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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 :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

We have audited the attached Balance Sheet of Amtek Auto Limited as at 30th June 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. We conducted our audit in accordance with auditing standards generally accepted in India (Indian GAAP). 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. 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. 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 purpose 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 ,Profit and Loss Account 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 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 the directors, as on 30th June 2009 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 30th June 2009 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 2009; (b) in the case of the Profit and Loss Account, 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 AUTO LIMITED FOR THE YEAR ENDED 30TH JUNE 2009 (i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (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 verification. (c) During the year, the company has not disposed off substantial part of the fixed assets and the going concern status of the company is not affected. (ii) (a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of physical verification is reasonable. (b) The procedure for 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. (d) 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 given loans & advances to its seven subsidiaries companies and joint ventures, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. a) The maximum amount involved during the year was Rs.68,501.76 lacs. b) In our opinion and according to the information and explanations given to us, the rate of interest, where- ever 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 its subsidiaries, the loan is interest free and being repayable on demand are not overdue. (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 purchase of inventories, consumable stores, fixed assets and with regard to 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 has 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 regard to prevailing market prices at the relevant time. (vi) In our opinion and according to the information and explanation given to us, the company has complied with all the provisions of section 58A and 58AA and any other relevant provision of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to deposits accepted from public. No order has been passed by the Company Law Board, Reserve Bank of India, National Company Law Tribunal or any other Court or any Tribunal. (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 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 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, 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.30.04 lacs, that have not been deposited on account of matters pending before appropriate authorities are as under: Sr. Name of the Statute Nature Period to Forum where Amount No. of Dues which it dispute is (Rs. relates pending in lacs) 1. Haryana Sales Tax Act Sales Tax 1991 Appellete Sales 10.62 Central Sales Tax Tribunal Tax Act 2. Excise Duty Convat 2008 Commissionerate 19.04 Delhi III Total 30.04 (x) The company has no accumulated losses and has not incurred any cash loss during the year under report or in the 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 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 securities. (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, 2003 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 given guarantees for credit facilities taken by others from Banks or Financial Institutions, the terms and conditions whereof are not prejudicial to the interest of the company. (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 applications. (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 preferential allotment of shares/warrants to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956. (xix) According to information and explanation given to us and the records of the company examined by us, the company has issued Non Convertible Debentures and has created security in favour of the debenture holders. (xx) According to information and explanation given to us and the records of the 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 Chartered Accountants Sd/- Place : New Delhi (M. K. Aggarwal) Dated:2nd December, 2009 (Partner) Membership No. - 76980