015we reportthat:

i) a) The company has maintained proper records showing full particulars includingquantitative details and situations of its Fixed Assets

b) According to the information and explanation given to us the Company has a regularprogramme of physical verification of its fixed assets by which fixed assets are verifiedin phased manner over a period of three years. In accordance with this programme certainfixed assets were verified during the year and no material discrepancies were noticed onsuch verification. In our opinion this periodicity of physical verification is reasonablehaving regards to the size of the Company and the nature of its assets

ii) a) The inventories have been physically verified at reasonable intervals by themanagement.

b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventory followed by the management are reasonableand adequate in relation to the size of the company and the nature of its business.

iii) The company has not granted loans to the parties covered in the register undersection 189 of Companies Act 2013.

iv) In our opinion and accordingly to the information and explanations given to usthere is adequate internal control system commensurate with the size of the company andthe nature of its business for the purchase of inventory fixed assets and for the saleof goods and services. During the course of our audit we have not observed any majorweakness in the internal control system during;

v) The company has not accepted any deposit from public;

vi) The Central Government has not prescribed maintenance of cost records under subsection (1) of Section 148 of the Act;

vii) a) Company is regular in depositing undisputed statutory dues in respect of wealthtax duty of customs. However undisputed statutory dues including providentfund employees’ state insurance income-tax sales-tax service tax duty of excisevalue added tax cess and other statutory dues have not been regularly deposited with theappropriate authorities and there have been delays in depositing the same.

According to the information and explanations given to us and according to the booksand records as produced and examined by us following undisputed statutory dues were inarrears as at March 31 2015 for a period of more than six months from the date theybecame payable-

Sr.

No.

Name of statutory dues Nature of dues Total (in Rs) Period to which it relates Whether paid before balance sheet signing
1 Maharashtra Value Added Tax-2005 MVAT 50930440 April 2012 to August 2014 No
2 Maharashtra Value Added Tax-2005 CST 68742 March 2013 No
3 Maharashtra Municipal Corporation Act-1949 LBT 13544405 October2013 to August 2014 No
4 Professional Tax Act PT 1151925 April 2014 to August 2014 No

b) According to the information and explanations given to us following amounts arepayable in respect of income tax sales tax service tax duty of customs duty of excisevalue added tax and cess as at March 312015 on account of disputes:-

Name of the Statute Nature of Dues Forum where Dispute is pending Period to which the amount relates Tax Amount involved (?)
Income Tax Act 1961 Income Tax Income Tax Appellate Tribunal F.Y. 2007-08 40194113/-
Income Tax Act 1961 Income Tax Income Tax Appellate Tribunal F.Y. 2008-09 3658482/-
Income Tax Act 1961 Income Tax The Commissioner of Income Tax (Appeals) Pune F.Y. 2009-10 826620/-
The Maharashtra Value VAT / CST The Joint Commissioner of F.Y. 2000-01 13444440/-*
Added Tax Act 2002 / Sales Tax (Appeals) Pune F.Y. 2001-02 12942721/-*
Central Sales Tax Act 1956 F.Y. 2002-03 95983/-
F.Y. 2003-04 611670/-*
F.Y. 2004-05 557742/-*
F.Y. 2005-06 14711024/-*
F.Y. 2006-07 27801682/-*
F.Y. 2007-08 51384343/-*
F.Y. 2008-09 127405585/-
F.Y.2009-10 4982954/-*
F.Y.2010-11 114984435/-

* net of amounts paid under protest.

c) In our opinion and According to the information and explanations given to usamounts required to be transferred to the Investor Education and Protection Fund inaccordance with the relevant provisions of the Companies Act 1956 (1 of 1956) and rulesmade thereunder have been transferred to such fund within time.

viii) According to the information and explanations given to us the company does nothave any accumulated losses at the end of financial year and has incurred cash lossesduring the current financial year and immediately preceding financial year;

ix) According to the information and explanations given to us the company hasdefaulted in repayment of dues to banks however during the year facilities sanctioned tothe company were rescheduled for repayment by consortium of Company bankers and as such ason March 31 2015 there were no defaults in repayment of dues to banks for thisrescheduled loan. Howeverforother facility in our opinion the company has defaultedin repayment of its dues to banks forinterest amounting to Rs. 3459928/- as atbalance sheet date delay ranging from 0 to 90 days and the same was paid tillsigning balance sheet;

x) In our opinion and according to information and explanation given to us the companyhas not given any guarantees for loans taken by others from banks orfinancial Institution;

xi) Based on the information and explanations given to us by management prima faciethe term loans were applied for the purpose forwhich the loans were obtained;

xii) According to the information and explanations given to us no fraud on or by thecompany has been noticed or reported to us during the year by the management;

FOR A. R. SULAKHE & CO

CHARTERED ACCOUNTANTS

FRN: - 110540W

ANAND SULAKHE

Partner

M. NO.33451

Date: May 27 2015

Place: Pune

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