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Voltamp Transformers Ltd.

BSE: 532757 | NSE: VOLTAMP |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE540H01012 | SECTOR: Power - Transmission & Equipment

BSE Live

Mar 31, 16:00
885.00 48.40 (5.79%)
Volume
AVERAGE VOLUME
5-Day
453
10-Day
576
30-Day
3,616
321
  • Prev. Close

    836.60

  • Open Price

    876.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Mar 31, 15:56
880.05 39.60 (4.71%)
Volume
AVERAGE VOLUME
5-Day
11,147
10-Day
9,780
30-Day
15,789
4,098
  • Prev. Close

    840.45

  • Open Price

    842.00

  • Bid Price (Qty.)

    880.05 (3)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

Report on the Ind AS Financial Statements

We have audited the accompanying Financial Statements of Voltamp Transformers Limited the Company''), which comprise the Balance Sheet as at March 31, 2018, the Statement of Profit and Loss (including other comprehensive income), the Statement of Cash Flows and the Statement of Changes in Equity for the year ended and a summary of the significant accounting policies and other explanatory information (herein after referred to as “IndAS Financial Statements”).

Managements Responsibility for the Financial Statements

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (IndAS) prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules, 2015, as amended, and other accounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting 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 controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevantto the preparation and presentation of the Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these Ind AS 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 thereunder and the Order issued under Section 143(11) of the Act.

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 IndAS financial statements is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the IndAS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the Ind AS 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 Ind AS 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 Ind AS 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 Ind AS financial statement.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS 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 including the IndAS, of the state of affairs (financial position) of the Company as at 31 March, 2018, and its profit (financial performance) including other comprehensive income, its cash flows and the changes in equity for the year 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 section 143(11) of the Act, we give in the Annexure A, a statement on the matters specified in the paragraph 3 and 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 it appears from our examination of those books;

(c) the balance sheet, the statement of profit and loss, the statement of cash flows and the statement of changes in equity dealt with by this Report are in agreement with the books of account;

(d) in our opinion, the aforesaid Ind AS financial statements comply with the Accounting Standards specified under Section 133 of the Act read with relevant rule issued thereunder;

(e) on the basis of the written representations received from the Directors as on 31st March 2018 taken on record by the Board of Directors, none of the Directors is disqualified as on 31st March 2018 from being appointed as a Director in terms of Section 164 (2) of the Act;

(f) In our opinion, with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, referto our separate report in “Annexure B”; and

(g) with respect to the other matters to be included in the Auditors'' Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the 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 Ind AS financial statements - Refer Note - 41 to the Ind AS financial statements;

ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts;

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended March 31,2018.

Annexure ''A'' to the Auditors’ Report

The Annexure referred to in our Independent Auditors'' Report to the members of the Company on the financial statements for the year ended 31st March 2018.

On the basis of such checks as considered appropriate and in terms of the information and explanations given to us, we state as under:

1 (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;

1 (b) As informed to us, the Company has a regular programme of physical verification of its fixed assets over a period of three years by which fixed assets are verified in a phased manner during the year. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets;

1 (c) According to the information and explanations given to us, the records examined by us and based on the examination of the conveyance deeds provided to us, we report that, the title deeds, comprising all the immovable properties of land and buildings which are freehold, are held in the name of the Company as at the balance sheet date. In respect of immovable properties of land and building that have been taken on lease and disclosed as property plant and equipment in the financial statements, the lease agreements are in the name of the Company;

2 The management has conducted physical verification of inventory at reasonable intervals during the year and no material discrepancies were noticed on such physical verification;

3 According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to Companies, Firms, Limited Liability Partnership or any other parties covered in the register maintained under section 189 of the Act. Hence, clause 3(a), 3(b) and 3(c) are not applicable for the year;

4 In our opinion and according to the information provided to us, there are no loan to Directors including entities in which they are interested in respect of which provision of section 185 are applicable and hence not commented upon. Further, in our opinion and according to information and explanation given to us, provision of section 186 in respect of loans and advances given and investment made have been complied with by the Company. There are no guarantees and securities given in respect of which provision of section 186 of the Act are applicable and hence not commented upon;

5 The Company has not accepted any deposits within the meaning of sec 73 to 76 of the Act and the Companies (Acceptance of Deposit) Rules, 2014 (as amended). Accordingly, the provisions of this clause of the Order are not applicable;

6 We have broadly reviewed the books of account maintained by the company pursuant to the rules made by the Central Government for the maintenance of cost records under sub section (1) of section 148 of the Act, and are of the opinion that, prima facie, the specified accounts and records have been made and maintained. We have not, however, made a detailed examination of the same.

