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Automotive Axles Ltd.

BSE: 505010 | NSE: AUTOAXLES |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE449A01011 | SECTOR: Auto Ancillaries

BSE Live

Dec 03, 16:00
1285.00 -0.55 (-0.04%)
Volume
AVERAGE VOLUME
5-Day
670
10-Day
748
30-Day
1,805
1,001
  • Prev. Close

    1285.55

  • Open Price

    1296.65

  • Bid Price (Qty.)

    1280.05 (1)

  • Offer Price (Qty.)

    1288.45 (1)

NSE Live

Dec 03, 15:58
1281.80 -6.20 (-0.48%)
Volume
AVERAGE VOLUME
5-Day
7,820
10-Day
14,566
30-Day
22,407
8,227
  • Prev. Close

    1288.00

  • Open Price

    1280.05

  • Bid Price (Qty.)

    1281.80 (25)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

We have audited the attached Balance Sheet of AUTOMOTIVE AXLES LIMITED (the Company), as at September 30, 2007, the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date, both 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. These 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 the 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 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 paragraphs 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 purposes of our audit; (ii) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of the books; (iii) The Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account; (iv) In our opinion, the Balance Sheet, the Profit and Loss Account and the 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 September 30,2007, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on September 30, 2007 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 read together with the notes thereon 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 September 30, 2007 (b) in the case of the Profit and Loss Account, of the profit for the year ended on that date. (c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURES TO THE AUDITORS REPORT (Referred to in our report of even date) 1. The provisions of clauses i(c), iii(b) to (d), (f) & (g), v(b), x, xii, xiii, xiv, xv, xviii, xix and xx of paragraph 4 of the Companies (Auditors Report) Order, 2003 are not applicable for the current year. 2. In respect of its fixed assets: (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) Some of the fixed assets were physically verified during the year by the management in accordance with a programme of verification, which in our opinion provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us no material discrepancies were noticed on such verification. 3. In respect of inventories: (a) As explained to us, inventories were physically verified during the year by the management at reasonable intervals. (b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the management were reasonable and adequate in relation to the size of the Company and the nature of its business. (c) In our opinion and according to the information and explanation given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification. 4. The Company has not taken/granted any loans, secured or unsecured from/to Companies, firms or other parties in the register maintained under section 301 of the Companies Act, 1956. 5. 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 for the purchase of inventory and fixed assets and for the sale of goods and services and we have not observed any continuing failure to correct major weakness in such internal controls. 6. To the best of our knowledge and belief, and according to the information and explanations given to us, and the records of the Company examined by us, there were no contracts / arrangements that needed to be entered in the Register maintained under Section 301 of the Companies Act, 1956. 7. The Company has not accepted any deposits from the public. 8. In our opinion, the Company has an adequate internal audit system commensurate with the size and the nature of its business. 9. We have broadly reviewed the books of account and records maintained by the Company relating to the manufacture of automobile parts, pursuant to the order made by the Central Government for the maintenance of cost records under Section 209(l)(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, however, not made a detailed examination of the records with a view to determining whether they are accurate or complete. To the best of our knowledge and according to the information and explanations given to us, the Central Government has not prescribed the maintenance of cost records for any other product of the Company. 10. In respect of Statutory dues: (a) According to the information and explanations given to us, the Company has been regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, cess and any other material statutory dues with the appropriate authorities during the year. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, Customs Duty, Excise Duty, cess and any other material statutory dues were in arrears, as at September 30, 2007, for a period of more than six months from the date they became payable. (c) According to the information and explanations given to us, as at the year-end there are no dues of income tax, wealth tax, sales tax, customs duty, excise duty and cess which have not been deposited on account any dispute. 11. In our opinion and according to the information and explanations given to us, the company has not defaulted in the repayment of dues to financial institutions and banks. 12. To the best of our knowledge and belief and according to the information and explanations given to us, in our opinion, term loans availed by the Company were, prima facie, applied by the Company during the year for the purposes for which the loans were obtained, other than temporary deployment pending application. 13. According to information and explanations given to us, and on an overall examination of the balance sheet of the Company, funds raised on short term basis have, prima facie, rot been used during the year for long term investment. 14. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year. For DELOITTE HASKINS & SELLS Chartered Accountants S. GANESH Place : Bangalore Partner Date : 19th November, 2007 M. No. 204108