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Force Motors Ltd.

BSE: 500033 Sector: Auto
NSE: BAJAJTEMPO ISIN Code: INE451A01017
BSE 16:01 | 27 Mar 2018 Force Motors Ltd
NSE 05:30 | 01 Jan 1970 Force Motors Ltd
OPEN 2765.00
PREVIOUS CLOSE 2741.80
VOLUME 27544
52-Week high 4810.00
52-Week low 2749.10
P/E 25.73
Mkt Cap.(Rs cr) 3,635
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2765.00
CLOSE 2741.80
VOLUME 27544
52-Week high 4810.00
52-Week low 2749.10
P/E 25.73
Mkt Cap.(Rs cr) 3,635
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Force Motors Ltd. (BAJAJTEMPO) - Auditors Report

Company auditors report

To the Members of Force Motors Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Force MotorsLimited ("the Company") which comprise the Balance Sheet as at 31st March2015 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of theAct and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement. An audit involves performingprocedures to obtain audit evidence about the amounts and the disclosures in the financialstatements. The procedures selected depend on the auditor’s judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company’s preparation of the financial statementsthat give a true and fair view in order to design audit procedures that are appropriate inthe circumstances but not for the purpose of expressing an opinion on whether the Companyhas in place an adequate internal financial control system over financial reporting andthe operating effectiveness of such controls. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company’s Directors as well as evaluating the overallpresentation of the financial statements. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thestandalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 issued by theCentral Government of India in terms of subsection (11) of section 143 of theAct we givein theAnnexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143 (3) of theAct we report that:

(a) We have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as it appears from our examination of those books

(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account

(d) In our opinion the aforesaid standalone financial statements comply withtheAccounting Standards specified under Section 133 of theAct read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) In our opinion there are no financial transactions or matters which have anyadverse effect on the functioning of the company.

(f) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of theAct;

(g) With respect to the other matters to be included in theAuditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition in its financial statements–Refer Note 28 to the financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company subject to Note No. 42 in Notesto Financial Statements.

For M/s. P. G. Bhagwat
Firm’s Registration Number : 101118W
CharteredAccountants
Place : Pune SanjayAthavale
Date : 6th May 2015 Partner
Membership Number 83374

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in our report of even date)

1. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As explained to us considering the nature of the Fixed Assets the same have beenphysically verified by the management at reasonable intervals during the year as per theverification plan adopted by the company which in our opinion is reasonable havingregard to the size of the company and the nature of its assets. According to theinformation and explanations given to us and the records produced to us for ourverification the discrepancies noticed during such physical verification were notmaterial and the same have been properly dealt with in the books of account.

2. (a) The inventory has been physically verified during the year by the managementwhich is in our opinion at reasonable intervals.

(b) The procedures of physical verification of inventories followed by the managementare reasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) On the basis of our examination of the records of inventory we are of the opinionthat the company is maintaining proper records of inventory. No material discrepancieswere noticed on verification between the physical stock and the book records.

3. The Company has not granted any loans secured or unsecured to companies firms andother parties covered in the Register maintained under Section 189 of the CompaniesAct2013 during the year.

4. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business with regard to purchases of inventory fixed assets and with regardto the sale of goods and services. During the course of our audit no major weakness hasbeen noticed in the internal control system.

5. In our opinion and according to the information and explanations given to us thecompany has complied with the directives of the Reserve Bank of India and the provisionsof Sections 73 to 76 of the Companies Act 2013 and the rules framed thereunder whereverapplicable. As informed to us no order has been passed against the company by the CompanyLaw Board the National Company Law Tribunal RBI or any court or any tribunal.

6. The Company is maintaining cost records as prescribed under Section 148 (1) of theCompanies

Act 2013. However we have not verified the same for completeness or accuracy.

7. (a) According to the records of the Company the Company is regular in depositingundisputed statutory dues with the appropriate authorities. There were no amounts payablein respect of the statutory dues outstanding as at the Balance Sheet date for a period ofmore than six months from the date they became payable.

According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund ESI Sale Tax VAT Income Tax Customs duty WealthTax Service Tax Excise Duty Cess and any other statutory dues were outstanding as atthe balance sheet date for a period of more than six months from the date they becamepayable.

(b) According to the records of the Company there are no dues of Sales Tax VATIncome Tax Customs Duty Wealth Tax Excise Duty Cess and Service Tax which have notbeen deposited on account of any dispute except :

Name of the Statute Amount ( Rs. Lakhs) Forum
Customs 0.80 Asst. Commissioner of Customs
Duty Mumbai CESTAT Mumbai
Sales Tax 467.68 Sr. Dy. Comm. of Sales Tax Pune. Jt. Comm. of Sales Tax (Appeals) 1 Pune Jt. Comm. Pune. Dy. Comm. (Appeals) III Commercial Taxes Jaipur Dy. Comm. of Commercial Tax(Coimbatore & Sitarampur) Dy. Comm. Commercial Tax Ratlam M.P. Commercial Tax Appellate Board Bhopal Additional Comm. Commercial Tax Indore.
Excise Duty 495.88 Commissioner of Central Excise (Appeals) Pune - I Commissionerate Pune CESTAT Western regional Bench Mumbai CESTAT New Delhi and Comm. (Appeals) Bhopal.
Total 964.36

(c) The amount required to be transferred to investor education and protection fund inaccordance with the relevant provisions of the Companies Act 1956 (1 of 1956) and rulesmade thereunder has been transferred to such fund within time subject to Note No. 42 inNotes to Financial Statements.

8 The company has no accumulated losses as on the Balance Sheet date. The company hasnot incurred cash losses during the financial year covered by our audit nor during theimmediately preceding financial year.

9. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the company has not defaulted in repayment of duesto any financial institution bank or debenture holders.

10. As informed to us the company has not given any guarantee for loans taken by frombank or financial institutions.

11. During the year Term Loans have not been raised by the company.

12. Based upon the audit procedures performed and information and explanations given bythe management we report that no fraud on or by the company has been noticed or reportedduring the course of our audit.

For M/s. P. G. Bhagwat
Firm’s Registration Number : 101118W
CharteredAccountants
Place : Pune SanjayAthavale
Date : 6th May 2015 Partner
Membership Number 83374