Auditor Report of Astra Microwave Products Ltd.
Mar 31, 2023
Astra Microwave Products Limited
Report on the Audit of the Standalone Financial Statements
Opinion
1. We have audited the accompanying standalone financial statements of Astra Microwave Products Limited (âthe Companyâ), which comprise the Standalone Balance Sheet as at March 31,2023, and the Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows for the year then ended, and notes to the standalone financial statements, including a summary of significant accounting policies and other explanatory information.
2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (âthe Actâ) 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 March 31, 2023, and total comprehensive income (comprising of profit and other comprehensive income), changes in equity and its cash flows for the year then ended.
Basis for Opinion
3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the âAuditorâs responsibilities for the audit of the standalone financial statementsâ section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters
4. Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
|
Key audit matter |
How our audit addressed the key audit matter |
|
Appropriateness of the expected credit loss (âECLâ) provision in respect of trade receivables. (Refer Note 9 and Note 38 to the standalone financial statements) The Company has trade receivables aggregating to Rs. 29,540.38 lakhs as at March 31, 2023, in respect of which the Company applies the simplified approach permitted by Ind AS 109 Financial Instruments and recognises ECL provision. The provision for ECL as at March 31,2023 is Rs. 1,356.85 lakhs. This is determined as a key audit matter as determination of the ECL provision involved application of judgement by management in respect of various matters including bucketing of the receivables, determination of period for credit risk assessment and probability of credit loss. |
Our procedures, in relation to testing of ECL provision recognized, included the following: 1) Understanding and evaluating the design and testing the operating effectiveness of controls in respect of ECL provision for trade receivables. 2) Understanding the basis and assessing the appropriateness of the ECL provisioning methodology which involves the use of historical trends in respect of receivables categorized by nature and age. 3) Testing the key inputs/ reports used in the model such as collections, receivable ageing and the computation of the credit loss percentages determined by the management. 4) Reviewing minutes of the Board of Directorsâ meetings and management budgets to understand if there are any macro conditions that can have adverse effect on the financial performance of the company. 5) Performing sensitivity analysis by varying the credit loss percentages as determined and assessing the impact of the same on computation of ECL. 6) Assessed the adequacy of disclosures in respect of ECL provision in the financial statements. Based on the above procedures performed, we did not find any significant exceptions to the ECL provision recognised in respect of trade receivables. |
5. The Companyâs Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not include the financial statements and our auditorâs report thereon. The annual report is expected to be made available to us after the date of this auditorâs report.
Our opinion on the financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
When we read the annual report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance and take appropriate action as applicable under the relevant laws and regulations.
Responsibilities of management and those charged with governance for the standalone financialstatements
6. The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of 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, changes in equity 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. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
7. In preparing the standalone financial statements, management is responsible for assessing the Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those Board of Directors are also responsible for overseeing the Companyâs financial reporting process.
Auditorâs responsibilities for the audit of the standalone financial statements
8. Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
9. As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
> Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
> Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls.
> Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
> Conclude on the appropriateness of managementâs use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Company to cease to continue as a going concern.
> Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
10. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
11. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
12. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirements
13. As required by the Companies (Auditorâs Report) Order, 2020 (âthe Orderâ), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
14. 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 Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including other comprehensive income), the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act.
(e) On the basis of the written representations received from the directors as on April 01,2023, taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2023, 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 with reference to standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Aâ.
(g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014 (as amended), 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 standalone financial statements - Refer Note 33 to the standalone financial statements;
ii. The Company was not required to recognise a provision as at March 31,2023 under the applicable law or accounting standards, as it does not have any material foreseeable losses on long-term contract. The Company did not have any derivative contracts as at March 31,2023.
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.
iv. (a) The management has represented that, to the best of its knowledge and belief, as disclosed
in the notes to the accounts, no funds have been advanced or loaned or invested either from borrowed funds or share premium or any other sources or kind of funds by the Company to or in any other person(s) or entity(ies), including foreign entities (âIntermediariesâ), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries (Refer Note 42(ix)(A) to the standalone financial statements);
(b) The management has represented that, to the best of its knowledge and belief, as disclosed in the notes to the accounts, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (âFunding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries (Refer Note 42(ix)(B) to the standalone financial statements); and
(c) Based on such audit procedures that we considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) contain any material misstatement.
v. The dividend declared and paid during the year by the Company is in compliance with Section 123 of the Act.
vi. As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 (as amended), which provides for maintaining books of account in accounting software having a feature of recording audit trail of each and every transaction, creating an edit log of each change made in books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled, is applicable to the Company only with effect from financial year beginning April 1,2023, the reporting under clause (g) of Rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), is currently not applicable.
15. The Company has paid/ provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Chartered Accountants
Partner
Membership Number: 220916
UDIN: 23220916BGXUWY3718
Place: Hyderabad
Date: May 26, 2023
Mar 31, 2022
Opinion
1. We have audited the accompanying standalone financial statements of Astra Microwave Products Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2022, and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.
2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (âthe Actâ) 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 March 31, 2022, and total comprehensive income (comprising of profit and other comprehensive income), changes in equity and its cash flows for the year then ended.
