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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 31st March 2016, the statement of profit and loss for the six months ended 31st March 2016, the cash flow statement for the six months ended on that date, 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 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. 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 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 March 31, 2016 and its loss, and its cash flows for the six months ended on that date. Report on other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2016 (the Order) issued by the Central Government of India in terms of sub section (11) of section 143 of the act, we give in the annexure A , 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 31st March 2016 and taken on record by the board of directors, none of the directors is disqualified as on 31st March 2016, from being appointed as a director in terms of Section 164(2) of the Act; f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in Annexure B; and g) 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 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 29). 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. The Annexure referred to in Independent Auditors'' Report to the members of the Company on the standalone financial statements for the six months ended 31st March 2016. (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) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company. (ii) We have been informed that the inventories are physically verified during the period by the management at reasonable intervals. The frequency of physical verification, in our opinion, is reasonable having regard to the size of the company and nature of its business. The discrepancies noticed on verification between the physical inventories and the book records were not material in relation to the operation of the Company and the same have been properly dealt with in the books of account. (iii) The company has granted unsecured loans to companies covered in the register maintained under Section 189 of the Companies Act, 2013 during the period under review: (a) The terms and conditions of grant of such loan are not prejudicial to the interest of the company. (b) The schedule of repayment is stipulated and there is no irregularity in this regard. (c) No amount is overdue for more than 90 days as on 31st March, 2016. (iv) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 185 and 186 of the Companies Act 2013 in respect of loans, investments, guarantees and security. (v) Since the company has not accepted any deposit from public, the directives issued by the Reserve Bank of India and the provisions of section 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there under with regard to the deposits accepted from the public are not applicable. (vi) The Central Government has prescribed the maintenance of cost records under section (1) of section 148 of the Companies Act, and on the basis of records produced before us for our verification; we are of the opinion that, prima facie, the prescribed accounts and cost records have been maintained. However we are neither required to carry out nor have carried out any detailed examination of such accounts & records. (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, service tax, duty of custom, duty of excise, value added tax, cess and other statutory dues with appropriate authorities during the six months ended 31st March 2016. According to the information and explanations given to us, no disputed amounts payable in respect of aforesaid dues were in arrears as at 31st March 2016 for a period of more than six months from the date they become payable. (b) According to information and explanations given to us, the dues of income tax, sales tax, service tax, custom duty, excise duty, value added tax and cess which have not been deposited on account of matters pending before appropriate authorities are as follows:- Sr. Name of the Statute Nature Period to which No. of Dues the amount relates 1 Income Tax Act, 1961 Income Tax Block Assessement from A.Y. 2005-06 to 2010-11 TOTAL Name of the Statute Forum where Amount dispute is (Rs. pending in lacs) Income tax Act,1961 Income Tax Appellant Tribunal, Delhi 825.92 TOTAL 825.92 (viii) 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 on term loan to the banks during the six months ending 31st March 2016. The same have been given in details in Note No. 2.31. (ix) According to the information and explanations given to us and as per our verification of the records of the company, the Company has not raised moneys by way of initial public offer or further public offer (including Debt instruments). The term loans availed by the company have been applied for the purpose for which the loans were obtained. (x) According to the information and explanations given to us, no fraud by the company or on the company by its officers or employees has been noticed or reported during the six months ended 31st March 2016. (xi) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act. (xii) In our opinion, and according to the information and explanations given to us, the company is not a Nidhi company. Therefore, the provisions of Clause 3 (xii) of the Order are not applicable to the Company. (xiii) According to the information and explanations given to us and as per our verification of the records of the company all transactions with the related parties are in compliance with the Sections 177 and 188 of the Companies Act,2013 where applicable and the details have been disclosed in the Financial Statements as required by the applicable accounting standards. (xiv) According to the information and explanations given to us and as per our verification of the records of the company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the period under review. Accordingly, the provisions of Clause 3 (xiv) of the order are not applicable to the Company. (xv) According to the information and explanations given to us and as per our verification of the records of the company, the company has not entered into any non-cash transactions with directors or persons connected with it .Accordingly, the provisions of Clause 3 (xv) of the order are not applicable to the Company. (xvi) In our opinion, the company is not required to be registered under section 45-IA of the reserve Bank of India Act, 1934. Accordingly, the provisions of Clause 3 (xvi) of the order are not applicable to the Company. For & on behalf of Manoj Mohan & Associates Chartered Accountants ICAI Firm Regd. No.009195C Sd/- (Manoj Kumar Agarwal) Place : New Delhi Partner Dated:30th May, 2016 Membership No -76980