Ajanta Soya Ltd. இன் முடிவுகள்
Mar 31, 2018
Report on the Indian Accounting Standards (Ind AS) Financial Statements
1. We have audited the accompanying Ind AS financial statements of Ajanta Soya Limited (âthe Companyâ), which comprise the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Ind AS Financial Statements
2. The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these Ind AS financial statements that give a true and fair view of the financial position, financial performance (including other comprehensive income), cash flows and statement changes in equity of the Company in accordance with the accounting principles generally accepted in India, including Indian Accounting Standards (Ind AS) prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorsâ Responsibility
3. Our responsibility is to express an opinion on these Ind AS financial statements based on our audit.
4. In conducting our audit, we have taken into account the provisions of the Act and the Rules made thereunder including 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.
5. We conducted our audit of the Ind AS financial statements 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 Ind AS financial statements are free from material misstatement.
6. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Ind AS financial statements. The procedures selected depend on the auditors'' judgment, including the assessment of the risks of material misstatement of the Ind AS 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 and fair presentation of the Ind AS financial statements that give a true and fair view, in order to design audit procedures that are appropriate in the circumstances. 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 Ind AS financial statements.
7. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Ind AS financial statements.
Opinion
8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Ind AS 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 Ind AS and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2018, and its profit (including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.
Other Matters
9. The comparative financial information of the Company for the year ended 31st March 2017 and the transition date opening balance sheet as at 1st April 2016 included in these Ind As financial statements, are based on the statutory financial statements prepared in accordance with the Companies (Accounting Standards) Rules, 2006 audited by the predecessor auditor whose report for the year ended 31st March 2017 and 31st March 2016 dated 30th May, 2017 and 30th May, 2016 respectively expressed an unmodified opinion on those financial statements, and have been restated to comply with Ind AS. Adjustments made to the previously issued said financial information prepared in accordance with the Companies (Accounting Standards) Rules, 2006 to comply with Ind AS have been audited by us.
Our opinion on the Ind AS financial statements is not modified in respect of this matter.
Report on Other Legal and Regulatory Requirements
10. As required by Section 143 (3) of the Act, based on our audit, 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 (including other comprehensive income), the Cash Flow Statement and the Statement of Changes in equity dealt with by this Report are in agreement with the relevant books of account.
d) In our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act.
e) On the basis of the written representations received from the directors of the Company as on 31st March, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 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 our separate Report in Annexure A. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.
g) 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 Company has disclosed the impact of pending litigations on its financial position in its Ind AS financial statements - Refer Note No. 31;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;
iii. There were no amounts which required to be transferred to the Investor Education and Protection Fund by the Company.
11. As required by the Companies (Auditor''s Report) Order, 2016, issued by the Central Government of India in terms of sub-section
(11) of section 143 of the Act (âthe Orderâ), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order.
ANNEXURE âAâ TO THE INDEPENDENT AUDITORâS REPORT
Referred to in paragraph 10 of the Independent Auditors'' Report of even date to the members of Ajanta Soya Limited on the Ind AS financial statements for the year ended 31st March, 2018
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Act
1. We have audited the internal financial controls over financial reporting of Ajanta Soya Limited (âthe Companyâ) as of 31st March, 2018 in conjunction with our audit of the Ind AS financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
2. The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditorsâ Responsibility
3. Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing deemed to be prescribed under section 143(10) of the Act to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
6. A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
7. Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
8. In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
Annexure B to Independent Auditorsâ Report
Referred to in paragraph 11 of the Independent Auditors'' Report of even date to the members of Ajanta Soya Limited on the Ind AS financial statements as of and for the year ended 31 st March, 2018
i. (a) The Company is maintaining 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 that plan, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification except fixed assets lost in fire and discarded due to afflux of time as disclosed in Note 2 property plant & equipments. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the company and nature of its fixed assets.
(c) The title deeds of immovable properties, as disclosed in Note 2 property plant & equipments to the financial statements, are held in the name of the Company.
ii. The physical verification of inventory (excluding stocks in transit ) has been conducted at reasonable intervals by the Management during the year. In respect of stock in transit, these have substantially been confirmed and reconciled by the company. The discrepancies noticed on physical verification of inventory as compared to book records were not material.
iii. The Company has not granted any loans, secured or unsecured, to companies, firms, limited liability partnerships or other parties covered in the register maintained under Section 189 of the Act.
iv. In our opinion, and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Companies Act, 2013 in respect of the loans and investments made, and guarantees and security provided by it.
v. The Company has not accepted any deposits from public.
vi. Pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as specified under Section 148(1) of the Act in respect of its products. We have broadly reviewed the same, and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.
vii. (a) According to the records of the Company and information and explanations given to us and the records of the Company examined by us, the Company has been regular in depositing the undisputed statutory dues including provident fund, employees state insurance, income tax, Investor education and protection fund, goods and service tax, sales tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable to it with the appropriate authorities except Rs.1.60 lacs demand under income tax in AY 2015-16. According to the company, the demand is pending under adjustment against refunds due from tax department.
(b) According to the information and explanations given to us and the records of the Company examined by us, the particulars of dues of Income Tax, goods and service tax, value added tax/ sales tax, entry tax, customs duty and excise duty as at 31st March, 2018 which have not been deposited on account of a dispute are as follows:
|
Name of the Statute |
Nature of the Due |
Amount (Rs.In lacs) |
Period to which the amount relates |
Forum where dispute is pending |
|
Central/State Sales Tax |
Entry Tax |
28.95 |
AY 2014-15 |
Commissioner Appeals, Alwar |
|
Income Tax Act |
Income Tax Demand |
0.29 |
AY 2012-13 |
CIT (Appeals) |
viii. According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in repayment of loans or borrowings to any financial institution or bank or Government or dues to debenture holders as at the balance sheet date.
ix. The Company has not raised any moneys by way of initial public offer, further public offer (including debt instruments). Term loans have been applied for the purposes for which they were obtained.
x. 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, we have neither came across any instance of material fraud by the Company or on the Company by its officers or employees, noticed or reported during the year, nor have we been informed of any such case by the Management.
xi. The Company has paid/ provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
xii. As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it, the provisions of Clause 3(xii) of the Order are not applicable to the Company.
xiii. The Company has entered into transactions with related parties in compliance with the provisions of Sections 177 and 188 of the Act. The details of such related party transactions have been disclosed in the financial statements as required under Indian Accounting Standard (Ind AS) 24, Related Party Disclosures specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
xiv. The Company has made preferential allotment of shares during the year under review. According to information and explanations given to us by the management and in por opinion, the company has complied with the requirement of companies Act in relation thereto and proceeds of the issue have been used for the purpose for which these were raised.
xv. The Company has not entered into any non-cash transactions with its directors or persons connected with him. Accordingly, the provisions of Clause 3(xv) of the Order are not applicable to the Company.
xvi. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the provisions of Clause 3(xvi) of the Order are not applicable to the Company.