Basis for Opinion
3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the âAuditorâs Responsibilities for the Audit of the Financial Statementsâ section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters
4. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
|
Key audit matter |
How our audit addressed the key audit matter |
|
Appropriateness of the Expected credit loss (âECLâ) provision in respect of trade receivables carried at amortized cost. (Refer Note 8 and Note 38 to the standalone financial statements) The Company has trade receivables aggregating to Rs. 21,518.49 lakhs as at March 31, 2022, in respect of which the Company applies the simplified approach permitted by Ind AS 109 Financial Instruments, and recognises expected lifetime losses from initial recognition of the receivables. The provision for ECL as at March 31, 2022 is Rs. 1,269.56 lakhs. This is determined as a key audit matter as determination of the ECL provision involved application of judgement by Management in respect of matters such as maximum contractual period of credit risk and probability of credit loss given the large number of aged receivables from government customers. |
Our procedures, in relation to testing of ECL provision recognized, included the following: ⢠Understanding and evaluating the design and testing the operating effectiveness of controls in respect of ECL provision for trade receivables carried at amortized cost. ⢠Reading of the underlying contracts and invoices on test check basis, as applicable to understand the nature of trade receivables, and the dates on which the payments fall due. ⢠Assessing the appropriateness of the credit loss provisioning methodology used by the management, which involves the use of historical trends such as cash collection, performance of the current year against historical trends and the level of credit loss over time. Based on the above procedures performed, we did not find any significant exceptions to the ECL provision recognised in respect of trade receivables carried at amortized cost. |
Other Information
5. The Companyâs Board of Directors is responsible for the other information. The other information comprises the information included in the Directorâs report, but does not include the financial statements and our auditorâs report thereon. Our opinion on the financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of management and those charged with governance for the financial statements
6. The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of 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, changes in equity 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. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
7. In preparing the financial statements, management is responsible for assessing the Companyâs ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those Board of Directors are also responsible for overseeing the Companyâs financial reporting process.
Auditorâs responsibilities for the audit of the financial statements
8. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
9. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of managementâs use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companyâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
10. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
11. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
12. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirements
13. As required by the Companies (Auditorâs Report) Order, 2020 (âthe Orderâ), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
14. 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 (including other comprehensive income), the Statement of Changes in Equity and the Statement of cash flows dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act.
(e) On the basis of the written representations received from the directors as on May 25, 2022 taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2022 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 with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure A".
(g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), 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 financial statements - Refer Note 33 to the financial statements;
ii) The Company was not required to recognise a provision as at March 31,2022 under the applicable law or accounting standards, as it does not have any material foreseeable losses on long-term contract. The Company did not have long-term derivative contracts as at March 31, 2022.
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.
iv) (a) The management has represented that, to the best of its knowledge and belief, other than as
disclosed in the notes to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (âIntermediariesâ), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries (Refer Note 42 to the financial statements)
(b) The management has represented that, to the best of its knowledge and belief, other than as disclosed in the notes to the accounts, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (âFunding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries (Refer Note 42 to the financial statements); and
(c) Based on such audit procedures that we considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) contain any material misstatement.
v) The dividend declared and paid during the year by the Company is in compliance with Section 123 of the Act.
15. The Company has provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Chartered Accountants
Sunit Kumar Basu
Partner
Membership Number: 55000
UDIN: 22055000AJOOZA7499
Place: Hyderabad
Date: May 25, 2022
Mar 31, 2018
Report on the Standalone Indian Accounting Standards (Ind AS) Financial Statements:
1. We have audited the accompanying standalone financial statements of Astra Microwave Products Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31, 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 the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Ind AS Financial Statements
2. The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone Ind AS financial statements to 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 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 of 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.
Auditorsâ Responsibility
3. Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit.
4. We have taken into account the provisions of the Act and the Rules made thereunder including 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.
5. 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.
6. 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 auditorsâ 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 control relevant to the Companyâs 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 the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the standalone Ind AS financial statements.
7. 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
8. 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 March 31, 2018, and its total comprehensive income (comprising of profit and other comprehensive income), its cash flows and the changes in equity for the year ended on that date.
Other Matter
9. The comparative financial information of the Company for the year ended March 31, 2017 and the transition date opening balance sheet as at April 1, 2016 included in these standalone Ind AS financial statements, are based on the previously issued statutory financial statements for the years ended March 31, 2017 and March 31, 2016 prepared in accordance with the Companies (Accounting Standards) Rules, 2006 (as amended) which were audited by the predecessor auditor who expressed an unmodified opinion vide reports dated April 29, 2017 and April 29, 2016 respectively. The adjustments to those financial statements for the differences in accounting principles adopted by the Company on transition to the Ind AS have been audited by us.
Our opinion is not qualified in respect of this matter.
Report on Other Legal and Regulatory Requirements
10. As required by the Companies (Auditorâs Report) Order, 2016, issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act (âthe Orderâ), and on 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 B a statement on the matters specified in paragraphs 3 and 4 of the Order.
11. 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 (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 Indian Accounting Standards specified under Section 133 of the Act.
(e) On the basis of the written representations received from the directors as on March 31, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 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 A.
(g) With respect to the other matters to be included in the Auditorsâ 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 as at March 31, 2018 on its financial position in its standalone Ind AS financial statements - Refer Note 33.
ii. The Company has long-term contracts as at March 31, 2018 for which there were no material foreseeable losses. However it did not have any long-term derivative contracts as at March 31, 2018.
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.
iv. The reporting on disclosures relating to Specified Bank Notes is not applicable to the Company for the year ended March 31, 2018.
Referred to in paragraph 11(f) of the Independent Auditorsâ Report of even date to the members of Astra Microwave Products Limited on the standalone financial statements for the year ended March 31, 2018.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Act
1. We have audited the internal financial controls over financial reporting of Astra Microwave Products Limited (âthe Companyâ) as of March 31, 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
2. The Companyâs 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 adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs 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 Act.
