Moneycontrol
Get App
SENSEX NIFTY
you are here:

Austin Engineering Company Ltd.

BSE: 522005 | NSE: | Series: NA | ISIN: INE759F01012 | SECTOR: Bearings

BSE Live

Jun 05, 16:00
32.50 2.05 (6.73%)
Volume
AVERAGE VOLUME
5-Day
1,063
10-Day
940
30-Day
969
1,236
  • Prev. Close

    30.45

  • Open Price

    30.10

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Austin Engineering Company is not listed on NSE

Annual Report

For Year :
2016 2015 2014 2013 2012 2011 2010 2009 2008

Auditor's Report

We have audited the attached Balance Sheet of Austin Engineering Company Limited as at 31st March,2007 and also Profit & Loss Account for the year ended on that date annexed thereto and Cash flow statement for the year ended on that date. 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. 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 statements presentation. We believe that our audit provides a reasonable basis for our opinion. We report as follows: 1. As required by the Companies (Auditors Report) Order, 2003 as amended by Companies (Auditors Report) (Amendment) Order 2004 issued by the Central Government of India in terms of section 227 (4A) of the Companies Act, 1956, and on the basis of such checks of books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the annexure a statement of the matters specified in paragraphs 4 & 5 of the said Order. 2. Further to our comments in the Annexure referred in paragraph (1) above, 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 as far as appears from our examination of the books. c) The Balance Sheet, Profit & Loss Account & Cash Flow Statement dealt with by this report are in agreement with the Books of Account. d) In our opinion, the Balance Sheet, Profit & Loss Account & Cash Flow Statement comply with the accounting standards referred to in Sub. Section (3C) of Section 211 of the Companies Act, 1956. e) On the basis of written representations received from the directors, as on 31.03.2007, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31.03.2007 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act,1956. f) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements read together with the significant accounting policies and other notes thereon give the information required by the Companies Act, 1956, in the manner so required, and present a true and fair view in conformity with the accounting principles generally accepted in India; (i) In the case of the Balance sheet, of the state of affairs of the Company as at 31st March, 2007 ; (ii) In the case of the Profit & Loss Account, of the Profit for the year ended on that date; and (iii) In the case of Cash Flow Statement, of the Cash Flows for the year ended on that date. ANNEXURE TO THE AUDITORSREOPRT (Referred to in paragraph 1 of our report of even date) i) a) The Company has maintained proper records to show full particulars including quantitative details and situations of Fixed Assets (other than in respect of tools, dies, furniture & fixture). b) As per the information and explanations given to us, the Fixed Assets of the Company have been physically verified by the Management at reasonable intervals and no serious discrepancies between the book records and physical verification were noticed. c) During the year, the Company has not disposed off any substantial/major part of Fixed Assets. ii) a) As per the information and explanations given to us, the Inventories have been physically verified by the Management at reasonable intervals during the year. b) In our opinion and as per the information and 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 nature of its business. c) The Company has maintained proper records of Inventories. According to the information and explanations given to us, no material discrepancies were noticed on physical verification. iii) a) As per information furnished, the Company has not granted any Loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956, except one Wholly-owned Subsidiary Company. The maximum amount involved during the year was Rs. 11,60,500/-. b) In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions on which loans have been taken from/granted to companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956 are not, prime facie, prejudicial to the interest of the Company. c) Receipts of the principal and interest are regular as stipulated. d) There is no overdue amount of loans granted to company listed in the register maintained under section 301 of the Companies Act, 1956. e) As per information furnished, the Company has not taken any Loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and Fixed Assets and for the Sale of Goods and services. We have not observed any continuing failure to correct major weaknesses in the internal control system. v) In respect of transactions entered in the register maintained in pursuance of section 301 of the Companies Act, 1956 a) To the best of our knowledge and belief and according to the information and explanations given to us, particulars of contracts or arrangements that needed to be entered into the register have been so entered. b) According to the information and explanations given to us and excluding certain transactions of purchase of goods material of special nature for which alternate quotations are not available, the transactions in pursuance of such contracts or arrangements have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time. vi) In our opinion and according to the information and explanations given to us, the Company has complied with the Provisions of Sections 58A and 58AA and other relevant provisions of the Companies Act, 1956, and the Companies (Acceptance of Deposits) Rules,1975 with regard to the deposits accepted from public. vii) In our opinion, the Internal Audit functions carried out during the year by a firm of chartered accountants appointed by the management have commensurate with the size of the Company and nature of its business. viii) We have broadly reviewed the books of account and records maintained by the company relating to the manufacturing of bearings, pursuant to the order made by the Central Govt. for the maintenance of Cost Records U/s 209 (1)(d) of the Companies Act,1956 and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have, how ever not made a detailed examination of the records with a view to determining whether they are accurate or complete. ix) a) According to information and explanations given to us and the records examined by us, the Company has generally been regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-Tax, Sales-Tax, Wealth-Tax, Service-Tax, Custom Duty , Excise Duty, Cess and other Statutory dues wherever applicable. According to information and explanations given to us,, no undisputed arrears of Statutory dues were outstanding as at 31st March, 2007, for a period of more than six months from the date they became payable. b) The details of disputed statutory dues are as under Name of the Nature of the Amount disputed Rs. Amount Paid Rs. Statue Dues Income-Tax Income Tax Dues 2593807/- - Act, 1965 Name of the Statue Forum where disputed is pending Income-Tax Act, 1965 Commissioner of Income-Tax Appeals x) There are no accumulated losses of the Company as on 31st March-2007. The Company has not incurred any Cash losses during the financial year covered by our Audit and the immediately preceding financial year, xi) Based on our audit procedure and on the basis of information and explanation given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to Banks. The Company has no borrowings from financial institutions or by way of debentures, xii) Based on our examination of the records and the information and explanations given to us, the Company has not granted any Loans and/or Advances on the basis of security by way of pledge of Shares, Debentures and other securities, xiii) Clause (xiii) of the Order is not applicable to the Company as the Company is not a Chit fund Company or Nidhi/Mutual Benefit Fund/Society, xiv) Clause (xiv) of the Order is not applicable to the Company as the Company is not dealing or trading in Shares, Securities, Debentures and other Investments, xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. xvi) The term loans obtained by the company were applied only for the purposes for which the loans were obtained. XVii) According to the Cash Flow Statement and other records examined by us and the information and explanations given to us, on and over all basis, funds raised on short term basis have prima facie not been used during the year for long term investment, xviii) During the year the company has not made any preferential allotment of equity shares to a party or company covered in the register maintained under section 301 of the Companies Act, 1956, at price which is prejudicial to the interest of the company. xix) Clause (xix) of the Order is not applicable to the Company as the Company has not issued any Debentures. xx) The Company has not raised any money by Public Issues during the year covered by our report, xxi) As per the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.