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Apollo Pipes Ltd.

BSE: 531761 Sector: Industrials
NSE: APOLLOPIPE ISIN Code: INE126J01016
BSE 00:00 | 14 Nov 373.95 -1.45
(-0.39%)
OPEN

375.00

HIGH

378.90

LOW

360.00

NSE 00:00 | 14 Nov 370.95 -2.50
(-0.67%)
OPEN

374.05

HIGH

378.50

LOW

369.00

OPEN 375.00
PREVIOUS CLOSE 375.40
VOLUME 7656
52-Week high 472.00
52-Week low 315.00
P/E 17.85
Mkt Cap.(Rs cr) 490
Buy Price 368.05
Buy Qty 200.00
Sell Price 372.95
Sell Qty 200.00
OPEN 375.00
CLOSE 375.40
VOLUME 7656
52-Week high 472.00
52-Week low 315.00
P/E 17.85
Mkt Cap.(Rs cr) 490
Buy Price 368.05
Buy Qty 200.00
Sell Price 372.95
Sell Qty 200.00

Apollo Pipes Ltd. (APOLLOPIPE) - Auditors Report

Company auditors report

To the Members of Apollo Pipes Limited

(formerly known as "Amulya Leasing and Finance Limited) Report on the StandaloneInd AS Financial Statements

We have audited the accompanying standalone financial statements of Apollo PipesLimited (formerly known as "Amulya Leasing and Finance Limited) ("theCompany") which comprise the Balance Sheet as at March 31 2018 and the Statementof Profit and Loss (including Other Comprehensive Income) the Statement of Changes inEquity and the Statement of Cash Flows for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Ind AS Financial Statements

1. 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 standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the Indian Accounting Standards(Ind AS) prescribed under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015(as amended) and other accounting principles generallyaccepted in India. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and 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 Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditor's Responsibility

2. Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit.

3. In conducting our audit we have taken into account the provisions of the Act andthe rules made thereunder including the accounting and auditing standards and matterswhich are required to be included in the audit report under the provisions of the Act andthe Rules made there under .

4. We conducted our audit of the standalone Ind AS financial statements in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatement.

5. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

6. We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

7. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2018 and its profit(including other comprehensive income)itscash flows and the changes in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

8. As required by the Companies (Auditor's Report) Order2016issued by the CentralGovernment of India in terms of sub-section (11) of Section 143 of the Act (" theOrder") and on the basis such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanations given to us wegive considered appropriate and according to the information and explanations given to uswe give in Annexure B a statement on the matters specified in paragraphs 3 and 4 of thatOrder.

9. As required by Section 143(3) of the Act based on our audit we report that: (a) wehave sought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit.

(b) in our opinion proper books of account as by law have been kept by the Company sofar as it appears from our examination of those books. (c) the standalone Ind AS BalanceSheet the Statement of Profit and Loss (including other comprehensive Income) the CashFlow Statement and the Statement of Changes in Equity dealt with by this Report are inagreement with the books of account.

(d) In our opinion the aforesaid standalone Ind AS financial statements comply withthe Indian Accounting Standards prescribed under section 133 of the Act.

(e) On the basis of the written representations received from the directors of theCompany as on March 31 2018 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2018 from being appointed as a director in termsof Section 164(2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

(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 as amended inour opinion and to the best of our information and according to the explanations given tous: i. The Company has disclosed the impactif any of pending litigations as at March312018 on its financial position in its standalone Ind AS financial statements- ReferNote 34 ii. The Company has long term contracts as at March 312018 for which there wereno material foreseeable losses. There are no long term derivative contracts as at March312018. iii. For the year ended 2017-18 no amount is required to be transferred toInvestor Education and Protection Fund by the Company.