Auditorsâ Responsibility
3. Our responsibility is to express an opinion on the Companyâs 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 âGuidance Noteâ) and the Standards on Auditing deemed to be prescribed under section 143(10) of the Act 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 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 was established and maintained and if such controls operated effectively in all material respects.
4. 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 auditorâs judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
6. A companyâs 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 companyâs 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 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 companyâs assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
7. 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
8. 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.
Referred to in paragraph 10 of the Independent Auditorsâ Report of even date to the members of Astra Microwave Products Limited on the standalone financial statements as of and for the year ended March 31, 2018.
i. (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of fixed assets.
(b) The fixed assets are physically verified by the Management according to a phased programme designed to cover all the items over a period of 3 years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, a portion of the fixed assets has been physically verified by the Management during the year and no material discrepancies have been noticed on such verification.
(c) The title deeds of immovable properties, as disclosed in Note 2 on fixed assets to the financial statements, are held in the name of the Company.
ii. The physical verification of inventory have been conducted at reasonable intervals by the Management during the year. The discrepancies noticed on physical verification of inventory as compared to book records were not material.
iii. The Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Act. Therefore, the provisions of Clause 3(iii), (iii)(a), (iii)(b) and (iii)(c) of the said Order are not applicable to the Company.
iv. In our opinion, and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Companies Act, 2013 in respect of the loans and investments made, and guarantees and security provided by it.
v. The Company has not accepted any deposits from the public within the meaning of Sections 73, 74, 75 and 76 of the Act and the Rules framed there under to the extent notified and accordingly the provisions of Clause (v) of paragraph 3 of the Companies (Auditorâs Report) Order, 2016 are not applicable to the Company.
vi. Pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as specified under Section 148(1) of the Act in respect of its products.
We have broadly reviewed the same, and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records 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 in respect of income tax, though there has been a slight delay in a few cases, and is regular in depositing undisputed statutory dues, including provident fund, employeesâ state insurance, sales tax, service tax, duty of customs, duty of excise, value added tax, cess and goods and service tax with effect from July 1, 2017, as applicable, with the appropriate authorities.
(b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of income-tax, sales-tax, service-tax, duty of customs, and duty of excise or value added tax, which have not been deposited on account of any dispute.
viii. According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of loans or borrowings to any financial institution or bank or Government or dues to debenture holders as at the balance sheet date.
ix. In our opinion, and according to the information and explanations given to us, the moneys raised by way of term loans have been applied for the purposes for which they were obtained. During the year, the company has not raised moneys by way of initial public offer or further public offer (including debt instruments).
x. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud by the Company or 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.
xi. The Company has paid/ provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
xii. As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it, the provisions of Clause 3(xii) of the Order are not applicable to the Company.
xiii. The Company has entered into transactions with related parties in compliance with the provisions of Sections 177 and 188 of the Act. The details of such related party transactions have been disclosed in the financial statements as required under Accounting Standard (AS) 18, Related Party Disclosures specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
xiv. The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under audit. Accordingly, the provisions of Clause 3(xiv) of the Order are not applicable to the Company.
xv. The Company has not entered into any non cash transactions with its directors or persons connected with him. Accordingly, the provisions of Clause 3(xv) of the Order 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. Accordingly, the provisions of Clause 3(xvi) of the Order are not applicable to the Company.
For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754/N500016
Sunit Kumar Basu
Place: Hyderabad Partner
Date : May 28, 2018 Membership Number: 55000
Mar 31, 2017
Report on the Standalone Financial Statements:
We have audited the accompanying standalone financial statements of Astra Microwave Products Limited (âthe Companyâ), which comprise the Balance Sheet as at 31st March, 2017, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Managementâs 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 (âthe Actâ) 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 maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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 financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility:
Our responsibility is to express an opinion on these standalone 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 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 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 the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, 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 financial control relevant to the Company''s preparation of the 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 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 given to us, the aforesaid standalone 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 31st March, 2017, and its profit and its 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, 2016 (âthe Orderâ) issued by the Central Government of India is terms of sub-section (11) of Section 143 of the Act, se give in the âAnnexure Aâ 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 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, and the Cash Flow Statement dealt with by this Report are i n agreement with the books of account.
d 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) Rules, 2014.
e On the basis of the written representations received from the directors as on 31st March, 2017, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2017 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 âAnnexure Bâ.
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 information and according to the explanations given to us:
i The Company does not have any pending litigations which would impact its financial position;
ii. The Company did not have any long-term contracts including derivative contracts 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.
iv. The Company had provided requisite disclosure in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 08.11.2016 to 30.12.2016 and these are in accordance with the books of accounts maintained by Company.
i) a) The Company has maintained proper records, showing full particulars, including quantitative details and situation of fixed assets on the basis of available information.
b) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such physical verification.
c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties are held in the name of the Company.
ii) The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable and as explained to us, there were no material discrepancies noticed on physical verification of inventories as compared to the book records.
iii) The Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained U/Sec.189 of the Act.
iv) In our opinion and according to the information and explanations given to us, in respect of loans, investments, guarantees and security the Company has complied with the provisions of Section 185 and 186 of the Act.
v) According to the information and explanations given to us, the Company has not accepted any deposits from the public and accordingly the provisions of Clause (v) of paragraph 3 of the Companies (Auditor''s Report) Order, 2016 are not applicable to the Company.
vi) The Central Government has specified maintenance of cost records under Section 148 (1) of the Companies act, 2013. 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 made and maintained. We have not, however, carried out a detailed examination of the same.
vii) a) The Company is regular in depositing with appropriate authorities undisputed statutory dues, including Provident Fund, Employees State Insurance, Income Tax, Sales tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other statutory dues applicable to it.
