Mar 31, 2023
INDIA MOTOR PARTS AND ACCESSORIES LIMITED
Report on the Audit of the Standalone Ind AS Financial Statements
We have audited the standalone Ind AS financial statements of India Motor Parts & Accessories Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31,2023, and the statement of Profit and Loss (including Other Comprehensive Income), statement of changes in Equity and statement of Cash Flows for the year then ended, and notes to the standalone Ind AS financial statements, including a summary of significant accounting policies and other explanatory information.
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 Companies Act, 2013 (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 31,2023, and Profit and Other Comprehensive Profit, changes in Equity and its Cash Flows for the year ended on that date.
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditorâs Responsibilities for the Audit of the standalone Ind AS financial statements 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 Companies Act, 2013 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 are those matters that, in our professional judgment, 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 Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined that there are no key audit matters to be communicated in our report.
4. Information Other than the Financial Statements and Auditorâs Report Thereon
The Companyâs Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Boardâs Report including Annexures to Boardâs Report, Business Responsibility Report, Corporate Governance Report and Shareholderâs Information, but does not include the standalone Ind AS financial statements and our auditorâs report thereon.
Our opinion on the standalone Ind AS financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone Ind AS financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone Ind AS 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.
5. Responsibility of Management for Standalone Financial Statements
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 that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian 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 statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone Ind AS 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.
6. Auditorâs Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone Ind AS 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 Ind AS financial statements.
As part of an audit in accordance with Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
a) Identify and assess the risks of material misstatement of the standalone Ind AS 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.
b) 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 Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
d) Conclude on the appropriateness of management''s 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 Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s 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 auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
e) 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.
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.
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.
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.
7. Report on Other Legal and Regulatory Requirements
i) 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 Companies Act, 2013, we give in the âAnnexure Aâ to this report a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
ii) 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 the statement of Other Comprehensive Income, Statement of Changes in Equity 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 March 31, 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 over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ to this report.
g) With respect to the other matters to be included in the Auditorâs Report in accordance with the requirements of section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act read with schedule V to the Act.
h) 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, 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.
(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) (a) The Management has represented that, to the best of its knowledge and belief,
no funds (which are material either individually or in the aggregate) 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 or entity, including foreign entity (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;
(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity (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;
(c) Based on the audit procedures that we have considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations as provided under (a) and (b) above, contain any material misstatement.
(v) (a) The final dividend declared and paid by the company during the year in respect of
the previous financial year is in accordance with section 123 of the Companies Act,
2013 to the extent it applies to payment of dividend.
(b) The interim dividend declared and paid by the company during the current year is in accordance with section 123 of the Companies Act, 2013 to the extent it applies to payment of dividend.
(c) The Board of Directors of the company have proposed a final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with Section 123 of the Act, to the extent it applies to declaration of dividend.
(vi) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the company with effect from April 1, 2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules,
2014 is not applicable for the financial year ended March 31,2023.
Chartered Accountants Firm Regn No. 000511S
Place: Chennai. Partner
Date: May 19,2023 Membership No. 025929
UDIN: 23025929BGYJXO7674
Mar 31, 2021
Report on the Audit of the Standalone Financial Statements1. Opinion
We have audited the Ind AS standalone financial statements of India Motor Parts & Accessories Limited (âthe Companyâ), which comprise the Balance Sheet as at 31st march 2021, and the statement of Profit and Loss (including other Comprehensive Income), statement of changes in Equity and statement of Cash Flows for the year then ended, and notes to the Ind as Financial Statements, including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS Standalone Financial Statements give the information required by the Companies Act, 2013 (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 31,2021, and Profit and other Comprehensive Income, changes in Equity and its Cash Flows for the year ended on that date.
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. our responsibilities under those Standards are further described in the Auditorâs Responsibilities for the Audit of the Ind AS Standalone Financial Statements 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 Companies Act, 2013 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.
We draw attention to Note No.38 of the Standalone Financial Statements, wherein the Company has disclosed its Assessment of the Covid-19 pandemic. As mentioned therein, the assessment of the management does not indicate any material effect on the carrying value of its assets and liabilities of the Company on the reporting date or any adverse change in the ability of the Company to continue as a Going Concern. The assessment of the Management is dependent on the circumstances as they evolve considering the uncertainties prevailing in the economic situation.
Our opinion is not modified in respect of this matter.
