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Autoline Industries Ltd.

BSE: 532797 | NSE: AUTOIND |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE718H01014 | SECTOR: Auto Ancillaries

BSE Live

Sep 16, 16:00
59.00 -1.10 (-1.83%)
Volume
AVERAGE VOLUME
5-Day
5,511
10-Day
6,509
30-Day
12,777
21,354
  • Prev. Close

    60.10

  • Open Price

    62.90

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Sep 16, 15:40
58.80 -1.50 (-2.49%)
Volume
AVERAGE VOLUME
5-Day
27,685
10-Day
26,480
30-Day
49,565
72,101
  • Prev. Close

    60.30

  • Open Price

    62.80

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    58.80 (323)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

We have audited the attached BALANCE SHEET of AUTOLINE INDUSTRIES LIMITED as at 31st March 2012, the Statement of Profit & Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. 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 misstatements. 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 presentation of the financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

2. As required by the Companies (Auditor's Report) Order, 2003, as amended by the Companies (Auditor's Report) Amendment order, 2004 (together the Order), issued by the Central Government of India in terms of section 227 (4A) of Companies Act, 1956 and on the basis of such checks of the books and records of the company as we considered appropriate and according to information and explanation given to us, we enclose in the annexure hereto a statement on the matters specified in paragraph 4 & 5 of the said order to the extent applicable to company.

3. Further to our comments in the Annexure referred to in paragraph 2 above we Report that:

a) We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the purpose of our audit.

b) 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 of accounts of the company.

c) The Balance Sheet, Statement of Profit & Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the Books of Accounts.

d) Without qualifying our opinion, we draw attention to -

(i) Sub-note to note no.9 regarding non provision for diminishing in value of investment in subsidiary Koderat Investments Ltd. (Cyprus). The note is self explanatory. In the given circumstances we are unable to give our opinion.

e) In our opinion and subject to Note to Accounts, the Balance Sheet, Statement of Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the requirement of the Accounting Standard referred to in sub section (3C) of section 211 of Companies Act, 1956, to the extent applicable.

f) On the basis of the written representation received from the Directors as on 31st March 2012 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March 2012 for being appointed as a Director of the Company in terms of clause (g) of sub-section (1) of section 274 of the Companies Act 1956.

g) In our opinion and to the best of our information and according to the explanations given to us the said accounts read together with Significant Accounting Policies, and Notes to Accounts and subject to our observations in 3(d) above 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:

i) In case of the Balance Sheet, of the state of affairs of the Company as on 31st March, 2012.

ii) In the case of the Statement of Profit & Loss Account of the Profit for the year ended on that date.

iii) In case of Cash Flow Statement, of the Cash Flows for the year ended on that date.

ANNEXURE TO AUDITOR'S REPORT

[ Annexure Referred to in paragraph 2 of the Auditors' Report of even date to the members of AUTOLINE INDUSTRIES LIMITED on the Accounts for the Year Ended on 31st March, 2012]

1) In respect of Fixed Assets

a) The Company has generally maintained proper records showing particulars including quantitative details and situation of Fixed Assets on the basis of information available.

b) According to the information and explanation given to us, the fixed assets are physically verified by the management according to the phased programme which in our opinion is reasonable having regard to the size of the company and the nature of its assets. On physical verification by the management no major discrepancies between the book record and physical inventory have been noticed.

c) In our opinion, the company has not disposed off a substantial part of its Fixed Assets and the going concern status is not affected.

2) In respect of its Inventories: (Excluding material in transit).

a) The inventory of the Company has been physically verified by the Management during the year at regular interval. In our opinion the frequency of verification is reasonable.

b) In our opinion, and according to the information and explanations given to us, the procedures as explained to us and which are followed by the Management for physical verification of inventory are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) According to the information and explanations given to us no material discrepancies were noticed on physical verification of stocks as compared to book records, discrepancies noticed were properly dealt with, in the books of accounts, which were not material considering the size of the Company's operation.

3) a) As per the information and explanation given to us, the company has granted unsecured loan to companies, firms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956. The year end balance is Rs.11,06,00,780/- and has been given to two parties.

b) In our opinion, and according to the information and explanations given to us, rate of interest in case of one subsidiary company and interest free loan to wholly own foreign subsidiary company and other terms and conditions of loan given by the company, secured or unsecured, to the parties listed in the register maintained under Section 301 of the Companies Act, 1956 are not prima facie, prejudicial to the interest of the Company.

c) There is no prescribed stipulation of repayment of principal & interest.

d) In respect of loan granted by company, the same are repayable on demand and therefore question of overdue amount does not arise.

e) As per the information and explanation given to us, the company has taken unsecured loan, from wholly owned subsidiary covered in the Register maintained under Section 301 of the Companies Act 1956. The year end balance is Rs. 80,18,055/- and is from one party.

f) The advance accepted by the company is from wholly owned subsidiary company and as such the terms and conditions of this advance are not prejudicial to the interest of the company.

g) There is no prescribed stipulation of repayment of principal & interest.