According to the information and explanations given to us no undisputed amounts payable in respect of Provident Fund, Employees State Insurance, Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax and Cess were in arrears, as at 31st March 2017 for a period of more than six months from the date they became payable.
b) According to the information and explanations given to us, there are no dues of Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise and Value Added Tax which have not been deposited with the appropriate authorities on account of any dispute.
viii) Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not defaulted in repayment of loans or borrowing to financial institutions, banks, Government and dues to debenture holders.
ix) Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that moneys raised by the Company by way of term loans have been applied for the purpose for which they were raised.
x) In our opinion and according to the information and explanations given to us, no fraud by the Company and no fraud on the company by its officers or employees has been noticed or reported during the course of audit.
xi) In our opinion and according to the information and explanations given to us, managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act.
xii) Since the Company is not a Nidhi Company, the provisions of Clause (xii) of paragraph 3 of the 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 Companies Act and as required by the applicable accounting standards the details of the transactions with the related parties have been disclosed in the notes to the financial statements. (Refer Note No: 2.36 of Notes to the financial statements).
xiv) During the previous year the Company made private placement of shares and in our opinion the Company has complied with the requirement of section 42 of the Companies Act, 2013. Based on our audit procedures and according to the information and explanations given to us, to the extent the funds utilized during the period under audit, we are of the opinion that moneys raised have been applied for the purpose for which they were raised. The details of amount raised and the amount unused at the end of the year are disclosed in the notes to the financial statements. (Refer Note No: 2.40 of Notes to the financial statements).
xv) In our opinion and 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 him.
xvi) In our opinion and according to the information and explanations given to us, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
For AMAR & RAJU
CHARTERED ACCOUNTANTS
Firm Registration No: 000092S
(P. VENKATA RAMANA)
Place: Hyderabad
Date- 29 04 2017 Membership No: 203346
Mar 31, 2016
We have audited the accompanying standalone financial statements of
Astra Microwave Products Limited ("the Company"), which comprise the
Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss,
the Cash Flow Statement for the year then ended, and a summary of the
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 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
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of 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 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
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
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 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 the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, 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 financial control relevant
to the Company''s preparation of the 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 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 given to us, the aforesaid standalone 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 31st March, 2016, and its profit and its 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, 2016 ("the
Order") issued by the Central Government of India is terms of
sub-section (11) of Section 143 of the Act, se 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
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, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) 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) Rules, 2014.
e) On the basis of the written representations received from the
directors as on 31st March, 2016, and taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2016
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".
(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 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 financial statements  Refer Note No. 2.33 to
the financial statements;
ii. The Company did not have any long-term contracts including
derivative contracts 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.
Referred to in Paragraph 1 under "Report on Other Legal and Regulatory
Requirements" section of our Report
i) a) The Company has maintained proper records, showing full
particulars, including quantitative details and situation of fixed
assets on the basis of available information.
b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such
physical verification.
c) According to the information and explanations given to us and on the
basis of our examination of the records of the Company, the title deeds
of immovable properties are held in the name of the Company.
ii) The inventories have been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable and as explained to us, there were no material discrepancies
noticed on physical verification of inventories as compared to the book
records.
iii) The Company has not granted any loans, secured or unsecured to
companies, firms, Limited Liability Partnerships or other parties
covered in the register maintained U/Sec.189 of the Act.
iv) In our opinion and according to the information and explanations
given to us, in respect of loans, investments, guarantees and security
the Company has complied with the provisions of Section 185 and 186 of
the Act.
v) According to the information and explanations given to us, the
Company has not accepted any deposits from the public and accordingly
the provisions of Clause (v) of paragraph 3 of the Companies (Auditor''s
Report) Order, 2016 are not applicable to the Company.
vi) The Central Government has specified maintenance of cost records
under Section 148 (1) of the Companies act, 2013. 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 made and maintained. We have not, however, carried
out a detailed examination of the same.
vii) a) The Company is regular in depositing with appropriate
authorities undisputed statutory dues, including Provident Fund,
Employees State Insurance, Income Tax, Sales tax, Service Tax, Duty of
Customs, Duty of Excise, Value Added Tax, Cess and other statutory dues
applicable to it.
According to the information and explanations given to us no undisputed
amounts payable in respect of Provident Fund, Employees State
Insurance, Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of
Excise, Value Added Tax and Cess were in arrears, as at 31st March 2016
for a period of more than six months from the date they became payable.
b) According to the information and explanations given to us, there are
no dues of Income Tax, Sales Tax, Service Tax, Duty of Customs and
Value Added Tax which have not been deposited with the appropriate
authorities on account of any dispute. However, according to the
information and explanations given to us there is one dispute pending
before The Hon''ble Customs, Excise & Service Tax Appellate Tribunal,
south Zone Bench, Bangalore under the Central Excise Act, 1944 in
respect of Duty of Excise relating to the periods 2009-2010 and
2010-2011 aggregating Rs.2,48,18,566/- (excluding interest, which is
not yet determined).
viii) Based on our audit procedures and according to the information
and explanations given to us, we are of the opinion that the Company
has not defaulted in repayment of loans or borrowing to financial
institutions, banks, Government and dues to debenture holders.
ix) Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that moneys raised by
the Company by way of term loans have been applied for the purpose for
which they were raised.