Key audit matters are those matters that, in our professional judgment, 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 Ind AS Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined that there are no key audit matters to be communicated in our report.
5. Information Other than the Financial Statements and Auditorâs Report Thereon
The Companyâs Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Boardâs Report including Annexures to Boardâs Report, Business Responsibility Report, Corporate Governance Report and Shareholderâs Information, but does not include the Ind AS financial statements and our auditorâs report thereon.
Our opinion on the Ind AS Standalone Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Ind AS Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Ind AS 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.
6. Responsibility of Management for Standalone Financial Statements
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 Ind AS Standalone Financial Statements that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian 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 statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Ind AS 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.
7. Auditorâs Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the Ind AS 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 Ind AS Standalone Financial Statements.
As part of an audit in accordance with Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
a) Identify and assess the risks of material misstatement of the Ind AS 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.
b) 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 Companies Act, 2013, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls.
c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
d) 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.
e) 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.
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.
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.
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.
8. Report on Other Legal and Regulatory Requirements
i) As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the âAnnexure Aâ to this report a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
ii) 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 the statement of Other Comprehensive Income, Statement of Changes in Equity 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, 2021 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2021 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 to this report.
g) With respect to the other matters to be included in the auditorâs report in accordance with the requirements of section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act read with schedule V to the Act.
h) 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, 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 30.5(a)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.
Chartered Accountants Firm Regn No. 000511S
Place: Chennai. Partner
Date: 18th June, 2021 Membership No. 025929
UDIN: 21025929AAAABS7210
Mar 31, 2017
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of India Motor Parts and Accessories 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 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 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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these 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 standalone financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the standalone 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 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 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
Independent Auditorâs Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ) is enclosed in Annexure A.
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, its profit and cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
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 Statement of Profit & 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 written representations received from the Directors, as on 31st March, 2017 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 other matters to be included in the Auditorâs 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:
(a) The company does not have any pending litigations which would impact its financial position.
(b) The company does not have any long term contracts including derivative contracts for which there were any material foreseeable losses.
(c) There has been no delay in transferring amounts, required to be transferred, to the investor education and protection fund by the company.
(d) The Company has provided requisite disclosures in the financial statements as to holdings as well as dealings in Specified Bank Notes during the period 8th November, 2016 to 30th December, 2016. Based on audit procedures and relying on the management representation we report that the disclosures are in accordance with the books of account maintained by the Company and as produced to us by the management.
g. 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, we give in the Annexure B a statement on the matters specified in paragraphs 3 & 4 of the Order.
ANNEXURE TO THE AUDITORâS REPORT ON STANDALONE FINANCIAL STATEMENTS OF EVEN DATE TO THE MEMBERS OF INDIA MOTOR PARTS AND ACCESSORIES LIMITED
(i) a. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
b. According to the information given to us and explanations, there is a regular programme of verification of fixed assets. No material discrepancies between the book records and the physical inventory have been noticed in respect of the fixed assets physically verified.
c. The title deeds of the immovable properties are held in the name of the company.
(ii) Physical verification of inventory has been conducted at reasonable intervals by the management. The discrepancies between the physical stock and the book records were not material.
(iii) According to the information and explanations given to us, during the year 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 Companies Act, 2013.
(iv) The company has not given any loans, guarantees and security and in respect of investments, provisions of Section 186 of the Companies Act, 2013 have been complied with.
(v) The Company has not accepted any deposits from the public during the year.
(vi) The company being a trading company, maintenance of cost records specified by the Central Government under sub-section (1) of section 148 of Companies Act 2013, is not applicable.
(vii) a. According to the information and explanations given to us, the Company is generally regular in depositing with appropriate authorities undisputed statutory dues in respect of Provident Fund, Employeesâ State Insurance, Income-Tax, Sales-Tax, Service Tax, VAT, Cess and other statutory dues applicable to it.
b. As at 31st March 2017, according to the records of the Company, there are no pending disputes.
(viii) The Company has not availed any loans or borrowings and has not issued any debentures.
(ix) Based on our audit and on the information and explanations given by the management, the company has not raised moneys either by way of initial public offer or further public offer (including debt instruments) and term loans were not availed.
(x) Based upon audit procedures performed and information and explanations given to us, we report that no fraud by the company or any fraud on the company by its officers or employees has been noticed or reported during the course of our audit.