For PAWAN SHUBHAM & CO
Chartered Accountants
Firm Registration Number: 011573C
CA Pawan Kumar Agarwal
Partner
Membership Number:092345
Place of signature : New Delhi
Date : 30th May, 2018
Mar 31, 2016
To the Members of Ajanta Soya Limited
for the year ended March 31, 2016 Report on the Financial Statements
We have audited the accompanying financial statements of Ajanta Soya Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2016, 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.
Managementâs Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) 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. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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, 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.
Auditorâs 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 there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section143(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 disclosures in the financial statements. The procedures selected depend on the auditorâs 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 Companyâs preparation and fair presentation of the financial statements that give a 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 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 and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2016, 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 (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of section 143 of the Act, we give in the Annexure- A, 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 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 aforesaid 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 directors as on March 31, 2016, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2016, from being appointed as a director in terms of sub-section (2) of section 164 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 our separate report in Annexure B; and
(g) With respect to the other matters to be included in the Auditorâs 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, we further comment that:
i) the Company has disclosed the impact of pending litigations on its financial position in its financial statements as referred in note 27-I (c)(ii);
ii. the Company did not have any long term contracts and derivative contracts outstanding as at 31 March, 2016; and
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund.
ANNEXURE- A : TO THE INDEPENDENT AUDITORSâ REPORT To the Members of Ajanta Soya Limited for the year ended March 31, 2016
In terms of the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section 11 of section 143 of the Act, we report, on the matters specified in the paragraph 3 and 4 of the Order, to the extent applicable, as hereunder:
i) a) In our opinion, the Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
b) During the year, these fixed assets have been physically verified by the management in a phased manner which, in our opinion, is reasonable having regard to the size of the company and nature of its fixed assets. As mentioned to us the discrepancies noticed by the management on such verification were not material in relation to the size of the company have been properly dealt with in accounts.
c) According to information and explanations given to us and on the basis of our examination of the records of the company, the title deeds of immovable properties are held in the name of the company.
ii) a) During the year, the inventories have been physically verified by the management. In our opinion, the frequency of verification is reasonable.
b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.
c) The discrepancies between physical inventories and the book records, as observed on verification, were not material in relation to the size of the company, have been properly dealt with in the books of accounts
iii) a) The company has not granted any loan secured or unsecured to parties covered in the register maintained under section 189 of the Companies Act, 2013 (âthe Actâ).
iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments guarantees made.
v) The Company has not accepted any deposits from public.
vi) Pursuant to the rules made by the Central Government for the maintenance of cost records under section 148 (1) of the Companies Act, 2013, we are of the opinion that, prima facie, the prescribed cost records have been made and maintained.
vii) a) According to our examination of records and on the basis of 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 of the company in respect of undisputed statutory dues including provident fund, employees state insurance, income-tax, sales-tax, service-tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, have generally been regularly deposited with the appropriate authorities. Further, no undisputed amounts payable in respect thereof were in arrears at the year-end for a period of more than six months from the date they became payable. b) According to our examination of records and on the basis of information and explanations given to us, there are no dues in respect of income tax, sales tax, service tax, duty of customs or excise, value added tax that have not been deposited with the appropriate authorities on account of any dispute except the followings:
|
Name of the Statute |
Nature of the Due |
Amount Involved (Rs in Lacs) |
Period to which the due relates |
Forum where dispute is pending |
|
Sales/Entry Tax Act |
Rajasthan entry Tax |
16.59 (8.30 deposited under protest) |
2007-08 to 2009-10 |
High Court, Jaipur |
|
Central Excise Act |
Additional duty on re-assessment |
69.56 (12 lacs deposited under protest) |
April 2011 to Dec,2011 |
CESTAT |
viii) According to our examination of records and on the basis of information and explanations given to us, the Company has not defaulted in repayment of dues to any bank or financial institution, government or debenture holder during the year.
ix) The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) and term loans during the year. Accordingly, paragraph 3(ix) of the Order is not applicable.
x) According to the information and explanations given to us, no material fraud by the company or on the company by its officers or employees has been noticed or reported during the course of our audit.
xi) According to the information and explanations given to us and based on our examination of the records of the company , the company has paid / provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
xii) In our opinion and according to information and explanation given to us , the company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
xiii) According to information and explanations given to us and based on our examination of the records of the company, transactions with related parties are in accordance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
xiv) According to information and explanations given to us and based on our examination of the records of the company, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
xv) According to information and explanations given to us and based on our examination of the records of the company, the company has not entered in to any non-cash transactions with directors or persons connected with him.
xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank Of India Act 1934.
Annexure - B to the Independent Auditorsâ Report To the Members of Ajanta Soya Limited for the year ended March 31, 2016
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Ajanta Soya Limited (âthe Companyâ) as of March 31, 2016, in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (âICAIâ).These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companyâs assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For TAS ASSOCIATES
Chartered Accountants
[Firm Registration No. 010520N]
Sd/-
Subodh Gupta
Place : Delhi Partner
Date : May 30, 2016 Membership number: 087099
Mar 31, 2015
We have audited the accompanying financial statements of Ajanta Soya
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2015, 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
The Company's Board of Directors is responsible for the 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. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the 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
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 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 of the financial statements that give a true and
fair view in 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 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:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
(b) in the case of the Statement of Profit and Loss, of Profit for the
year ended on that date; and
(c) 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, 2015 ("the
Order") 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, as may be 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
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 aforesaid 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 the written representations received from the
directors as on March 31, 2015, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2015,
from being appointed as a director in terms of sub-section (2) of
section 164 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, we further comment that:
i) the Company has disclosed the impact of pending litigations on its
financial position in its financial statements as referred in note 28-I
(c)(ii) & (iii);
ii) the Company did not have any long term contracts and derivative
contracts outstanding as at 31 March, 2015; and
iii) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund.
ANNEXURE TO THE INDEPENDENT AUDITORS' REPORT
To the Members of AJANTA SOYA LIMITED for the year ended March 31, 2015
In terms of the Companies (Auditor's Report) Order, 2015 ("the Order")
issued by the Central Government of India in terms of sub- section 11
of section 143 of the Act, we report, on the matters specified in the
paragraph 3 and 4 of the Order, to the extent applicable, as hereunder:
1. a) In our opinion, the Company has maintained proper records
showing full particulars, including quantitative details and situation
of fixed assets. b) During the year, these fixed assets have been
physically verified by the management in a phased manner which, in our
opinion, is reasonable having regard to the size of the company and
nature of its fixed assets. As mentioned to us the discrepancies
noticed by the management on such verification were not material in
relation to the size of the company have been properly dealt with in
accounts.
