| We have audited the accompanying standalone Financial statements of ANG
INDUSTRIES LIMITED (formerly known as ANG AUTO LIMITED) which comprise
the Balance Sheet as at 31 st March, 2015 , statement of Profit & Loss
Account and also the Cash Flow Statement of the Company 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 matters stated in
section 134(5) of the Companies Act' 2013 ( "the Act") with respect to
the preparation of these standalone financial statements that give a
true and fair view of the Financial position , financial performance
and cash flows of the Company in accordance with the accounting
principles generally accepted in India including the accounting
Standards specified under section 133 of the Act, read with rule 7 of
the Companies ( accounts) Rules 2014. This responsibility also includes
the maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding of the assets of the Company and
for prevailing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; judgments and
estimates that are reasonable and prudent: and design implementation of
adequate financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the 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 stanalone
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 Rules made there
under.
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 the ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor'sjudgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the company's
Internal Control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the 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
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations to the Act 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 March 31,2015;
b) in the case of the Profit and Loss Account, of the Loss for the year
ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the 'Companies Act, 2015 we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4
of the Order to the extent applicable.
2. Further to our comments in the aforesaid annexure, 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;
b) 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.
c) The Company does not have any branch offices which are audited under
Section 143(8) of the Act by branch auditors.
d) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
e) In our opinion, the aforesaid standalone financial Statements comply
with the Accounting Standards specified under section 133 of the Act,
read with Rule 7 of the Companies (accounts) Rule, 2014.
f) There are no observations or comments on the financial transactions
or matters which may have any adverse effect on the functioning of the
Company.
g) on the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the "ectors is disqualified as on March 31,2015, from being
appointed as a "ector in terms of section 164(2) of the Act.
h) 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) Rule, 2014, in our opinion and to the best of our information
and according to the explanations given to us :
1) Company does not have any pending litigations which would impact its
financial position. The list of pending litigations and its impact on
financial position has disclosed under the notes related to "Contingent
Liabilites"- Refer Note
2) The company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses.
3) There has been no delay in transferring amounts, required to be
transferred, to the investor education and Protection Fund by the
company and during the year there were no amount which were required to
be transferred to the investor Education and protection Fund by the
Company.
ANNEXURE TO THE AUDITORS' REPORT
Referred to our report of even date on the accounts of ANG INDUSTRIES
LIMITED ( Formerly known as ANG Auto Limited) for the year ended 31st
March, 2015
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that :
1. In respect of its Fixed Assets :
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of its fixed assets on the
basis of available information.
b) As per explanation given to us, the Fixed Assets were physically
verified by the management at reasonable intervals having regard to the
size of the Company and the nature of its assets. No material
discrepancies were noticed on such verification.
c) In our opinion and according to the information and explanation
given to us, the Company has not disposed off substantial part of fixed
assets during the year and the going concern status of the Company is
not affected. Though the Company has maintained records relating to
fixed assets, the company may need to comprehensively compile /complete
the fixed asset register with particulars including quantitative
details and situation of some of its fixed assets. Further, the Company
would need to further strengthen its records so as to include adequate
breakdown of asset group, description of assets, inter location
movement etc. in view of increasing size of the Company.
2. In respect of its 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 explanations
provided to us, the procedures of physical verification of inventories
followed by the Company 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 explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification of stocks by the management as compared to book records.
3. (a) According to the information and explanations given to
us and on the basis of our examination of the book of account, during
the year Company has not given/ taken any loan, secured or unsecured to
Companies , firms or other parties to be covered in the register
maintained under Section 189 of the Companies Act, 2013., except the
following :
(Amt. in Lacs)
Opening Debit Credit Closing
Balance Balance
Premjit Singh 16.61 (Dr.) 44.80 29.00 32.41 (Dr)
ANG Structure & 86.49 (Dr.) 21.26 136.55 28.81 (Cr.)
Energy (P) Ltd.
ANG Logistic 29.11 (Dr.) 0.82 29.93 Nil
Private Limited
(b) The Principal amounts are repayable/receivable at the discretion of
the Company.
