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Akashdeep Metal Industries Ltd.

BSE: 538778 Sector: Financials
NSE: N.A. ISIN Code: INE149Q01013
BSE 00:00 | 17 Feb 28.95 0.60
(2.12%)
OPEN

28.95

HIGH

28.95

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28.95

NSE 05:30 | 01 Jan Akashdeep Metal Industries Ltd
OPEN 28.95
PREVIOUS CLOSE 28.35
VOLUME 2
52-Week high 49.00
52-Week low 18.75
P/E 144.75
Mkt Cap.(Rs cr) 25
Buy Price 27.20
Buy Qty 150.00
Sell Price 28.95
Sell Qty 104.00
OPEN 28.95
CLOSE 28.35
VOLUME 2
52-Week high 49.00
52-Week low 18.75
P/E 144.75
Mkt Cap.(Rs cr) 25
Buy Price 27.20
Buy Qty 150.00
Sell Price 28.95
Sell Qty 104.00

Akashdeep Metal Industries Ltd. (AKASHDEEPMETAL) - Auditors Report

Company auditors report

To the Members of AKASHDEEP METAL INDUSTRIES LIMITED

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the Standalone Financial Statements of AKASHDEEP METAL INDUSTRIESLIMITED which comprise the Balance Sheet as at 31st March 2019 and theStatement of Profit & Loss and Statement of Cash Flows for the year then ended andnotes to the Standalone Financial Statements including a summary of significantaccounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Financial Statements give the information requiredby the Companies Act 2013( "the Act') in the manner so required and give a true andfair view in conformity with the Accounting Standards prescribed under section 133of theAct read with the Companies ( Accounting Standards) Rules 2006 as amended("AS") and other accounting principles generally accepted in India of the stateof affairs of the company as at March 31st 2019 the Profit and its Cash Flows for theyear ended on that date.

Basis for opinion

We conducted our audit of the Standalone Financial Statements in accordance with theStandards on Auditing specified under section 143 (10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the company in accordance with the code of ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the Standalone Financial Statements underthe provisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code OfEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the Standalone Financial Statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our opinion thereon and we do not providea separate opinion on these matters.

How the matter was addressed in our audit
Revenue Recognition 1. In assessing the same we performed following procedures:
1. As per the company's revenue recognition policy.
Income is recognized on accrual basis on performing assets and on realization basis in respect of nonperforming assets as per the prudential norms prescribed by Reserve Bank of India. We understand management's process for recognizing revenue by undertaking a walkthrough to identify and test the design and implementation of key controls data flows and input sensitivities.
Refer Notes nos. 4 & 11 to the
Balance Sheet. - Provisioning was revalidated wherever required manually to confirm the system generated figures.

Other Information – Other than the Standalone Financial Statements andAuditors Report Thereon

The Company's Board of Directors is responsible for other information. The otherInformation comprises the information included in the Management Discussion and AnalysisBoard's Report including Annexures to Board's Report Business Responsibility ReportCorporate Governance Chairman's Statement and Shareholder's Information but does notinclude the standalone financial statements and our auditor's report thereon. The Board'sReport including Annexures to Board's Report Business Responsibility Report CorporateGovernance Chairman's Statement and Shareholder's Information is expected to be madeavailable to us after the date of this auditor's report.

Our Opinion on the Standalone financial statements does not cover the other Informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the Standalone financial statements or our knowledgeobtained in the course of our audit or otherwise appears to be materially misstated.

Management's Responsibility for Standalone Financial Statements

The Company's Board of directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these Standalone Financial Statementsthat give a true and fair view of the financial position financial performance CashFlows of the Company in accordance with the AS and other accounting principles accepted inIndia. This responsibility also includes maintenance of adequate accounting records inaccordance 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 design implementation and maintenance of adequate InternalFinancial Controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Standalone financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the Standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalonefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these Standalone financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud involve collusion forgeryIntentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal financial controls relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act we are also responsible for expressing our opinion on whether the Companyhas adequate internal financial controls system in place and the operating effectivenessof such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertainty exitsrelated to events or conditions that may cast significant doubt on the Company's abilityto continue as a going concern. If we conclude that a material uncertainty exists we arerequired to draw attention in our auditor's report to the related disclosures in theStandalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditors report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

Evaluate the overall presentation structure and content of the Standalone financialStatements including the disclosures and whether the Standalone financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

Materiality is the magnitude of misstatements in the Standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablebe expected to outweigh the public interest benefits of such communication.

Report on other Legal and Regulatory Requirements

1. As required by The Companies (Auditors Report) order 2016 the order issued byCentral Government of India in terms of sub section (11) of section 143 of the Act wegive in the "Annexure-A" a statement the matters specified in paragraph3 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 thebest of 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 appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss and the statement of CashFlow dealt with by this Report are in agreement with the relevant 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.

e) On the basis of written representations received from the directors as on 31March 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2019 from being appointed as a director in terms of Section164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the company & the operating effectiveness of such controls refer to ourseparate report in ‘Annexure-B'. Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the company's internal financialcontrols with reference to financial statements.

g) The Auditor's Report as required by Non-Banking Financial Company–Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions2016 has been annexed in ‘Annexure-C'.

h) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of the Section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the company to its directors during the year is inaccordance with the provisions of section 197 and Schedule V of the Act.

i) With respect to the other matters to be included in the Auditor's Report inaccordance with rule 11 of the Companies (Audit & Auditors) Rules 2014 as amended inour opinion and to our best of our information and according to the explanations given tous:

I. The Company has pending litigation with Income Tax Authorities and the possibleimpact of which has been disclosed in financial statements.

II. The company does not have any long-term contracts including derivativecontracts which require provision under any law or accounting Standard for materialforeseeable losses.

III. There was no amount which was required to be transferred to the InvestorEducation and

Protection Fund.

FOR M/s T.K. GUPTA AND ASSOCIATES
CHARTERED ACCOUNTANTS
FRN: 011604N
Place: -New Delhi
Date:30.05.2019
CA. KRITI BINDAL
(PARTNER)
M. NO. 516627