2. a) During the year, the inventories have been physically verified
by the management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c) On the basis of our examination of the records of inventories, we
are of the opinion that the company is maintaining proper records of
inventories. The discrepancies between physical inventories and the
book records, as observed on verification, were not material in
relation to the size of the company, have been properly dealt with in
the books of accounts
3 a) The company has granted unsecured loan to one body corporate
covered in the register maintained under section 189 of the Companies
Act, 2013 ('the Act').
b) In the case of loans granted to the bodies corporate listed in the
register maintained under section 189 of the Act, the borrowers have
been regular in the payment of the principal and interest as
stipulated.
c) There are no overdue amounts of more than rupees one lakh in respect
of the loans granted to the bodies corporate listed in the register
maintained under section 189 of the Act.
4. 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 sale of goods. Further on
the basis of our examination and according to the information and
explanation given to us, we have neither come across nor have been
informed of any continuing failure to correct major weaknesses in the
internal control system.
5. The Company has not accepted any deposits from public.
6. Pursuant to the rules made by the Central Government for the
maintenance of cost records under section 148 (1) of the Companies Act,
2013, we are of the opinion that, prima facie, the prescribed cost
records have been made and maintained.
7. a) According to our examination of records and on the basis of
information and explanations given to us and on the basis of our
examination of the records of the company, undisputed statutory dues
including provident fund, employees state insurance, income-tax,
sales-tax, service-tax, wealth tax, duty of customs, duty of excise,
value added tax, cess and other material statutory dues, as are
identified to be applicable, have generally been regularly deposited
with the appropriate authorities. Further, no undisputed amounts
payable in respect thereof were in arrears at the year-end for a period
of more than six months from the date they became payable except a sum
of Rs. 9.24 lacs relating to entry tax which is paid in the month of
April 2015.
b) According to our examination of records and on the basis of
information and explanations given to us, there are no dues in respect
of income tax, sales tax, service tax, wealth tax, duty of customs or
excise, value added tax or cess etc that have not been deposited with
the appropriate authorities on account of any dispute except the
followings:
Name of the Amount Involved Period to which
Statute Nature of the Due (in Lacs) the due relates
Sales/Entry Rajasthan entry
Tax 16.59 (8.30
deposited 2007-08 to 2009-10
Tax Act under protest)
Income Tax Demand on 6.08 2010-2011
Act regular
assessment
Income Tax Demand on
regular 1.61 2009-2010
Act assessment
Central Additional duty
on 69.56 (12 lacs
deposited April 2011 to
Excise Act re-assessment under protest) Dec, 2011
Name of the Forum where dispute is pending
Statute
Sales/Entry High Court, Jaipur
Tax Act
Income Tax
Act Commissioner of Income
Tax Appeals
Income Tax
Act Commissioner of Income
Tax Appeals
Central
Excise Act CESTAT
c) According to our examination of records and on the basis of
information and explanations given to us, there were no amount required
to be transferred to Investor Education and Protection Fund during the
year in accordance with the relevant provisions of the companies Act,
1956 (1 of 1956) and rules made there under.
8. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in the financial year
and in the immediately preceding financial year.
9. According to our examination of records and on the basis of
information and explanations given to us, the Company has not defaulted
in repayment of dues to any bank or financial institution during the
year. The Company did not have any outstanding debentures at any time
during the year.
10. According to information and explanations given to us, the terms
and conditions on which the company has given guarantee for loans taken
by others from bank or financial institution are not prejudicial to the
interest of the company, in view of the counter guarantee provided by
the such other person for the benefit of company which almost covers
the amount of guarantee given by the company.
11. Base on information and explanation given to us and in our
opinion, no term loan has been raised by the company during the year.
12. According to our examination of records and on the basis of
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the course of our audit.
For TAS ASSOCIATES
Chartered Accountants
Firm Registration No.: 010520N
Sd/-
Place : Delhi (SUBODH GUPTA)
Dated :30th May, 2015 Partner
M. No. : 087099
Mar 31, 2014
We have audited the accompanying financial statements of Ajanta Soya
Limited ("the company") which comprise the Balance Sheet as at March
31, 2014 and 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
The 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
entity''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 accompanying 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 Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) 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, 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 Balance Sheet, the Statement of Profit and
Loss, and the 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 March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 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 INDEPENDENT AUDITORS'' REPORT
The Annexure referred to in our report to the members of Ajanta Soya
Limited ( the Company ) for the year ended 31 March 2014. We report
that:
1. a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) During the year, these fixed assets have been physically verified by
the management in a phased manner which, in our opinion, is reasonable
having regard to the size of the company and nature of its fixed
assets. As mentioned to us no serious discrepancies were noticed by the
management on such verification.
c) Fixed assets disposed off during the year were not substantial,
therefore, do not affect the going concern assumption.
2. a) During the year, the inventories have been physically verified by
the management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c) On the basis of our examination of the records of inventories, we
are of the opinion that the company is maintaining proper records of
inventories. The discrepancies between physical inventories and the
book records, as observed on verification, were not material in
relation to the size of the company, have been properly dealt with in
the books of accounts
3. (i) a) The company has granted unsecured loan to one body corporate
covered in the register maintained under section 301 of the Companies
Act, 1956 (''the Act''). The maximum amount outstanding at any time
during the year was Rs. 200.00Lacs and the year-end balance of said
loans was Rs. 200.00 Lacs.
b) In our opinion, the rate of interest and other terms and conditions
on which the loan had been granted to the body corporate are not, prima
facie, prejudicial to the interest of the company.
c) The receipt of Principal amount and interest are regular as per
stipulations if any. There is no overdue amount of loan granted during
the year.
3. (ii) a) During the year, the company had taken unsecured loan from
three bodies corporate covered in the register maintained under section
301 of the Companies Act, 1956. The maximum balance outstanding at any
time during the year was Rs. 1187.25 Lacs and the year-end balance of
such loans from bodies corporate was Rs. 230.11 Lacs.
b) In our opinion, the interest and other terms and conditions on which
loans from bodies corporate had been taken are not, prima facie,
prejudicial to the interest of the company.
c) The company is regular in repaying the principal amounts, wherever
stipulated and also in the payment of interest, where applicable in
case of such loans taken from bodies corporate covered in the register
maintained under section 301 of the Act.
d) There is no overdue amount of loans taken from these bodies
corporate covered in the register maintained under section 301.