(xi) Managerial remuneration has been provided in accordance with the requisite approvals mandated by section 197 read with schedule V to the Companies Act.
(xii) The company is not a Nidhi company.
(xiii) All transactions with the related parties are in compliance with sections 177 and 188 of Companies Act 2013 and the details have been disclosed in the financial statements as required by the applicable accounting standards.
(xiv) The company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
(xv) The company has not entered into any non cash transactions with directors or persons connected with them.
(xvi) The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
For Sundaram & Srinivasan
Chartered Accountants
Regn. No.004207S
M.Padhmanabhan
Place : Chennai. Partner
Date: 26th May 2017 Membership Number : F13291
Mar 31, 2015
We have audited the accompanying financial statements of India Motor
Parts and Accessories Limited ("the Company") which comprise the
Balance Sheet as at 31st March 2015, 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 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 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 judgements
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 financial statements that give a true and fair view and
are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these 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 disclosures in the financial statements. The procedures
selected depend on the auditor's judgement, 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 financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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, 2015, its profit and cash flows for the year ended on
that date.
Report on Other Legal and Regulatory Requirements
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 & 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 financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e. On the basis of written representations received from the Directors,
as on 31st March, 2015 taken on record by the Board of Directors, none
of the Directors is disqualified as on 31st March, 2015, from being
appointed as a director in terms of Section 164 (2) of the Act.
f. 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:
1. The company does not have any pending litigations which would impact
its financial position.
2. The company does not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses.
3. There has been no delay in transferring amounts, required to be
transferred, to the investor education and protection fund by the
company.
As required by the Companies (Auditor's Report) Order, 2015, issued
by the Central Government of India in terms of subsection (11) of
Section 143 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 3 & 4 of the Order.
i. a. The Company has maintained proper records showing full
particulars, including quantitative details and situation of its fixed
assets.
b. According to the information given to us and explanations, there is
a regular programme of verification of fixed assets, which in our
opinion, is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies between the book
records and the physical inventory have been noticed in respect of the
fixed assets physically verified and were properly dealt with in the
books.
ii. a. Physical verification of inventory has been conducted at
reasonable intervals by the management.
b. The procedures for physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
c. The Company is maintaining proper records of inventory. The
discrepancies between the physical stock and the book records were not
material and have been properly dealt with in the books of account.
iii. According to the information and explanations given to us, during
the year the Company has not granted any loans secured or unsecured to
companies, firms or other parties covered in the register maintained
under Section 189 of the Companies Act, 2013.
iv. The company has got adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in internal control
systems.
v. The Company has not accepted any deposits from the public during the
year.
vi. The company being a trading company, maintenance of cost records
specified by the Central Government under section 148 of Companies act
2013, are not applicable.
vii. a. According to the information and explanations given to us, the
Company is generally regular
in depositing with appropriate authorities undisputed statutory dues in
respect of provident fund, employees' state insurance, income-tax,
wealth-tax, sales-tax, service tax, cess and other statutory dues
applicable to it.
b. As of 31st March 2015, according to the records of the Company,
there are no pending disputes.
c. According to the records, information and explanations given to us,
the amount required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 2013 and rules made there under has been transferred to
such fund within the time as prescribed.
viii. The Company has neither accumulated losses as at 31st March 2015
nor has incurred any cash losses during the financial year ended on
that date and in the immediately preceding financial year.
ix. Based on our audit and on the information and explanations given by
the management, the company has not availed any loans from banks and
hence default in the repayment of the dues does not arise.
x. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
xi. The Company has not raised any term loans during the year.
xii. Based upon audit procedures performed and information and
explanations given to us, we report that no fraud on or by the company
has been noticed or reported during the course of our audit.
For Sundaram & Srinivasan
Chartered Accountants
Regn. No.004207S
M.Padhmanabhan
Place: Chennai . Partner
Date: 28th May 2015 Membership Number : F13291
Mar 31, 2014
We have audited the accompanying financial statements of INDIA MOTOR
PARTS & ACCESSORIES LIMITED which comprise the Balance Sheet as at 31st
March, 2014, the Profit and Loss Statement and also the 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 the 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 read with General Circular 15/2013 dated
13th September, 2013 of the Ministry of Corporate Affairs in respect of
section 133 of the Companies Act, 2013. 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 misstatements,
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 misstatements.
