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Auditor Report of Ahimsa Industries Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of Ahimsa Industries PVT. LTD. (lthe Conipany") the Company have been converted into a public limited company with effect from 25 May,2015) which comprise die Balance Sheet as at 3Tl March,. 2015, die Statement of Profit & Loss. The Cash Flow Statement, and a summary of the significant accounting policies and other explanatory information for die year then ended, ( in which are incorporated the Returns far the year ended on that date audited by us, of the Company's branch at Mumbai.

Management's Responsibility fur the Stanutalime Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act. 2U13('the Act7') with respect to the preparation of these slandalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with Ihc accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of the Act, Fead with Rule 7 of the Companies (Accounts) Rules, 20i4. This responsibility also includes maintenance of adequate accounting records in accordance with preparation of of (he Act for safeguarding 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* tha( were operating effectively for ensuring die accuracy and completeness of (he accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from materia] misstatement, whedier due. to fraud or error.

Auditor'S' Responsibility

Our responsibility is to express an opinion on these standalone financial statements based orr* 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 Ihc audit report under the provisions of die Act and (he Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified uiider 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 (rom material misstatement.

Aji audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on (he auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. En making those risk assessments, die auditor An audit Involves performing procedures to obtain audit evidence about the amounts and die disclosures in the financial statements. The procedures selected depend on die auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error, In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of the financial statements thai give a true and Mr view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating die appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by die Company's Directors, as well as evaluating the overall presentation of me financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on die standalone financial statements.

OPINION

In our opinion and to the best of our information and according to the explanations given to us. the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and lair view in conformity .with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March. 2015, and its profit/loss and its cash flows for the year ended on that date.

Report im Other Legal and Regulatory Requirements

As required by Section 143 (j) of the Aet, we report that:

(a) We have sought and obtained all (he 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 buoks of account as required by law have l>een kept by the Company so far as it appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from die brandies.

(t) The Balance Sheet, die Statement of Profit and Loss, and the Cash Flow Statement dealt with by dils Report are tn agreement with the books of account.

(d) In our opinion, the aforesaid standalone financial statements comply wirii 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, 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 adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to oiu separate Report in "Annexurc A". (1) With respect to the other matters to be Included in the Auditor's Report b 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 J frictions on tli financial position in its financial statements - Refer TJotc 12(iv) to the financial statements.

(ii) "The Company did not have any lung-term contracts including derivative contracts for which mere were any material foreseeable losses.

(iii). There has heen no delay in transferring amounts, required to be transferred, to me Investor Education and Protection Fund by the Company,

Annexure to Auditors'Report

(i) In respect of fixed assets:

a. The company has maintained proper record showing full particulars including quantitative details and situation of fixed assets on die basis of available information,

b. As explained to us, the management during the year in a phased periodical manner, which in our opinion is reasonable, liavlng regard ro die size of the company and nature of its assets. No material discrepant; ies were noticed on such physical verification. In our Opinion, the Company has not disposed of substantial part of fixed assets during the year and going concern status of The company is nol affected,

(ii) In. respect of Inventories :

a. As explained to us, trade and PET goods have been physically verified by the management ai the end of the year.

b. In our opinion and according to the information and explanations given to us. die procedures of physical verification of ttading goods and PUT goods followed by the management are reasonable and adequate in relation to the size of lite company and the nature of its business.

t. As informed by the director. The Company is eagaged in export trading and Manufacturing Goods. The company for Trading Goods places orders after receipt of confirm order from overseas buyer as per their orders. On receipt of die delivery from supplier the same goods are being dispatched. Hence the company not maintaining a separate regisler for quantity details for such trading goods. As explained lo us there were no material discrepancies noticed on physical verification of inventory' as compared to the book records.