4. 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 for the
purchase of inventory and fixed assets and for the sale of goods and
services. Further, on the basis of our examination and according to the
information and explanation given to us, we have neither come across
nor have been informed of any continuing failure to correct major
weaknesses in internal control system.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under section 301 have been so entered.
b) According to the information and explanations given to us, the
transactions made in pursuance of contracts or arrangements entered in
the register maintained under section 301 and exceeding the value of
five lakh rupees, in respect of each party during the year, have been
made at prices which appear reasonable as per information available
with the Company.
6. According to information and explanations given to us, the company
has not accepted any deposits to which provisions of sections 58A, 58AA
or any other relevant provisions of the Companies Act, 1956 and the
rules framed there under are applicable.
7. In our opinion, the company has an adequate Internal Audit system
commensurate with its size and nature of its business.
8. Pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956, we are of the opinion that, prima facie, the prescribed cost
records have been maintained. We have, however, not made a detailed
examination of the cost records with a view to determine whether they
are accurate or complete.
9. a) According to the records of the company and information and
explanations given to us and records of the company examined by us, the
company has been regularly depositing the undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income Tax, Sales Tax, Service Tax, Wealth
Tax, Custom Duty, Excise Duty, Cess and other material statutory dues
applicable to it with the appropriate authorities. We are informed that
there are no undisputed statutory dues as at 31.03.2014 outstanding for
a period of more than six months from the date they become payable.
b) According to the records of the company and information and
explanations given to us, there are no dues of Sales Tax, Income Tax,
Service Tax, Custom Duty, Wealth Tax, Excise Duty and Cess on account
of any dispute which are not deposited except the followings:
Name of the Statute Nature of the Due Amount Involved
(Rs in Lacs)
Sales/Entry Tax Act Rajasthan entry Tax 16.59 (7.54 deposited
under protest)
Income Tax Act Demand on regular 6.08
assessment
Income Tax Act Demand on regular 1.61
assessment
Central Excise Act Additional duty on 69.56 (12 lacs deposited
re-assessment under protest)
Name of the Statute Period to which Forum where
the due relates dispute is pending
Sales/Entry Tax Act 2007-08 to 2009-10 High Court, Jaipur
Income Tax Act 2010-2011 Commissioner of Income
Tax Appeals
Income Tax Act 2009-2010 Commissioner of Income
Tax Appeals
Central Excise Act April 2011 to Dec, 2011 CESTAT
10. The Company does not have accumulated losses at the end of the
financial year. The Company has not incurred cash losses during the
financial year covered by the audit and in the immediately preceding
financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to banks. There are no
dues to financial institutions.
12. According to information and explanations given to us and based on
the documents and records produced before us, the company has not
granted any loans or advances on the basis of security by way of pledge
of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, there is no special statute
applicable to the company, hence provisions related to requirement of
NOF, prudential norms for income recognition, appraisal of credit
proposal etc. are not required to be complied by the company.
14. Based on our examination of the records and evaluation of the
related internal controls, we are of the opinion that the company has
maintained proper records of transactions and contracts in respect of
trading in shares and other securities and timely entries have been
made therein. All shares and securities have been held by the company
in its own name.
15. According to information and explanations given to us, the terms
and conditions, on which the company has given guarantee for loans
taken by others from bank or financial institutions, are not
prejudicial to the interest of the company, in view of the counter
guarantee provided by such other person for the benefit of company
which almost equals the amount of guarantee covered.
16. Based on information and explanations given to us and in our
opinion, no term loan has been raised by the company during the year.
17. According to the information and explanation given to us and on an
overall examination of the balance sheet of the company, we report that
during the year short-term funds have not been used to finance
long-term investments.
18. During the year, the company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The company has not issued any debentures during the year.
20. The company has not raised any money through a public issue during
the year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no material fraud on or by
the company has been noticed or reported during the year.
For TAS ASSOCIATES
Chartered Accountants
Firm Registration No.: 10520 N
Sd/-
Place : New Delhi (SUBODH GUPTA)
Dated : 30th May, 2014 Partner
M. No. : 087099
Mar 31, 2013
Report on the financial statements
We have audited the accompanying financial statements of Ajanta Soya
Limited ("the company") which comprise the Balance Sheet as at March
31, 2013 and 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") and in accordance with the
accounting principles generally accepted in india. 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. 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 accompanying 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 Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) 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") 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, 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 Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
referred to in sub-section (3C) of section 211 of the Act;
(e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Act.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
Referred to in Paragraph 1 under ''Report on Other Legal and Regulatory
Requirements'' section of our Report of even date to the Members of
Ajanta Soya Limited for the year ended March 31, 2013.
1. a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) During the year, these fixed assets have been physically verified by
the management in a phased manner which, in our opinion, is reasonable
having regard to the size of the company and nature of its fixed
assets. As mentioned to us no serious discrepancies were noticed by the
management on such verification.
c) In our opinion and according to the information and explanations
given to us, a substantial part of the fixed assets has not been
disposed off by the company during the year.
2. a) During the year, the inventories have been physically verified
by the management. In our opinion, the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanation
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c) On the basis of our examination of the records of inventories, we
are of the opinion that the company is maintaining proper records of
inventories. The discrepancies between physical inventories and the
book records, as observed on verification, were not material in
relation to the size of the company, have been properly dealt with in
the books of accounts.
3. (i) a) The company has granted unsecured loan to one party covered
in the register maintained under section 301 of the Companies Act,
1956. The maximum amount involved during the year was Rs.177.56 Lacs
(PY. Rs 177.56 Lacs) and the year-end balance of unsecured loans
granted to such parties was Nil (PY Rs 177.56 Lacs).
b) The rate of interest and other terms and conditions on which
unsecured loans have been granted are not, prima facie, prejudicial to
the interest of the company.
c) The receipt of Principal amount and interest are regular as per
stipulations if any. There is no overdue amount of loan granted during
the year.
3. (ii) a) During the year, the company has taken unsecured loan from
one party covered in the register maintained under section 301 of the
Companies Act, 1956. The maximum amount involved during the year was
Rs.282.50 Lacs (PY. Rs 287.50 Lacs) and the year-end balance of
unsecured loans taken from such parties was Rs. 10.25 Lacs (PY Rs 2.40
Lacs).
b) The interest and other terms and conditions on which unsecured loans
have been taken from companies listed in the register maintained under
section 301 are not, prima facie, prejudicial to the interest of the
company.
c) The company is regular in repaying the principal amounts, wherever
stipulated and also in the payment of interest, where applicable in
case of loans taken from parties listed in the register maintained
under section 301 of the Act.
d) There is no overdue amount of loans taken from companies, firms or
other parties listed in the register maintained under section 301.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems, commensurate
with the size of the Company and the nature of its business with regard
to the purchase of inventories, fixed assets and with regard to the
sale of goods. Further, on the basis of our examination and according
to the information and explanation given to us, we have neither come
across nor have been informed of any continuing failure to correct
major weaknesses in internal control system.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under section 301 have been so entered. b) According to the
information and explanations given to us, the transactions made in
pursuance of contracts or arrangements entered in the register
maintained under section 301 and exceeding the value of five lakh
rupees, in respect of any party during the year, have been made at
prices which are reasonable having regard to prevailing market prices
at the relevant time.