Annexure A to Independent Auditors' Report

Referred to in paragraph 11(f) of the Independent Auditors' Report of even date to theMembers of Apollo Pipes Limited (formerly known as " Amulya leasing and FinanceLimited") on the standalone Ind AS Financial statements for the year ended March312018

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

1. We have audited the internal financial controls over financial reporting of ApolloPipes Limited (formerly known as " Amulya leasing and Finance Limited")("the Company") as of March 31 2018 in conjunction with our audit of thestandalone Ind AS financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. The Board of Directors of the Company is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued 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 the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India and the Standards on Auditing prescribed under Section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand 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.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the 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.

5. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the Company's internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

6. 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 standaloneInd AS financial statements in accordance with generally accepted accounting principlesand that receipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the standaloneInd AS financial statements.

Limitations of Internal Financial Controls Over Financial Reporting

7. 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

8. In our opinion to the best of our information and according to the explanationsgiven to us the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 31 2018 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

Annexure B to Independent Auditors' Report

Referred to in paragraph 10 of the Independent Auditors' Report of even date to theMembers of Apollo Pipes Limited( formerly known as " Amulya leasing and FinanceLimited") on the Standalone Ind AS Financial statements for the year ended March312018 i. (a) The company is maintaining proper records showing full particularsincluding quantitative details and situation of fixed assets.

(b) The fixed assets are physically verified by the Management according to a phasedprogramme designed to cover all the items over a period of three years which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. Pursuant to the programme a portion of the fixed assets has been physicallyverified by the management during the year and no material discrepancies were noticed onsuch physical verification.

(c) The title deeds of immovable properties as disclosed in Note 3 on fixed assets tothe standalone Ind AS financial statements are held in the name of the Company.

ii. As explained at us the physical verification of inventory excluding stocks withthird parties have been conducted at reasonable intervals by the management during theyear and no material disceprancies were noticed on physical verification.

iii. The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained underSection 189 of the Act. Therefore the provisions of Clause 3(iii) (iii)(a) (iii)(b) and(iii)(c) of the said Order are not applicable to the Company.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Companies Act 2013in respect of the loans and investments made and guarantees and security provided by it.

v. The Company has not accepted any deposits from the public within the meaning ofSections 73 74 75 and 76 of the Act and the Rules framed there under to the extentnotified. vi. Pursuant to the rules made by the Central Government of India the Companyis required to maintain cost records as specified under Section 148(1) of the Act inrespect of its products.We have broadly reviewed the same and are of the opinion thatprima faciethe prescribed accounts and records have been made and maintained. We have notmade a detailed examination of the records with a a view to determine whether they areaccurate or complete.

vii. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the company there had been no delays in depositingundisputed statutory dues including income tax employees' state insurance providentfund sales tax value added tax service tax duty of customs duty of excise cessand other material statutory dues as applicable with the appropriate authorities.

(b) According to the information and explanations given to us no undisputed amountpayable in respect of Income Tax Wealth Tax Sales Tax Customs Duty and Excise DutyService Tax Goods and Services Tax Value Added Tax Cess etc. were outstanding as at31st March 2018 for a period of more than six months from the date they became payable.The particulars of dues of income taxsales tax service tax goods and services taxdutyof excise and value added tax as at March 312018 which have not been deposited on accountof a dispute are as follows:

