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Auto Pins (India) Ltd.

BSE: 531994 Sector: Auto
NSE: N.A. ISIN Code: INE706C01028
BSE 00:00 | 27 Oct Auto Pins (India) Ltd
NSE 05:30 | 01 Jan Auto Pins (India) Ltd
OPEN 36.80
PREVIOUS CLOSE 36.80
VOLUME 1
52-Week high 36.80
52-Week low 35.05
P/E 54.93
Mkt Cap.(Rs cr) 21
Buy Price 36.80
Buy Qty 2.00
Sell Price 35.05
Sell Qty 3.00
OPEN 36.80
CLOSE 36.80
VOLUME 1
52-Week high 36.80
52-Week low 35.05
P/E 54.93
Mkt Cap.(Rs cr) 21
Buy Price 36.80
Buy Qty 2.00
Sell Price 35.05
Sell Qty 3.00

Auto Pins (India) Ltd. (AUTOPINSI) - Auditors Report

Company auditors report

TO THE MEMBERS OF AUTO PINS (INDIA) LIMITED

Report on the Audit of the standalone Ind As Financial Statements

Opinion

1. We have audited the accompanying Ind As standalone financial statements of AUTOPINS (INDIA) LIMITED (the ‘Company') which comprise the Balance Sheet as at 31March 2019 the Statement of Profit and Loss (including Other Comprehensive Income) theCash Flow Statement and the Statement of Changes in Equity for the year then ended and asummary of the significant accounting policies and other explanatory information.

2. 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 principles generally accepted in Indiaincluding Indian Accounting Standards (‘Ind AS') specified under Section 133 of theAct of the state of affairs (financial position) of the Company as at 31 March 2019 andits profit (financial performance including other comprehensive income) its cash flowsand the changes in equity for the year ended on that date.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Our responsibilities under those standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India (‘ICAI') togetherwith the ethical requirements that are relevant to our audit of the financial statementsunder the provisions of the Act and the rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion.

Emphasis of Matter

Without qualifying our opinion we draw attention to Note No. 40 of the standalone IndAS financial statements relating to non provisions of gratuity and leave liability. TheCompany has considered non provision of same as the same shall be accounted for on cashbasis

Key Audit Matters

4. Except for the matter described in the Emphasis Matter Paragraph we have determinedthat there are no (other) key audit matters to communicate in our report.

Information other than the Financial Statements and Auditor's Report thereon

5. The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual Report but does not includethe financial statements and our auditor's report thereon. Our opinion on the financialstatements does not cover the other information and we do not express any form ofassurance conclusion thereon. In connection with our audit of the financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisother information we are required to report that fact. We have nothing to report in thisregard.

Responsibilities of Management and Those Charged with Governance for the Ind Asstandalone Financial Statements

6. 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 Ind As standalone financialstatements that give a true and fair view of the state of affairs (financial position)profit or loss (financial performance including other comprehensive income) changes inequity and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Ind AS specified under Section 133 of the Act.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

7. In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

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

Auditor's Responsibilities for the Audit of the Ind As Financial Statements

9. Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance withStandards on Auditing will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

10. As part of an audit in accordance with Standards on Auditing we exerciseprofessional judgment and maintain professional skepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under Section 143(3) (i) ofthe Act we are also responsible for explaining our opinion on whether the Company hasadequate internal financial controls system in place and the operating effectiveness ofsuch 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 uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

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

12. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

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

Report on other Legal and Regulatory Requirements

14. As required by Section 197(16) of the Act we report that the Company has paidremuneration to its directors during the year in accordance with the provisions of andlimits laid down under Section 197 read with Schedule V to the Act.

15. 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.

16. Further to our comments in Annexure A as required by Section 143(3) of the Act wereport 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 Ind As standalone financial statements dealt with by this report are inagreement with the books of account;

d) In our opinion the aforesaid standalone financial statements comply with Ind ASspecified under Section 133 of the Act;

e) On the basis of the written representations received from the directors and taken onrecord by the Board of Directors none of the directors is disqualified as on 31 March2019 from being appointed as a director in terms of Section 164(2) of the Act;

f) We have also audited the internal financial controls over financial reporting(IFCOFR) of the Company as on 31 March 2019 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date and ourreport as per Annexure B expressed an unmodified opinion;

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 impact of pending litigations on its financialposition in the standalone financial statements;

ii. The Company has made provision as required under the applicable law or Ind AS formaterial foreseeable losses if any on long-term contracts including derivativecontracts;

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company. However there is delay intransferring old outstanding amount required to be transferred to the investor education& protection fund by the company.

iv. The disclosures in the standalone financial statements regarding holdings as wellas dealings in specified bank notes during the period from 8 November 2016 to 30 December2016 have not been made in these financial statements since they do not pertain to thefinancial year ended 31 March 2019

For Dharam Taneja Associates

Chartered Accountants

(Firm Reg. No. 03563N)

Sd/-

(DHARAM VIR TANEJA)

Partner

Membership No.: 007718

Place: New Delhi

Dated: 27/05/2019

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE

TO THE MEMBERS OF AUTO PINS (INDIA) LIMITED ON THE IND AS STANDALONE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

ANNEXURE A

A Based on the audit procedures performed for the purpose of reporting a true and fairview on the Ind As standalone financial statements of the Company and taking intoconsideration the information and explanations given to us and the books of account andother records examined by us in the normal course of audit and to the best of ourknowledge and belief we report that:

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

(b) Fixed Assets have been physically verified by the Management during the period.