6. According to information and explanations given to us, the company
has not accepted any deposits to which provisions of sections 58A, 58AA
or any other relevant provisions of the Companies Act, 1956 and the
rules framed there under are applicable.
7. In our opinion, the company has an adequate Internal Audit system
commensurate with its size and nature of its business.
8. Pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956, we are of the opinion that, prima facie, the prescribed
accounts and records have been made and maintained. We have not,
however, made a detailed examination of the records with a view to
determine whether they are accurate or complete.
9. a) According to the records of the company and information and
explanations given to us and records of the company examined by us, the
company has been regularly depositing the undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income Tax, Sales Tax, Service Tax, Wealth
Tax, Custom Duty, Excise Duty, Cess and other material statutory dues
applicable to it with the appropriate authorities. We are informed that
there are no undisputed statutory dues as at 31.03.2013 outstanding for
a period of more than six months from the date they become payable. b)
According to the records of the company and information and
explanations given to us, there are no dues of Sales Tax, Income Tax,
Service Tax, Custom Duty, Wealth Tax, Excise Duty and Cess on account
of any dispute which are not deposited except the followings:
Name of the Nature of the Due Amount
Involved Period to which Forum where
Statute (Rs in
Lacs) the due relates dispute is
pending
Sales/Entry Rajasthan entry
Tax 16.59
(7.54
deposited 2007-08 to
2009-10 High Court,
Jaipur
Tax Act under
protest)
Income Tax Demand on 4.22 2006-2007 Commissioner
of Income
Act re-assessment Tax Appeal
Income Tax Demand on regular 1.61 2009-2010 Commissioner
of Income
Act assessment Tax Appeal
Central Additional duty on 69.56
(12 lacs
deposited April 2011 to CESTAT
Excise Act re-assessment under
protest) Dec, 2011
10. The Company does not have accumulated losses as on the balance
sheet date. Further, the Company has not incurred any cash loss during
the financial year ended on March 31, 2013 or the immediately preceding
financial year ended March 31, 2012.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to banks. There are no
dues to financial institutions.
12. According to information and explanations given to us and based on
the documents and records produced before us, the company has not
granted any loans or advances on the basis of security by way of pledge
of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, there is no special statute
applicable to the company, hence provisions related to requirement of
NOF, prudential norms for income recognition, appraisal of credit
proposal etc. are not required to be complied by the company.
14. Based on our examination of the records and evaluation of the
related internal controls, we are of the opinion that the company has
maintained proper records of transactions and contracts in respect of
trading in shares and other securities and timely entries have been
made therein. All shares and securities have been held by the company
in its own name.
15. According to information and explanations given to us, the terms
and conditions, on which the company has given guarantee for loans
taken by others from bank or financial institutions, are not
prejudicial to the interest of the company, in view of the counter
guarantee provided by such other person for the benefit of company
which almost equals the amount of guarantee covered.
16. Based on information and explanations given to us and in our
opinion, no term loan has been raised by the company during the year.
17. According to the information and explanation given to us and on an
overall examination of the balance sheet of the company, we report that
during the year short-term funds have not been used to finance
long-term investments.
18. During the year, the company has allotted equity shares on
preferential basis to One Company covered in the Register maintained
under Section 301 of the Companies Act, 1956. According to the
information and explanation provided to us, we report that price at
which shares have been issued has been determined as per the Securities
and Exchange Board on India (Disclosure of Investors Protection)
Guidelines 2000, which, in our opinion, is not prejudicial to the
interest of the Company.
19. The company has not issued any debentures during the year.
20. The company has not raised any money through a public issue during
the year.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no material fraud by the
company and no material fraud on the company has been noticed or
reported during the year.
For TAS ASSOCIATES
Chartered Accountants
Firm Registration No.: 10520 N
Sd/-
Place : New Delhi (SUBODH GUPTA)
Dated : 30th May, 2013 Partner
M. No. : 087099
Mar 31, 2012
1. We have audited the attached Balance Sheet of Ajanta Soya Limited
as at March 31st, 2012 and also the Profit and Loss Account and the
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the companyÃs
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with the Auditing Standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material mis-statements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (AuditorÃs Report) Order, 2003 issued
by the Central Government 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 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
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 so far as appears from our examination of those
books;
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement,
dealt with by this report, are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the applicable
Accounting Standards referred to in section 211(3C) of the Companies
Act, 1956.
e) On the basis of written representations received from the directors,
as on 31st March, 2012, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2012 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companiesà Act, 1956.
f) In our opinion and to the best of our information and according the
explanations given to us, the said accounts, together with the notes
thereon, give the information required by the Companiesà Act, 1956, 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 March 31st, 2012; and
II. in the case of the Profit and Loss Account, of the Profit of the
company 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.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITORS REPORT OF EVEN DATE
TO THE MEMBERS OF AJANTA SOYA LIMITED FOR THE YEAR ENDED MARCH 31st,
2012.
1. a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) During the year, these fixed assets have been physically verified by
the management in a phased manner which, in our opinion, is reasonable
having regard to the size of the company and nature of its fixed
assets. As mentioned to us no serious discrepancies were noticed by the
management on such verification.
c) The company has not disposed off its substantial part of its fixed
assets during the year.
2. a) The inventory has been physically verified by the management at
reasonable intervals. In our opinion the frequency of verification is
reasonable.
b) In our opinion and according to the information and explanation
given to us, 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) 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. The discrepancies between physical inventory and the book
records, as observed on verification, were not material in relation to
the size of the company, have been properly dealt with in the books of
accounts
3. (i) a) The company has granted unsecured loan to one party covered
in the register maintained under section 301 of the Companies Act,
1956. The maximum amount involved during the year was Rs. 177.56 Lacs
(PY.Rs. 159.63) and the year-end balance of unsecured loans granted to
such parties was Rs. 177.56 Lacs. (PY Rs. 158.66 Lacs).
b) The rate of interest and other terms and conditions on which
unsecured loans have been granted are not, prima facie, prejudicial to
the interest of the company.
c) The receipt of Principal amount and interest are regular as per
stipulations if any. There is no overdue amount of loan granted during
the year.
