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India Nippon Electricals
BSE: 532240|NSE: INDNIPPON|ISIN: INE092B01017|SECTOR: Auto Ancillaries
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« Mar 14
Auditor's Report (India Nippon Electricals) Year End : Mar '15
 We have audited the accompanying financial statements of India Nippon
 Electricals Limited (the Company) which comprises the Balance Sheet as
 at March 31, 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 Financial Statements
 
 The Company''s Board of Directors is responsible for the matters stated
 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 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 frauds and other irregularities; selection
 and application of appropriate accounting policies; making judgements
 and estimates that are reasonable and prudent; and design,
 implementation and maintenance of adequate internal financial controls
 that were operating effectively for ensuring the accuracy and
 completeness of the accounting records, 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 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 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 judgement, including the assessment of
 the risks of material misstatements of the 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 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 financial
 controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of accounting policies used and the reasonableness of
 the accounting estimates made by Company Directors, 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 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, of the state of affairs of the Company as
 at 31st March 2015 and its profit and its cash flows for the year ended
 on that date.
 
 Report on other Legal and Regulatory Requirements:
 
 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 Companies Act 2013, we give in
 the Annexure a statement on the matters specified in paragraphs 3 and 4
 of the Order, to the extent applicable.
 
 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
 purpose of our audit;
 
 b) In our opinion, proper books of account as required by law have been
 kept by the Company so far as it appears from our examination of those
 books;
 
 c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow
 Statements 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 the written representations received from the
 directors as on 31st March 2015 taken on record by the board of
 directors, none of the directors is disqualified as on 31st March 2015
 from being appointed as a director in terms of Section 164(2) of the
 Act.
 
 f) With respect to the other matters to be included in the auditor''s
 report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules 2014, in our opinion to the best of our information and according
 to the explanations given to us:
 
 i.  The Company has disclosed the impact of pending litigation on its
 financial position in its financial statements - Refer Note 34 to the
 financial statements disclosing contingent liabilities;
 
 ii.  The Company has made provisions, as required under the applicable
 law or accounting standards, for material foreseeable losses, if any,
 on long- term contracts including derivative contracts; and
 
 iii. There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 Annexure referred to in paragraph 1 of our report of even date
 
 The provisions of the following clauses of Companies (Auditor''s Report)
 Order, 2015 are not applicable to the company for the year.
 
 a) Clause 3(v) with regard to acceptance of deposits from the public
 since the company has not accepted any deposits.
 
 b) Clause 3(viii) with regard to accumulated losses since the company''s
 net-worth is positive and the company has not incurred cash losses
 during the year or in the preceding financial year.
 
 c) Clause 3(ix) with regard to default in repayment of dues to a
 financial institution or Bank or Debenture Holders since the company
 has not borrowed any amounts during the year.
 
 d) Clause 3(x) with regard to guarantee given for loans taken by others
 from banks or financial institutions as the company has not given any
 guarantees.
 
 e) Clause 3(xi) with regard to term loans and applications of funds
 obtained since the company has not obtained any such loans.
 
 (i) (a) The company has maintained proper records showing full
 particulars including quantitative details and the situation of fixed
 assets.
 
 (b) The company has a regular programme of physical verification of its
 fixed assets at reasonable intervals. As explained to us, the fixed
 assets are physically verified by the management according to a phased
 programme designed to cover all the items over a period of two years,
 which in our opinion, is reasonable having regard to the size of the
 group and the nature of its assets. No material discrepancies were
 noticed on such verification.
 
 (ii) (a) The management has conducted physical verification of
 inventory at reasonable intervals.
 
 (b) The procedure of physical verification of inventories followed by
 the management is reasonable and adequate in relation to the size of
 the company and the nature of its business.
 
 (c) On the basis of the examination of the records of the inventory, we
 are of the opinion that the company is maintaining proper records of
 inventory. The discrepancies noticed on verification between the
 physical stock and the book records were not material and have been
 properly dealt with in the books of accounts.
 
 (iii) The Company has not granted any loans secured or unsecured to
 companies, firms or other parties covered in the register maintained
 under Section 189 of The Companies Act, 2013.
 
