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Castex Technologies

BSE: 532282|NSE: CASTEXTECH|ISIN: INE068D01021|SECTOR: Auto Ancillaries
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« Sep 14
Auditor's Report (Castex Technologies) Year End : Sep '15
We have audited the accompanying Standalone financial statements of
 CASTEX TECHNOLOGIES LIMITED (Formerly Known as Amtek India Ltd.) (the
 company), which comprise the balance sheet as at 30th September 2015,
 the statement of profit and loss & the cash flow statement for the year
 then ended, and a summary of significant accounting policies and other
 explanatory information.
 
 Management''s Responsibility for the Standalone Financial Statements
 
 The company''s board of directors is responsible for the matters
 specified in section 134(5) of the Companies Act, 2013 (the Act) with
 respect to the preparation of these Standalone 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 principles generally accepted in India, including the
 accounting standards specified under section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
 also includes the maintenance of adequate accounting records in
 accordance with the provisions of the Act for safeguarding of the
 assets of the company and for preventing and detecting the frauds and
 other irregularities; selection and application of appropriate
 accounting policies; making judgments and estimates that are reasonable
 and prudent; and design, implementation and maintenance of adequate
 internal financial control, that were operating effectively for
 ensuring the accuracy and completeness of the accounting records,
 relevant to the preparation and presentation of the Standalone
 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 Standalone
 financial statements based on our audit. We have taken into account the
 provisions of the Act, the accounting and auditing standards and
 matters which are required to be included in the audit report under the
 provisions of the Act and the rules made thereunder.
 
 We conducted our audit in accordance with the standards on auditing
 specified under section 143(10) of the Act. Those standards require
 that we comply with ethical requirements and plan and perform the audit
 to obtain reasonable assurance about whether the Standalone financial
 statements are free from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the Standalone financial statements. The
 procedures selected depend on the auditor''s judgment, including the
 assessment of the risks of material misstatement of the Standalone
 financial statements, whether due to fraud or error. In making those
 risk assessments, the auditor considers internal financial control
 relevant to the company''s preparation of the Standalone financial
 statements that give a true and fair view in order to design audit
 procedures that are appropriate in the circumstances, but not for the
 purpose of expressing an opinion on whether the company has in place an
 adequate internal controls system over financial reporting and the
 operating effectiveness of such controls. An audit also includes
 evaluating the appropriateness of the accounting policies used and the
 reasonableness of the accounting estimates made by the company''s
 directors, as well as evaluating the overall presentation of the
 Standalone financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide 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
 explanations given to us, the aforesaid Standalone 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, 2015;
 
 b) in the case of the statement of profit and loss, of the Loss for the
 year ended on that date; and
 
 c) in the case of the cash flow statement, of the cash flow for the
 year ended on that date.
 
 Report on other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2015 (the
 Order) issued by the Central Government of India in terms of sub
 section (11) of section 143 of the Act, we give in annexure - 1, a
 statement on the matters specified in paragraph 3 & 4 of the Order.
 
 2.  As required by section 143(3) of the Act, we report that:
 
 a) We have sought and obtained all the information and explanations
 which to the best of our knowledge and belief were necessary for the
 purposes of our audit.
 
 b) In our opinion, proper books of account as required by law have been
 kept by the company so far as appears from our examination of those
 books.
 
 c) the balance sheet, the statement of profit and loss, and the cash
 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 the accounting standards specified under section 133 of the Act,
 read with Rule 7 of the Companies (Accounts) Rules, 2014
 
 e) On the basis of written representations received from the directors
 as on 30th September 2015, taken on record by the board of directors,
 none of the directors is disqualified as on 30th September 2015, from
 being appointed as a director in terms of Section 164(2) of the Act.
 
 f) With respect to the other matters included in the Auditor''s Report
 in accordance with Rule 11 of the Companies (Audit & Auditors) Rules,
 2014, in our opinion and to our best of our information and according
 to the explanations given to us :
 
 i) The company has disclosed the impact of pending litigations on its
 financial position in its Standalone financial statements (Refer to
 note no – 2.25).
 
 ii) The company did not have any long-term contract including
 derivatives contract for which there were any material foreseeable
 losses.
 
 iii) There were no amounts which were required to be transferred to the
 Investor Education and Protection Fund by the company.
 
 Annexure 1 referred to under paragraph 1 of the Report on Other Legal
 and Regulatory Requirements of the Auditors'' Report
 
 Re: CASTEX TECHNOLOGIES LIMITED (Formerly Known as Amtek India Ltd.)
 (''the Company'')
 
 (i) (a) The company has maintained proper records showing full
 particulars, including quantitative details and situation of the fixed
 assets.
 
 (b) All the fixed assets have been physically verified by the
 management during the year. There is a regular program of verification,
 which, in our opinion, is reasonable having regard to the size of the
 company and nature of its assets. As per the information/reports
 submitted by the company, no material discrepancies have been noticed
 on such verification.
 
 (ii) (a) We have been informed that the inventory of stores and spares
 are physically verified during the year by the management on a
 continuous basis as per program of perpetual inventory. The inventories
 of other items have been physically verified at the year-end. The
 frequency of physical verification, in our opinion, is reasonable
 having regard to the size of the company and nature of its business.
 
