AUDITORS
To
The Members,
Amtek Auto Limited
Sohna (District Mewat)
1. We have audited the accompanying financial statements of Amtek Auto Limited
("the Company") which comprises of the Balance Sheet as at 30th June 2012, the
Statement of Profit & Loss of the Company for the year then ended, the Cash Flow
Statement of the Company for the year then ended and a summary of significant accounting
policies and other explanatory statements. These financial statements are responsibility
of the Company`s management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with Standards on Auditing issued by the
Institute of Chartered Accountants of India. Those Standards require that we comply with
ethical requirements and 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
statement presentation. We believe that our audit provides a reasonable basis for our
opinion.
3. As required by the Companies (Auditors` Report) Order, 2003 (as amended) by the
companies (Auditors` Report) (amended) order, 2004 (together the order) 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 paragraph 4
and 5 of the said order.
4. 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 purpose of our audit;
(ii) 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.
(iii) The Balance Sheet, Profit and Loss Statement and Cash Flow Statement of the
company, dealt with by this report are in agreement with the books of account.
(iv) In our opinion, the Balance Sheet, Profit and Loss Statement and 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 30th
June 2012 and taken on record by the Board of Directors, we report that none of the
directors is disqualified as on 30th June 2012 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 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 30th
June 2012;
(b) in the case of Statement of Profit and Loss , of the Profit for the year ended on
that date; and
(c) in the case of Cash Flow Statement, of the cash flow for the year ended on that
date.
|
For & on behalf of |
|
Manoj Mohan & Associates |
|
Chartered Accountants |
|
Firm Regn. No.009195C |
|
(M. K. Agarwal) |
| Place : New Delhi |
Partner |
| Dated : 5th December 2012 |
|
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE OF AMTEK AUTO LIMITED
FOR THE YEAR ENDED 30th JUNE 2012
(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) During the year, the company has not disposed off substantial part of the fixed
assets and the going concern status of the company is not affected.
(ii) (a) The inventory has been physically verified during the year by the management.
In our opinion, the frequency of physical verification is reasonable.
(b) The procedure for physical verification of inventories followed by the management
is reasonable and adequate in relation to the size of the company and nature of its
business.
(c) The company is maintaining proper records of inventory. The discrepancies noticed
on verification between the physical stocks and the book records were not material.
(iii) The Company, during the year under report, has given loans & advances to its
Five subsidiary companies covered in the register maintained under Section 301 of the
Companies Act, 1956.
a) The balance at the end of the year and the maximum amount involved during the year
was Rs. 66,920.50 Lacs.
b) In our opinion and according to the information and explanations given to us, the
rate of interest, where-ever applicable and other terms and conditions are not prima-facie
prejudicial to the interest of the company.
c) In respect of the loan granted to its subsidiaries, the loan is interest free and
being repayable on demand are not overdue.
(iv) In our opinion and according to the information and explanations given to us,
there are adequate internal control system commensurate with the size of the Company and
the nature of its business, for the purchase of inventory, Fixed Assets and for the sale
of goods and services. During the course of our audit, we have not observed any continuing
failure to correct major weaknesses in internal controls.
(v) (a) According to the information and explanations given to us, we are of the
opinion that the particulars of contracts or arrangement referred to in section 301 of the
act have been entered in the register required to be maintained under section 301 of the
Companies Act, 1956.
(b) In our opinion and according to the information & explanations given to us, the
transactions made in pursuance of contracts or arrangements entered in the register
maintained under Section 301 of the Companies act, 1956 in respect of any party during the
year have been made at prices which are reasonable having regards to prevailing market
prices at the relevant time.
(vi) The Company has not accepted deposit from the public under section 58A of the
Companies Act, 1956.
(vii) In our opinion, the company has an internal audit system commensurate with the
size and nature of its business.
(viii) The Central government has prescribed maintenance of cost accounting records
under section 209 (1) (d) of the Companies Act, 1956. We have broadly reviewed the
accounts and records of the company in this connection and are of the opinion that prima
facie, the prescribed accounts and records have been properly maintained.
(ix) (a) The company is regular in depositing with appropriate authorities undisputed
statutory dues including provident fund, investor education protection fund, employees
state insurance, income tax, sales tax/ VAT, wealth tax, service tax, custom duty, excise
duty, cess and other material statutory dues applicable to it.
(b) According to the information and explanation given to us, no undisputed amounts
payable in respect of income tax, wealth tax, service tax, sales tax / VAT, custom duty,
excise duty and cess were in arrears, as at 30th June 2012 for a period of more than six
months from the date they became payable.
(c) According to the information & explanation given to us, disputed statutory dues
aggregating to Rs. 10.79 Lacs have not been deposited on account of matters pending before
appropriate authorities are as under:
| Sr. No. |
Name of the Statute |
Nature of Dues |
Period to which it relates |
Forum where dispute is pending |
Amount (Rs. in lacs) |
| 1. |
Haryana Sales Tax Act & Central Sales Tax Act |
Sales Tax |
1991 |
Appellete Sales Tax Tribunal |
10.79 |
|
Total |
|
|
|
10.79 |
(x) The company has no accumulated losses and has not incurred any cash loss during the
year under report or in the immediately preceding financial year.
(xi) In our opinion and according to the information and explanations given to us, the
company has not defaulted in repayment of dues to financial institutions, banks or
debenture holders.
(xii) The company has not granted any loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund
/ society. Therefore, the provisions of clause of 4(xiii) of the Companies (Auditors`
Report) Order, 2004 (as amended) are not applicable to the company.
(xiv) In our opinion, the company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the
Companies (Auditors` Report) Order, 2003 (as amended) are not applicable to the company.
The company, however, is maintaining proper records of transactions and contracts in
respect of long term investment made by it and timely entries have been made therein.
Further, all the securities including shares, debentures and other investments have been
held by the company in its own name.
(xv) The company has not given guarantees for loans taken by others from Banks or
Financial Institutions.
(xvi) According to the information and explanation given to us, in our opinion, term
loan availed by the company were, prima facie, applied by the company during the year
under report for the purpose for which the term loans were obtained, other than temporary
deployment pending applications.
(xvii) According to the information and explanation given to us and on an overall
examination of the balance sheet of the company, we report that no funds raised on short
term basis have been used for long term investment and no long term funds have been used
to finance term funds have been used to finance short term assets except permanent working
capital.
(xviii) According to the information & explanation given to us, the company, during
the year under report, has not made any preferential allotment, to parties and companies
covered in the register maintained under section 301 of the Companies Act, 1956.
(xix) According to the information given to us, and the record of the company examined
by us, the company has not issued any debentures.
(xx) According to the information and explanation given to us and the record of the
company company examined by us, the company has not raised any money by public issue
during the year.
(xxi) According to the information and explanations given to us, no fraud on or by the
company has been noticed or reported during the course of our audit.
|
For & on behalf of |
|
Manoj Mohan & Associates |
|
Chartered Accountants |
|
Firm Regn. No.009195C |
|
(M. K. Agarwal) |
| Place : New Delhi |
Partner |
| Dated : 05th December 2012 |
Membership No.-76980 |
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