7 (a) According to the information and explanations given to us and the records examined by us, the Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, goods and service tax (GST), service tax, custom duty, excise-duty, value added tax (VAT), cess and other statutory dues and there are no undisputed statutory dues outstanding as at 31stMarch 2018, for a period of more than six months from the date they became payable;

7 (b) According to the information and explanations given to us and based on our examination of the records of the Company, there are following disputed dues of sales tax, income tax, service tax, excise duty, that have not been deposited on account of dispute;

Name of the Statute

Nature of Dues

Amount* (Rs. in Lakhs)

Period to which the amount relate:

Forum where dispute is pending

Central Excise Act

Excise Duty

130.57

April 2004 to May2009

Appeal filed at CESTAT, Delhi

Penalty

130.57

Central Excise Act

Excise Duty

2.76

April to December 2009

Appeal filed at CESTAT, Ahmedabad

Penalty

2.76

Central Excise Act

Excise Duty

4.94

December 2011 to May 2011

Appeal filed at CESTAT, Ahmedabad

Penalty

4.94

Central Excise Act

Excise Duty

5.27

January to June 2010

Appeal filed at CESTAT, Ahmedabad

Penalty

5.27

Central Excise Act

Excise Duty

4.39

July to November 2010

Appeal filed at CESTAT, Ahmedabad

Penalty

4.39

Central Excise Act

Excise Duty

11.63

April 2015 to December 2015

Appeal filed at CESTAT, Ahmedabad

Central Excise Act

Excise Duty

4.19

July 2011 to September 2011

Appeal filed at CESTAT, Ahmedabad

Penalty

4.19

Central Excise Act

Excise Duty

34.51

July 2015 to June 2017

Appeal filed at CESTAT, Ahmedabad

Name of the Statute

Nature of Dues

Amount* (Rs. in Lakhs)

Period to which the amount relates

Forum where dispute is pending

Central Excise Act

Excise Duty

0.11

April 2011 to March 2012

Appeal filed at CESTAT, Ahmedabad

Central Excise Act

Excise Duty

13.58

July 2005 to August 2008

Appeal filed at CESTAT, Ahmedabad

Penalty

15.39

Central Excise Act

Excise Duty

0.11

0ct-2010 to March 2011

Appeal filed at CESTAT, Ahmedabad

Penalty

0.11

Central Excise Act

Excise Duty

128.96

April 2011 to March 2015

Appeal filed at CESTAT, Ahmedabad

Central Excise Act

Excise Duty

2.66

April 2015 to June 2015

Appeal filed at CESTAT, Ahmedabad

Central Sales Tax Act

Central Sales Tax

35.71

April 2012 to March 2013

Appeal filled at Joint Commissioner (Appeals) Vadodara

Central Sales Tax Act

Central Sales Tax

16.33

April 2006 to March 2007

Appeal filled at Sales Tax Tribunal, Ahmedabad

Gujarat VAT Act

Gujarat VAT

7.60

April 2006 to March 2007

Appeal filled at Sales Tax Tribunal, Ahmedabad

Gujarat VAT Act

Gujarat VAT

6.31

April 2007 to March 2008

Appeal filled at Sales Tax Tribunal, Ahmedabad

Central Sales Tax Act

Central Sales Tax

23.47

April 2013 to March 2014

Appeal filled at Joint Commissioner (Appeals) Vadodara

Income Tax Act, 1961

Income Tax

76.06

2008-09

Appeal to HC by Revenue Department

Income Tax Act, 1961

Income Tax

146.42

2009-10

Appeal to HC by Revenue Department

Income Tax Act, 1961

Income Tax

269.92

2010-11

Appeal to HC by Revenue Department

Income Tax Act, 1961

Income Tax

56.87

2010-11

Appeal to ITAT by Assessee

Income Tax Act, 1961

Income Tax

174.17

2011-12

Appeal to ITAT by Revenue Department

Income Tax Act, 1961

Income Tax

0.08

2012-13

Appeal to ITAT by Revenue Department

Income Tax Act, 1961

Income Tax

0.65

2012-13

Appeal to CIT(A) by Assessee

Income Tax Act, 1961

Income Tax

179.41

2013-14

Appeal to CIT(A) by Assessee

*Net of amount paid under protest

8. In our opinion and according to the information and explanations given to us, the Company has not taken any borrowing from any financial institution, bank or Government and there are no dues to debenture holders during the year;

9 According to the information and explanations given to us, no moneys were raised by way of initial public offer or further public offer (including debt instruments) during the year and also there are no term loans availed by the Company, hence reporting under this clause is not applicable to Company;

10 During the course of our examination of the books of account and records of the company, carried out in accordance with generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any incidence of fraud by the Company or any fraud on the Company by its officers or employees noticed or reported during the year, nor have we been informed of any such case by the management;

11 According to the information and explanations given to us and based on our examination of the records of the Company, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V of the Act;

12 In our opinion and according to the information and explanations given to us, the Company is not a Ndhi company. Accordingly, this clause of the Order is not applicable;

13 According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act, where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards;

14 According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly paid convertible debentures and hence reporting under this clause is not applicable to the Company;

15 According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with Directors or persons connected with him as referred to in section 192 of the Act;

16 The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

Annexure B’ to the Auditors Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 companies Act, 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of Voltamp Transformers Limited (“the Company”) as of 31 March 2018 in conjunction with our audit of the Ind AS financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI''). These responsibilities include the design, implementation and maintenance of internal financial controls with reference to financial statements that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether internal financial controls with reference to financial statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the internal financial controls with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and Directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an internal financial controls with reference to financial statements and such internal financial controls over financial reporting were operating effectively as at 31st March 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For C N K & Associates LLP

Chartered Accountants

FRN: 101961W/W-100036 Alok Shah

Place : Vadodara Partner

Date : May 10, 2018 Membership Number: 42005