 (b) In our opinion and according to the explanation given to us, the
 procedures of physical verification of inventory followed by the
 management are reasonable and adequate in relation to the size of the
 company and the nature of its business.
 
 (c) The company is maintaining proper records of inventory. The
 discrepancies noticed on verification by the management between the
 physical stock and book records, though not material, have been
 properly dealt with in the books of account and are not material.
 
 (iii) (a) The Company during the year under report, has given unsecured
 loans and advances to its Subsidiaries, associates, joint ventures,
 firms or other parties covered in the register maintained under section
 189 of the Companies Act, 2013 (''the Act''). The balance outstanding as
 at the end of the year and maximum balance at any time during the year
 was Rs. 20,709.72 lacs and Rs. 20,709.72 lacs respectively.
 
 (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.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there is adequate internal control system commensurate
 with the size of the company and nature of its business, with regard to
 the purchases of inventory, fixed assets and with regard to the sale of
 goods and services. During the course of our audit, we have not
 observed any continuing failure to correct major weakness in internal
 control system of the company.
 
 (v) Since the company has not accepted any deposit from public, the
 provisions of section 73 to 76 and the rules framed there under with
 regard to filing of statutory returns as required under these
 provisions and the relevant rules are not applicable to the company.
 
 (vi) We have broadly reviewed the cost records maintained by the
 company and report that prima-facie, the directions specified by the
 Central Government under sub-section (1) of section 148 of the
 Companies Act, with regard to maintenance of cost records have been
 complied with.
 
 (vii) (a) According to the information and explanations given to us and
 as per the records of the company, the company has been regular in
 depositing undisputed statutory dues including provident fund, income
 tax, wealth tax, service tax, duty of custom, duty of excise, value
 added tax, cess and other statutory dues with appropriate authorities
 during the year.
 
 (b) According to information and explanations given to us, the
 following dues of income tax, sales tax, wealth tax, service tax custom
 duty, excise duty, value added tax and cess Which have not been
 deposited on account of matters pending before appropriate authorities
 are as 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     2012            Commissioner
                                                Appeals,            6.51
                                                Jaipur
 
 2    Central 
      Excise Act     Excise     2007            Excise Deptt.       9.12
 
 3    Central 
      Excise Act     Excise     2010            Commissioner 
                                                Appeals,            3.41
                                                Jaipur
 
 4    Central 
      Excise Act     Excise     2010            Tribunal 
                                                Bench,              2.59
                                                Delhi
 
 5    Central 
      Service Tax    Service 
                     Tax        2007            Service 
                                                tax Deptt.          0.30
 
 6    Central 
      Service Tax    Service 
                     Tax        2008            Service 
                                                tax Deptt.          0.07
 
 7    Central 
      Service Tax    Service 
                     Tax        2010            Commissioner 
                                                Appeals,            0.74
                                                Jaipur
 
 
 8    Central     
      Excise Act     Excise     2014-15         Additional         24.16
                                                Commissioner 
                                                Appeals, Alwar
 
 9    Central 
      Service Tax    Service
                     Tax        2013 to 
                                2015            Deputy 
                                                commissioner        4.98
                                                of central 
                                                Excise
 
 10   Income Tax 
      Act, 1961      Income 
                     Tax        Block 
                                Assessement     Income Tax
                                                Appellant        1125.31
                                from A.Y. 
                                2005-2006       Tribunal,
                                                Delhi 
                                to 2012-
                                2013
 
 Total                                                          1,177.19
 
 (c) As per the information and explanations given to us and based on
 the records of the company produced to us, the company does not have
 any amount that is required to be transferred to investor education and
 protection fund in accordance with the relevant provisions of the Act
 and the rules made there under.
 
 (viii) The company does not have accumulated losses as at the end of
 this financial year and has not incurred cash losses during the current
 financial year under report and also during the immediately preceding
 financial year.
 
 (ix) According to the information and explanations given to us and as
 per our verification of the records of the company, there had been
 delays in payment of instalments and Interest of term loan to the
 bank/financial institution during the year. The amount overdue as on
 the date of balance sheet was Rs.14,023.67 Lacs Principal and
 Rs.7,352.44 Lacs interest with Average delay of less than 90 Days
 
 (x) According to the information and explanations given to us,the
 company has given corporate guarantee of Rs.32,300 Lacs for the loans
 availed by Subsidiaries, associates, joint ventures and other group
 companies from banks and financial institutions and terms and
 conditions are not prejudicial to the interests of the company.
 
 (xi) According to the information and explanations given to us, the
 term loans availed by the company have been applied for the purpose for
 which the loans were obtained.
 
 (xii) According to the information and explanations given to us, no
 fraud on or by the company has been noticed or reported during the
 year.
 
                                                  For & on behalf of 
 
                                            Manoj Mohan & Associates
 
                                               Chartered Accountants 
 
                                          ICAI Firm Regd. No.009195C
 
 
 
                                                               Sd/-
 
                                              (Manoj Kumar Agarwal)
 
 Place :New Delhi                                           Partner
 
 Dated:28th November,                     2015 Membership No -76980
Source : Dion Global Solutions Limited
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