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Lumax Auto Technologies
BSE: 532796|NSE: LUMAXTECH|ISIN: INE872H01019|SECTOR: Auto Ancillaries
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Auditor's Report (Lumax Auto Technologies) Year End : Mar '13
1) Report on the Financial Statements
 
 We have audited the accompanying financial statements of Lumax Auto
 Technologies Limited which comprise the Balance Sheet as at March 31,
 2013, the Statement of Profit and Loss and Cash Flow Statement for the
 year ended and a summary of significant accounting policies and other
 explanatory information.
 
 2) 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 principles generally accepted in India including
 Accounting Standards referred to in Section 211(3C) of the Companies
 Act, 1956.  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.
 
 3) Auditors'' 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 misstatements.
 
 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.
 
 4) 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 March 31, 2013;
 
 (b) In the case of the Statement of Profit and Loss, of the profit for
 the year ended on that date; and
 
 (c) In the case of the Cash Flow Statement, of the cash flows for the
 year ended on that date.
 
 5) Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s 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 the paragraphs
 4 and 5 of the said 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 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 Balance Sheet, the Statement of Profit and
 Loss, and the Cash Flow Statement comply with the Accounting Standards
 referred to in section 211(3C) of the Act;
 
 e.  On the basis of the written representations received from the
 directors as on March 31, 2013, taken on record by the Board of
 Directors, none of the directors is disqualified as on March 31, 2013,
 from being appointed as a director in terms of Section 274(1)(g) of the
 Act.
 
 Annexure To Independent Auditors'' Report
 
 Referred to in Paragraph 1 under the heading of report on other
 legal and regulatory requirements of our report of even date
 
 Re: Lumax Auto Technologies Limited
 
 i) (a) The company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.
 
 (b) As explained to us, all the fixed assets have been physically
 verified by the management in a phased periodical manner, which in our
 opinion is reasonable, having regard to the size of the Company and
 nature of its assets. No material discrepancies were noticed on such
 verification.
 
 (c) Based on our scrutiny of the records of the Company and the
 information and explanations received by us, we report that there were
 sales of fixed assets during the year, but the fixed assets disposed
 off did not constitute a substantial part of the fixed assets of the
 Company. Hence, the question of reporting whether the sale of any
 substantial part of fixed assets has affected the going concern of the
 Company does not arise.
 
 ii) (a) As explained to us, the inventories have been physically
 verified by the management at reasonable intervals during the year.
 Further, for materials lying with third parties, certificates
 confirming the stock held by them have been obtained periodically in
 most of the cases.  The frequency of verification is reasonable.
 
 (b) In our opinion and according to the explanations 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) In our opinion and according to the explanations given to us, the
 company is maintaining proper records of inventory. We have been
 informed that no material discrepancies have been noticed on physical
 verification of inventory as compared to book records.
 
 iii) (a) According to the information and explanations given to us, the
 company has not granted any loan, secured or unsecured to parties
 covered in the register maintained under section 301 of the Companies
 Act, 1956. Hence, the question of reporting whether the terms &
 conditions of such loans are prejudicial to the interest of the
 Company, whether reasonable steps are taken for recovery of over-dues
 of such loans granted, maximum amount outstanding during the year and
 year-end balance does not arise.
 
 (b) During the year the Company has not taken any loans, secured or
 unsecured from parties covered in the Register maintained u/s 301 of
 the Companies Act 1956.  Hence, the question of reporting whether the
 terms & conditions of such loans are prejudicial to the interest of the
 Company, whether reasonable steps are taken for repayment of over-dues
 of such loans taken, maximum amount outstanding during the year and
 year- end balance does not arise.
 
 iv) In our opinion and according to the information and explanations
 given to us, there are adequate internal control procedures
 commensurate with the size of the company and the nature of its
 business, with regard to purchases of inventory and fixed assets and
 for sale of goods. During the course of our audit, we have not observed
 any continuing failure to correct major weaknesses in internal control
 system.
 
 v) (a) According to the information and explanations given to us, we
 are of the opinion that transactions that need to be entered into the
 register in pursuance of section 301 of the of the Companies Act, 1956
 have been so entered.
 