x) In our opinion and according to the information and explanations
given to us, no fraud by the Company and no fraud on the company by its
officers or employees has been noticed or reported during the course of
audit.
xi) In our opinion and according to the information and explanations
given to us, managerial remuneration has been paid or provided in
accordance with the requisite approvals mandated by the provisions of
section 197 read with Schedule V to the Companies Act.
xii) Since the Company is not a Nidhi Company, the provisions of Clause
(xii) of paragraph 3 of the 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 Companies Act and as required
by the applicable accounting standards the details of the transactions
with the related parties have been disclosed in the notes to the
financial statements. (Refer Note No: 2.35 of Notes to the financial
statements).
xiv) During the year under review the Company made private placement of
shares and in our opinion the Company has complied with the requirement
of section 42 of the Companies Act, 2013. Based on our audit procedures
and according to the information and explanations given to us, to the
extent the funds utilized during the period under audit, we are of the
opinion that moneys raised have been applied for the purpose for which
they were raised. The details of amount raised during the year and the
amount unused at the end of the year are disclosed in the notes to the
financial statements. (Refer Note No: 2.39 of Notes to the financial
statements).
xv) In our opinion and 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 him.
xvi) In our opinion and according to the information and explanations
given to us, the Company is not required to be registered under section
45-IA of the Reserve Bank of India Act, 1934.
For AMAR & RAJU
CHARTERED ACCOUNTANTS
Firm Registration No: 000092S
( P. VENKATA RAMANA)
Place: Hyderabad Partner
Date: 29.04.2016 Membership No: 203346
Mar 31, 2013
Report on the Financial Statements:
We have audited the accompanying financial statements of ASTRA
MICROWAVE PRODUCTS LIMITED (''the Company''), which comprise the
Balance Sheet as at March 31, 2013, and the Statement of Profit and
Loss and Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements:
Management is responsible for the preparation of these 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 Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 (''the Act''). This responsibility
includes the design, implementation and maintenance of internal control
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 financial
statements based on our audit. We conducted our audit in accordance
with the 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
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''s judgment, 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. 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. Opinion:
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(b) In the case of the Profit and Loss Account, of the profit 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, 2003 (
''the Order'' ) issued by the Central Government of India in terms of
sub-section ( 4A ) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) 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;
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 Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are i n agreement with the books of
account
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Annexure to Auditor''s Report
ASTRA MICROWAVE PRODUCTS LIMITED
Referred to in Paragraph 1 of our report of even date
i) In respect of its fixed assets:
a) The Company has maintained proper records, showing full particulars,
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such
physical verification.
c) In our opinion, the Company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
Company is not affected.
ii) In respect of its inventories:
a) The inventories have been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and nature of its business.
c) The Company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
iii) In respect of loans, secured or unsecured, granted or taken by the
Company to / from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
U/Sec.301 of the Act. The Company has not granted any loans, secured or
unsecured to companies, firms or other parties covered in the register
maintained U/Sec.301 of the Act. Hence the provisions of clause (b),
(c), (d), (f) and (g) of paragraph 4(iii) of the Companies (Auditor''s
Report) Order, 2003 are not applicable to the Company.
iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchases of inventory and 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 control
system.
v) In respect of the contracts or arrangements referred to in section
301 of the Companies Act, 1956:
In our opinion and according to the information and explanations given
to us, there are no transactions made in pursuance of contracts or
arrangements that needed to be entered into in the register maintained
under section 301 of the Companies Act, 1956.
vi) According to the information and explanations given to us, the
Company has not accepted any deposits from the public. Therefore, the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the Company.
vii) In our opinion the Company has an internal audit system
commensurate with the size and nature of it business.
viii) The Central Government has prescribed maintenance of cost 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 made and
maintained. We have not, however, carried out a detailed examination of
the same.
ix) In respect of statutory dues:
a) The Company is regular in depositing with appropriate authorities
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 other
statutory dues applicable to it.
b) According to the information and explanations given to us no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Employees State Insurance, Income Tax,
Wealth Tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, and Cess
were in arrears, as at 31st March 2013 for a period of more than six
months from the date they became payable.
c) According to the information and explanations given to us, there are
no dues of Sales Tax, Income Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty and Cess, which have not been deposited on account of
any dispute.
x) The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
xi) Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the Company has
not defaulted in repayment of dues to financial institutions, banks and
debenture holders.
xii) In our opinion and according to the explanations given to us and
based on the information available no loans and advances have been
granted by the Company 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 / Nidhi / Mutual
Benefit Fund / Society.
Therefore, the provisions of Clause 4(xiii) of paragraph 4 of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
xiv) The Company has maintained proper records of the transactions and
contracts in respect of dealing or trading in Mutual funds and timely
entries have been made therein. All the said investments have been held
by the Company in its own name.
xv) The Company has not given any guarantee for loans taken by others
from banks and financial institutions. Therefore, the provisions of
Clause 4(xv) of paragraph 4 of the Companies (Auditor''s Report)
Order, 2003 are not applicable to the Company.
xvi) The Company has raised new term loans during the year. The term
loans outstanding at the beginning of the year and those raised during
the year have been applied for the purpose for which they were raised.
xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we are of
the opinion that there are no funds raised on short-term basis that
have been used for long-term investment.
xviii) The Company has not made any preferential allotment of shares to
the parties and companies covered in the register maintained under
Section301 of the Companies Act, 1956.
xix) The Company has not issued any debentures. Therefore, the
provisions of Clause 4(xix) of paragraph 4 of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
xx) The Company has not raised any monies by way of public issue during
the year.
xxi) In our opinion and according to the information and explanations
given to us, no fraud on or by th Company has been noticed or reported
during the year.