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 to 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 suffcient 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 31st March, 2014;
b) In the case of Profit and 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.
Report on Other Legal and Regulatory Requirements
1. 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 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 accounts 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, Profit and Loss Statement and Cash Flow Statement
dealt with by this Report are in agreement with the Books of Accounts;
d) In our opinion, the Balance Sheet, Profit and Loss Statement and Cash
Flow Statement comply with the Accounting Standards referred to in sub
section (3c) of section 211 of the Companies Act, 1956 read with
General Circular 15/2013 dated 13th September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act 2013;
e) On the basis of written representations received from the directors
as on 31st March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act,1956.
ANNEXURE REFERRED TO IN PARA 1 OF THE AUDITORS'' REPORT OF EVEN DATE TO
THE MEMBERS OF INDIA MOTOR PARTS AND ACCESSORIES LIMITED
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) According to the information and explanations given to us, there is
a regular programme of verifcation of fixed assets which in our opinion
is reasonable having regard to the size of the Company and the nature
of its assets. No material discrepancies between the book records and
the physical inventory have been noticed in respect of the fixed assets
physically verifed.
(c) There was no substantial disposal of fixed assets during the year.
2. (a) Physical verification of inventory has been conducted at
reasonable intervals by the management.
(b) The procedures of physical verifcation of inventory followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
(c) The company is maintaining proper records of inventory and the
discrepancies noticed during the physical verifcation of inventory
between the physical stock and the book records were not material in
relation to the size of operations of the Company.
3. The company has not granted/taken any loans secured or unsecured
to/from the Companies, firms or other parties covered in the register
maintained under Section 301 of the Companies Act, 1956.
4. The company has got adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in internal control
systems.
5. (a) The particulars of Contracts or Arrangements referred to in
Section 301 of the Act have been entered in the register required to
be maintained under that Section and
(b) The transactions made in pursuance of such Contracts and
arrangements have been made at prices which are reasonable having
regard to the prevailing market price at the relevant time.
6. The Company has not accepted any deposits from the public during
the year covered by our audit report.
7. In our opinion the Company has an Internal Audit System
commensurate with its size and nature of its business.
8. This being a trading company, the rules made by the Central
Government for the maintenance of cost records under Section 209(1)(d)
of the Companies Act, 1956 are not applicable.
9. (a) According to the information and explanations given to us, 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,
VAT, Wealth Tax, Service Tax and other material statutory dues
applicable to it.
(b) As at 31st March, 2014 according to the records of the Company,
there are no pending disputes.
10. The company has neither accumulated losses as at 31st March, 2014
nor has incurred any cash losses during the financial year ended on that
date and in the immediately preceding financial year.
11. Based on our audit and on the information and explanations given
by the management the Company had not availed any loans from banks and
hence default in the repayment of the dues does not arise.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company.
14. In our opinion and according to the information and explanations
given to us, the Company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provisions of paragraph 4(xiv) of the Order are not applicable to the
Company.
15. According to the information and explanations given to us the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The company has not raised any term loans during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the company, in our opinion
there are no funds raised on short term basis which have been used for
long term investment.
18. The company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies Act 1956, during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by public issues during the
year.
21. Based upon the audit procedures performed and information and
explanations given to us we report that no fraud on or by the company
has been noticed or reported during the course of our audit.
For Sundaram & Srinivasan
Chartered Accountants
Regn. No.004207S
M.Padhmanabhan
Partner
Membership Number : F13291
Place: Chennai.
Date: 28th May 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying fnancial statements of INDIA MOTOR
PARTS AND ACCESSORIES LIMITED which comprises the Balance Sheet as at
31st March, 2013, the Proft and Loss Statement and also the Cash Flow
Statement for the year then ended and a summary of signifcant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of the fnancial
statements that give a true and fair view of the fnancial position,
fnancial performance and cash fows of the company in accordance with
the accounting standards referred to in sub section(3C) of section 211
of Companies Act,1956. This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the fnancial statements that give a
true and fair view and are free from material misstatements, whether
due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these fnancial
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 fnancial statements are free
from material misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the fnancial statements. The procedures
selected depend on the auditor''s judgement, including the assessment of
the risks of material misstatement of the fnancial 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 fnancial statements in order to design audit
procedures that are appropriate to 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 fnancial statements.
