1. We have audited the accompanying financial statements of Amtek
India Limited (the Company) which comprises of the Balance Sheet as
at 30th June 2012, the Statement of Profit & Loss of the Company for
the year then ended, the Cash Flow Statement of the Company for the
year then ended and a summary of significant accounting policies and
other explanatory statements. These financial statements are
responsibility of the Company''s management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with 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 of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
3. As required by the Companies (Auditors'' Report) Order, 2003 (as
amended) by the companies (Auditors'' Report) (amended) order, 2004
(together the order) issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Companies Act, 1956, we
enclose in the Annexure, a statement on the matters specified in
paragraph 4 and 5 of the said order.
4. Further to our comments in the Annexure referred to above, we
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
(ii) 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
(iii) The Balance Sheet, Profit and Loss Statement and Cash Flow
Statement of the company, dealt with by this report are in agreement
with the books of account.
(iv) In our opinion, the Balance Sheet, Profit and Loss Statement and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956;
(v) On the basis of written representations received from the
directors, as on 30th June 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
30th June 2012 from being appointed as a director in terms of clause
(g) of sub-section (1) of section 274 of the Companies Act, 1956;
(vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, 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 30th June 2012;
(b) in the case of Statement of Profit and Loss , of the Profit for the
year ended on that date; and
(c) in the case of Cash Flow Statement, of the cash flow for the year
ended on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE OF AMTEK
INDIA LIMITED FOR THE YEAR ENDED 30TH JUNE 2012
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
(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
(c) During the year, the company has not disposed off any substantial
part of the fixed assets and the going concern status of the company is
(ii) (a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of physical verification
(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) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) The Company, during the year under report, has neither given nor
taken loan from the companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956. Hence
clause no. iii (a), (b), (c), (d), (e), (f) & (g) are not applicable to
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of inventory, fixed assets and for the 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.
(v) (a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangement
referred to in section 301 of the act have been entered in the register
required to be maintained under section 301 of the Companies Act, 1956.
(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 year have
been made at prices which are reasonable having regards to prevailing
market prices at the relevant time.
(vi) The Company has not accepted deposit from the public under section
58A 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 properly 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/ VAT, wealth tax, service tax, custom duty, excise duty,
cess and other material statutory dues applicable to it.
(b) The disputed statutory dues aggregating to Rs. 35.45 lacs have not
been deposited on account of matters being pending before appropriate
authorities are given here under:
Sr. Name of the Statute Nature of
Dues Year to
which Forum where Amount
amount dispute is (Rs. in
1. Central Excise Act Excise 2007 Excise Deptt. 21.64
2. Central Excise Act Excise 2007 Service Tax
(x) The company has no accumulated losses and has not incurred any cash
loss during the year under report or in the immediately preceding
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
financial institutions, banks 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
(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, 2004 (as amended)
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 year under report for the purpose for which the
term loans were obtained, other than temporary deployment pending
(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 year 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) According to the information given to us, and the record of the
company examined by us, the company has not issued any debentures.
(xx) According to the information and explanation given to us and the
record of the company company examined by us, the company has not
raised any money by public issue during the year.
(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
Firm Regn. No. 009195C
Place:New Delhi (M.K. AGARWAL)
Dated: 4th December 2012 Partner
Membership No. : 76980