For AMAR & RAJU
CHARTERED ACCOUNTANTS
Firm Registration No: 000092S
(G. AMARANATHA REDDY)
Place: Hyderabad Partner
Date: 29.04.2013 Membership No: 019711
Mar 31, 2012
We have audited the attached Balance Sheet of M/s. ASTRA MICROWAVE
PRODUCTS LIMITED, as at 31st March, 2012, the Profit and Loss Statement
and the Cash Flow Statement for the year ended on that date annexed
thereto and the cash flow statement for the period ended on that date
annexed thereto. These financial statements are the responsibility of
the Company's 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. Those 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 management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
I. As required by the Companies (Auditor's 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 report that:
i) In respect of its fixed assets:
a) The Company has maintained proper records, showing full particulars,
including quantitative details and situation of fixed assets on the
basis of available information.
b) As explained to us, all the fixed assets have been physically
verified by the management in a phased periodical manner, which in our
opinion is reasonable, having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such
physical verification.
c) In our opinion, the company has not disposed off a substantial part
of its fixed assets during the year and the going concern status of the
company is not affected.
ii) In respect of its inventories:
a) The inventories have been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and nature of its business.
c) The company has maintained proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventories as compared to the book records.
iii) In respect of loans, secured or unsecured, granted or taken by the
company to / from companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956:
The company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
U/Sec.301 of the Act. The company has not granted any loans, secured or
unsecured to companies, firms or other parties covered in the register
maintained U/Sec.301 of the Act. Hence the provisions of clause (b),
(c), (d), (f) and (g) of paragraph 4(iii) of the Companies (Auditor's
Report) Order, 2003 are not applicable to the Company.
iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and the nature of its business for the
purchases of inventory and 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 control
system.
v) In respect of the contracts or arrangements referred to in section
301 of the Companies Act, 1956:
In our opinion and according to the information and explanations given
to us, there are no transactions made in pursuance of contracts or
arrangements that needed to be entered into in the register maintained
under section 301 of the Companies Act, 1956.
vi) According to the information and explanations given to us, the
company has not accepted any deposits from the public. Therefore, the
provisions of Clause (vi) of paragraph 4 of the Order are not
applicable to the Company.
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 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 made and maintained. We have not, however, carried
out a detailed examination of the same.
ix) In respect of statutory dues:
a) The company is regular in depositing with appropriate authorities
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 other
statutory dues applicable to it.
b) According to the information and explanations given to us no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Employees State Insurance, Income Tax,
Wealth Tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, and Cess
were in arrears, as at 31st March 2012 for a period of more than six
months from the date they became payable.
c) According to the information and explanations given to us, there are
no dues of Sales Tax, Income Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty and Cess, which have not been deposited on account of
any dispute.
x) The Company does not have accumulated losses at the end of the
financial year. The company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
xi) Based on our audit procedures and according to the information and
explanations given to us, we are of the opinion that the company has
not defaulted in repayment of dues to a financial institutions, banks
and debenture holders.
xii) In our opinion and according to the explanations given to us and
based on the information available no loans and advances have been
granted by the company 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 / Nidhi / Mutual
Benefit Fund / Society.
Therefore, the provisions of Clause 4(xiii) of paragraph 4 of the
Companies (Auditor's Report) Order, 2003 are not applicable to the
Company.
xiv) In our opinion, the company is not dealing or trading in shares,
securities, debentures and other investments. Therefore, the provisions
of Clause 4(xiv) of paragraph 4 of the Companies (Auditor's Report)
Order, 2003 are not applicable to the company.
xv) The Company has not given any guarantee for loans taken by others
from banks and financial institutions. Therefore, the provisions of
Clause 4(xv) of paragraph 4 of the Companies (Auditor's Report)
Order, 2003 are not applicable to the company.
xvi) The company has raised new term loans during the year. The term
loans outstanding at the beginning of the year and those raised during
the year have been applied for the purpose for which they were raised.
Xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we are of
the opinion that there are no funds raised on short- term basis that
have been used for long-term investment.
xviii) The company has not made any preferential allotment of shares to
the parties and companies covered in the register maintained under
Section 301 of the Companies Act, 1956.
xix) The company has not issued any debentures. Therefore, the
provisions of Clause 4(xix) of paragraph 4 of the Companies
(Auditor's Report) Order, 2003 are not applicable to the company.
xx) The company has not raised any monies by way of public issue during
the year.
xxi) In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the year.
II. Subject to above comments and notes forming part of accounts we
further state 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 appears from our examination of
such books.
iii) The Balance Sheet, the Profit & Loss Statement and Cash Flow
Statement dealt with by this report are i n 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 are in compliance 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 31st March, 2012 and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st March,
2012 from being appointed as Director in terms of clause (g) of
sub-section (1) 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
Significant Accounting Policies and notes thereon give the information
required by the Companies Act, 1956 in the manner so required, 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 31st March, 2012;
b) In the case of the Profit & Loss Statement, of the Profit 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.
Place: Hyderabad For AMAR & RAJU
Date: 26-04-2012 CHARTERED ACCOUNTANTS
Firm Registration No: 000092S
P. VENKATA RAMANA
Partner
Membership No: 203346
Mar 31, 2011
We have audited the attached Balance Sheet of M/s. ASTRA MICROWAVE
PRODUCTS LIMITED, as at 31st March, 2011 and also the Profit and Loss
Account for the year ended on that date annexed thereto and the cash
flow statement for the period ended on that date. These financial
statements are the responsibility of the Companys management. Our
responsibility is to express an opinion on thesefinancialstatements
based on ouraudit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements. 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
providesareasonablebasisforouropinion.
