You are here » Home » Companies » Company Overview » Voltamp Transformers Ltd

Voltamp Transformers Ltd.

BSE: 532757 Sector: Engineering
NSE: VOLTAMP ISIN Code: INE540H01012
BSE LIVE 15:19 | 15 Dec 1054.00 7.30
(0.70%)
OPEN

1063.50

HIGH

1063.50

LOW

1054.00

NSE 15:31 | 15 Dec 1055.05 4.45
(0.42%)
OPEN

1058.00

HIGH

1065.00

LOW

1054.60

OPEN 1063.50
PREVIOUS CLOSE 1046.70
VOLUME 278
52-Week high 1367.00
52-Week low 836.75
P/E 15.75
Mkt Cap.(Rs cr) 1,067
Buy Price 1054.00
Buy Qty 2.00
Sell Price 1058.90
Sell Qty 3.00
OPEN 1063.50
CLOSE 1046.70
VOLUME 278
52-Week high 1367.00
52-Week low 836.75
P/E 15.75
Mkt Cap.(Rs cr) 1,067
Buy Price 1054.00
Buy Qty 2.00
Sell Price 1058.90
Sell Qty 3.00

Voltamp Transformers Ltd. (VOLTAMP) - Auditors Report

Company auditors report

To

The Members of Voltamp Transformers Limited Report on the Financial Statements

We have audited the accompanying financial statements of Voltamp Transformers Limited("the Company") which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss the 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 ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of 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 includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments 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.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provision of the Act the accounting and auditingstandards and matters which are required to be included in the auditor report under theprovisions of the Act and the Rules made there under.

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 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 affairs of the Company as at 31March 2017 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 2016 ("the Order")issued by the Central Government of India in terms of section 143(11) of the Act we givein the Annexure ‘A' a statement on the matters specified in paragraphs 3 and 4 of theOrder.

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.

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 Statement of Profit and Loss and Cash Flow Statement dealt withby 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 31 March2017 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2017 from being appointed as a director in terms of section 164(2) of theAct. f. With respect to adequacy of the internal financial control over financialreporting of the company and operating effective of such controls refer to our separatereport in Annexure ‘B'.

g. 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 – Refer Note 16 to 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 has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the company during the financial year

iv. The Company had provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016 and these are in accordance with the books of accountsmaintained by the company

FOR CHANDULAL M. SHAH & CO.
Chartered Accountants
FR No. : 101698W
B. M. ZINZUVADIA
Place : Ahmedabad Partner
Date : May 15 2017 M.No. 109606

Annexure 'A' to the Independent Auditors' Report

Refer to the Paragraph 1 of the independent auditors' report of even date to themembers of Voltamp Transformers Limited on the financial statements for the year ended on31st March 2017.

1. Fixed Assets

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

(ii) The fixed assets have been physically verified by the management at reasonableintervals; No material discrepancies were noticed on such verification.

(iii) Based upon the audit procedure performed by us and according to the record of thecompany the title deeds of all immovable properties are held in the name of the company.

2. Inventory

(i) physical verification of inventory has been conducted at reasonable intervals bythe management. No material discrepancies were noticed on such verification.

3. Unsecured Loan

The company has not granted any loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under section189 of the Companies Act.

4. Compliance of Sec 185 and 186

In our opinion and according to the information provided to us the company has compliedwith the provisions of section 185 and 186 of the Companies Act 2013 in respect ofloans investments guarantees and security to the extent applicable to the company.

5. Acceptance of Deposits

The company has not accepted any deposit from the public within the meaning of section73 to section 76 of the act and the rules made there under during the period under audit.

6. Costing Records

We have broadly reviewed the cost record maintained by the company under themaintenance of cost records rules specified by the Central Government under sub section(1) of section 148 of the Act we are of the opinion that prima facie the prescribedcost records have been made and maintained.

7. Statutory dues

(i) the company is regular in depositing undisputed statutory dues including providentfund employees' state insurance income-tax sales-tax service tax duty of customsduty of excise value added tax cess and any other statutory dues with the appropriateauthorities.

(ii) According to the information and explanation given to us there are no dues ofincome tax or sales tax or service tax or duty of customs or duty of excise or value addedtax which have not been deposited on account of any dispute except in the followingcases.