4) In our opinion and according to the information and explanations given to us, having regard to the explanation that certain items purchased/ services availed are of special nature for which suitable alternative sources do not exist for obtaining comparative quotations, there are adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls system.

5) In respect of transaction covered under section 301 of the Companies Act 1956 :

a) Based on the audit procedures applied by us and according to the information and explanations provided by the Management, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

b) In our opinion and according to the information and explanations given to us, the transaction made in pursuance of such contracts or arrangements during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6) The company has not accepted any deposits under the provisions of sections 58A and 58AA or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 1975 framed thereunder.

7) The Company has an internal audit system comprising of its own internal management audit team, and also a firm of chartered accountants appointed as internal auditor by the management and in our opinion, company's present internal audit system is commensurate with the size of the company and the nature of its business.

8) We have broadly reviewed the books of account maintained by the company in respect of products where, pursuant to the Rules made by the Central Government of India, the maintenance of cost records has been prescribed under clause (d) of subsection (1) of section 209 of the Act, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. The same are verified by external cost auditor appointed by company for carrying cost audit and has expressed their satisfaction for the cost record. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.

9) a) According to the information and explanations given to us and according to the books and records as produced and examined by us, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, E.S.I., Income Tax, Sales Tax (VAT), Wealth Tax, Service Tax, Excise Duty, Customs Duty, Cess and any other material statutory dues, to the extent applicable, have been generally regularly deposited with the appropriate authorities. According to the information and explanations given, except for Income Tax, VAT and TDS liability which is paid before the signing of report, no undisputed amounts payable in respect of aforesaid dues were outstanding as at 31st March, 2012, for a period of more than six months from the date they became payable.

b) As at 31st March 2012, according to the records of the Company and on the basis of information and explanations given to us, except for Income Tax & Sales Tax (VAT), there are no disputed dues in respect of Custom Duty, Wealth Tax, Excise Duty, Service Tax and Cess.

The disputed amount is in respect of liability under Income Tax Act, 1961 for Asst. Year 2008-09 relevant to Financial Year 2007-08 is aggregating to Rs. 2,92,96,660/- , which has not been deposited as at 31st March. 2012. The appeal in respect of same is pending with The Commissioner of Income Tax (Appeals) Pune.

The disputed amount is in respect of liability under The Maharashtra Value Added Tax Act, 2002/ The Central Sales Tax Act, 1956 for Financial Year 2000-01 is aggregating to Rs.1,10,00,000/- and for Financial Year 2001- 02 is aggregating to Rs.1,25,00,000/- , which has not been deposited as at 31st March, 2012. The appeal in respect of same is pending with The Joint Commissioner of Sales Tax (Appeals) Pune.

10) The company has no accumulated losses as at March 31, 2012, and has not incurred any cash losses during the financial year ended on that date and in the immediately preceding financial year.

11) Based on our audit procedures and on the information and explanations given by the Management, in our opinion, the Company has not defaulted in repayment of its dues to any financial institution or bank or Debenture holder as at the balance sheet date.

12) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13) In our opinion, considering the nature of activities carried on by the Company during the year, the provisions of any special statute and provisions applicable to chit fund / nidhi / mutual benefit fund / societies are not applicable to the Company.

14) In our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in securities.

15) In our opinion, and according to the information and explanations given to us, the Company has given corporate guarantee for the loans taken by a subsidiary company from banks or financial institutions. In our opinion the terms and conditions thereof are not prejudicial to the interest of the company.

16) According to the information and explanation given to us, company has raised term loan during the year. On the basis of the information and explanation given to us and on an overall examination of the financial statements of the company, we are of the opinion that, prima facie the term loan is applied for the purposes for which they were obtained.

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 the funds raised on short term basis have been used for long term purposes.

18) According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956.

19) No debentures have been issued during the year.

20) During the year the Company has not raised money by public issue.

21) During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the Management.

FOR GUJAR RAWAT SHETH & ASSOCIATES.

CHARTERED ACCOUNTANTS.

FIRM REGISTRATION NO: 121347W

PLACE : PUNE. (VIJAY B SHETH)

DATE : 28TH APRIL, 2012 PARTNER.

MEM. NO. 037634