We believe that the audit evidence we have obtained is suffcient 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 fnancial 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 policies generally accepted in
India:
a) In the case of Balance Sheet of the state of affairs of the company
as at March 31, 2013;
b) In the case of the Proft and Loss statement of the proft for the
year ended on that date;and
c) In the case of Cash Flow Statement, of the cash fows 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 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 specifed 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 accounts 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, Proft and Loss statement and Cash Flow statement
dealt with by this report are in agreement with the Books of Accounts;
d) In our opinion, the Balance Sheet, Proft and Loss statement and Cash
Flow statement comply with the Accounting Standards referred to be in
sub section (3c) of section 211 of the Companies Act 1956;
e) On the basis of written representations received from the directors,
as on 31st March 2013 and taken on record by the Board of Directors,
none of the Directors is disqualifed as on 31st March 2013, from being
appointed as a director in terms of clause(g) of sub section(1) of
section 274 of the Companies Act 1956.
ANNEXURE REFERRED TO IN PARA 1 OF THE AUDITORS'' REPORT OF EVEN DATE TO
THE MEMBERS OF INDIA MOTOR PARTS AND ACCESSORIES LIMITED
1. (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of its fxed
assets.
(b) According to the information and explanations given to us, there is
a regular programme of verifcation of fxed assets which, in our opinion
is reasonable having regard to the size of the Company and the nature
of its assets. No material discrepancies between the book records and
the physical inventory have been noticed in respect of the fxed assets
physically verifed.
(c) There was no substantial disposal of fxed assets during the year.
2. (a) Physical verifcation of inventory has been conducted at
reasonable intervals by the management.
(b) The procedures of physical verifcation of inventory followed by the
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and the
discrepancies noticed during the physical verifcation of inventory
between the physical stock and the book records were not material in
relation to the size of operations of the Company.
3. The Company has not granted/taken any loans secured or unsecured
to/from the Companies, frms or other parties covered in the register
maintained under Section 301 of the Companies Act, 1956.
4. The Company has got adequate internal control system commensurate
with the size of the company and the nature of its business for the
purchase of inventory, fxed assets and for the sale of goods and
services. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in internal control
systems.
5. (a) The particulars of Contracts or Arrangements referred to in
Section 301 of the Act have been entered in the register required to be
maintained under that Section and
(b) The transactions made in pursuance of such Contracts and
Arrangements have been made at prices which are reasonable having
regard to the prevailing market price at the relevant time.
6. The Company has not accepted any deposits from the public during
the year covered by our audit report.
7. In our opinion the Company has an internal audit system
commensurate with its size and nature of its business.
8. This being a trading company, the rules made by the Central
Government for the maintenance of cost records under Section 209(1) (d)
of the Companies Act, 1956 are not applicable.
9. (a) According to the information and explanations given to us, 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,
VAT, Wealth Tax, Service Tax and other material statutory dues
applicable to it.
(b) As at 31st March, 2013 according to the records of the Company,
there are no pending disputes.
10. The Company has neither accumulated losses as at 31st March, 2013
nor has incurred any cash losses during the fnancial year ended on that
date and in the immediately preceding fnancial year.
11. Based on our audit and on the information and explanations given
by the management the Company had not availed any loans from banks and
hence default in the repayment of the dues does not arise.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to chit
fund/nidhi/mutual beneft fund/societies are not applicable to the
Company.
14. In our opinion and according to information and explanations given
to us the Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of
paragraph 4(xiv) of the Order are not applicable to the Company.
15. According to the information and explanations given to us the
company has not given any guarantee for loans taken by others from bank
or fnancial institutions.
16. The Company has not raised any term loans during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, in our opinion
there are no funds raised on short term basis which have been used for
long term investment.
18. The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained under section
301 of the Companies Act, 1956 during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by public issues during the
year.
21. Based upon the audit procedures performed and information and
explanations given to us we report that no fraud on or by the company
has been noticed or reported during the course of our audit.
For Sundaram & Srinivasan
Chartered Accountants
Regn. No.004207S
MP ahmanabhan
Place: Chennai. Partner
Date: 28th May 2013 Membership Number : F13291
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s.INDIA MOTOR PARTS
AND ACCESSORIES LIMITED as at 31st March, 2012, the Profit and Loss
Statement and also the Cash Flow Statement for the year 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.