 (b) In our opinion and according to the information and explanations
 given to us, the transactions made in pursuance of contracts /
 arrangements entered in the Register maintained under section 301 of
 the Companies Act, 1956 and exceeding the value of Rs. 5,00,000 in
 respect of each party during the year have been made at prices which
 appear reasonable as per the information available with the Company.
 
 vi) According to the information and explanations provided by the
 management, the company has not accepted deposits which are deposits
 within the meaning of Rule (2b) of the Companies (Acceptance of
 Deposits) Rules, 1975.
 
 vii) In our opinion, the Company has an Internal Audit System
 commensurate with the size of the Company and nature of its business.
 
 viii) We have broadly reviewed the books of account maintained by the
 company pursuant to the rules 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 maintained. However, we have not made
 detailed examination of the records with a view to determine whether
 they are accurate or complete.
 
 ix) According to the information and explanations given to us:
 
 (a) the company is generally regular in depositing undisputed statutory
 dues including Provident Fund, Investor Education & Protection Fund,
 Employees'' State Insurance, Income Tax, Wealth Tax, Sales Tax, Service
 Tax, Custom Duty, Excise Duty, Cess or any other statutory dues with
 the appropriate authorities during the year;
 
 (b) no undisputed amounts payable in respect of Provident Fund,
 Investor Education and Protection Fund, Employees'' State Insurance,
 Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty, Excise
 Duty and Cess and any other undisputed statutory dues were outstanding
 at the year end, for a period of more than six months from the date
 they became payable;
 
 (c) there are no disputed amounts payable in respect of Income Tax,
 Wealth Tax, Sales Tax, Customs Tax, Excise Duty or Cess, by the Company
 except following:
 
 Name of the Statute             Income Tax Act, 1961.
 
 Nature of Dues                  Income Tax
 
 Amount/Rs. Lacs                 1.18
 
 Period to which the             Financial Year 2009-10 
 amount relates
 
 Forum where the                 Commissioner of Income Tax
 dispute is pending             (Appeals).
 
 x) The company has no accumulated losses at the end of the financial
 year and it has not incurred cash losses in the current and immediately
 preceding financial year.
 
 xi) As informed to us, the company has not defaulted in repayment of
 dues to financial institutions, banks.
 
 xii) As informed to us, the company has not granted loans and advances
 on the basis of security by way of pledge of shares, debentures or
 other securities.
 
 xiii) In our opinion, and to the best of our information and according
 to the explanations provided by the management, we are of the opinion
 that the company is not a chit-fund, nidhi or mutual benefit
 fund/society. Therefore, the provisions of clause 4(xiii) of the
 Companies (Auditor''s Report) Order, 2003 (as amended) are not
 applicable to the company.
 
 xiv) According to the information and explanations given to us by the
 management of the Company, the company is not dealing or trading in
 shares, securities, debentures and other investments. Accordingly, the
 provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order,
 2003 (as amended) are not applicable to the company.
 
 xv) According to the information and explanations given to us by the
 management of the Company, the Company has given guarantee for loans
 taken by others from bank and financial institution, the terms and
 conditions whereof are not prima facie prejudicial to the interest of
 the company.
 
 xvi) As informed to us, the proceeds of the term loans taken by the
 company are applied for the purpose for which the loans were obtained.
 
 xvii) In our opinion and according to the explanations given to us, the
 funds raised by the company on short term basis have not been used for
 long-term investment.
 
 xviii) According to the records of the company and the information &
 explanations provided by the management, the company has not made any
 preferential allotment of shares to parties & companies covered in the
 register maintained under section 301 of the Companies Act, 1956.
 
 xix) According to the records of the Company, the Company has not
 issued any debentures during the year
 
 xx) The company has not raised any money by public issues during the
 period covered by our audit report.
 
 xxi) Based on the audit procedures performed for the purpose of
 reporting the true and fair view of the financial statements and as per
 the information and explanations given by the management, we report
 that no fraud on or by the Company has been noticed or reported during
 the course of our audit.
 
                                        For D. R. Barve & Co.
 
                                        Chartered Accountants
 
                                        Firm Registration No. 101034W
 
                                        CA. D. R. Barve
 
 Place: Pune                            Proprietor
 
 Date: May 28, 2013                     Membership No.17661
Source : Dion Global Solutions Limited
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