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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 accompanying Standalone financial statements of AMTEK AUTO LIMITED (the company), which comprise the balance sheet as at 30th September 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 Standalone Financial Statements The company''s board of directors is responsible for the matters specified 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 principles generally accepted in India, including 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 the frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial control, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone 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 there under. 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 Standalone financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Standalone financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the Standalone 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 Standalone 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 controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the company''s directors, as well as evaluating the overall presentation of the Standalone 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; a) in the case of the balance sheet, of the state of affairs of the company as at September 30, 2015; b) in the case of the statement of profit and loss, of the Loss 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. Report on other Legal and Regulatory Requirements 1. 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 Act, we give in annexure - 1, a statement on the matters specified in paragraph 3 & 4 of the Order. 2. 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 purposes 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 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 written representations received from the directors as on 30th September 2015, taken on record by the board of directors, none of the directors is disqualified as on 30th September 2015, from being appointed as a director in terms of Section 164(2) of the Act. f) With respect to the other matters included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit & Auditors) Rules, 2014, in our opinion and to our best of our information and according to the explanations given to us : i) The company has disclosed the impact of pending litigations on its financial position in its Standalone financial statements (Refer to note no- 2.27). ii) The company did not have any long-term contract including derivatives contract for which there were any material foreseeable losses. iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the company. (i) (a) The company has maintained proper records showing full particulars, including quantitative details and situation of the fixed assets. (b) All the fixed assets have been physically verified by the management during the year. There is a regular program of verification, which, in our opinion, is reasonable having regard to the size of the company and nature of its assets. As per the information/reports submitted by the company, no material discrepancies have been noticed on such verification. (ii) (a) We have been informed that the inventory of stores and spares are physically verified during the year by the management on a continuous basis as per program of perpetual inventory. The inventories of other items have been physically verified at the year-end. The frequency of physical verification, in our opinion, is reasonable having regard to the size of the company and nature of its business. (b) In our opinion and according to the explanation 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) The company is maintaining proper records of inventory. The discrepancies noticed on verification by the management between the physical stock and book records, though not material, have been properly dealt within the books of account and are not material. (iii) (a) The Company during the year under report, has given granted unsecured loans and advances to its Subsidiaries, associates, joint ventures, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013 (''the Act''). The balance outstanding as at the end of the year and maximum balance at any time during the year was Rs. 1,22,590.29 lacs and Rs. 1,22,590.29 Lacs respectively. (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. (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 nature of its business, with regard to the purchases of inventory, fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system of the company. (v) Since the company has not accepted any deposit from public, the provisions of section 73 to 76 and the rules framed there under with regard to filing of statutory returns as required under these provisions and the relevant rules are not applicable to the company. (vi) We have broadly reviewed the cost records maintained by the company and report that prima-facie, the directions specified by the Central Government under sub-section (1) of section 148 of the Companies Act, with regard to maintenance of cost records have been complied with. (vii) (a) According to the information and explanations given to us and as per the records of the company, the company has been regular in depositing undisputed statutory dues including provident fund, income tax, wealth tax, service tax, duty of custom, duty of excise, value added tax, cess and other statutory dues with appropriate authorities during the year. (b) According to information and explanations given to us and as per our verification of records of the company, the company does not have any dues that have not been deposited on account of any dispute. (c) As per the information and explanations given to us and based on the records of the company produced to us, the company does not have any amount that is required to be transferred to investor education and protection fund in accordance with the relevant provisions of the Act and the rules made there under. (viii) The company does not have accumulated losses as at the end of this financial year and has not incurred cash losses during the current financial year under report and also during the immediately preceding financial year. (ix) According to the information and explanations given to us and as per our verification of the records of the company, there had been delays in payment of installments and Interest of term loan to the bank/financial institution during the year. The amount overdue as on the date of balance sheet was Rs.1,07,544.60 Lacs Principal and Rs.17,061.71 Lacs interest with Average delay of less than 90 Days (x) According to the information and explanations given to us, the company has given corporate guarantee of Rs.1,56,300 Lacs for the loans availed by Subsidiaries, associates, joint ventures and other group companies from banks and financial institutions and terms and conditions are not prejudicial to the interests of the company. (xi) According to the information and explanations given to us, the term loans availed by the company have been applied for the purpose for which the loans were obtained. (xii) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year. For & on behalf of Manoj Mohan & Associates Chartered Accountants ICAI Firm Regd. No.009195C Sd/- (Manoj Kumar Agarwal) Place : New Delhi Partner Dated:28th November, 2015 Membership No -76980