Apollo Tyres
BSE: 500877 | NSE: APOLLOTYRE | ISIN: INE438A01022 | Tyres
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| Auditor's Report | Year End : Mar '09 |
1. We have audited the attached Balance Sheet of Apollo Tyres Ltd.(the
Company) as at 31st March 2009, the Profit and Loss Account and also
the Cash Flow Statement for the year ended on that date, annexed
thereto. These financial statements are the responsibility of the
Companys management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we 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
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 (as
amended) 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 paragraphs 4 and 5
of the said Order.
4. Further to our comments in the Annexure referred to above, we
report that:
i. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
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
those books;
iii. The Balance Sheet, the Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
iv. In our opinion, the Balance Sheet, the Profit and Loss Account and
the 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 the written representations received from the
directors and taken on record by the Board of Directors, we report that
none of the directors is disqualified as on 31st March 2009 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956 as on the said date.
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;
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2009;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Annexure referred to in paragraph 3 of our report of even date
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) Physical verification of fixed assets is carried out in a phased
manner as determined by the management, whereby assets held at the
Companys factories have been verified during the year. The program of
verification is considered reasonable having regard to the size of the
Company and the nature of its assets and no material discrepancies were
noticed on such verification.
(c) The fixed assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
(ii) (a) The inventory has been physically verified during the year by
the management. Jn our opinion, the frequency of verification is
reasonable.
(b) 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 between the physical stocks and
the book records were not material.
(iii) (a) The Company has not granted any loans, secured or unsecured,
to companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(b) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(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 the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods.
During the course of our audit, we have not observed any significant
continuing failure to correct major weaknesses in such internal
controls.
(v) According to the information and explanations provided by the
management, we are of the opinion that the particulars of contracts or
arrangements referred to in Section 301 of the Companies Act, 1956 have
been entered into the register required to be maintained under that
section; and
In our opinion and according to the information and 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 and exceeding the value of rupees five lakhs in respect of
any party during the year have been made at prices which are, prima
facie, reasonable having regard to prevailing market prices at the
relevant time.
(vi) The Company has not accepted any deposits from the public during
the year.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and nature of its business.
(viii) We have broadly reviewed the books of account maintained by the
Company relating to the manufacture of automobile tyres and tubes,
pursuant to the order made by the Central Government for the
maintenance of cost records under Section 209 (1) (d) of the Companies
Act, 1956 and are of the opinion that prima facie the prescribed
accounts and records have been made and maintained. We have, however,
not made a detailed examination of the records with a view to
determining whether they are accurate or complete.
(ix) (a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income-Tax, Sales-Tax, VAT, Wealth-Tax, Service Tax, Customs Duty,
Excise Duty, Cess and other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts in respect of Provident Fund, Investor Education and
Protection Fund, Employees State Insurance, Income-Tax, Sales Tax,
VAT, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other
material statutory dues applicable to the Company were in arrears as at
31st March 2009, for a period of more than six months from the date
they became payable.
(c) According to the information and explanations given to us, there
are no dues of Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty and Cess which have not been deposited on account of
any dispute, except the following:
(x) The Company does not have accumulated losses at the end of the
financial year and has not incurred cash losses in the current and
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 and debenture holders during the year.
(xii) According to the information and explanations given to us and
based on the documents and records produced to us, the Company has not
granted loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
(xiii) The Company is not a chit fund or a nidhi / mutual benefit fund
/ society. Therefore, the provisions of clause 4(xiii) of the Companies
(Auditors Report) Order, 2003 (as amended) are not applicable to the
Company.
(xiv) 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.
(xv) In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from bank or financial institutions during the year except for
the bank deposits pledged by the Company as referred to in Schedule 6
to the financial statements.
(xvi) To the best of our knowledge and belief and according to the
information and explanations given to us, term loans availed by the
Company were, prima facie, applied during the year for the purpose for
which these loans were obtained, other than temporary deployment
pending application.
(xvii) According to the information and explanations given to us, and
on overall examination of the Balance Sheet of the Company, no funds
raised on short-term basis have been used for long term investment.
(xviii) According to the information and explanations given to us, the
Company has made preferential allotment of shares to parties and
companies covered in the register maintained under Section 301 of the
Act. In our opinion, the price at which such shares have been issued is
not prejudicial to the interests of the Company.
(xix) The Company had created security in respect of debentures issued
during the year.
(xx) The Company has not raised any money by public issues during the
year as defined under SEBI (Disclosure and Investor Protection)
Guidelines, 2000 which excludes conversion of warrants referred to in
Note 3.b to Schedule 12 to the financial statements.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, we report that no fraud on or
by the Company has been noticed or reported during the year.
For Deloitte Haskins & Sells
Chartered Accountants
Geetha Suryanarayanan
Place; Gurgaon Partner
Date : 29th April, 2009 Membership No : 29519 |
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