Mar 31, 2015
We have audited the accompanying standalone financial statements of
Agrimony Commodities Limited ("the Company") which comprise the
standalone balance sheet as at 31st March 2015, the standalone
statement of profit and loss and the standalone cash flow statement for
the year then ended and a summary of significant accounting policies
and other explanatory information. Management's Responsibility for the
Standalone Financial Statements The Company's Board of ectors is
responsible for the matters in section 134(5) of the Companies Act,
2013 ("the Act") with respect to the preparation of the 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 the maintenance of adequate accounting
records in accordance with the provision of the Act for safeguarding of
the assets of the Company and for preventing and detecting the 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 internal
financial control, 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.
Auditor's Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the standalonefinancial
statements are free from material mis-statement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the standalone financial statements. The
procedures selected depend on the auditor's 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 Company's preparation of the standalone financial
statements that give true and fair view in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by Company's
ectors, 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.
Qualified Opinion
In our opinion the company has not complied with Accounting Standard 15
to the extent of not accounting / providing employees terminal
benefits. Since the amount of terminal benefits is not quantified by
the Management we are unable to specify the extent of overstatement of
profit and understatement of current liabilities therefore.
Subject to above, 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;
a) In the case of the Standalone Balance Sheet, of the state of affairs
of the Company as at March 31, 2015;
b) In the case of the Standalone Statement of Profit and Loss, of the
profit for the year ended on that date; and
c) In the case of the Standalone Cash Flow Statement, of the cash flows
for the year ended on that date.
1) As required by the Companies (Auditor's Report) Order,2015 ("the
Order") issued by the central government of India in term of sub-
section (11) of the section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2) As required by section 143 (3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Standalone Balance Sheet, the Standalone Statement of Profit and
Loss, and Standalone Cash Flow Statement dealt with by this Reports 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 ectors as
on 31 March, 2015, taken on record by the Board of ectors, none of the
ectors is disqualified as on 31 March, 2015, from being appointed as a
ector 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:
i. The standalone financial statement did not have any contingent
liabilities.
ii. The Company did not have any long-term contracts including
derivatives 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
Annexure to the Independent Auditors' Report
(Referred to paragraph (1) under 'Report on other legal and regulatory
requirements' of our report of even date)
i. In respect of Fixed Assets :
a. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b. The Company has a regular programme of verification of its fixed
assets which, in our opinion, is reasonable having regard to the size of
the Company and the nature of its fixed assets. We have been informed
that no material discrepancies were noticed on such verification as
compared to book records.
c. Based on the information and explanation given by the management and
on the basis of audit procedures performed by us, we are of the opinion
that the Company has not disposed off substantial part of its fixed
assets during the year and hence the going concern assumption is not
affected.
ii. In respect of Inventories :
The Company does not hold any physical inventories at the year-end,
hence this clause is not applicable.
iii. (A) The company has granted loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act, 2013.The year End Balance of
such Loan was Rs. 2,66,16,799/-.
a. The rate of interest and other terms and conditions of the
aforesaid unsecured loans taken by the company, are prima not
prejudicial to the interest of the company.
b. The company is regular in receiving the principal amount and
interest, wherever applicable, as per the agreed terms.
(B) The Company has not taken any loans, secured or unsecured, from the
parties covered in the register maintained under section 189 of the
Companies Act, 2013.
iv. In our opinion and according to the information and explanations
given to us, internal control system need to be strengthened to make it
commensurate with the size of the Company and the nature of its
business for the purchase of inventory and fixed assets, and for the
sale of goods. However, during the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control system.
v. According to the information and explanations given to us, the
company has not accepted any deposits from the public within the
meaning of Section 73 to 76 and any other relevant provisions of the
Companies Act, 2013 and accordingly, paragraph 3(v) of the Order is not
applicable.
vi. The Central Government has not prescribed cost audit under Section
148(1) of the Companies Act,2013.
vii. In respect of Statutory dues :
a. According to the information and Explanation given to us and
records of the Company as produced and examined by us, in our opinion,
the Company is generally regular in Depositing undisputed statutory
dues, including income tax, Sales tax, and other material statutory
dues with the appropriate authorities.
b. As explained to us, the Company did not have any statutory disputed
amounts payable in respect of Income-tax, Sales-tax, Service tax and
other material statutory dues were in arrears as at 31st March 2015 for
a period of more than six months from the date they became payable.
viii. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred any cash losses during the
financial year covered by our audit and in the immediately preceding
financial year.
ix. Based on our audit procedures and according to the information and
explanations provided to us by the management, we are of the opinion
that the Company has not defaulted in repayment of dues to bank.
x. In our opinion and according to the information and explanations
provided to us, the Company has not given any guarantee for loan taken
by others from banks or financial institutions.
xi. According to the records of the Company the term loan raised were
applied by the company for the purposes for which it was obtained.
xii. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us by the management, we have neither come across
any instances of material fraud on or by the Company, noticed or
reported during the year, nor have we been informed of such case by
management.
For V R BHABHRA & CO.
Chartered Accountants
FRN: 112861W
Vimal R. Bhabhra
Proprietor
Membership No: - 046043
Place: Mumbai.
Date: May 27, 2015.
