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Autopal Industries Ltd.

BSE: 517286 Sector: Auto
NSE: AUTOPALIND ISIN Code: INE335Q01018
BSE LIVE 09:24 | 18 Jan Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 32.55
PREVIOUS CLOSE 31.00
VOLUME 100
52-Week high 32.55
52-Week low 27.05
P/E 20.60
Mkt Cap.(Rs cr) 11.39
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 32.55
CLOSE 31.00
VOLUME 100
52-Week high 32.55
52-Week low 27.05
P/E 20.60
Mkt Cap.(Rs cr) 11.39
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Autopal Industries Ltd. (AUTOPALIND) - Auditors Report

Company auditors report

TO THE MEMBERS OF AUTOPAL INDUSTRIES LIMITED

Report on the Financial Statements

1. We have audited the accompanying financial statements of AutopalIndustries Limitedwhich comprise the Balance Sheet as at 31 March 2015 the Statementof Profit and Loss the 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

2. The Company’s Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation and presentation of these 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 misstatement whether due to fraud or error.

Auditor’s Responsibility

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

4. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made thereunder.

5. We conducted our audit in accordance with the Standards on Auditing specifiedunder Section 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.

6. An audit involves performing procedures to obtain audit evidence about theamounts and the disclosures in the financial statements. The procedures selected depend onthe auditor’s judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on whether the Company has in place an adequateinternal financial controls system over financial reporting and the operatingeffectiveness of such controls. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe Company’s Directors as well as evaluating the overall presentation of thefinancial statements.

7. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the financial statements.

Opinion

8. In our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31 March 2015 and its profit and its cash flows for the year ended on that date.

Emphasis of Matter

9. We draw your attention to the Note No. 39 for Deferred Tax Liabilityregarding non recognition of deferred tax liability amounting Rs. 4815445/ - The same isdue to the estimate considered by the management of the company considering absence ofreasonable certainty in the near future that the same will be reversed.

Our opinion is not qualified in respect of this matter.

Report on Other Legal and Regulatory Requirements

10. 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 inthe paragraph 3 and 4 of the Order to the extent applicable.

11. 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.

(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 the cash flow statement dealtwith 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 the written representations received from the directors as on 31March 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2015 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 – NIL

ii. the Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

iii. the company has not transferred an amount of Rs 287074 (Unpaid share applicationmoney Rs. 82646 and Unpaid Dividend of Rs. 204428) to the Investor Education andProtection Fund account.

For Rajvanshi & Associates

Chartered Accountants

Firm Regn. No. : 005069C

Abhinav Rajvanshi

Partner

Membership No. : 426357

Place : Jaipur

Date : 29th May 2015

ANNEXURESTOTHE INDEPENDENTAUDITOR’S REPORT

The Annexure referred to in our Independent Auditors’ Report in Paragraph 10 tothe members of the Company on the financial statements for the year ended 31st March 2015we report that:

1) In respect of Fixed Assets:

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets on the basis of available information.

b) As explained to us fixed assets have been physically verified by the management ina phased periodical manner which in our opinion is reasonable having regard to the size ofthe Company and the nature of its assets. No material discrepancies were noticed on suchverification as per the explanations provided to us.

2) In respect of Inventories:

a) As explained to us the inventories have been physically verified by the managementduring the year. In our opinion the frequency of verification is reasonable having regardto the size of the company and the nature of its business.

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 nature of its business.

c) In our opinion and according to the information and explanations given to us thecompany has maintained proper records of its inventories. As explained to us no materialdiscrepancies were noticed on verification between the physical stocks and the bookrecords.

3) The Company has granted loan to one body corporate covered in theregister maintained under section 189 of the Companies Act 2013 (‘the Act’).

a) In our opinion and according to the information and explanations given to us thereceipt of the principal amount is as per terms of the agreement. No Interest has beencharged since giving of loans.

b) The loan is receivable on demand hence there is no overdue amount in excess of Rs. 1Lac in respect of loans granted to the parties listed in the register maintained undersection 189 of the Act.

4) In our opinion and according to the information and explanation given tous there is adequate internal control system commensurate with the size of the companyand the nature of its business for the purchase of inventory and fixed assets and for thesale of goods and services. During the course of our audit we have not observed anycontinuing failure to correct major weaknesses in such internal control system.

5) As informed and explanation given to us the Company has not accepted anynew deposits from the public during the year. However the company has not made repaymentof 1/5th of deposits as per order under SICA Act 1985.

6) As informed to us Company is maintaining the cost records pursuant tothe Companies (Cost Records and Audit) Rules 2014 as amended and prescribed by theCentral Governmentunder Section 148(1) of the Companies Act 2013 for the products of theCompany. We have however not made a detailed examination of the cost records with a viewto determine whether they are accurate or complete.

7) According to the information and explanations given to us and on thebasis of our examination of the records of the Company in our opinion :-

a) The payment in respect of undisputed statutory dues including Provident FundEmployees’ State Insurance Service Tax Income Tax Tax deducted at sources Customsduty Value Added Tax Excise duty Cess and other material statutory dues applicable toit have been regularly deposited during the year by the Company with the appropriateauthorities though there has been a delay in a few cases.

b) There were no undisputed amounts payable in respect of Income-tax Custom DutyExcise Duty Sales Tax VAT Cess and other material statutory dues in arrears /wereoutstanding as at 31 March 2015 for a period of more than six months from the date theybecame payable.

c) The company has not transferred amount of Rs 287074(Unpaid Share Application MoneyRs. 82646 and Unpaid Dividend of Rs. 204428)to the Investor Education and ProtectionFund Account .

8) The Company has accumulated losses which are not more than 50% of the networth at the end of the Financial Year ended on 31st March 2015 and has not incurred cashlosses in the financial year and in the immediately preceding financial year.

9) According to the information and explanations given to us the Companyhas not defaulted in repayment of dues to financial institutions and the banks during theyear.

10) According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from banks or financial institutions duringthe year.

11) According to our audit procedure and on the basis of information andexplanation given to us the term loan was applied for the purpose for which that loan wasobtained.

12) During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud on or by the Companynoticed or reported during the year norhave we been informed of any such case by the management.

For Rajvanshi & Associates

Chartered Accountants

Firm Regn. No. : 005069C

Abhinav Rajvanshi

Partner

Membership No. : 426357

Place : Jaipur

Date : 29th May 2015

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