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आकार ऑटो

बीएसई: 530621  |  NSE: N.A  |  ISIN: INE864E01021  |  Castings & Forgings

खोजें आकार ऑटो कनेक्शन Mar 16
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '18

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of AKAR AUTO INDUSTRIES LTD., AKAR AUTO INDUSTRIES LTD. (Formerly known as AKAR TOOLS LTD.) (the Company), which comprise the Balance Sheet as at 31st March 2018, the Statement of Profit and Loss (including other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Standalone 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 Standalone IND AS financial statements, that give a true and fair view of the financial position, financial performance (including other Comprehensive Income), cash flow and Changes in Equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified in the Companies Indian Accounting Standards) Rules, 2015 (as amended) under Section 133 of the Act. 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, relevant to the preparation and presentation of the Standalone IND AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these Standalone 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.

We conducted our audit of the Standalone IND AS financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards and pronouncements require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Standalone IND AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Standalone IND AS financial statements. The procedures selected depend on the auditors'' judgment, including the assessment of the risks of material misstatement of the Standalone IND AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial controls relevant to the Company''s preparation of the standalone 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 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 standalone 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 standalone IND AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as at 31 March 2018, and its total comprehensive income (comprising of profit and other comprehensive income), its cash flows and 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 sub section(11) of section 143 the Act, and the basis of such checks of the 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, a statement on the matters specified in paragraphs 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 purpose of our audit except for confirmation from debtors and creditors.

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 (including other Comprehensive Income), the Cash Flow Statement 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 standalone IND AS financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

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

f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure B to this report.

g. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our knowledge and belief and according to the information and explanations given to us:

i The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements -Refer Note31 to the standalone IND AS financial statements.

ii. The Company did not have any long-term contracts including derivatives contract for which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company- Refer Note 40 to the standalone IND AS financial statements.

iv. The reporting on disclosure relating to specified bank notes is not applicable to the company for the year ended 31st March 2018.

Annexure A

To the Independent Auditors'' Report of even date on the Standalone Ind As Financial Statements of AKAR AUTO INDUSTRIES LTD.

The Annexure referred to in Independent Auditors'' Report to the members of the Company on the Company''s Standalone IND AS Financial Statement as of and for the year ended March 31, 2018.

We report that:

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

(b) The Company has a regular program of physical verification of its fixed assets under which fixed assets are verified in a phased manner during the year. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its business. No material discrepancies were noticed on such verification.

(c) Based on our audit procedure performed for the purpose of reporting the true and fair view of the financial statements and according to information and explanations given by the management, the title deeds of immovable properties are held in the name of the company except in case of merged unit''s lease hold land costing Rs. 0.32 Lakhs which is yet not transferred in the name of the company in the records of M.I.D.C. for which the Company is in the process of getting it registered in its name.

(ii) The management has conducted physical verification of inventory at reasonable intervals, except material in transit and stocks lying with third parties and in bonded warehouses, which are verified with reference to the certification obtained and/or subsequent clearing of goods. In our opinion, the frequency of physical verification is reasonable. No material discrepancies were noticed on physical verification between the physical stock and book records.

(iii) In our opinion, and according to information and explanation given to us, the Company has granted loan, secured or unsecured to companies, firms, or other parties covered in the register maintained under Section 189 of the Act.

a. The terms and conditions of the grant of such loans are not prejudicial to the company''s interest.

b. The schedule of repayment of principal and payment of interest has been stipulated and the repayment or receipts are regular.

c. In respect of the aforesaid loans, there is no amount which is overdue for more than 90 days.

(iv) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of Sections 185 and 186 of the Act in respect of grant of loans, and advances given, making investments and providing guarantees, and securities provided by it, as applicable.

(v) The Company has not accepted any deposits during the year from the public within the meaning of the provisions of Section 73 to 76 or any other provisions of the Act and the Companies (Acceptance of Deposits) Rules, 2014 to the extent notified, with regard to deposits accepted from the public.

(vi) The maintenance of cost record has been specified by the Central Government under Section 148 (1) of the Act. We have broadly reviewed the cost records maintained by the company pursuant to the companies (Cost Record and Audit)Rules, 2014, as amended and prescribed by the Central Government under sub-section(1) of Section 148 of the Act, and are of the opinion that, prima facie, that prescribed cost record have been made and maintained. We have, however, not mode a detailed examination of the cost record with a view to determine whether they are accurate or complete.