2. We have 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.
3. As required by the Companies (Auditor's Report) Order, 2003
issued by the Central Government of India in terms of subsection (4A)
Section 227 of the Companies Act, 1956 and as amended we enclose in the
Annexure a statement on the matters specified in paragraphs 4 & 5 of
the said order.
4. Further to our comments in the Annexure referred to above, 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, Profit and Loss Statement and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
d. In our opinion, the Balance Sheet, Profit and Loss Statement and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in subsection (3C) of Section 211 of
the Companies Act, 1956;
e. 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 are disqualified as on 31st March,
2012 from being appointed as a Director in terms of clause (g) of
sub-section(1) of Section 274 of the Companies Act, 1956;
f. 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 matter so required and give
a true and fair view in conformity with the Accounting Principles
generally accepted in India:
1) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012.
2) In the case of the Profit and Loss Statement, of the Profit for the
year ended on that date and
3) In the case of the Cash Flow Statement of the cash flows for the
year ended on that date.
Referred to in paragraph 3 of our report of even date
1. (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) According to the information and explanations given to us, there is
a regular programme of verification of fixed assets which, in our
opinion is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies between the book
records and the physical inventory have been noticed in respect of the
fixed assets physically verified.
(c) There was no substantial disposal of fixed assets during the year.
2. (a) Physical verification of inventory has been conducted at
reasonable intervals by the management.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and the
discrepancies noticed during the physical verification of inventory
between the physical stock and the book records were not material in
relation to the size of operations of the Company.
3. The Company has not granted/taken any loans secured or unsecured
to/from the Companies, firms or other parties covered in the register
maintained under Section 301 of the Companies Act, 1956.
4. The Company has got adequate internal control system commensurate
with the size of the company and the nature of its business for the
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in internal control
systems.
5. (a) The particulars of Contracts or Arrangements referred to in
Section 301 of the Act have been entered in the register required to be
maintained under that Section and
(b) The transactions made in pursuance of such Contracts and
Arrangements have been made at prices which are reasonable having
regard to the prevailing market price at the relevant time.
6. The Company has not accepted any deposits from the public during
the year covered by our audit report. The company has complied with the
provisions of Section 58A, 58AA or any other relevant provisions of the
Companies Act, 1956. To the best of our knowledge and according to the
information and explanations given to us, no order has been passed by
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any Court or any other Tribunal.
7. In our opinion the Company has an internal audit system
commensurate with its size and nature of its business,
8. This being a trading company, the rules made by the Central
Government for the maintenance of cost records under Section 209(1) (d)
of the Companies Act, 1956 are not applicable.
9. (a) According to the information and explanations given to us, 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 and other material statutory dues applicable to
it.
(b) As at 31st March, 2012 according to the records of the Company, the
disputes are as follows:
1. Sales Tax in Orissa for the year 1998-1999 is pending with the
Tribunal for Rs.0.39 lakhs.
10. The Company has neither accumulated losses as at 31st March, 2012
nor has incurred any cash losses during the financial year ended on
that date and in the immediately preceding financial year.
11. Based on our audit and on the information and explanations given
by the management we are of the opinion that the Company has not
defaulted in the repayment of its dues to bankers during the year.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company.
14. In our opinion and according to information and explanations given
to us the Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of Clause
4(xiv) of the Companies (Auditor's Report) Order 2003 are not
applicable to the Company.
15. According to the information and explanations given to us the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The Company has not raised any term loans during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, in our opinion
there are no funds raised on short term basis which have been used for
long term investment.
18. The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained under section
301 of the Companies Act, 1956 during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by public issues during the
year.
21. Based upon the audit procedures performed and information and
explanations given to us we report that no fraud on or by the company
has been noticed or reported during the course of our audit.
For Sundaram and Srinivasan
Chartered Accountants
Firm Registration Number: 004207S
Place : Chennai M.Padhmanabhan
Date : 29.05.2012 Partner
Membership Number: 13291
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/s.INDIA MOTOR PARTS
AND ACCESSORIES LIMITED as at 31st March, 2011, the Profit and Loss
Account and also the Cash Flow Statement for the year 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.
2. We have 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.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of subsection (4A) Section
227 of the Companies Act, 1956 and as amended we enclose in the
Annexure a statement on the matters specified in paragraphs 4 & 5 of
the said order.