3. (ii) a) During the year, the company has taken unsecured loan from
one party covered in the register maintained under section 301 of the
Companies Act, 1956. The maximum amount involved during the year was
Rs. 287.50 Lacs (PY. Rs. 275.00 Lacs) and the year-end balance of
unsecured loans taken from such parties was Rs. 2.40 Lacs (PY Rs. 1.22
Lacs).
b) The interest and other terms and conditions on which unsecured loans
have been taken from companies listed in the register maintained under
section 301 are not, prima facie, prejudicial to the interest of the
company.
c) The company is regular in repaying the principal amounts, wherever
stipulated.
d) There is no overdue amount of loans taken from companies, firms or
other parties listed in the register maintained under section 301.
4. 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 the purpose of purchase of inventory and fixed assets and
for sale of goods. During the course of our audit, on random test check
basis, no major weakness has been noticed in the internal controls in
respect of these areas.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under section 301 have been so entered.
b) According to the information and explanations given to us, the
transactions made in pursuance of contracts or arrangements entered in
the register maintained under section 301 and exceeding the value of
five lakh rupees, in respect of any party during the year, have been
made at prices which are reasonable having regard to prevailing market
prices at the relevant time.
6. According to information and explanations given to us, the company
has not accepted any deposits to which provisions of sections 58A, 58AA
or any other relevant provisions of the Companies Act, 1956 and the
rules framed there under are applicable.
7. In our opinion, the company has an adequate Internal Audit system
commensurate with its size and nature of its business.
8. Pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956, we are of the opinion that, prima facie, the prescribed
accounts and records, relating to materials, labour and other items of
cost, have been made and maintained.
9. a) According to the records of the company, the company is regular
in depositing with appropriate authorities, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employeesà State Insurance, Income Tax, Sales Tax, Service Tax, Wealth
Tax, Custom Duty, Excise Duty, Cess and other statutory dues applicable
to it.
b) According to the records of the company and information and
explanations given to us, there are no dues of Sales Tax, Income Tax,
Service Tax, Custom Duty, Wealth Tax, Excise Duty and Cess on account
of any dispute except the following:
S No. Statute under which Amount Involved Forum at
Demand arise (Rs in Lacs) which dispute
is pending
1. Rajasthan Entry 16.59 High Court, Jaipur
Tax Act (7.54 deposited
under protest)
2 Income Tax 5.67 Rectification u/s
154 filed with AO
10. The company has no accumulated losses as on the balance sheet
date. The company has not incurred any cash loss during the financial
year covered by our audit or the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to banks. There are no
dues to financial institutions.
12 According to information and explanations given to us and based on
the documents and records produced before us, the company has not
granted any loans or advances on the basis of security by way of pledge
of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, there is no special statute
applicable to the company, hence provisions related to requirement of
NOF, prudential norms for income recognition, appraisal of credit
proposal etc. are not required to be complied by the company.
14. Based on our examination of the records and evaluation of the
related internal controls, we are of the opinion that the company has
maintained proper records of transactions and contracts in respect of
trading in shares and other securities and timely entries have been
made therein. All shares and securities have been held by the company
in its own name.
15. According to information and explanations given to us, the terms
and conditions, on which the company has given guarantee for loans
taken by others from bank or financial institutions, are not
prejudicial to the interest of the company, in view of the counter
guarantee provided by such other person for the benefit of company
which almost equals the amount of guarantee covered.
16. Based on information and explanations given to us and in our
opinion, no term loan has been raised by the company during the year.
17. According to the information and explanation given to us and on an
overall examination of the balance sheet of the company, we report that
the funds, raised on short-term basis were not used, for long-term
investments.
18. During the year, the company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The company has not issued any debentures.
20. The company has not raised any money through a public issue during
the year.
21. Based upon the audit procedures performed for the purpose of
reporting true and fair view of the financial statements and as per the
information and explanations given by the management, we report that no
fraud on or by the company has been noticed or reported during the
course of our audit.
For TAS ASSOCIATES
Chartered Accountants
Firm Registration No.: 10520 N
Sd/-
(SUBODH GUPTA)
Partner
M. No. : 087099
Place : New Delhi
Dated : 25th August, 2012
Mar 31, 2010
1. We have audited the attached Balance Sheet of Ajanta Soya Limited
as at March 31st, 2010 and also the Profit and Loss 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.
2. We conducted our audit in accordance with the Auditing Standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material mis-statements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government 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 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
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 so far as appears from our examination of those
books;
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement,
dealt with by this report, are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the applicable
Accounting Standards referred to in section 211(3C) of the Companies
Act, 1956.
e) On the basis of written representations received from the directors,
as on 31st March, 2010, and taken on record by the Board of Directors,
we report that none of the directors is 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) To the best of our knowledge & belief, the provisions of Section
441A of the Companies Act, 1956 regarding the levy & collection of cess
on turnover or gross receipts of the Company, have not yet been
notified by the Central Government. Accordingly, the question of the
compliance of the said section in terms of clause (g) of sub-section 3
of section 227 of the Companies Act, 1956 and clause 9 of the Annexure
attached to our this report, does not arise.
g) In our opinion and to the best of our information and according the
explanations given to us, the said accounts, together with the notes
thereon, give the information required by the Companies Act, 1956, 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 March 31st, 2010; and
II. in the case of the Profit and Loss Account, of the Profit of the
company 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.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITORS REPORT OF EVEN DATE
TO THE MEMBERS OF AJANTA SOYA LIMITED FOR THE YEAR ENDED MARCH 31st,
2010.
1. a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) During the year, these fixed assets have been physically verified by
the management in a phased manner which, in our opinion, is reasonable
having regard to the size of the company and nature of its fixed
assets. As mentioned to us no serious discrepancies were noticed by the
management on such verification.
c) The company has not disposed off its substantial part of its fixed
assets during the year.
2. a) The inventory has been physically verified by the management at
reasonable intervals. In our opinion the frequency of verification is
reasonable.
b) 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. The discrepancies between physical inventory and the book
records, as observed on verification, which were not material in
relation to the size of the company, have been properly dealt with in
the books of accounts
3. (i) a) The company has granted unsecured loan to one Party covered
in the register maintained under section 301 of the Companies Act,
1956. The maximum amount involved during the year was Rs.400.42 Lacs
(PY.Rs 400.00) and the year-end balance of unsecured loans granted to
such parties was Rs. 78.47 Lacs. (PY Rs 400.42).
b) The rate of interest and other terms and conditions on which
unsecured loans have been granted are not, prima facie, prejudicial to
the interest of the company.
c) The receipt of Principal amount and interest are regular as per
stipulations if any. There is no overdue amount of loan granted during
the year.