I. As required by the Companies (Auditors Report) order, 2003 issued
by the Central Government of India in terms of
Sub-Section(4A)ofSection227oftheCompaniesAct,1956,wereportthat:
i. a. The Company has maintained proper records, showingfull
particulars, including quantitative details and situation of fixed
assets.
b. The management has conducted the physical verification of fixed
assets during the year under audit, which in our opinion, is reasonable
having regard to the size of the Company and the nature of its assets.
No materialdiscrepancies were noticed on such verification.
c.The company has not disposed substantial part of the fixed as sets
during the year under audit.
ii. a. The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b. The procedures of physical verification of inventories followed by
the management are 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 has not taken any loans, secured or unsecured from
companies,firmsoro ther parties covered in
the register maintained U/Sec.30l of the Act. The company has not
granted any loans, secured or unsecured to companies, firms or other
parties covered in the register maintained U/Sec.30l of the Act. Hence
the provisions of clause (b), (c), (d), (f) and (g) of paragraph 4(iii)
of the Companies (Auditors Report) Order, 2003 are not applicable to
the Company.
iv. In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and the nature of its business for the
purchases of inventory and 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 control
system.
v. In respect of transactions covered under section 301 of the
Companies Act, 1956: In our opinion and according to the information
and explanations given to us, there are no transactions made in
pursuance of contracts or arrangements that needed to be entered into
in the register maintained under section 301 of the Companies Act,
1956.
vi. The company has not accepted any deposits from the public.
vii. In our opinion the company has an internal audit system
commensurate with the size and nature of its business.
viii. According to the information and explanations given to us,
maintenance of cost records U/Sec. 209(1) (d) the Companies Act,1956has
not been prescribed bytheCentralGovernmentforthe company.
ix. a. The company is regular in depositing with appropriate
authorities undisputed statutory dues, including Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Income Tax, Sales tax, Wealth Tax, Customs Duty, Excise Duty, Service
Tax, Cess and other statutory dues applicable to it.
b. According to the information and explanations given to us no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Employees State Insurance, Income Tax,
Wealth Tax, Sales Tax, Customs Duty, Excise Duty, Service Tax and Cess
were in arrears, as at 31st March 2011 for a period of more than six
months from the date they became payable.
c. According to the information and explanations given to us, there
are no dues of Sales Tax, Income Tax, Wealth Tax, Service Tax, Customs
Duty, Excise Duty and Cess, which have not been deposited on account
ofanydispute.
x. The provisions of clause 4(x) of the Companies (Auditors Report)
Order, 2003 are not applicable to the Company, since the company has no
accumulated losses at the end of the financialyear.
xi. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues
toafinancialinstitutionsand banks.
xii. The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and othersecurities.
xiii. In our opinion, the Company is not a Chit Fund or a Nidhi/Mutual
Benefit Fund/ Society. Therefore, the provisions of clause A(xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
Company.
xiv. In our opinion, the company is not dealing or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of clause 4(xiv) of the Companies (Auditors Report) Order,
2003 are not applicable to thecompany.
xv. In our opinion, the terms and conditions on which the company has
given guarantee for loans taken by subsidiary company from banks are
not prejudicial to the interest of the company.
xvi. In our opinion.the term loans have been applied for the purpose
for which the ywereraised.
Xvii. Accordingto the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that funds raised on short-term basis have not been used for long-term
investment.
xviii. According to the information and explanations given to us, the
company has not made any preferential allotment of shares to the
parties and companies covered in the register maintained U/Sec.30l of
the Companies Act, 1956.
xix. The company has not issued any debentures. Accordingly, the
provisions of clause 4(xix) of the Companies (Auditors Report) Order,
2003 are not applicable to the company.
xx. The company has not raised any money by way of public issue during
the year under audit. Accordingly, the provisions of clause 4(xx) of
the Companies (Auditors Report) Order, 2003 regarding disclosure of
the end use of money raised by public issue are not applicable to the
company.
xxi. Accordingto the information and explanations given to us, no fraud
on or by the company has been noticed or reported duringthe course of
ouraudit.
II. Subject to above comments and notes forming part of accounts we
further state that:
i. We have obtained all the information and explanations, which to the
best of our knowledge and belief were
necessaryforthepurposesofouraudit.
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
such books.
iii. The Balance Sheet and the Profit & Loss Account referred to in
this report are in agreement with the books of account.
iv. In our opinion, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the accountingstandards 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,
and taken on record by the Board of Directors, we report that none of
the Directors is disqualified as on 31st March, 2011 from
beingappointed as Director in terms of clause (g) of sub-section (1)
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, 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 31st March, 2011 and
b. In the case of the Profit & Loss Account, of the Profit for the
year ended on that date and
c. In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
For AMAR & RAJU
Chartered Accountants
Firm Registration No: 000092S
P.VENKATARAMANA
Place : Hyderabad Partner
Date : 27-04-2011 Membership No: 203346
Mar 31, 2010
We have audited the attached Balance Sheet of M/s ASTRA MICROWAVE
PRODUCTS LIMITED, as at 31st March, 2010 and also the Profit and Loss
Account for the year ended on that date annexed thereto and the cash
flow statement for the period ended on that date. These financial
statements are the responsibility of the CompanyÃs 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. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatements. 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.
