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Amtek Auto Ltd.

BSE: 520077 | NSE: AMTEKAUTO | Series: NA | ISIN: INE130C01021 | SECTOR: Auto Ancillaries

BSE Live

Apr 01, 16:00
2.82 0.00 (0.00%)
Volume
No Data Available
123,279
  • Prev. Close

    2.82

  • Open Price

    2.75

  • Bid Price (Qty.)

    2.80 (900)

  • Offer Price (Qty.)

    2.85 (150)

Amtek Auto is not traded on BSE in the last 30 days

NSE Live

Apr 01, 15:33
2.75 0.00 (0.00%)
Volume
No Data Available
138,540
  • Prev. Close

    2.75

  • Open Price

    2.65

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Amtek Auto is not traded on NSE in the last 30 days

Annual Report

For Year :
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Auditor's Report

ANNUAL REPORT 2005-2006 AUDITORS' REPORT TO The Members, AMTEK AUTO LTD. We have audited the attached Balance Sheet of Amtek Auto Ltd., as at 30th June 2006, the Profit & Loss Account and also cash-flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. 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 the management as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. 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 purpose of our audit; ii) In our opinion, proper books of accounts, as required by law, have been kept by the Company so far as appears from our examination of the books. iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement, dealt with by this report, are in agreement with the books of accounts. iv) In our opinion, the Balance Sheet, Profit and Loss Account 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 Directors as on 30th June 2006 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 30th June 2006 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 read with notes thereon, give the information required by the Companies Act, 1956, in the manner so required and also 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 2006. b) In the case of the Profit & Loss Account, of the profit 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 vii) As required by the Companies (Auditor's Report) Order, 2003, as amended by the companies (Auditor's Report Amendment) order 2004 issued by the central Government of India in terms of Section (4A) of section 227 of the Companies Act, 1956, we report as under on the matter specified in paragraphs 4 & 5 of the said order: 1. In respect of fixed assets: a. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed assets. b. As explained to us, the fixed assets have been physically verified by the management during the year 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 physical verification. c. In our opinion, the company has not disposed off substantial part of fixed assets during the year and the going concern status of the company is not affected. 2. In respect of its inventories: a. As explained to us, inventories have been physically verified by the management at reasonable intervals during the year. b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and nature of its business. c. The company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification of inventories, as compared to book records. 3. In respect of loans, secured or unsecured, granted or taken by the company to/from companies, firms or other parties covered in the register maintained under section 301 of the companies Act, 1956: a) The company has granted loans to group Companies aggregating to Rs.6717.50 lacs. The maximum amount involved during the year was Rs.6717.50 lacs. 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. c) In respect of the loan granted to the subsidiaries of the company, the loan is interest free and being repayable on demand are not overdue. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedure commensurate with the size of the Company and nature of its business for the purchases, inventory, fixed assets and for the sale of goods. During the course of our audit, we have not observed any major weakness in internal controls. 5. In respect of transactions covered under section 301 of the Companies Act, 1956: a) In our opinion and according to the information and explanations given to us, transactions made in pursuance of contracts or arrangements, that needed to be entered into in the register maintained under section 301 of the Companies Act, 1956 have been so entered. b) In our opinion and according to the information and explanations given to us, there are transactions in pursuance of contracts or arrangements entered in the register maintained under section 301 of the Companies Act, 1956. We are of the opinion that the terms and conditions thereof are not prime facie prejudicial to the interest of the company. 6. In our opinion and according to the information and explanation given to us, the company has complied with the provision of section 58A, 58AA and any other Provisions of the Companies Act, 1956 and the companies (Acceptance of deposits) Rule, 1975 with regard to the deposits accepted from the public. No order has been passed by the company law board or Reserve Bank of India or national company law tribunal or any court or any tribunal. 7. In our opinion, the internal audit system of the company is commensurate with its size and nature of its business. 8. The Central Government has prescribed maintenance of Cost Records under Section 209(1)(d) of the Companies Act, 1956 in respect of certain machining activities of the company. We have broadly reviewed the accounts and records of the company in this connection and are of the opinion, that prime facie, the prescribed accounts and records have been properly maintained. 9. In respect of statutory dues: a) According to the records of the company, undisputed statutory dues including provident fund, Investor Education and Protection fund, Employees' State Insurance, Income-Tax, Sales-Tax, Fringe Benefit Tax, VAT, Wealth-Tax, Service Tax Customs Duty, Excise Duty, Cess and other statutory dues have generally been deposited regularly with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 30th June 2006, for a period of more than six months from the date of becoming payable. b) The disputed statutory dues aggregating to Rs.14.21 Lacs, that have not been deposited on account of matters pending before appropriate authorities are as under: Sr Name of the State Nature of Forum where dispute Amount Dues is pending (Rs. lacs) 1. Haryana Sales Sales Tax Appellate Sales 10.62 Tax Act & Central Tax Tribunal Sales Tax Act 2. Labour Act Labour Claim Labour Court, 3.59 Total Gurgoan 14.21 10. The company has no accumulated losses and has not incurred any cash losses during the year ended 30th June 2006 covered by our audit or in the immediately preceding financial period. 11. Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders. 12. In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the company on the basis of security by way of pledge of shares, debentures and other securities. 13. In our opinion, the company not being a chit fund or a nidhi/mutual benefit fund/society, the provision of clause 4(xiii) of the companies (Auditor's Report) Order 2003 (Amendment 2004) are not applicable to the company. 14. The company is not engaged in trading of securities, debentures and other investments. However, proper records of transactions and contracts in respect of long term investments in its subsidiaries and others have been maintained and timely entries have been made therein. All Securities including shares, debentures and other investments have been held by the company in its own name. 15. The company has not given guarantees for loans taken by others from banks or financial institutions according, to the information and explanations given to us, we are of the opinion that the terms and condition thereof are not prime facie prejudicial to the interest of the company. 16. The Company has not raised term loans from Financial Institutions/Banks during the year. 17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report that funds raised on short term basis have not been used for long term investment and long term funds have not been used to finance short term assets except for the purpose of meeting the long term working capital. 18. During the year ended 30th June 2006, the company has made preferential allotment of 53,00,000 equity shares of Rs. 2/- each to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956. In our opinion, the price on which shares have been issued, is not prejudicial to the interest of the company. 19. The company has raised money through FCCB issue during the year and used the same for the purposes, for which it has been issued except an amount of Rs. 1,18,666.89 Lacs, which, pending utilisation, is lying in short term fixed deposits in foreign currency. 20. During the year, the Company raised 0% Foreign Currency Convertible Bonds 2011 (FCCB) of USD 250 million for setting up new manufacturing facilities, expanding existing capacities, acquisitions on new businesses. 21. In our opinion and according to the information and explanation given to us, no fraud on or by the company has been noticed or reported during the year ended 30th June 2006, that causes the financial statements materially misstated. For Manoj Mohan & Associates Chartered Accountants Place : New Delhi (M. K. Aggarwal) Dated : 30th October 2006 PARTNER Membership No.: 76980