3. (ii) a) During the year, The company has taken unsecured loan from
two parties covered in the register maintained under section 301 of the
Companies Act, 1956. The maximum amount involved during the year was
Rs.110.29 Lacs (PY. Rs 1990.20 Lacs) and the year-end balance of
unsecured loans taken from such parties was Rs. Nil Lacs (PY Rs 249.95
Lacs).
b) The interest and other terms and conditions on which unsecured loans
have been taken from companies listed in the register maintained under
section 301 are not, prima facie, prejudicial to the interest of the
company.
c) The company is regular in repaying the principal amounts, wherever
stipulated.
d) There is no overdue amount of loans taken from companies, firms or
other parties listed in the register maintained under section 301.
4. 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 the purpose of purchase of inventory and fixed assets and
for sale of goods. During the course of our audit, on random test check
basis, no major weakness has been noticed in the internal controls in
respect of these areas.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under section 301 have been so entered.
b) According to the information and explanations given to us, the
transactions made in pursuance of contracts or arrangements entered in
the register maintained under section 301 and exceeding the value of
five lakh rupees, in respect of any party during the year, have been
made at prices which are reasonable having regard to prevailing market
prices at the relevant time.
6. According to information and explanations given to us, the company
has not accepted any deposits to which provisions of sections 58A, 58AA
or any other relevant provisions of the Companies Act, 1956 and the
rules framed there under are applicable.
7. In our opinion, the company has an adequate Internal Audit system
commensurate with its size and nature of its business.
8. Pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956, we are of the opinion that, prima facie, the prescribed
accounts and records, relating to materials, labour and other items of
cost, have been made and maintained.
9. a) According to the records of the company, the company is regular
in depositing with appropriate authorities, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Service Tax, Wealth
Tax, Custom Duty, Excise Duty, Cess and other statutory dues applicable
to it.
b) According to the records of the company and information and
explanations given to us, there are no dues of Sales Tax, Income Tax,
Service Tax, Custom Duty, Wealth Tax, Excise Duty and Cess on account
of any dispute except the following:
S
No. Statute under which Amount Involved Forum at which dispute
Demand arise (Rs in Lacs) is pending
1. Income Tax Act A.Y 2001-02 1.50 CIT (A) IV New Delhi.
10. The company has no accumulated losses as on the balance sheet
date. The company has not incurred any cash loss during the financial
year covered by our audit or the immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to banks. There are no
dues payable to financial institutions or debenture holders on due
date.
12 According to information and explanations given to us and based on
the documents and records produced before us, the company has not
granted any loans or advances on the basis of security by way of pledge
of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, there is no special statute
applicable to the company, hence provisions related to requirement of
NOF, prudential norms for income recognition, appraisal of credit
proposal etc. are not required to be complied by the company.
14. Based on our examination of the records and evaluation of the
related internal controls, we are of the opinion that the company has
maintained proper records of transactions and contracts in respect of
trading in shares and other securities and timely entries have been
made therein. All shares and securities have been held by the company
in its own name.
15. According to information and explanations given to us, the terms
and conditions, on which the company has given guarantee for loans
taken by others from bank or financial institutions, are not
prejudicial to the interest of the company, in view of the counter
guarantee provided by such other person for the benefit of company
which exceeds the amount of guarantee covered.
16. Based on information and explanations given to us and in our
opinion, no term loan has been raised by the company during the year.
17. According to the information and explanation given to us and on an
overall examination of the balance sheet of the company, we report that
the funds, raised on short-term basis were not used, for long-term
investments.
18. During the year, the company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The company has not issued any debentures.
20. The company has not raised any money through a public issue during
the year.
21. Based upon the audit procedures performed for the purpose of
reporting true and fair view of the financial statements and as per the
information and explanations given by the management, we report that no
fraud on or by the company has been noticed or reported during the
course of our audit.
For TAS ASSOCIATES
Chartered Accountants
Firm Registration No. : 10520 N
Sd/-
Place : New Delhi (SUBODH GUPTA)
Dated:17th August, 2010 Partner
M. No. : 087099
Mar 31, 2009
1 We have audited the attached Balance Sheet of Ajanta Soya Limited as
at March 31, 2009 and also the Profit and Loss 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.
2. We conducted our audit in accordance with the Auditing Standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtam reasonable assurance about whether the
financial statements are free of material mis-statements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government 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 5 of the said Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
a) We have obtained all the information and explanations, which to the
best of 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 ol those
books;
c) The Balance Sheet. Profit and Loss Account and Cash Flow Statement,
dealt with by this report, are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the applicable
Accounting Standards referred to in section 211(3C) of the Companies
Act, 1956.
e) On the basis of written representations received from the directors,
as on 31st March, 2009, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2009 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956.
0 To the best of our knowledge & belief, the provisions of Section 441A
of the Companies Act, 1956 regarding the levy & collection of cess on
turnover or gross receipts of the Company, have not yet been notified
by the Central Government. Accordingly, the question of the compliance
of the said section in terms of clause (g) of sub-section 3 of section
227 of the Companies Act, 1956 and clause 9 of the Annexure attached to
our this report, does not arise.
g) In our opinion and to the best of our information and according the
explanations given to us, the said accounts, together with the notes
thereon, give the information required by the Companies Act, 1956, 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 March 31, 2009; and
II. in the case of the Profit and Loss Account, of the Profit of the
company 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.
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITORS REPORT OF EVEN DATE
TO THE MEMBERS OF AJANTA SOYA LIMITED FOR THE YEAR ENDED MARCH 31,
2009.
1. a) The company has maintained proper records showing full
particulars including quantitative details and situation of
fixed assets.
ii) During the year, these fixed assets have been physically verified
by the management in a phased manner which, in our opinion, is
reasonable having regard to the size of the company and nature of its
fixed assets. As mentioned to us no serious discrepancies were noticed
by the management on such verification.
c) The company has not disposed off substantial part of its fixed
assets during the year.
2. a) The inventory has been physically verified by the management at
reasonable intervals. In our opinion the frequency of verification is
reasonable.
b) 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. The discrepancies between physical inventory and the book
records, as observed on verification, which were not material in
relation to the size of the company, have been properly dealt with in
the books of accounts
3. (i) a) The company has granted unsecured loan to one Party covered
in the register maintained under section 301 of the Companies Act,
1956. The maximum amount involved during the year was Rs.400.00 Lacs
(PY. Rs NIL) and the year-end balance of unsecured loans granted to
such parties was Rs. 400.42 Lacs. (PY Rs NIL).
b) The rate of interest and other terms and conditions on which
unsecured loans have been granted are not, prima facie, prejudicial to
the interest of the company.
c) The receipt of Principal amount and interest ate regular as per
stipulations if any. There is no overdue amount of loan granted during
the year.