4. Further to our comments in the Annexure referred to above, 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, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d. In our opinion, the Balance Sheet , Profit and Loss Account and
Cash Flow Statement dealt with by this report 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 31st March, 2011 and taken on record by the Board of Directors,
we report that none of the Directors are disqualified as on 31st March,
2011 from being appointed as a Director in terms of clause (g) of
sub-section(1) of Section 274 of the Companies Act, 1956;
f. 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 matter so required and give
a true and fair view in conformity with the Accounting Principles
generally accepted in India:
1) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011.
2) In the case of the Profit and Loss Account, of the Profit for the
year ended on that date and
3) In the case of the Cash Flow Statement of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT OF M/S. INDIA MOTOR PARTS &
ACCESSORIES LIMITED
Referred to in paragraph 3 of our report of even date
1. (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) According to the information and explanations given to us, there is
a regular programme of verification of fixed assets which, in our
opinion is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies between the book
records and the physical inventory have been noticed in respect of the
fixed assets physically verified.
(c) There was no substantial disposal of fixed assets during the year.
2. (a) Physical verification of inventory has been conducted at
reasonable intervals by the management.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and the
discrepancies noticed during the physical verification of inventory
between the physical stock and the book records were not material in
relation to the size of operations of the Company.
3. The Company has not granted/taken any loans secured or unsecured
to/from the Companies, firms or other parties covered in the register
maintained under Section 301 of the Companies Act, 1956.
4. The Company has got adequate internal control system commensurate
with the size of the company and the nature of its business for the
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of audit, we have not observed any
continuing failure to correct major weaknesses in internal control
systems.
5. (a) The particulars of Contracts or Arrangements referred to in
Section 301 of the Act have been entered in the register required to be
maintained under that Section and
(b) The transactions made in pursuance of such Contracts and
Arrangements have been made at prices which are reasonable having
regard to the prevailing market price at the relevant time.
6. The Company has not accepted any deposits from the public during
the year covered by our audit report. The company has complied with the
provisions of Section 58A, 58AA or any other relevant provisions of the
Companies Act, 1956. To the best of our knowledge and according to the
information and explanations given to us, no order has been passed by
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any Court or any other Tribunal.
7. In our opinion the Company has an internal audit system
commensurate with its size and nature of its business.
8. This being a trading company, the rules made by the Central
Government for the maintenance of cost records under Section 209(1) (d)
of the Companies Act, 1956 are not applicable.
9. (a) According to the information and explanations given to us, 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 and other material statutory dues applicable to
it.
(b) As at 31st March, 2011 according to the records of the Company, the
disputes are as follows:
- Sales Tax in Orissa for the year 1998-1999 is pending with the
Tribunal for Rs.0.39 lakhs.
10. The Company has neither accumulated losses as at 31st March, 2011
nor has incurred any cash losses during the financial year ended on
that date and in the immediately preceding financial year.
11. Based on our audit and on the information and explanations given
by the management we are of the opinion that the Company has not
defaulted in the repayment of its dues to bankers during the year.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company.
14. In our opinion and according to information and explanations given
to us the Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of Clause
4(xiv) of the Companies(Auditor's Report) Order 2003 are not applicable
to the Company.
15. According to the information and explanations given to us the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The Company has not raised any term loans during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, in our opinion
there are no funds raised on short term basis which have been used for
long term investment.
18. The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained under section
301 of the Companies Act, 1956 during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by public issues during the
year.
21. Based upon the audit procedures performed and information and
explanations given to us we report that no fraud on or by the company
has been noticed or reported during the course of our audit.
For Sundaram & Srinivasan
Chartered Accountants
Firm Registration Number : 004207S
Place : Chennai M.Padhmanabhan
Date : 11th August 2011 Partner
Membership Number : 13291
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/s.INDIA MOTOR PARTS
& ACCESSORIES LIMITED as at 31st March, 2010, the Profit and Loss
Account and also the Cash Flow Statement for the year ended on that
date annexed thereto. These financial statements are the responsibility
of the Companys Management. Our responsibility is to express an
opinion on these financial statements based on our audit.
2. We have 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.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of subsection (4A) Section
227 of the Companies Act, 1956 and as amended we enclose in the
Annexure a statement on the matters specified in paragraphs 4 & 5 of
the said order.
