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Amtek India
BSE: 532282|NSE: AMTEKINDIA|ISIN: INE068D01021|SECTOR: Auto Ancillaries
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Auditor's Report (Amtek India) Year End : Sep '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of Amtek India
 Limited (the company) as at 30th September 2013, which comprise the
 Balance Sheet as at September 30, 2013; the Statement of Profit and
 Loss and the Cash Flow Statement for the 15 months period then ended;
 and a summary of significant accounting policies and other explanatory
 information.
 
 Management''s Responsibility for the financial Statements
 
 Management is responsible for the preparation of these financial
 statements that give a true and fair view of the financial position,
 financial performance and cash flows of the Company in accordance with
 the Accounting Standards referred to in sub-section (3C) of section 211
 of the Companies Act, 1956 (the Act). This responsibility includes
 the design, implementation and maintenance of internal control relevant
 to the preparation and presentation of the financial statements that
 give a true and fair view and are free from material misstatement,
 whether due to fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedures
 selected depend on the auditor''s judgment, including the assessment of
 the risks of material misstatement of the financial statements, whether
 due to fraud or error. In making those risk assessments, the auditor
 considers internal control relevant to the Company''s preparation and
 fair presentation of the financial statements in order to design audit
 procedures that are appropriate in the circumstances. An audit also
 includes evaluating the appropriateness of accounting policies used and
 the reasonableness of the accounting estimates made by management, as
 well as evaluating the overall presentation of the financial
 statements.
 
 We believe that the audit evidence, we have obtained, is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid financial statements give the
 information required by the Act in the manner so required and give a
 true and fair view in conformity with the accounting principles
 generally accepted in India:
 
 a) in the case of the Balance Sheet, of the state of affairs of the
 Company as at September 30, 2013;
 
 b) in the case of Statement of Profit and Loss, of the profit for the
 15 months period ended on that date; and
 
 c) in the case of the Cash Flow Statement, of the cash flows for the 15
 months period ended on that date.  Report on Other Legal and Regulatory
 Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order) as amended issued by the Central Government of India in terms
 of sub-section (4A) of section 227 of the Act, we give in the Annexure,
 a statement on the matters specified in paragraphs 4 and 5 of the
 Order.
 
 2.  As required by section 227(3) of the Act, we report that:
 
 a) we have obtained all the information and explanations which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit;
 
 b) in our opinion proper books of accounts as required by law have been
 kept by the Company so far as appears from our examination of those
 books;
 
 c) the Balance Sheet, Statement of Profit and Loss and the Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 accounts;
 
 d) in our opinion, the Balance Sheet, Statement of Profit and Loss and
 the Cash Flow Statement comply with the Accounting Standards referred
 to in sub section (3C) of section 211 of the Companies Act, 1956;
 
 e) On the basis of written representations received from the directors
 as on September 30, 2013, and taken on record by the Board of
 Directors, none of the directors is disqualified as on September 30,
 2013, from being appointed as a director in terms of clause (g) of
 sub-section (1) of section 274 of the Companies Act, 1956.
 
 f) Since the central Government has not issued any notification as to
 the rate at which the cess is to be paid under section 441A of the
 Companies Act, 1956 nor has it issued any rules under the said section,
 prescribing the manner in which such cess is to be paid, no cess is due
 and payable by the Company.
 
 ANNEXURE TO INDEPENDENT AUDITOR''S REPORT REFERRED TO IN POINT 1 OF
 PARAGRAPH 5 OF OUR REPORT OF EVEN DATE OF AMTEK INDIA LIMITED FOR THE
 15 MONTHS PERIOD ENDED 30th SEPTEMBER 2013
 
 (i) (a) The Company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets.
 
 (b) As explained to us, fixed assets, according to the practice of the
 Company, have been physically verified by the management at reasonable
 intervals. In our opinion, the frequency of physical verification of
 fixed assets is reasonable having regard to the size of the company and
 nature of its assets. According to the information and explanations
 given to us, no material discrepancies were noticed on such physical
 verification.
 
 (c) During the period, the company has not disposed off substantial
 part of the fixed assets, and the going concern status of the company
 is not affected.
 
 (ii) (a) The inventories have been physically verified during the
 period by the management. In our opinion, the frequency of physical
 verification is reasonable.
 
 (b) The procedure for physical verification of inventories followed by
 the management is reasonable and adequate in relation to the size of
 the company and nature of its business.
 
 (c) In our opinion, the company has maintained proper records of
 inventories. The discrepancies noticed on verification between the
 physical stocks and the book records were not material & the same have
 been properly dealt with in the books of accounts.
 
 (iii) The Company, during the period under report, has given loans &
 advances to its Holding Subsidiary Companies, associates and joint
 ventures, firms or other parties covered in the register maintained
 under Section 301 of the Companies Act, 1956.
 
 (a) The balance at the end of the period and the maximum amount
 involved during the period was Rs. 367.98 lacs.
 
 (b) In our opinion and according to the information and explanations
 given to us, the rate of interest, wherever applicable and other terms
 and conditions are not prima facie prejudicial to the interest of the
 company.
 
