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Aartech Solonics Ltd.

BSE: 542580 Sector: Engineering
NSE: N.A. ISIN Code: INE01C001018
BSE 00:00 | 27 Apr 37.00 0
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37.00

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37.00

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37.00

NSE 05:30 | 01 Jan Aartech Solonics Ltd
OPEN 37.00
PREVIOUS CLOSE 37.00
VOLUME 4000
52-Week high 37.00
52-Week low 33.50
P/E 66.07
Mkt Cap.(Rs cr) 26
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 37.00
CLOSE 37.00
VOLUME 4000
52-Week high 37.00
52-Week low 33.50
P/E 66.07
Mkt Cap.(Rs cr) 26
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Aartech Solonics Ltd. (AARTECHSOLONICS) - Auditors Report

Company auditors report

To the Members of Aartech Solonics Limited Bhopal

Report on the Audit of the Financial Statements

We have audited the accompanying Financial Statements of AARTECH SOLONICS LIMITED ('theCompany') which comprise the Balance Sheet as at March 31 2019 the statement of Profitand Loss Account and the cash flow statement for the year ended on that date annexedthereto and a summary of significant accounting policies and other explanatoryinformation.

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 accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015as amended. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records; relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

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 there under. We conducted our audit in accordancewith the Standards on Auditing issued by the Institute of Chartered Accountants of Indiaas specified under Section 143(10) of the Act.

Those Standards require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are freefrom 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 risk 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 the financial statements that give a true and fair viewprocedures in order to design audit procedures that are appropriate in the circumstancesbut not for the purpose of expressing an opinion on whether the Company has in place anadequate internal financial controls system over financial reporting and the effectivenessof such controls. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea 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 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 March31 2019 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 sub-section(11) of section 143 of the Act we give inthe Annexure 1a

statement on the matters specified in paragraphs 3 and 4 of the 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 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 Statement of Profit & 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 March 312019 and taken on record by the Board of Directors none of the Directors is disqualifiedas on March 31 2019 from being appointed as a Director in terms of section 164(2) of theAct;

f. With respect to other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us:

I. The Company does not have any pending litigations which would impact its financialposition.

II. The Company did not have any long-term contracts including derivative contracts; assuch the question of commenting on any material foreseeable losses thereon does not arise.

III. There has been no delay in transferring amounts if any to the Investor Educationand Protection Fund by the Company.

For SPARK & Associates
Chartered Accountants
Sd/-
CA Roopak Jain
Partner
(Membership No.: 410002)
Place: Bhopal
Date: May 29 2019

ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT

(Issued under Companies (Auditor's Report) Order 2016)

Referred to in our Report of even date

1a. The Company is in the process of updating its fixed assets register to show fullparticulars including quantitative details and situation of fixed assets.

b. The Company has carried out physical verification of its fixed assets during theyear. In our opinion this periodicity of physical verification is reasonable havingregard to the size of the Company and the nature of its assets.

2a. The inventories have been physically verified by the Management during the year. Inour opinion the frequency of verification is reasonable.

b. In our opinion the procedures of verification of inventories followed by theManagement are reasonable and adequate in relation to the size of the Company and thenature of its business.

c. In our opinion the Company has maintained proper records of inventories. Thediscrepancies noticed on physical verification of inventories as compared to book recordswere not material and the same have been properly dealt with in the books of account.

3a. According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to Companies firms or other parties listed inthe register maintained under Section 189 of the Companies Act 2013. Accordingly theprovisions of clause 3(iii)(a) and (b) of the Order are not applicable to the Company andhence not commented upon.

b. In our opinion and according to the information and explanations given to us theCompany has not taken any Loan during the current financial year.

4. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the Company andnature of its business for the purchase of inventory and fixed assets and for the sale ofgoods. During the course of the audit we have not observed any major weakness orcontinuing failure to correct any major weakness in internal controls system of theCompany in respect of these areas.

5. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public in accordance with provisions ofSections 73 to 76 of the Act and rules framed there under.

6. We have been informed that the Central Government has not prescribed maintenance ofcost records under Section 148(1) of the Act for any products of the Company.

7. a. According to the information and explanations given to us the Company isgenerally regular in depositing undisputed statutory dues including Provident FundEmployees State Insurance Income Tax Service Tax Sales Tax Wealth Tax Goods andService Tax etc. with appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund Employees State Insurance Income Tax Service TaxSales Tax Wealth Tax Goods and Service Tax and other material statutory dues wereoutstanding at the year end for a period of more than six months from the date theybecame payable.

b. According to the records of the Company no dues of Income Tax Service Tax WealthTax Goods and Service Tax Sales Tax Value Added Tax etc. are outstanding on account ofany dispute.

c. According to the information and explanations given to us the amount required to betransferred to investor education and protection fund in accordance with the relevantprovisions of the Companies Act 1956 (1 of 1956) and rules made there under has beentransferred to such fund within time.

8. The Company has no accumulated losses at the end of the financial year and it hasnot incurred cash losses during the current and immediately preceding financial year.

9. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to its bankers. The Company did not haveany outstanding dues to any financial institution or debentures holders during the year.

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.

11. In our opinion and according to the information and explanations given to us theCompany has not raised any term loans during the year.

12. Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and as per the information and explanations given bythe management we report that no fraud on or by the Company has been noticed or reportedduring the year.

For SPARK & Associates
Chartered Accountants
Sd/-
CA Roopak Jain
Partner
(Membership No.: 410002)
Place : Bhopal
Date: May 29 2019

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