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AMD Industries Ltd.

BSE: 532828 Sector: Industrials
NSE: AMDIND ISIN Code: INE005I01014
BSE 00:00 | 22 Jun 23.10 -1.05
(-4.35%)
OPEN

23.10

HIGH

23.10

LOW

23.10

NSE 00:00 | 22 Jun 23.95 -0.80
(-3.23%)
OPEN

24.00

HIGH

24.55

LOW

23.80

OPEN 23.10
PREVIOUS CLOSE 24.15
VOLUME 42
52-Week high 59.10
52-Week low 20.90
P/E
Mkt Cap.(Rs cr) 44
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 23.10
CLOSE 24.15
VOLUME 42
52-Week high 59.10
52-Week low 20.90
P/E
Mkt Cap.(Rs cr) 44
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

AMD Industries Ltd. (AMDIND) - Auditors Report

Company auditors report

To the Members of

AMD Industries Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of AMD IndustriesLimited(‘the company')which comprise the Balance Sheet as at 31st March 2017 theStatement of Profit and Loss the Cash Flow Statement and a summary of significantaccounting policies and other then ended .

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesestandalone 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 generallyacceptedinIndiaincludingtheAccountingStandardsspecifiedunder Section133 of the Act read with Rule 7 of the Companies

(Accounts) Rules 2014. This responsibility also includes the maintenance of adequateaccounting records in accordance with the provision of the Act for safeguarding of theassets of the Company and for preventing and detecting the 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 control 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

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.We have taken into account the provisions of the Act the accountingand auditing standards andmatters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specifiedundersection 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 performingprocedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company's preparation of the financial statements thatgive true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by Company'sDirectors as well as 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 standalone 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 March 31 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 sub-section (11) of section

143 of the Act we give in the Annexure A a statement on the matters specified in theparagraph 3 and 4 of the Order.

2. As required by section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books; c) The Balance Sheet the Statement of Profit and Loss andCash Flow Statement dealt with by this Report are in agreement with the 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 the Companies (Accounts) Rules 2014. e) On the basis of writtenrepresentations received from the directors as on 31 March 2017 taken on record by theBoard of Directors none of the directors is disqualified as on 31 March 2017 from beingappointed as a director in terms of Section 164(2) of theAct; f) With respect to theadequacy of the internal financial controls over financial reporting of the Company andthe operating effectiveness of such controls refer to our separate report in"Annexure B" and g) With respect to the other matters included in the Auditor'sReport in accordance with amended Rule 11 of the Companies (Audit and Auditors) AmendmentRules2017 in our opinion and to the best of our information and according to theexplanations given to us : i. The Company has disclosed the impact of pending litigationson its financial position in its financial statements Refer Note 32(i)(c)to the financialstatements ii. There are no material foreseeable losses on long term contracts includingderivative contracts therefore no such provision is required to be made. iii. There hasbeen no delay in transferring amountrequired to be transferred to the investoreducation and protection fund by the company. iv. The Company has provided requisitedisclosures in the financial statements as to holdings as well as dealings in SpecifiedBank Notes during the period from 8th November 2016 to 30th December 2016. Based onaudit procedures and relying on the management representation we report that thedisclosures are in accordance with books of account maintained by the Company and asproduced to us by the Management.

For Suresh & Associates FRN: 003316N Chartered Accountants

(CA Narendra Kr Arora) Date : 29th May 2017

Partner Place: New Delhi

M. No. 088256

Annexure A to the Independent Auditors' Report

The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the standalone financial statements for the year ended 31st March

2017 we report that:

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

(b) The Company has a regular program of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner.In accordance with this programcertain fixed assets were verified during the year and no material discrepancies werenoticed on such verification. In our opinion this periodicity of physical verification isreasonable having regard to the size of the Company and the nature of its assets.

(c) According to the information and explanation given to us and on the basis of ourexamination of the records of the company the title deeds of the immovable properties areheld in the name of the company.

(ii) (a) The management of the Company has conducted the physical verification ofinventory at reasonable intervals during the year.

(b) The procedure of physical verification of inventory followed by the management isreasonable and adequate in relation to the size of the Company and nature of its business.

(c) The Company has maintained proper records of inventory and no materialdiscrepancies were noticed on physical verification.

(iii) The Company has not grantedany loans to companies firms or other parties coveredin the register maintained under section 189 of the Companies Act 2013

(‘the Act').

(iv) The company has not granted any loans under provisions of section 185 and hascomplied with provisions of section 186 of theCompanies Act 2013in respect of loansinvestments guarantees and security.

(v) The Company has not accepted any deposits under provisions of sections 73 to 76 orany other relevant provisions of the Companies Act' 2013. (vi) The Central Government hasnot prescribed the maintenance of cost records under section 148(1) of the Act.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the company is regular in depositingundisputed statutory dues including provident fundemployees' state insurance income-taxsales-tax service tax duty of customs duty of excise value added tax cess and othermaterial statutory dues with the appropriate authorities.