Name of the Statute Nature of Dues Amount in _ Period to which dues Related Authority where the Dispute is Pending for Decision
U.P. Vat Act2008 Reversal of Input Tax Credit on consignment 348901 January 2008 to March 2008 Commercial Tax Tribunal- Ghaziabad
Central Excise Act 1944 Appropriation of Duty paid under proviso to Sec.11 A of Central Excise Act 1944 on Account of duty paid on confiscated goods wt. 52095 Kgs. 340076 February 2007 CESTAT Allahabad
Penalty under Rule 25 of Central Excise Rules 2002 read with section 11 AC of Central Excise Act 1944 340076 February 2007
Central Excise Act 1944 Appropriation of Duty paid under proviso to section 11 A of Central Excise Act1944 on Account of duty paid short during DEC- 2004 to FEB-07. 3402303 Dec 2004 to Feb. 2007 CESTAT Allahabad
Penalty under Rule 25 of Central Excise Rule2002 read with section II AC of Central Excise Act1944 3402303 Dec 2004 to Feb. 2007
UP Vat Act & Rules 2008 Reversal of Input Tax Credit & Purchase from unregistered dealer 1927764 April 2008 to March 2009 Commercial Tax Tribunal- Ghaziabad
UP Vat Act & Rules 2008 Reversal of input Tax credit on Stock Transfer /Consignment 1472348 April2009 to March 2010 Commissioner Tax Tribunal-Ghaziabad
UP Vat Act & Rules 2008 Reversal of input Tax credit on purchases from Unregistered Dealer and RITC on Stock Transfer /Consignment non submission of forms 1028214 April 2010 to Mar 2011 Commissioner Tax Tribunal-Ghaziabad
UP Vat Act & Rules 2008 Reversal of input Tax credit on Stock TFR/ Consignment for non submission of forms 2487159 April 2011 to March 2012 Commissioner Tax Tribunal-Ghaziabad
UP Vat Act & Rules 2008 Reversal of input Tax credit on DEPB License Consumables Capital Goods & non submission of forms 1654226 April 2013 to Mar 2014 Additional Commissioner (Appeals) Bulandshahr
UP Vat Act & Rules 2008 Reversal of input Tax credit on Stock TFR DEPB LicenseConsignment & Enhancement of Turnover 1708540 April 2014 to March 2015 Commissioner Tax Tribunal-Ghaziabad

viii. Ac cording to the records of the Company examined us and the information andexplanation given to us the company has not defaulted in repayment of loans or borrowingsto any bank. Further there were no dues payable to financial institution or Government ordebenture holders as at Balance Sheet date. ix. In our opinion and according to theinformation and explanations given to us the moneys raised by way of term loans have beenapplied for the purpose s for which they were obtained .The Company has not raised anymoney by way of initial public offer or further public offer(including debt instruments).x. During the course of our examination of the books and records of the Company carriedout in accordance with the generally accepted auditing practices in India and accordingto the information and explanations given to us we have neither come across any instanceof material fraud by the Company or on the Company by its officers or employees noticedor reported during the year nor have we been informed of any such case by the Management.The Company has not given any guarantee for loans taken by others from bank or financialinstitutions. xi. The Company has paid/ provided for managerial remuneration in accordancewith provisions of Section 197 read with Schedule V to the Act. xii. As the Company is nota Nidhi Company and the Nidhi

Rules2014 are not applicable to it the provisions of Clause 3(xii) of the Order arenot applicable to the Company. xiii. by The Company has entered into transactionswith related parties in compliance with the provisions of Section 177 and 188 of the Act.The details of such related party transactions have been disclosed in the Standalone IndAS Financial Statements as required under Indian Accounting Standard (Ind AS) 24 RelatedParty Disclosures specified under Section 133 of the Act read with Rule 4 of theCompanies (Indian Accounting Standards) Rules 2015 ( as amended). xiv. During the yearthe Company has not made any preferential allotment or private placement of shares orfully or partly convertible debentures and hence reporting under clause (xiv) of CARO 2016is not applicable to the Company. xv. The Company has not entered into any non-cashtransactions with its Directors or persons connected with him. Accordingly the provisionsof Clause 3(xv) of the Order are not applicable to the Company xvi. The Company is notrequired to be registered under

Section 45-IA of the Reserve Bank of India Act1934. Accordingly the provisions ofClause 3(xvi) of the Order are not applicable to the Company.

For VAPS & COMPANY
Chartered Accountants
ICAI Firm Registration No-003612N
Sd/-
Praveen Kumar Jain
Date: May 23 2018 Partner
Place: Ghaziabad Membership Number: 082515