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

Linear Industries Ltd.

BSE: 524103 Sector: Financials
NSE: N.A. ISIN Code: INE808D01012
BSE LIVE 13:15 | 08 Feb Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 10.87
PREVIOUS CLOSE 10.36
VOLUME 150
52-Week high 11.00
52-Week low 8.97
P/E
Mkt Cap.(Rs cr) 1
Buy Price 10.87
Buy Qty 50.00
Sell Price 0.00
Sell Qty 0.00
OPEN 10.87
CLOSE 10.36
VOLUME 150
52-Week high 11.00
52-Week low 8.97
P/E
Mkt Cap.(Rs cr) 1
Buy Price 10.87
Buy Qty 50.00
Sell Price 0.00
Sell Qty 0.00

Linear Industries Ltd. (LINEARINDS) - Auditors Report

Company auditors report

TO THE MEMBERS OF

LINEAR INDUSTRIES LIMITED

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of LINEAR INDUSTRIES LIMITEDwhich comprise the Balance Sheet as at March 31 2016 the Statement of Profit and Lossand Cash Flow Statement for the year then ended and a summary of significant accountingpolicies and other explanatory information.

MANAGEMENT’S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company’s Board of Director of is responsible for the matters stated inSection 134(5) of the Companies Act 2013("the Act") with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with rule 7 of Companies (Accounts) Rules2014. This responsibility includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

AUDITORS’ 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 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 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 the 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.

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 Loss 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 2016 (the Order) issuedby the Central Government of India in terms of Section 143 of the Act we give in theAnnexure-‘A’ statement on the matters specified in paragraphs 3 of the Order.

2. As required by Section 143 (3) of the Act we report that:

a. We have obtained all the information and explanations which to the best of ourknowledge 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 appears from our examination of the 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 Accounting Standardsspecified under section 133 of the Act read with Rule 7of the Companies(Accounts)Rules2014.

e. On the basis of the written representations received from the directors as on March31 2016 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164(2) of theAct.

f. With respect to the adequacy of the internal financial controls over financilalreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in the Annexure ‘B’ and

g. With respect to the other matters in accordance with Rule 11 of the Companies (Auditand Auditors) Rules 2014 in our opinion and to the best of our information and accordingto the explanations given to us: i. The Company does not have any pending litigation whichwould impact its financial position.

ii. The Company did-not have any long-term contracts including derivative contracts forwhich provisions are required for any material foreseeable losses.

iii. There were no funds required to be transferred to Investor Education andProtection Fund by the Company

For and on behalf of
M/S. JAIN BAFNA AND CO..(Reg.No. 127905W)
Chartered Accountants
Sd/-
P.K. BAFNA(M.NO.070039)
PARTNER.
MUMBAI
DATED: 30.05.2016

The Annexure ‘A’ referred to in our report to the members of LINEARINDUSTRIES LIMITED for the year ended 31 March 2016. We report that :

1. The Company has no fixed assets hence provisions of Clause No. (i) of Para 3 of theorder do not apply.

2. During the year the Company neither purchases sold manufactured any article orgoods nor there were any inventoires. Therefore provisions of Clause No. (ii) of Para 3of the order do-not apply.

3. During the year the Company has not granted any loans secured or unsecured toparties mentioned under Section 189 of the Companies Act 2013therefore provisions ofClauses (iii) of para 3 of the order do not apply to that extent.

4. In our opinion the company has not made any loans or advances referred in section185 of the Companies Act 2013 or investments referred in section 186 of the CompaniesAct 2013 therefore provisions of Clauses (iv) of para 3 of the order do not apply.

5. The Company has not accepted any deposits from public and therefore provisions ofsection 73 to 76 of the Companies Act 2013 or any other relevent provisions of thecompanies Act 2013 or rules framed thereunder are not applicable. There is no order passedby Company law Board or National Compay law Tribunal or Reserve Bank of India or any courtor any other tribunal against the company.

6. The Central Government has not prescribed for maintaining any cost recordstherefore provisions of Clause (vi) of para 3 of the order do-not apply.

7. The Company is regular in depositing undisputed statuory dues referred in clause(vii) of para 3 of the order wherever is applicable. There is no outstandings as at theend of the year of any such dues for more than six months.

8. The Company has not borrowed from bank or any other financial institutions or govt.or debentureholders and therefore question of default in repayment of loans does-notarise.

9. During the year or year earlier the company has not raised any capital by way ofpublic offer or borrowed as term loans therefore provisions of Clause (ix) of para 3 ofthe order do-not apply.

10. To the best of our knowledge and belief and according to the information andexplanations given to us no fraud was noticed or reported on or by the Company during theyear.

11. During the year company has not paid manegerial remuneration therefore provisionsof Clause (xi) of para 3 of the order do-not apply.

12. The company is not a nidhi company and therefore provisions of Clause (xii) of para3 of the order do-not apply.

13. Provsions of section 177 and 188 of the Companies Act 2013 are not applicable tothe company being there is no transaction with related parties details of related partiesare disclosed in the financial statefments as required by the applicable accountingstandards.

14. During the year the company has not made preferefntial allotment or privateplacement of shares or convertible debentures therefore provisions of Clause (xiv) ofpara 3 of the order do-not apply. 15. During the year the company has not entered in-tonon cash transactions with directors or persons coneected with them therefore provisionsof Clause (xiv) of para 3 of the order do-not apply. 16. The company is not required to beregistered u/s 45IA OF The Reserve Bank of India Act 1934.

For and on behalf of
M/S. JAIN BAFNA AND CO..(Reg.No. 127905W)
Chartered Accountants
Sd/-
P.K. BAFNA(M.NO.070039)
PARTNER.
MUMBAI
DATED: 30.05.2016

The Annexure ‘B’ referred to in our report to the members :

Report on the Internal Financual Contro;s under Clause(i) of sub-section 3 of section143 of the Companies Act.2013 (the Act) : We have audited the internal financial controlsover financial reporting of Linear Industries Limited (the Company) as of 31 March 2016 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For and on behalf of
M/S. JAIN BAFNA AND CO..(Reg.No. 127905W)
Chartered Accountants
Sd/-
P.K. BAFNA(M.NO.070039)
PARTNER.
MUMBAI
DATED: 30.05.2016