(b) According to the information and explanations given to us below given dues ofincome tax sales tax service taxexcise duty value added tax and cesshave not beendeposited with the appropriate authorities on account of disputes:

Period of Demand Amount Involved Particulars of demand Appeal pending before
1 F.Y. 1999-00 to 2006-07 Rs.950962/- Local Sales Tax raised by UP Local Sales Tax Authorities. Supreme Court
2. F.Y. 1999-00 to 2006-07 Rs.3118745/- Central Sales Tax raised by UP Trade tax Authorities. Supreme Court
4 F.Y. 2001-02 Rs.1145102/- Entry tax raised by UP Trade Tax Authorities Tribunal Court Ghaziabad
5. F.Y. 2002-03 Rs.1140307/- Entry tax raised by UP trade tax Authorities. Supreme Court
6. FY 2004-05 Rs.1637643/- Entry tax raised by UP trade tax Authorities. Allahabad High Court
7. F Y 2001-02 Rs.200000/- Labour Dispute Labour Court-I Ghaziabad
8. F.Y. 2005-06 Rs.447623/- Sales Tax Demand raised by UP trade tax Authorities Addl. Commissioner Appeal (Trade Tax)-I Ghaziabad
9. F. Y 2005-2006 Rs.220397/- Entry tax raised by UP trade tax Authorities. Supreme Court
10. F.Y 2007-2008 Rs.3809702/- Demand raised by Trade Tax Department. Hon'bleHigh Court Allahabad
11 F.Y. 2014-15 Rs. 271360/- Excise Authorities had raised a demand. Commissioner Appeal Ghaziabad
12. F.Y. 2010-11 to 2014-15 Rs. 25688224/- Excise Authorities had raised a demand. CESTAT New Delhi
13. April 2015 to September 2015 Rs 3140463/- Excise Authorities had raised a demand. Commissioner Appeal (Jaipur)
14 Jan 2012 to March 2015 Rs. 1868205/- Excise Authorities had raised a demand. Commissioner Appeal (`Noida)
15 2008-09 & 2009-10 Rs. 29718848/- Demand raised by Trade Tax Department. Tribunal court Ghaziabad

(viii) The company has not defaulted in repayment of loans or borrowing to a financialinstitution bank Government or dues to debenture holders.

(ix) In our opinion and according to the information and the explanations given to usthe company has not raised any moneys by way of initial public offer or further publicoffer (including debt instruments) and term loans were applied for the purposes for whichthose are raised.

(x) In our opinion no material fraud by the company or on the Company by its officersor employees has been noticed or reported during the year under

(xi) In our opinion and according to the information and the explanations given to usand based on examination of records of the company the companyhas paid/ provided formanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Companies Act.

(xii) In our opinion and according to information given to us the company is not anidhi Company. Accordingly paragraph 3(xii) of the order is not applicable.

(xiii) In our opinion and according to the information and the explanations given to usand based on our examination of the records of the companyall transactions with therelated parties are in compliance with sections 177 and 188 of Companies Act 2013 whereever applicable and the details of such transactions have been disclosed in the FinancialStatements as required by the applicable accounting standards.

(xiv) According to the information and explanations given to us and based on ourexamination of the records of the company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and the explanations given to usthe company has notentered into any non-cash transactions with directors or persons connected with him underthe provisions of section 192 of Companies Act 2013

(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934

For Suresh & Associates FRN: 003316N Chartered Accountants

(CA Narendra Kr Arora) Date : 29th May 2017 Partner Place: New Delhi M. No. 088256

Annexure - B to the Auditor's Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013

We have audited the internal financial controls over financial reporting of AMDIndustries Limited (‘the company') as of March 31 2017 in conjunction with our auditof the standalone financial statements of the Company for the year 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 safeguarding ofits 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 CompaniesAct 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 deemed tobe prescribed under section 143(10) of the Companies Act 2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial Controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects. Our audit involves performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditor's judgement including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe Company's internal financial controls system over financial 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 of records that in reasonable detailaccurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition use or disposition of the company's assets that could have amaterial 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 includingthe possibility of collusion or improper controls materialmisstatementsdue to error or fraud may occur and not be detected. Also projections of anyevaluation of theinternal financial reporting to future periods are subject to the riskthat theinternal financial control over financial reporting may become inadequate becauseof changes inconditions or that the degree of compliance with the policies or proceduresmay deteriorate.

Opinion

In our opinion the company has in all material respects an adequate internalfinancialcontrols system over financial reporting and such internal financial controlsover financialreporting were operating effectively as at March 31 2017 based ontheinternal control over financial reporting criteria established by the Companyconsidering theessential components of internal control stated in the Guidance Note onAudit of InternalFinancial Controls Over Financial Reporting issued by the Institute ofChartered Accountants ofIndia.

For Suresh & Associates FRN: 003316N Chartered Accountants

(CA Narendra Kr Arora) Date : 29th May 2017 Partner Place: New Delhi M. No. 088256