 (c) In respect of the loan granted to its subsidiaries, the loan is
 interest free and being repayable on demand are not overdue.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there are adequate internal control systems commensurate
 with the size of the Company and the nature of its business with regard
 to purchase of inventories, consumable stores, fixed assets and with
 regard to sale of goods and services. During the course of our audit,
 we have not observed any continuing failure to correct major weaknesses
 in internal controls Systems of the Company.
 
 (v) (a) According to the information and explanations given to us, we
 are of the opinion that the particulars of contracts or arrangement
 that need to be entered in the register required to be maintained under
 section 301 of the Companies Act, 1956 have been so entered.
 
 (b) In our opinion and according to the information & explanations
 given to us, the transactions made in pursuance of contracts or
 arrangements entered in the register maintained under section 301 of
 the Companies act, 1956 in respect of any party during the period have
 been made at prices which are reasonable having regard to prevailing
 market prices at the relevant time.
 
 (vi) The company has not accepted public deposits within the meaning
 and provisions of section 58A and 58AA of the companies Act, 1956.
 
 (vii) In our opinion, the company has an internal audit system
 commensurate with the size and nature of its business.
 
 (viii) The Central government has prescribed maintenance of cost
 accounting records under section 209 (1) (d) of the Companies Act,
 1956. We have broadly reviewed the accounts and records of the company
 in this connection and are of the opinion that prima facie, the
 prescribed accounts and records have been made and maintained.
 
 (ix) (a) The company is regular in depositing with appropriate
 authorities undisputed statutory dues including provident fund,
 investor education protection fund, employees state insurance, income
 tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess
 and other material statutory dues applicable to it.
 
 (b) According to the information and explanation given to us, no
 undisputed amounts payable in respect of income tax, wealth tax, sales
 tax/VAT, custom duty, excise duty and cess were in arrears, as at 30th
 September, 2013 for a period of more than six months from the date they
 became payable.
 
 (c) The disputed statutory dues aggregating to Rs. 9,210.34 lacs not
 deposited on account of matters being pending before appropriate
 authorities are given here under:
 
 Sr. Name of the 
     Statute           Nature     Year to 
                                  which        Forum where     Amount
 No.                   of Dues    the
                                  amount       dispute is     (Rs.
                                  relates      pending         in lacs)
 
 1.  Central 
     Excise Act        Excise     2007         Excise
                                               Deptt.          21.64
 
 2.  Central Excise 
     Act               Excise     2007         Service 
                                               Tax Deptt.      13.81
 
 3.  Income Tax
     Act, 1961         Income Tax Block 
                                  Assessment   Income Tax
                                               Appellate    9,174.89
                                               from
                                  A.Y. 2005-06 
                                  Tribunal to
                                  2010-11
 
                                                Total      9,210.34
 
 (x) The company does not have accumulated losses for the period 15
 months end 30th September, 2013. Further, it has not incurred any cash
 loss in current financial period or in the immediately preceding
 financial year.
 
 (xi) In our opinion and according to the information and explanations
 given to us, the company has not defaulted in repayment of dues to
 banks, financial institutions or debenture holders.
 
 (xii) The company has not granted any loans and advances on the basis
 of security by way of pledge of shares, debentures and other
 securities.
 
 (xiii) In our opinion, the Company is not a chit fund or a nidhi /
 mutual benefit fund / society. Therefore, the provisions of clause of
 4(xiii) of the Companies (Auditors'' Report) Order, 2003 are not
 applicable to the company.
 
 (xiv) In our opinion, the company is not dealing in or trading in
 shares, securities, debentures and other investments.  Accordingly, the
 provisions of clause 4(xiv) of the Companies (Auditors'' Report) Order,
 2003 (as amended) are not applicable to the company. The company,
 however, is maintaining proper records of transactions and contracts in
 respect of long term investment made by it and timely entries have been
 made therein. Further, all the securities including shares, debentures
 and other investments have been held by the company in its own name.
 
 (xv) The company has not given guarantees for loans taken by others
 from Banks or Financial Institutions.
 
 (xvi) According to the information and explanation given to us, in our
 opinion, term loan availed by the company were, prima facie, applied by
 the company during the period under report for the purpose for which
 the term loans were obtained, other than temporary deployment pending
 applications.
 
 (xvii) According to the information and explanation given to us and on
 an overall examination of the balance sheet of the company, we report
 that no funds raised on short term basis have been used for long term
 investment and no long term funds have been used to finance short term
 assets except permanent working capital.
 
 (xviii) According to the information & explanation given to us, the
 company, during the period under report, has not made any preferential
 allotment, to parties and companies covered in the register maintained
 under section 301 of the Companies Act, 1956.
 
 (xix) The company has not issued any debentures during the period and
 therefore the question of creating security/ charge does not arise.
 
 (xx) According to information and explanation given to us and the
 records of the company examined by us, the Company has not raised any
 money by public issue during the period but FCCB are converted into
 equity shares.
 
 (xxi) According to the information and explanations given to us, no
 fraud on or by the company has been noticed or reported during the
 course of our audit.
 
                                        For & on behalf of Manoj 
                                        Mohan & Associates
 
                                        Chartered Accountants 
 
                                        Firm Regn. No. 009195C
 
                                        Sd/-
 
                                       (Manoj Kumar Agarwal)
 
 Place : New Delhi                      Partner
 
 Dated : 29th November 2013
Source : Dion Global Solutions Limited
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