No material discrepancies were noticed on such Verification.

(c) According to the information provided to us title deeds of all immovable propertyare in the name of the company except land at Kanpur (Gross Value Rs. 3500)

2. (a) The inventory has been physically verified by the management at reasonableintervals during the period In our opinion the frequency of such verification isreasonable.

(b) The discrepancies noticed on verification between the physical stocks and the bookrecords were not material.

1. In our opinion and according to the information and explanations given to us thecompany has not granted any loans secured or unsecured to Companies Firms LimitedLiability Partnership and other parties covered in the register maintained under section189 of the Companies Act 2013. Accordingly paragraph 3(iii) of the Order is notapplicable to the Company.

2. According to information and explanation provided to us the company has not grantedany loans investments guarantees and security to the parties covered under section 185and 186 of the Companies Act 2013.

3. The company has not accepted any deposits from the public in accordance with theprovisions of sections 73 to 76 of the Act and the rules framed there under.

4. As informed to us the maintenance of Cost Records has not been specified by theCentral Government under sub-section (1) of Section 148 of the Act in respect of theactivities carried on by the company.

5. (a) According to the information and explanations given to us and the records of thecompany examined by us in our opinion the Company is regular in depositing theundisputed statutory dues including Provident Fund Employees' State Insurance IncomeTax Sales Tax Service Tax Duty of Customs Excise duty Value Added Tax Goods andService Tax Cess Professional Tax and other material statutory dues as applicable withthe appropriate authorities.

(b) Accordingly to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees state insurance income tax sales taxservice tax duty of customs duty of excise value added tax Goods and Service Taxcess professional tax and other material statutory dues were in arrears as at 31st march2019 for a period of more than six months from the date they become payable.

(c) According to the information and explanations given to us there are no materialdues except for the dues mentioned bellow of Income Tax Sales Tax. Value Added TaxService Tax Goods and Service Tax Duty of Customs Duty of Excise which have not beendeposited with the appropriate authorities on account of any dispute as at 31st March2019.

The dues outstanding in respect of Value added Tax is as follows: Statement of DisputedDues

Name of the Statue Nature of Dues Amount (Rs. In Lakhs) Amount Paid/Adjusted Period to which the amount relates Forum where dispute is pending
Value Added Tax HVAT 4.96 - 2014-15 HVAT Department

6. In our opinion and according to the information and explanations given to us thecompany has not default in payment of any loans or borrowings from any financialinstitution Bank Government or debenture holders.

7. According to the information & explanation given to us the company has notraised money by way of initial public offer or further public offer (including debtinstruments) or term loan. Accordingly the provision of clause 3(ix) of the order is notapplicable to the company.

8. Based upon the audit procedures performed and information and explanations given bythe management we report that no fraud by the company or no fraud on the company by itsofficers or employees has been noticed or reported during the period.

9. According to the information & explanation given to us the company has paidmanagerial remuneration as defined by the provisions of the section 197 read with scheduleV of the Companies Act 2013.

10. In our opinion and according to the information & explanation given to us thecompany is not a Nidhi company. Hence the provision of clause 3(xii) of the order is notapplicable to the company.

11. According to the information and explanation given to us and based on ourexaminations of the records of the Company during the period the company has entered intotransactions with related parties in compliance with the provisions of the sections 177& 188 of the Companies Act 2013. The details of such transactions have been properlydisclosed in the notes to the Financial Statements as required under Accounting standard18 Related Party Disclosures specified under Section 133 of the Act read with Rule 7 ofthe Companies (Accounts) Rules 2014.

12. According to the information & explanation given to us the company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the period under review.

13. According to the information & explanation given to us the company has notentered into any non-cash transaction with directors or any person connected with him.Accordingly the provision of clause 3(xv) of the order is not applicable to the company.

14. In our opinion and according to the information & explanation given to us thecompany is not required to be registered under section 45-IA of the Reserves Bank of IndiaAct 1934. Accordingly the provision of clause 3(xvi) of the order is not applicable tothe company.

For Dharam Taneja Associates

Chartered Accountants

(Firm Reg. No. 03563N)

Sd/-

(DHARAM VIR TANEJA)

Partner

Membership No.: 007718

Place: New Delhi

Dated: 27.05.2019

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE

TO THE MEMBERS OF AUTO PINS (INDIA) LIMITED ON THE IND AS STANDALONE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 Report on the Internal Financial Controlsunder Clause (i) of Sub-section 3 of

Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of AUTOPINS (INDIA) LIMITED ("the Company") as of March 31 2019 in conjunctionwith our audit of the standalone Ind AS financial statements of the Company for the yearended 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. 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 Companies Act 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 as specified under section143(10) of the Companies Act.2013 to the extent applicable to an audit of internalfinancial control 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 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 Company's internal financial controls systemover 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 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 2019 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.

For Dharam Taneja Associates

Chartered Accountants

(Firm Reg. No. 03563N)

Sd/-

(DHARAM VIR TANEJA)

Partner

Membership No.: 007718

Place: New Delhi

Dated: 27.05.2019

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