4. Further to our comments in the Annexure referred to above, 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, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d. In our opinion, the Balance Sheet , Profit and Loss Account and
Cash Flow Statement dealt with by this report 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 31st March, 2010 and taken on record by the Board of Directors,
we report that none of the Directors are disqualified as on 31st March,
2010 from being appointed as a Director in terms of clause (g) of
sub-section(1) of Section 274 of the Companies Act, 1956;
f. 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 matter so required and give
a true and fair view in conformity with the Accounting Principles
generally accepted in India:
1) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010.
2) In the case of the Profit and Loss Account, of the Profit for the
year ended on that date and
3) In the case of the Cash Flow Statement of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT OF M/S.INDIA MOTOR PARTS & ACCESSORIES
LIMITED
Referred to in paragraph 3 of our report of even date
1. (a) The Company is maintaining proper records showing full
particulars including quantitative
details and situation of fixed assets.
(b) According to the information and explanations given to us, there is
a regular programme of verification of fixed assets which, in our
opinion is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies between the book
records and the physical inventory have been noticed in respect of the
fixed assets physically verified.
(c) There was no substantial disposal of fixed assets during the year.
2. (a) Physical verification of inventory has been conducted at
reasonable intervals by the management.
(b) The procedures of physical verification of inventory followed by
the management are reasonable and adequate in relation to the size of
the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory and the
discrepancies noticed during the physical verification of inventory
between the physical stock and the book records were not material in
relation to the size of operations of the Company.
3. The Company has not granted/taken any loans secured or unsecured
to/from the Companies, firms or other parties covered in the register
maintained under Section 301 of the Companies Act, 1956.
4. The Company has got adequate internal control system commensurate
with the size of the company and the nature of its business for the
purchase of inventory, fixed assets and for the sale of goods. During
the course of audit, we have not observed any continuing failure to
correct major weaknesses in internal control systems.
5. (a) The particulars of Contracts or Arrangements referred to in
Section 301 of the Act have been entered in the register required to
be maintained under that Section.
(b) The transactions made in pursuance of such Contracts and
Arrangements have been made at prices which are reasonable having
regard to the prevailing market price at the relevant time.
6. The Company has not accepted any deposits from the public during
the year covered by our audit report. The company has complied with the
provisions of Section 58A, 58AA or any other relevant provisions of the
Companies Act, 1956. To the best of our knowledge and according to the
information and explanations given to us, no order has been passed by
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any Court or any other Tribunal.
7. In our opinion the Company has an internal audit system
commensurate with its size and nature of its business.
8. This being a trading company, the rules made by the Central
Government for the maintenance of cost records under Section 209(1) (d)
of the Companies Act, 1956 are not applicable.
9. (a) According to the information and explanations given to us, the
company is regular in depositingwith appropriate authorities undisputed
statutory dues including Provident Fund, Investor Education and Protec
tion Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth
Tax, Service Tax and other material statutory dues applicable to it.
(b) As at 31 st March, 2010 according to the records of the Company,
the disputes are as follows:
1. Sales Tax in Orissa for the year 1998-1999 is pending with the
Tribunal for Rs.0.39 lakhs.
2. Sales Tax in Bihar for 2006-2007 is pending with the Joint
Commissioner for Rs.3.67 lakhs.
10. The Company has neither accumulated losses as at 31 st March, 2010
nor has incurred any cash losses during the financial year ended on
that date and in the immediately preceding financial year.
11. Based on our audit and on the information and explanations given
by the management we are of the opinion that the Company has not
defaulted in the repayment of its dues to bankers during the year.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The provisions of any special statute applicable to chit
fund/nidhi/mutual benefit fund/societies are not applicable to the
Company.
14. In our opinion and according to information and explanations given
to us the Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provisions of Clause
4(xiv) of the Companies(Auditors Report) Order 2003 are not applicable
to the Company.
15. According to the information and explanations given to us the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The Company has not raised any term loans during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company, in our opinion
there are no funds raised on short term basis which have been used for
long term investment.
18. The Company has not made any preferential allotment of shares to
parties and Companies covered in the register maintained under section
301 of the Companies Act, 1956 during the year.
19. The Company has not issued any debentures during the year.
20. The Company has not raised any money by public issues during the
year.
21. Based upon the audit procedures performed and information and
explanations given to us we report that no fraud on or by the company
has been noticed or reported during the course of our audit.
For Sundaram & Srinivasan
Chartered Accountants
Firm Registration No:004207S
Chennai M Padhmanabhan
10 th July, 2010 Partner
Membership Number:13291