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Latteys Industries Ltd.

BSE: 535085 Sector: Engineering
NSE: LATTEYS ISIN Code: INE262Z01015
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Latteys Industries Ltd. (LATTEYS) - Auditors Report

Company auditors report

To the Members of M/s LATTEYS INDUSTRIES LIMITED (Formerly known as LatteysIndustries Pvt. Ltd. /Latteys Pumps Industries Pvt. Ltd.)

Report on the Financial Statements

We have audited the accompanying financial statements of M/s LATTEYS INDUSTRIESLIMITED (Formerly known as Latteys Industries Private Limited/Latteys Pumps IndustriesPrivate Limited) which comprise the Balance Sheet as at March 31 2018 the Statement ofProfit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors are 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 position andfinancial performance and cash flow of the company in accordance with the accountingprinciples generally accepted in India including Accounting Standards specified undersection 133 of the Act read with Rule 7 of Companies (Accounts) Rules 2014. ThisResponsibility includes maintenance of adequate accounting records in accordance with theprovisions of the Act for safeguarding of the assets of the Company and for preventing anddetecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditors' 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 accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidences about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatements of the financialstatements whether due to fraud or error. In making those risk assessments the auditorsconsider internal financial controls relevant to the company's preparation of thefinancial statements that give a true and fair view in order to design audit procedurethat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by management as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner 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 31stMarch 2018 and its loss 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 ofthe Companies Act 2013 we give in the Annexure-A a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

2. As required by section 143(3) of the Act and Companies (Audit and Auditors) Rule2014 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 the Statement of Profit and Loss and the Cash Flow Statementsdealt with by 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 7of the Companies(Accounts) Rule 2014.

(e) In our opinion there are no adverse observations and comments on the financialtransactions of the matters which have adverse effect on the functioning of the company

(f) On the basis of the written representations received from the Directors as on March31 2018 taken on record by the board of Directors none of the directors is disqualifiedas on March 31 2018 from being appointed as a director in terms of sub section (2) ofsection 164 of the Companies Act 2013.

(g) 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 B". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

(h) In our opinion there are no qualifications reservation or adverse remark relatingto maintenance of accounts and other matter connected therewith.

(i) 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 in our opinionand to the best 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 forwhich there were any material foreseeable losses.

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Gaurav Ashok Jain & Associates
Chartered Accountants
FRN: 023419N
CA Gaurav Jain
Place: Ghaziabad Partner
Date: 30-08-2018 M. No. 506695

ANNEXURE-A TO THE AUDITORS' REPORT

Referred to in our Audit Report of even date

(j) (a) The company has maintained proper records showing full particulars includingQuantitative details and situation of fixed assets;

(b) As explained to us all the assets have been physically verified by the managementat regular interval. As informed to us no material discrepancies were noticed on suchverification.

(c) The title deeds of all the immovable properties being Land are held in the name ofthe company except Land situated at Plot No. 16 Which is owned by the Director of thecompany and the said property has been taken on lease by the company. However the Buildingconstructed on the said Plot is owned by the Company.

(ii) The physical verification of inventory has been conducted at reasonable intervalsby the management and no material discrepancies were noticed.

(iii) The company has not granted unsecured loans to companies firms or other partiescovered in the register maintained under section 189 of the Companies Act 2013 during theyear and in our opinion hence para (a) (b) and (c) are not applicable.

(iv) The company has not granted any loans made any investments provide anyguarantees and security and therefore provisions of section 185 and 186 of the CompaniesAct 2013 are not applicable to the company.

(v) In our opinion and according to the information and explanation given to us thecompany has not accepted any deposits in contravention of the directives issued by theReserve Bank of India and the provisions of sections 73 to 76 or any other relevantprovisions of the Companies Act 2013 and the rules framed there under where applicablehave been complied with. No order has been passed by the Company Law Board or NationalCompany Law Tribunal or RBI or any court or any other tribunal.

(vi) According to the information and explanation given to us government has notprescribed maintenance of cost records under sub section (1) of section 148 of theCompanies Act 2013 for the products of the company.

(vii) (a) In our opinion the company is regular in depositing undisputed statutory duesincluding provident fund employees ‘state insurance income-tax sales-tax wealthtax service tax duty of customs duty of excise value added tax cess and any otherstatutory dues with the appropriate authorities. There is no arrears of outstandingstatutory dues as at the last day of the financial year concerned for a period of morethan six months from the date they became payable.

(b) According to information and explanation given to us there are no dues on accountof income tax or sales tax or wealth tax or service tax or duty of customs or duty ofexcise or value added tax or cess which have not been deposited on account of anydispute.

(viii) According to information and explanations given to us the company has notdefaulted in repayment of any dues to a financial institution or bank or debenture holdersduring the year of audit.

(ix) The Company has not raised any moneys from the initial public offer as well asfurther public offer. However the money raised by way of term loans were applied for thepurpose of those are raised.

(x) There were no any fraud has been committed by OR on the company.

(xi) According to the information and explanations given to us managerial remunerationhad been paid or provided in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Companies Act.

(xii) The company is not a Nidhi Company and therefore this clause is not applicable.

(xiii) In our opinion and according to information and explanations given to us allthe transaction with the related parties are in compliance with the Section 177 andSection 188 of the Companies Act 2013 (wherever applicable) are complied with thatsection and the details have been disclosed in the Financial Statements etc. as requiredby the applicable accounting standards.

(xiv) In our opinion and according to information and explanations given to us thecompany has made private placement of shares during the year under review and therequirement of section 42 of the Companies Act 2013 have been complied with and theamount raised have been used for the purposes for which the funds were raised.

(xv) The company has not entered into any non-cash transactions with directors orpersons connected with him as specified in the provisions of section 192 of Companies Act2013.

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

For Gaurav Ashok Jain & Associates
Chartered Accountants
FRN: 023419N
CA Gaurav Jain
Place: Ghaziabad Partner
Date: 30-08-2018 M. No. 506695

ANNEXURE-B TO THE AUDITORS' REPORT

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

We have audited the internal financial controls over financial reporting of LatteysIndustries Limited ("the Company") as of 31st March 2018 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

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 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 issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls 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 judgment including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror.

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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 31st March 2018 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 Gaurav Ashok Jain & Associates
Chartered Accountants
FRN: 023419N
CA Gaurav Jain
Place: Ghaziabad Partner
Date: 30-08-2018 M. No. 506695