(c) No interest has been paid/ taken by the company on the unsecured
loan given /taken from the director & others related parties.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with size of the company and the nature of its business
for the purchase of inventory and fixed assets and payment for expenses
& for the sale of goods. During the course of our Audit, no major
instance of continuing failure to correct any weakness has been noticed
in the internal control.
5. According to the information and explanations given to us, the
Company has not accepted any deposits within the meaning of Section 73
to section 76 or any other relevant provision of the Companies Act,
2013 and the rules framed there under during the year .
6. The Central Government has not prescribed the maintenance of cost
records by the Company under section 148(I) of the Companies Act, 2013.
7. According to the records of the Company and the information and
explanations given to us in respect of statutory and other dues:
a) The Company was generally irregular in depositing statutory dues
including provident fund, employees state insurance, income tax, sales
tax, service tax, custom duty, excise duty, cess etc. with the
appropriate authorities.
b) According to the information and explanation given to us there are
no undisputed amounts payable in respect of statutory dues including
provident fund, employees state insurance, income tax, sales tax,
service tax, custom duty, excise duty, cess etc. that were outstanding,
as on 31st March, 2015 for a period of more than six months from the
date they became payable.
c) According to the information and explanations given to us, details
of dues of Income Tax, stamp duty and sales tax etc. which has not been
deposited as on March 31st, 2015 on account of any dispute is given
below:
Particulars Period to which Forum where Amount
Amount relates matter is pending (Rs.in lacs)
Stamp Duty Fin. year 2007-08 Revenue Board, 12.73
Allahabad (U.P)
Entry Tax Fin year 2005-06 Deputy 0.40
Commissioner of
Commercial tax,
Jaipur
Entry Tax Fin year 2006-07 Deputy 7.84
Commissioner of
Commercial tax,
Jaipur
Entry Tax Fin year 2007-08 Deputy 7.06
Commissioner of
Commercial tax,
Jaipur
Entry Tax Fin year 2008-09 Deputy 3.74
Commissioner of
Commercial tax,
Jaipur
Entry Tax Fin year 2009-10 Deputy 2.10
Commissioner of
Commercial tax,
Jaipur
Income Tax Assessment Year CIT (A) - IV, 8.71
Demand 2010-11 New Delhi
Income Tax Assessment Year CIT (A) - Circle 2(2), 7.68
Demand 2011-12 New Delhi
Sales Tax Assessment year Joint 6.03
2010-11 Commissioner Sales
Tax, (Khatima),
Uttrakhand
Sales Tax Assessment year Commissioner VAT 25.31
2008- 09, 2009-10 (Appeals), Kol
& 2010-11
Sales Tax Assessment Year Joint 10-21
2009- 10 Commissioner Sales
Tax (Khatima),
Uttarakhand
Sales Tax Assessment Year Joint 6.61
2010- 11 Commissioner Sales
Tax (Khatima),
Uttarakhand
Particulars Period to which Forum where Amount
Amount relates matter is pending (Rs.in lacs)
Sales Tax Assessment Year Joint 6.22
2011-12 Commissioner Sales
Tax (Khatima),
Uttarakhand
8. The Company does not any have accumulated losses at the end of the
financial year and in preceding Financial year. The company has not
suffered the cash losses during the Financial year as well as
immediately preceding financial year covered by the audit .
9. Based on our audit procedure and on the information and
explanations given to us we are of the opinion that, the Company has
been irregular in repayment of dues to financial institutions or banks
during the year. However same has been paid / cleared in succeeding
months from the due date.
10 According to the information and explanation given to us, and
records examined by us, the company has not given any guarantee for
loans taken by others from Banks or Financial Institutions.
11 To the best of our knowledge and belief and according to the
information and explanation given to us, in our opinion, all long term
loans availed by the company were, prima facie , applied by the company
during the year for the purpose for which these were obtained.
12. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For SANDESH JAIN & CO.
CHARTERED ACCOUNTANTS
(SANDESH JAIN)
Partner
Place : New Delhi Membership No. : 087316
Date : 30-05-2015 FRN: 008548N
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