I As required by the Companies (AuditorÃs 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 report that:
i a The Company has maintained proper records, showing full
particulars, including quantitative details and situation of fixed
assets.
b The management has conducted the physical verification of fixed
assets during the year under audit, which in our opinion, is
reasonable having regard to the size of the Company and the nature of
its assets. No material discrepancies were noticed on such verification.
c The company has not disposed substantial part of the fixed assets
during the year under audit.
ii a The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b The procedures of physical verifi cation of inventories followed by
the management are 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 has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
U/Sec.301 of the Act. The company has not granted any loans, secured or
unsecured to companies, firms or other parties covered in the register
maintained U/Sec.301 of the Act. Hence the provisions of clause (b),
(c), (d), (f) and (g) of paragraph 4(iii) of the Companies (AuditorÃs
Report) Order, 2003 are not applicable to the Company.
iv In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the company and the nature of its business for the
purchases of inventory and 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 control
system.
v In respect of transactions covered under section 301 of the Companies
Act, 1956: In our opinion and according to the information and
explanations given to us, there are no transactions made in pursuance
of contracts or arrangements that needed to be entered into in the
register maintained under section 301 of the Companies Act, 1956.
vi The company has not accepted any deposits from the public.
vii In our opinion the company has an internal audit system
commensurate with the size and nature of its business.
viii According to the information and explanations given to us,
maintenance of cost records U/Sec. 209(1) (d) the Companies Act, 1956
has not been prescribed by the Central Government for the company.
ix a The company is regular in depositing with appropriate authorities
undisputed statutory dues, including Provident Fund, Investor Education
and Protection Fund, Employees State Insurance, Income Tax, Sales tax,
Wealth Tax, Customs Duty, Excise Duty, Service Tax, Cess and other
statutory dues applicable to it.
b According to the information and explanations given to us no
undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Employees State Insurance, Income Tax,
Wealth Tax, Sales Tax, Customs Duty, Excise Duty, Service Tax and Cess
were in arrears, as at 31st March 2010 for a period of more than six
months from the date they became payable.
c According to the information and explanations given to us, there are
no dues of Sales Tax, Income Tax, Wealth Tax, Service Tax, Customs Duty,
Excise Duty and Cess, which have not been deposited on account of any
dispute.
x The provisions of clause 4(x) of the Companies (AuditorÃs Report)
Order, 2003 are not applicable to the Company, since the company has no
accumulated losses at the end of the 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 a
financial institutions and banks.
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
(xiii) of the Companies (AuditorÃs Report) Order, 2003 are not
applicable to the Company.
xiv In our opinion, the company has maintained proper records of the
transactions and contracts in respect of investments in shares and units
and timely entries have been made therein and the shares and units have
been held by the company in its own name.
xv In our opinion, the terms and conditions on which the company has
given guarantees for loans taken by subsidiary companies from banks are
not prejudicial to the interest of the company.
xvi In our opinion, the term loans have been applied for the purpose
for which they were raised.
xvii According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the company, we report
that funds raised on short-term basis to the extent of Rs.2.55 crores
have been used for long-term investment.
xviii According to the information and explanations given to us, the
company has not made any preferential allotment of shares to the parties
and companies covered in the register maintained U/Sec.301 of the Companies
Act, 1956.
xix The company has not issued any debentures. Accordingly, the
provisions of clause 4(xix) of the Companies (AuditorÃs Report) Order,
2003 are not applicable to the company.
xx The company has not raised any money by way of public issue during
the year under audit. Accordingly, the provisions of clause 4(xx) of
the Companies (AuditorÃs Report) Order, 2003 regarding disclosure of
the end use of money raised by public issue are not applicable to the
company.
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.
II Subject to above comments and notes forming part of accounts we
further state 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 appears from our examination of such
books.
iii The Balance Sheet and the Profit & Loss Account referred to in this
report are in agreement with the books of account.
iv In our opinion, the Balance Sheet and Profit and Loss Account 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,
and taken on record by the Board of Directors, we report that none of
the Directors is disqualified as on 31st March, 2010 from being appointed
as Director in terms of clause(g) of sub-section (1) 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, 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 31st March, 2010 and
b In the case of the Profit & Loss Account, of the Profit for the year
ended on that date and
c In the case of Cash Flow Statement, of the Cash Flows for the year
ended on that date.
For AMAR & RAJU
Chartered Accountants
Firm Registration Number 000092S
P VENKATA RAMANA
Place Hyderabad Partner
Date 30 April 2010 Membership No: 203346
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article
More Information on Astra Microwave Products Ltd.
-
Astra Microwave Products Ltd. Tools
- Bulk Deals
- Block Deals
-
Astra Microwave Products Ltd. Company Details
- Company Profile
- Company History
- Management Team
- Capital Structure
- Product Mix
- Banker/Auditor/Registrar
-
Company History
- Bonus
- BSE Price History
- NSE Price History
-
Astra Microwave Products Ltd. Key Financial Ratios
- Ratios
-
Astra Microwave Products Ltd. Results
- Quarterly Results
- Half Yearly Results
- Nine Months Results
- Annual Results
-
Astra Microwave Products Ltd. Financial Data
- Audited Results
- Cash Flow
- Balance Sheet
-
Astra Microwave Products Ltd. Reports
- Accounting Policies
- Auditors Report
- Directors Report
- Notes To Account
-
Astra Microwave Products Ltd. Corporate Announcements
- Book Closure
- Dividend
- Board Meetings
