Mar 31, 2015
We have audited the accompanying financial statements ofAshiana Agro
Industries Limited (the "Company"), which comprise the Balance Sheet as
at 31st March, 2015, the Statement of Profit and Loss, the Cash Flow
Statement, 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 forthe 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.
1. This responsibility also includes maintenance of adequate
accounting records in accordance with the preparation of the Act for
safeguarding the assets of the Company and for preventing and detecting
frauds and other irregularities.
2. Selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and prudent.
3. 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 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 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 thereunder.
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 the 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, whetherdue 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, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial control system over financial reporting and the operating
effectiveness of such controls.
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 qualified 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.
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March ,2015.
ii) in the case of the Statement of Profit & Loss of the profit for the
year ended on that date; and
iii) In the case of 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,2015 issued by
the Central Government of India in terms of sub-section (11) of section
143 of the Act, we give in the Annexure a statement on the matters
specified in the paragraph 3 and 4 of the Order, to the extent
applicable.
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 it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account
(d) in our opinion, the financial statements comply with the Accounting
Standards specified under Section 133 of the Act, read with Rule 7
ofthe Companies (Accounts) Rules, 2014.
(e) On the basis ofthe written representations received from the
directors as on 31 st March, 2015 taken on record by the Board of
Directors, none ofthe directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
Annexure to the Auditor's Report
The Annexure referred to in our report to the members of Ashiana Agro
Industries Limited for the year Ended 31.03.2015 We report that:
1. The company is maintaining proper records showing full particulars
and situation of fixed assets. These fixed assets have been physically
verified by the management at reasonable intervals; No material
discrepancies were noticed during the FY2014-15.
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 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.
3. 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 during the FY 2014-15 and hence
reporting on the receipt of the principal amount and interest, overdue
amount and reasonable steps have been taken by the company for recovery
of the principal and interest is not applicable.
4. There is an adequate internal control system 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 and services and
there is no continuing failure to correct major weaknesses in internal
control system.
5. The company has not accepted any deposits from the Public.
6. Maintenance of cost records has not been specified by the Central
Government under sub-section (1) of section 148 of the Companies Act,
2013 for this company.
7. (a) In our opinion and according to the information and
explanations given to us, the company is regular in
depositing undisputed statutory dues including income-tax, sales-tax,
cess and any other statutory dues with the appropriate authorities.
(b) According to the information and explanations given to us, no
dispute is pending before any forum in respect of income tax or sales
tax or cess as at 31.03.2015
(c) No amount is required to be transferred to investor education and
protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made thereunder has been
transferred to such fund within time.
8. (a) n our opinion, the accumulated losses are less than 50% of its
net worth.
(b) The company has not incurred any cash losses during the FY 2014-15
and in the immediately preceding financial year.
9. The company has not defaulted in repayment of dues to a financial
institution or bank or debenture holders.
10. The company has not given any guarantee for loans taken by others
from bank or financial institutions, the terms and conditions whereof
are prejudicial to the interest of the company.
11. No term loans were applied for the purpose for which the loans
were obtained.
12. No fraud on or by the company has been noticed or reported during
the FY2014 -15.
For Prasan Associates
Chartered Accountant
Sd/-
CAPrasankumar T
M.No : 230965
Date: 25/05/2015
Place : Chennai
Mar 31, 2010
We have audited the attached Balance Sheet of ASH1ANA AGRO INDUSTRIES
LIMITED, at at 31st March2010, Profit and Lose Account and 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.
We conducted our audit in accordance with auditing standards generally
accepted In India. Those Standards require that we plan and perform the
audit to obtain reasonabto assurance about whether the financial
statemente are free Of material misstatement An a and disclosures in
the financial statements. An audit also includes assessing me
accounting principles used and significant estimates made by management
as wall as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
As required by the Companies (Auditors Report) Order, 2003. issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act 1956, we enclose In the Annexure a statement
on the matters specified in paragraphs 4 and 9 of the said order.
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 as far as appears from out examination of
those books.
(c) The Balance Sheet Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with me books of
account
(d) In our opinion, the Balance Sheet Profit and Loss Account and the
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to 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 31* 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 annexed accounts read with the notes
in Schedule -V give the information required by the Companies Act 1996
in the manner so required and give a true and fair view in conformity
with the accounting principles aenerasV accepted in India:
(a) In the case of the Balance Sheet of the State of affairs of the
company as at 31* March, 2010; and
(b) Incase of Profit and Loss Account of the Prom for the year ended on
that date.
(c) In case of Cash Flow Statement of the cash flow for the year ended
on that date.
ANNEXURE REFERRED TO IN PARAGRAPH 1 OF OUR REPORT OF EVEN DATE
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have been physically verified by the management
during the year. No discrepancies were noticed on such verification.
(c) The Company had sold entire plant & machinery, Land and Building
during earlier year and the company has so far not made any plans to
replace the fixed assets that have been sold. The Company has not made
any transaction during the year in respect of export business Started
in earlier year. These factors raise doubt about the companys ability
to continue as a going concern in the foreseeable future.
(ii) (a) The company had not taken loan from other company covered in
the register maintained under section 301 of the Companies Act, 1956.
The maximum amount involved during the year was Rs.Nil lacs and the
year-end balance of loans taken from such parties was NIL.
(b) In our opinion, the rate of interest and other terms and conditions
on which loans have been taken from companies, firms or other parties
listed in the register maintained under section 301 of the Companies
Act, 1956 are not, prima facie, prejudicial to the interest of the
company.
(iii) In our opinion and according to the information and explanations
given to us there are adequate internal procedures commensurate with
the size of the company and the nature of its business with regard to
purchase of inventory and with regard to the sale of goods. During the
course of our audit, we have not observed any continuing failure to
correct major weakness in internal controls:
(iv) There are no transactions that need to be entered in the register
maintained in pursuance to section 301 of the Act.
(v) The company has not accepted any deposits from the public to which
the provisions of Section58A of the Companies Act, 1956 and the
Companies (Acceptance of Deposits) Rules, 1975 apply.
(vi) In our opinion the company has an internal audit system
commensurate with the size and nature of its business.
(vii) We were explained that the Central Government U/S 209(1 )(d) of
the Companies Act, 1956 has not prescribed maintenance of cost records
during the year.
(viii) (a) The company is regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
employees state insurance, income tax, sales tax, wealth tax, custom
duty, excise duty, cess and other material statutory dues applicable to
it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, sales tax, wealth
tax, custom duty, excise duty, cess were in arrears, as at 31.03.2010
for a period of more than six months from the date they became payable.
(c) According to the information and explanations given to us, there
are no dues of sales tax, income tax, wealth tax, custom duty, excise
duty and cess which have not been deposited on account of any dispute.
(ix) In our opinion, the accumulated losses are more than fifty percent
of its net worth. The company has not incurred cash losses during the
financial year covered by our audit and also in the immediately
preceding financial year.
(x) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution, bank or debenture holders.
(xi) In our opinion the company is not a chit fund or a nidhi/ mutual
benefit fund/ society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
company.
(xii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
(xiii) According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
(xiv) Other Provision of the Companies (Auditors Report) Order, 2003
are not applicable to the company.
For VIKRAM KUMAR & CO.
Chartered Accountants
Dated : 10th August 2010 sd/-
Place : Camp, Chennai (Bireshwar Kumar)
Partner
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