 (iv) In our opinion and according to the information given to us, there
 is adequate internal control system commensurate with the size of the
 company and the nature of its business with regard to purchase of
 inventory, fixed assets and for the sale of goods and services. During
 the course of our audit, no major weakness has been noticed in the
 internal control system.
 
 (v) On the basis of the records, we are of the opinion that prima facie
 cost records and accounts specified by the Central Government of India
 under sub-section (1) of Section 148 of the Companies Act, 2013 have
 been maintained. However, we are not required to and have not carried
 out any detailed examination of such accounts and records.
 
 (vi) (a) According to the records of the company, the company is
 regular in depositing with appropriate authorities undisputed statutory
 dues including Provident Fund, Employees State Insurance, Income Tax,
 Sales Tax, Wealth Tax, Service Tax, Duty of Customs, Duty of Excise,
 Value Added Tax and cess. There were no dues in arrears for a period of
 more than six months as on 31st March, 2015.
 
 (b) Based on the audit procedures and on the information and
 explanations given by the management, we furnish below the details of
 dues of Service Tax / Duty of Excise / Local area Development Tax /
 Income Tax which have not been deposited on account of disputes.
 
 
 Statute                   Nature of dues                Period to which
                                                             relates
                                                        (Financial Year)
 
 Service tax under      Disallowance of Service          2005-06 and
 Finance Act ,1994      Tax credit availed.              2006-07
 
 Service tax under      Disallowance of Service          2006-07
 Finance Act ,1994      Tax credit availed.
 
 Service tax under      Disallowance of Service          2007-08
 Finance Act ,1994      Tax Credit availed.
 
 Central Excise Act     Disallowance of CENVAT           2001-02 to
 1944                   credit on capital goods          2004-05
                        and non-reversal of CENVAT
                        credit.
 
 Central Excise Act     Non-reversal of CENVAT credit.   2005-06
 1944
 
 Central Excise Act     Short reversal of CENVAT         2006-07
 1944                   on Capital Goods.
 
 Local Area             Local Area Development           2003-04 and
 Development Tax        Tax Assessment demand            2004-05
 of Haryana state.
 
 Service tax under      Disallowance of Service          2011-12
 Finance Act ,1994      Tax credit availed.
 
 The Income Tax         Disallowance                     2010-11
 Act, 1961.             under Section 14A
                        Apportionment of R&D
                        Expenditure and
                        Disallowance of Royalty
 
 The Income Tax         Disallowance                     2011-12
 Act, 1961.             under Section 14A
                        Apportionment of R&D
                        Expenditure and
                        Disallowance of Royalty
 
 
 
 Statute               Amount due(Rs.)    Forum where dispute is pending
 
 Service tax under         12,48,611      CESTAT
 Finance Act ,1994
 
 Service tax under            27,142      Commissioner of Central Excise
 Finance Act ,1994                        (Appeals).
 
 Service tax under          1,49,985      Office of the Superintenden
 Finance Act ,1994                        Central Excise
 
 Central Excise Act         1,26,601      Assistant Commissioner of
 1944                                     Central Excise
 
 Central Excise Act        12,39,367      Joint Commissioner Central
 1944                                     Excise
 
 Central Excise Act         1,47,653      Deputy Commissioner Central
 1944                                     Excise
 
 Local Area                   41,300      Joint Excise Taxation
 Development Tax                          Commissioner
 of Haryana state.
 
 Service tax under         14,41,089      Additional Commissioner
 Finance Act ,1994                        Central   Excise
 
 The Income Tax            79,47,960      Commissioner of Income
 Act, 1961.                               Tax (Appeals)
 
 The Income Tax            80,52,340      Commissioner of Income
 Act, 1961.                               Tax (Appeals)
 
 
 (c ) The Company has, with respect to the amounts required to be
 transferred to the Investor Education and Protection Fund, transferred
 such funds within time in accordance with the relevant provisions of
 the Companies Act 1956 and rules made thereunder.
 
 (vii) Based upon the audit procedures performed and information and
 explanations given by the management, we report that no fraud on or by
 the company has been noticed or reported during the year.
 
                                                    For BRAHMAYYA & CO.,
 
                                                  Chartered Accountants,
                                               Registration no.: 000511S
 
                                                               P S KUMAR
 Bengaluru                                                       Partner
 25th May 2015                                       Membership No.15590
 
 
 
Source : Dion Global Solutions Limited
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