(iii) Tn respect of loans, secured nr unsecured, granted or taken by the Company to/from companies* firms or other parties covered in the register maintained under Section 185* of Companies Act, 2013,

a. The company lias not granted secured loans. The Company has taken a EPC Limit from Corporation Bank. The maximum amount outstanding during the year was Rs. L 39. 68JO0/- & the year end balance of E.P.C. (Corporation Bank) was tts. 1, 39, 6OQ0/-. The Company has a C.C. Limit from Corporation Bank. The maximum amount involved during the year was Rs.4, 6"!,54,312A & the year end balance of was Rs. 3. 99, 52,j83/-, The Company has facility from Corporation Bank (Buyer Credit), The maximum amount involved during the year was Rs.5,43.64.816/' & the year end balance was NIL The Company has taken a Term Loan having no.06580401150006 from Corporation Bank (TLS). The maximum amount involved during the year was Rsr4, 10, 98,600/- & theyear end balance was Rs.2, 25, 91,027/-. The Company has taken second term loan having no.065S05-01 L3000I iron Corporation Bank (TLS). The maximum amount involved during Lite year was Rs.3B5, j3hS10/- & the ycarend balance wag Rs.2£S, 44T323/-, Tile Company has taken thhd term loan having no.065S0540! 140004 from Corporation Bank (TLS), The maximum amount involved during the year was R$.13S,J7.6"58/-& the ycarend balance was Rs.!2E, 49,024/-, The Company has taken overdraft facility having no.[)65&t)05(M 150001 from Corporation Bank . The maximum amount involved during the vear was Rs. 162,69.341:'- &. the ycarend balance was Rs.Lol. 50.0QO/-

b, Jn our opinion and according to the information and cxplanahons given to us, [interest is paid on loans from Banks. Therefore., not prima facie prejudicial to the Interest of the company.

c. In respect of loan taken by the Company, the principle amount payment is regular. There is not overdue amount in respect ofloan taken by the Company.

{iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business for (he purpose of inventories, fixed assets and also for the saEe of goods. During the course of our audit, we have tint observed any major weaknesses in internal Controls.

(v) The Company has uul laken deposit from public. Loans taken from Banks & Financial institution has not considered as deposit.

(vi) The Central Government has not prescribed maintenance of cost records tinder Section MS(1) of the Companies Act. 2013 for any of the products of the company,

(vil) In respect uf statutory dues :

h, As informed by the management the provisions of the Employees1 State

Insurance, Provident Fund, income lax, sales A'at tax/ CSTT custom duty, excise duty, Service tax, cess, and other material statutory dues have been generally and regularly deposited with the appropriate authority.

b. As explained to us there was no amount outstanding at the year end in respect of Undisputed Income Taxr Sales Tax which are due for more than six monlhs from die date they become payable.

c (Transfer of Amount to investor education and protection fund En accordance with the relevant provisions of the Companies Act, 1957 and rules made there under has been transferred to such fund within time.

tviii) The .Company has no accumulated losses and has not Incurred any cash losses during (he financial year covered by audit or in the immediately preceding financial year.

(3x) Based on otu audit procedures and according to the fnfbrmation and explanations given to us, we are of the opinion that the Company has not defaulting in repayment of dues to financial institutions, banks or debentures.

[x] hi our opinion and according to the information and explanations given to us. the company has not given any guarantee for loans and advances !akcn by oihcrs from bank or financiai institutions, the terms and conditions whereof at prejudicial to the interest of the company,

(xi) The Company has raised term loan during the year. According w the information and explanation provided to us and record examine by us wc arc of opinion that (he term loan outstanding ai the beginning of the year and raised during the year have been applied by the company For (he purpose for which they were obtain.

(xii) In our opinion and according to the informal [on and explanations given to us, no fraud on or the company has been noticed or reported during the year.

Place; Ahmcdabad. For, Kr 11. Trivedi & Co.,

Date: 15th July Chartered Accountants

Firm Reg. No.; 111054W

Kirit H. Trivedi

Proprietor

Membership No.: 03639Q

 
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