3. (ii)a) The company has taken unsecured loan from Parties covered in
the register maintained under section 301 of the Companies Act, 1956.
The maximum amount involved during the year was Rs. 1990.20 Lacs (PY.
Rs 175:65 Lacs) and the year-end balance of unsecured loans taken from
such parties was Rs. 249.95 Lacs (PY Rs NIL Lacs).
b) The interest and other terms and conditions on which unsecured loans
have been taken from companies listed in the register maintained under
section 301 are not, prima facie, prejudicial to the interest of the
company.
c) The company is regular in repaying the principal amounts, wherever
stipulated.
d) There is no overdue amount of loans taken from companies, firms or
other parties listed in the register maintained under section 301.
4. 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 the purpose of purchase of inventory and fixed assets and
for sale of goods. During the course of our audit, on random test check
basis, no major weakness has been noticed in the internal controls in
respect of these areas.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under section 301 have been so entered.
b) According 10 the information and explanations given to us, the
transactions made in pursuance of contracts or arrangements entered in
the register maintained under section 301 and exceeding the value of
five lakh rupees, in respect of any party during the year, have been
made at prices which are reasonable having regard to prevailing market
prices at the relevant time.
6. According to information and explanations given to us, the company
has not accepted any deposits to which provisions of sections 58A, 58AA
or any other relevant provisions of the Companies Act, 1956 and the
rules framed there under are applicable.
7. In our opinion, the company has an adequate Internal Audit system
commensurate with its size and nature of its business.
8. Pursuant to the rules made by the Central Government for the
maintenance of cost records under section 209 (1) (d) of the Companies
Act, 1956, we are of the opinion that, prima facie, the prescibed
accounts and records, relating to materials, labour and other items of
cost, have been made and maintained.
9. a) According to the records of the company, the company is regular
in depositing with appropriate authorities, undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income Tax, Sales Tax, Service Tax. Wealth
Tax, Custom Duty, Exose Duty, Cess and other statutory dues applicable
to it.
b) According to the records of the company and information and
expanations given to us, there are no dues of Sales Tax, Income Tax,
Service Tax, Custom Duty, Wearm Tax, Excise Duty and Cess on account of
any dispute except the following:
S No. Statute under which Demand arise Amount Involved Forum at
which dispute
is pending
(Rs in Lacs)
1. Income Tax Act 3.64 Commissioner
of lncome
Tax (Appeals;
10. The company has no accumulated losses as on the balance sheet
da:e. The company has not incurred any a cash loss during the financial
year covered by our audit or the immediately preceding financial year.
11. Based on our audit procedures and on the information ana
explanations given by the management. we are of the opinion that the
company has not defaulted in repayment of dues to banks. There are no
dues payable to financial institutions or debenture holders except that
the company has not pad interest dues of Rs. 0.90 lacs to LIC of India
on due date. However the same has since been paid after the end of the
financial year.
12 According to information and explanations given to us ana based on
the documents and records produced before us. the company has not
granted any loans or advances on the basis of security by way of pledge
of shares, debentures and other securities.
13. In our opinion, the company is not a chit fund or a nidrv mutual
benefit fund / society. Therefore, there is no special statute
applicable to the company, hence provisions related to requirement of
NOF, prudential norms for income recognition, appraisal of credit
proposal etc. are not required to be complied by the company.
14. Based on our examination of the records and evaluation of the
related internal controls, we are of the opinion that the company has
maintained proper records of transactions and contracts in respect of
trading in shares and other securities and timely entries have been
made therein. All shares and securities have been held by the company
in its own name except investment in the Units of LIC profit Plus
amounting to Rs. 13.57 lacs [Refer Note no 4 of part B of schedule N
to the accounts.]
15. According to information and explanations given to us. the terms
and conditions, on which the company has given guarantee for loans
taken by others from bank or financial institutions, are not
prejudicial to the interest of the company, in view of the counter
guarantee provided by such other person for the benefit of company for
the major part of guarantee covered.
16. Based on infotmation and explanations given to us and in our
opinion, no term loan has been raised by the company during the year.
17. According to the information and explanation given to is and on an
overall examination of the balance sheet of the company, we report that
the funds, raised on short-term basis were not used, for long-term
investments.
18. During the year, the company has not made any preferencal
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The company has not issued any debentures.
20. The company has not raised any money through a public issue during
the year.
21. Based upon the audit procedures performed for the purpose of
reporting true and fair view of the financial statements and as per the
information and explanations given by the management we report that no
fraud on or by the company has been noticed or reported during the
course of our audit
For TAS ASSOCIATES
Chartered Accountants
Sd/-
Place : New Delhi (SUBODH GUPTA)
Dated : 25th August, 2009 Partner
M. No. : 087099
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Ajanta Soya Ltd. குறித்த கூடுதல் தகவல்களை
-
Ajanta Soya Ltd. டூல்ஸ்
- பல்க் டீல்ஸ்
-
Ajanta Soya Ltd. நிறுவன தகவல்கள்
- நிறுவன சுயவிவரம்
- நிறுவன வரலாறு
- நிர்வாக குழு
- மூலதன வடிவம்
- புராடெக்ட் மிக்ஸ்
- வங்கியாளர்/தணிக்கையாளர்/பதிவாளர்
-
நிறுவன வரலாறு
- மும்பை பங்குச் சந்தையில் விலை வரலாறு
-
Ajanta Soya Ltd. முக்கிய நிதியில் விகிதங்கள்
- விகிதங்கள்
-
Ajanta Soya Ltd. முடிவுகள்
- காலாண்டு முடிவுகள்
- அரையாண்டு முடிவுகள்
- 9 மாத முடிவுகள்
- வருடாந்திர முடிவுகள்
-
Ajanta Soya Ltd. நிதியியல் தகவல்கள்
- தணிக்கை முடிவுகள்
- பணப்பாய்வு
- இருப்பு நிலைக்குறிப்பு
-
Ajanta Soya Ltd. அறிக்கை
- கணக்கியல் கோட்பாடுகள்
- தணிக்கையாளர்கள் அறிக்கை
- இயக்குநர்கள் அறிக்கை
- கணக்கு குறிப்புகள்
-
Ajanta Soya Ltd. கார்ப்பரேட் அறிவிப்புகள்
- புத்தக முடிவு
- நிர்வாகக் குழுக் கூட்டங்கள்