Mar 31, 2014
We have audited the accompanying financial statements of Agrimony
Commodities Limited ("the Company") which comprise the balance sheet as
at 31 March 2014, the statement of profit and loss and 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 these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated 13 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
misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true andfair
view in conformity with the accounting principles generally accepted in
India:
(i) In the case of the balance sheet, of the state of affairs of the
Company as at 31 March 2014;
(ii) In the case of the statement of profit and loss, of the profit for
the year ended on that date; and
(iii) In the case of the cash flow statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) The balance sheet, statement of profit and loss and cash flow
statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the balance sheet, statement of profit and loss and
cash flow statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956 read with
the General Circular 15/2013 dated 13 September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013.
; And
e) On the basis of written representations received from the directors
as on 31 March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31 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 to the Auditors'' Report
The Annexure referred to in our report to the members of Agrimony
Commodities Limited ("the Company") for the year ended 31 March 2014.
We report that:
(i) In respect of Fixed Assets :
a. The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b. The Company has a regular programme of physical verification of its
fixed assets by which fixed assets are verified in a phased manner over
a period of three years. In accordance with this programme, certain
fixed assets were verified during the year and no material
discrepancies were noticed on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its assets.
c. In our opinion and according to the Information and explanations
given to us, no Fixed assets has been disposed off during the financial
year by the Company.
(ii) The Company does not hold any physical inventories at the year end
and On the basis of our examination of the records of inventory, we are
of the opinion that the Company is maintaining proper records of
inventory.
(iii) (a) The Company has granted loans to bodies corporate covered in
the register maintained under section 301 of the Companies Act, 1956
("the Act"). The maximum amount outstanding during the year was
Rs2,57,41,599 and the year-end balance of such loan amounted to
Rs2,57,41,599. Other than the above, the Company has not granted any
loans, secured or unsecured, to companies, firms or parties covered in
the register maintained under section 301 of the Act.
(b) In our opinion, the rate of interest and other terms and conditions
on which the loans had beengranted to the bodies corporate listed in
the register maintained under Section 301 of the Act were not, prima
facie, prejudicial to the interest of the Company.
(c) In the case of the loans granted to the bodies corporate listed in
the register maintained under section 301 of the Act, the borrowers
have been regular in the payment of the interest as stipulated. The
loans were repayable on demand and have been fully repaid during the
year.
(d) The loans granted were repaid during the year. Accordingly, there
are no overdue amounts of more than rupees one lakh in respect of the
loan granted to a body corporate listed in the register maintained
under section 301 of the Act.
(e) The Company has not taken any loans, secured or unsecured from
companies, firms or parties covered in the register maintained under
section 301 of the Act. Accordingly, paragraphs
4(iii)(e) to 4(iii)(g) of the Order are not applicable.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory and fixed assets, and for the sale of goods.
However, during the course of our audit, we have not observed any major
weakness in the internal control system during the course of the audit.
(v) In respect of the contracts or arrangements referred to in section
301 of the Companies Act, 1956:
a. In our opinion and according to the information and explanations
given to us, the particularsof 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. In our opinion, and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements referred to in (v)(a) above and exceeding the value of Rs
5 lakh with any party during the year have been made at prices which
are reasonable having regard to the prevailing market prices at the
relevant time.
(vi) According to the information and explanations given to us, the
company has not accepted any deposits from the public within the
meaning of provisions of sections 58A and 58AA or any other relevant
provisions of the Companies Act, 1956 and rules made there under.
(vii) In our opinion, the Company has an internal audit system
commensurate with the size and the nature of its business.
(viii) The Central Government of India has not prescribed the
maintenance of cost records under Section 209(1)(d) of the Act for any
of the services rendered by the Company.
(ix) In respect of statutory dues:
a. According to the information and explanations given to us and on the
basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues including Income-tax, Sales-tax, Service tax, and other
material statutory dues have been regularly deposited during the year
by the Company with the appropriate authorities.
b. As explained to us, the Company did not have any statutory disputed
amounts payable in respect of Income-tax, Sales-tax, Service tax and
other material statutory dues were in arrears as at 31 March 2014 for a
period of more than six months from the date they became payable.
(x) The Company does not have any accumulated losses at the end of the
financial year and hasnot incurred cash losses in the financial year
and in the immediately preceding financial year.
(xi) Based on our audit procedures and according to the information and
explanations provided to us by the management, we are of the opinion
that the Company did not have any outstanding dues to any financial
institution, banks or debenture holders during the year.
(xii) In our opinion and according to the explanations given to us and
based on the information available, no loans and advances have been
granted by the Company on the basis of security by way of pledge of
shares, debentures and other securities.
(xiii) In our opinion and according to the information and explanations
given to us, the Company is not a chit fund/ nidhi/ mutual benefit
fund/ society.
(xiv) According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments.
(xv) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
(xvi) Based on our audit procedures and according to the information
and explanations provided to us by the management, the Company did not
have any term loans outstanding during the year.
(xvii) On the basis of review of utilization of funds, which is based
on an overall examination of the Balance Sheet of the Company and
related information as made available to us and as represented to us by
the management, funds raised on short-term basis have not been used for
long-term purposes.
(xviii) The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
section 301 of the Act.
(xix) The Company did not have any outstanding debentures during the
year.
(xx) During the year, the Company has raised money through public issue
of 1,12,90,000 equity shares at Rs 10 each fully paid up.
(xxi) Based upon the audit procedures performed and the information and
explanations provided to us by the management, we report that no
material fraud on or by the Company has been noticed or reported during
the year under audit.
For V.R. Bhabhra & Co
Chartered Accountants
Firm''s registration number: 112861W
Vimal Bhabhra
Proprietor
Membership number: 046043
Place : Mumbai
Date : 30th August, 2014