(vii) (a) According to the information and explanations given to us and the records of the company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues including Provident Fund, Investors'' Education And Protection Fund, Employees'' State Insurance, Income Tax, Sales Tax including Value Added Tax, Wealth Tax, Service Tax, Goods and Service Tax, Entry tax, Duty Of Customs, Duty Of Excise, Cess and other material statutory dues as applicable to each of them respectively, with the appropriate authorities ,there were no arrears of undisputed outstanding statutory dues as at the year-end for a period of more than six months from the date they become payable.

(b) The dues outstanding in respect of income-tax, sales-tax, wealth tax, Service tax, duty of customs, duty of excise, value added tax and cess on account of any dispute, the amount involved and the forum where disputes are as follows :-

Name of Statute

Nature of Dues

Forum where Dispute is Pending

Period to which the Amount Relates

Amount Unpaid (Rs. in Lacs)

Income Tax Act 1961

Income Tax

Chief Commissioner of Income Tax

A.Y.1999-2000

A.Y.2000-2001

A.Y.2001-2002

A.Y.2002-2003

A.Y.2003-2004

A.Y.2004-2005

0.44

5.35

10.72

3.26

13.65

4.16

Income Tax

Assessing officer for

A.Y.2005-2006

9.99

rectification

A.Y.2006-2007

0.50

A.Y.2007-2008

1.81

A.Y.2008-2009

2.63

A.Y.2011-2012

14.38

A.Y.2012-2013

13.48

Income Tax

TRIBUNAL

A.Y.2010-2011

2.00

Income Tax

Commissioner of Income

A.Y.2014-2015

83.00

Tax (Appeals)

Income Tax (TCS)

Commissioner of Income

A.Y. 2012-13 to

8.46*

Tax (Appeals)

A.Y. 2018-19

Income Tax

Income Tax officer (TDS)

A.Y.2008-2009

3.71

(TDS)

A.Y.2009-2010

7.85

A.Y.2011-2012

0.26

A.Y.2012-2013

0.48

A.Y.2013-2014

2.34

A.Y.2014-2015

2.20

A.Y.2015-2016

4.31

A.Y.2016-2017

1.40

A.Y.2017-2018

0.62

A.Y.2018-2019

2.55

Finance Act, 1994/

Service Tax

Commissioner of Appeals,

Aug-2012 to

23.61

Central Goods &

Central Goods & Service

June -2017

Service Tax Act,

Tax,(Formerly Central

2017

Excise, Customs and

Service Tax)

*Above amounts is Net of H 1.5 Lac paid under deposits against the TCS matter.

(viii) According to the records of the Company examined by us and information and explanations given to us, the Company has not defaulted in repayment of dues to any bank or financial institution or government during the year. The Company did not have any outstanding debentures during the year.

(ix) The company did not raise money by way of initial public offer or further public offer (including debt instruments). In our opinion, the term loans were applied for the purposes for which the loans were obtained.

(x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the period covered by our audit.

(xi) In our opinion and according to the information and explanations given to us, the company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 of the Act read with Schedule V to the Act.

(xii) In our opinion, the Company is not a Nidhi Company; accordingly, provisions of Clause 3 (xii) of Companies (Auditor''s Report) Order, 2016 are not applicable to the Company.

(xiii) In our opinion and according to the information and explanations given to us, all transactions with the related parties are in compliance with sections 177 and 188 of Act, where applicable, and the requisite details have been disclosed in the financial statements as required by the applicable accounting standards.

(xiv) In our opinion and according to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures, during the year.

(xv) According to the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with term. Therefore, the provisions of Clause 3(xv) of Companies (Auditor''s Report) Order, 2016 are not applicable to the Company.

(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

Annexure B

To the Independent Auditor''s Report of even date on the Standalone IND AS Financial Statements of AKAR AUTO INDUSTRIES LTD.

Report on the Internal Financial Controls under Clause (i) of Sub Section 3 of Section 143 of the Companies Act, 2013 (the Act)

We have audited the internal financial controls over financial reporting of AKAR AUTO INDUSTRIES LTD. (the Company) as of March, 31st 2018 in conjunction with our audit of the standalone IND AS financial statements of the Company for the year ended on that date

Management''s 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 (the ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the 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.

Auditor''s 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 Standards on Auditing issued by the 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 over financial reporting, and the guidance note on internal financial controls over financial reporting (the guidance Note) issued by the ICAI. 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 adequate internal financial controls over financial reporting were established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting 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 judgement, including the assessment of the risks of material misstatement of the standalone 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 system 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 standalone 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 standalone financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the company are being made only in accordance with authorisations 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 standalone 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, the company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31,2018, 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 JAJU & KABRA

Chartered Accountants

(FRN 140398W)

Sd/-

(RAHUL JAJU)

Place : Aurangabad PARTNER

Dated : 30th May, 2018 Membership No.164021

स्रोत: रेलीगरे टेचनोवा

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