Annual Report
This report is prepared for submission to Utopian Regulatory Authority as a part of the period reporting obligations.
Right Autoparts Corp is a leading manufacturer of critical, high precision components for the automotive industry in Utopia. The company continues to invest in state-of-the-art facilities harboring world-class capacities and capabilities. The company’s varied range of products encompass fasteners, powertrain components, sintered metal parts, iron powder, cold extruded parts, and radiator caps. The company is listed with Utopia Stock Exchange. The company was incorporated in 2001 and is registered with Utopian Regulatory Authority.
The Legal Entity Identifier | FAKE0012345678901274
In Utopian, the economic scenario has improved on the back of strong household spending and corporate fundamentals. We continue to be optimistic about the growth and opportunities in this year. Sustained spending on kept the economy buoyant, besides unlocking a virtuous cycle of investment strong volume growth across all segments started to face headwinds in the form of increased costs on account of regulatory and safety upgrades towards the latter part of FY 2020.
FY 2020 proved to be another positive year for the Company, contributed by robust demand from the domestic and export markets. The company has continued to perform well in terms of operational efficiencies. Your company continues to develop products that combine outstanding performance and technology. As we look ahead over the next couple of years, we anticipate a tremendous deal of transformation and you company is well place to meet the demand opportunities that will arise from these important and fundamental shifts.
We have audited the accompanying balance sheets of Right Autoparts Corp as of December 31, 2020, and the related statements of income, retained earnings, and cash flows for the years then ended, and the related notes to the financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the Utopia. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
In our opinion, the financial statements referred to previously present fairly, in all material respects, the financial position of Right Autoparts Corp Company as of December 31, 2020 and 2019, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in Utopia.
Michael Watson For M Partners
Place: Utopia Date: 01 March 2021
Years Ended December 31, 2020 and 2019
| December 31, 2020 | December 31, 2019 | |
|---|---|---|
| Assets: | ||
| Receivables | ||
| Inventories | ||
| Inventories WIP | ||
| Cash and cash equivalents | ||
| Current assets | ||
| Intangible assets | ||
| Property, plant and equipment | ||
| Financial assets | ||
| Non-current assets | ||
| Total Assets | ||
| Equities and Liabilities: | ||
| Trade and other payables | ||
| Other financial liabilities | ||
| Current liabilities | ||
| Long-term provisions | ||
| Financial liabilities | ||
| Non-current liabilities | ||
| Issued capital | ||
| Retained earnings | ||
| Equity | ||
| Equity and liabilities |
for the Period from January 1 to December 31, 2020 and 2019
| Jan. to Dec. 2020 | Jan. to Dec. 2019 | |
|---|---|---|
| Revenue from Operations | ||
| Other Income, net | ||
| Total Income | ||
| Cost of raw materials | ||
| Cost of warranties replacement | ||
| Wages and salaries | ||
| Selling and Distributiion Expenses | ||
| Amortization and depreciation expense | ||
| Financial income / expense | ||
| Total expenses | ||
| Profit Before Tax | ||
| Income tax expense | ||
| Profit After Tax | ||
| Other comprehensive income | ||
| Total comprehensive income |
for the Period from January 1 to December 31, 2020 and 2019
| Jan. to Dec. 2020 | Jan. to Dec. 2019 | |
|---|---|---|
| Profit After Tax | ||
| Amortization and depreciation expense | ||
| (Increase) decrease of Receivables | - | - |
| (Increase) decrease of Inventories | - | - |
| (Increase) decrease of Inventories WIP | - | - |
| Increase (decrease) of Trade and other payables | ||
| Increase (decrease) of Other financial liabilities | ||
| Adjustments for finance income (costs) | - | - |
| Cash flow from operating activities | ||
| (Acquisition)/Disposal of intangible fixed assets | - | |
| (Acquisition)/Disposal of Property, plant and equipment | - | |
| (Acquisition) / settlement of financial assets | - | |
| Interest received | ||
| Cash flow from investing activities | - | - |
| Repayment of financing liabilities | ||
| Dividend payment | ||
| Cash flow from financing activities | - | - |
| Total cash flow effects on cash and cash equivalents | ||
| Effect of changes in exchange rates on cash and cash equivalents | - | |
| Cash and equivalents, beginning of year | ||
| Cash and equivalents, end of year |
These financial statements have been prepared in accordance with Utopian Accounting Standards read with Section 13 of the Companies Act, 2011 ('the Act'). The financial statements have been prepared on historical cost basis except for certain financial instruments measured at fair value at the end of each reporting period. These financial statements have been prepared on a going concern basis. Based on the evaluation, management believes that the Company will be able to continue as a ‘going concern’ in the foreseeable future and for a period of at least twelve months from the date of these financial statements.
The preparation of financial statements in conformity with acocunting standard requires management to make judgments, estimates and assumptions, that affect the application of accounting policies and the reported amounts of assets, liabilities, income, expenses and disclosures of contingent assets andliabilities at the date of these financial statements and the reported amounts of revenues and expenses for the years presented. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed at each balance sheet date.
The Company recognizes revenues on the sale of products, net of discounts, sales incentives, customer bonuses and rebates granted, when products are delivered to dealers or when delivered to a carrier for export sales, which is when control including risks and rewards and title of ownership pass to the customer. Sale of products is presented net of excise duty where applicable and other indirect taxes.
Costs and expenses are recognised when incurred and are classified according to their nature.Expenditure capitalised represents employee costs, stores and other manufacturing supplies, and other expenses incurred for construction including product development undertaken by the Company.
These consolidated financial statements are presented in US Dollars, which is the functional currency of ight Autoparts Corp. Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Exchange differences are recognised in the statement of profit and loss except to the extent, exchange differences which are regarded as an adjustment to interest costs on foreign currency borrowings, are capitalised as part of borrowing costs.
The revenues split into regions as follows:
| Jan. to Dec. 2020 | Jan. to Dec. 2019 | |
|---|---|---|
| Europe | ||
| Asia | ||
| North and South America | ||
| Other regions | ||
| Revenue from Operations |
| Related Party LEI | Name | Relationship Type | Net Owed Amount | Total Revenue |
|---|---|---|---|---|
| DUMMYLEI1234567 | ||||
| DUMMYLEI1234568 |