Name of the Statute Nature of Dues Amount (Rs. in Lacs) Period to which it relates Forum where dispute is pending
Central Excise Act Excise Duty Penalty 10.25 1.02 2003-04 Appeal filed at CESTAT Delhi
Central Excise Act Excise Duty Penalty 130.57 130.57 April 2004 to May 2009 Appeal filed at CESTAT Ahmedabad
Central Excise Act Excise Duty Penalty 2.76 2.76 April to December 2009 Appeal filed at CESTAT Ahmedabad
Central Excise Act Excise Duty Penalty 4.94 4.94 December 2010 to May 2011 Appeal filed at CESTAT Ahmedabad
Central Excise Act Excise Duty Penalty 5.27 5.27 January to June 2010 Appeal filed at CESTAT Ahmedabad
Central Excise Act Excise Duty Penalty 4.39 4.39 July to November 2010 Appeal filed at CESTAT Ahmedabad
Central Excise Act Penalty 4.02 August to December 2009 Appeal filed at CESTAT Ahmedabad
Central Excise Act Excise Duty Penalty 4.94 4.94 October 2011 to March 2012 Appeal filed at CESTAT Ahmedabad
Central Excise Act Excise Duty Penalty 5.88 0.04 April to September 2012 Appeal filed at CESTAT Ahmedabad
Central Excise Act Excise Duty Penalty 5.45 0.04 October 2012 to March 2013 Appeal filed at CESTAT Ahmedabad
Central Excise Act Excise Duty Penalty 4.18 4.18 April 2013 to August 2013 Appeal filed at CESTAT Ahmedabad
Central Excise Act Excise Duty Penalty 6.93 0.10 September 2013 to March 2014 Appeal filed at CESTAT Ahmedabad
Central Excise Act Excise Duty Penalty 14.99 0.10 April 2014 to March 2015 Appeal filed at CESTAT Ahmedabad
Central Excise Act Excise Duty Penalty 45.23 September 2009 to September 2011 Appeal filed at CESTAT Ahmedabad
Central Excise Act Excise Duty Penalty 11.59 October 2011 to March 2012 Appeal filed at CESTAT Ahmedabad
Central Excise Act Excise Duty Penalty 9.55 April 2012 to September 2012 Appeal filed at CESTAT Ahmedabad
Central Excise Act Excise Duty Penalty 8.91 October 2012 to March 2013 Appeal filed at CESTAT Ahmedabad
Central Excise Act Excise Duty Penalty 7.39 April 2013 to September 2013 Appeal filed at CESTAT Ahmedabad
Central Excise Act Excise Duty Penalty 11.18 October 2013 to March 2014 Appeal filed at CESTAT Ahmedabad
Central Excise Act Excise Duty Penalty 18.04 April 2014 to March 2015 Appeal filed at CESTAT Ahmedabad
Central Sales Tax Act Central Sales Tax 43.21 April 2012 to March 2013 Appeal filed at Joint Commissioner (Appeals) Vadodara
Central Sales Tax Act Central Sales Tax 17.83 April 2012 to March 2013 Appeal filed at Sales Tax Tribunal Ahmedabad
Gujarat VAT Act Gujarat VAT 9.10 April 2012 to March 2013 Appeal filed at Sales Tax Tribunal Ahmedabad
Income Tax Act Income Tax 186.91 April 2012 to March 2013 Appeal filed at Commissioner (Appeals) Ahmedabad
Total 731.86

8. Default in Repayments

In our opinion and according to the information and explanation given to us thecompany has not defaulted in repayment of loans or borrowing to a financial institutionbank government or dues to debenture holders.

9. Application of term loan

The company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) and term loans

10. Fraud

During the course of our audit of the company carried out in accordance with thegenerally accepted auditing practices in India and according to the information andexplanations given to us we have neither noticed any fraud by the company or any fraud onthe company by its officers or employees nor we are informed of any fraud reported duringthe year.

11. Managerial Remuneration

In our opinion the managerial remuneration has been paid or provided in accordancewith the requisite approvals mandated by the provision of section 197 read with theschedule V to the Act.

12. Nidhi Company

In our opinion the company is not a Nidhi company. Therefore the provisions of clause3(xii) of the Order is not applicable to the company.

13. Related Party Transactions

In our opinion all the transactions with the related parties are in compliance withsection 177 and 188 of the act where applicable and the details have been disclosed inthe financial statement as required by the applicable accounting standards.

14. New allotments

The company has not made any preferential allotment or private placement of share orpartly or fully convertible debenture during the year therefore reporting under clause3(xiv) is not applicable.

15. Non Cash Transactions with Directors

According to the information and explanations given to us and on an overall examinationof the records of the company we report that the company has not entered into anynon-cash transaction with directors or persons connected with it.

16. Sec. 45-IA of RBI Act

In our opinion the company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.

FOR CHANDULAL M. SHAH & CO.
Chartered Accountants
FR No. : 101698W
B. M. ZINZUVADIA
Place : Ahmedabad Partner
Date : May 15 2017 M.No. 109606

Annexure ‘B' to the Independent Auditors Report

Refer to the Paragraph 2(f) of the independent auditors' report of even date to themembers of Voltamp Transformers Limited on the financial statements for the year ended on31st March 2017.

Report on the Internal Financial Controls under Clause(i) of sub-section 3 of section143 of the Companies Act 2013 ("The Act")

We have audited the internal financial controls over financial reporting of VoltampTransformers Limited ("The company") as on 31 March 2017 in conjuction with ouraudit of the standalone financial statement of the company for the financial year ended onthat date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for laying down 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Act.

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 Standards on Auditing to the extent applicable to an audit of internal financialcontrols and the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate 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 judgement 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 internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 March 31 2017 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.

We have considered the control weakness/es identified and reported in Risk ControlMatrix (RCM) in determining the nature timing and extent of audit tests applied in ourreview of the March 31 2017 standalone financial statements of the Company and thesecontrol weaknesses do not affect our opinion on the financial statements of the Company.

FOR CHANDULAL M. SHAH & CO.
Chartered Accountants
FR No. : 101698W
B. M. ZINZUVADIA
Place : Ahmedabad Partner
Date : May 15 2017 M.No. 109606