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Aayush Food And Herbs Ltd.

BSE: 539528 Sector: Health care
NSE: N.A. ISIN Code: INE430R01015
BSE LIVE 15:40 | 15 Dec 71.60 -2.75
(-3.70%)
OPEN

75.00

HIGH

77.65

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70.65

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 75.00
PREVIOUS CLOSE 74.35
VOLUME 19471
52-Week high 85.90
52-Week low 15.85
P/E 32.25
Mkt Cap.(Rs cr) 23
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 75.00
CLOSE 74.35
VOLUME 19471
52-Week high 85.90
52-Week low 15.85
P/E 32.25
Mkt Cap.(Rs cr) 23
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Aayush Food And Herbs Ltd. (AAYUSHFOODHERB) - Auditors Report

Company auditors report

TO THE MEMBERS OF AAYUSH FOOD AND HERBS LIMITED

We have audited the accompanying Standalone financial statements of Aayush Food andHerbs Limited (“the Company”) which comprise the Balance Sheet as at March 312017 and the Statement of Profit and Loss and the statement of cash flows for the yearthen ended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility forthe Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (“the Act”) with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition and financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified 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 inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under.

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe standalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid Standalone Financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2017 and its profits and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3)oftheActwereportthat:

(a) We have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss and the statement of cash flowsdealt with by this Report are in agreement with the relevant books of account.

(d) ln our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on March312017 taken on record by the Board of Directors none of the directors is disqualifiedas on March 312017 from being appointed as a director in terms of Section 164 (2) of theAct.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in “Annexure A”. Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the company's internal financial controls overfinancial reporting.

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand 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 financialposition in the standalone financial statements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv. The Company has provided requisite disclosures in its standalone financialstatements as to holdings as well as dealings Specified Bank Notes (SBNs) as defined inNotification S.O. 3407(E) dated November 8 2016 of the ministry of finance during theperiod from November 08 2016 to December 31 2016. Based on the audit proceduresperformed and the representations provided to us by the management we report that thedisclosures are in accordance with the books of accounts maintained by the company andproduced to us by the management.

2. As required by the companies (auditor's report) Order 2016 (“the order”)issued by the central government in terms of section 143(11) of the act we give in“annexure B' a statement of the matters specified in paragraphs 3 and 4 of the order.

For Sudhir Agarwal & Associates

Chartered Accountants

(Firm's Registration No. 509930C)

Sd /-

CA SUDHIR AGARWAL

(Partner)

Membership Number: 088583

Place:New Delhi

Date:29th May 2017

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to paragraph 1(f) under 'Report on Other Legal and Regulatory Requirements'section of our report on even date)

Report on the Internal Financial Controls Under Clause (I) of sub section (3) ofSection 143 of The Companies Act 2013 ('the Act') of AAYUSH FOOD AND HERBS LIMITED

We have audited the internal financial controls over financial reporting of Aayush Foodand Herbs Limited (“the Company”) as of March 312017 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility forthe Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on internal control over financial reporting criteria establishedby the Company considering the essential components of internal control stated in theGuidance Note of Audit of Internal Financial Controls over Financial Reporting issued bythe Institute of Chartered Accountants of India ('ICAI'). These responsibilities includedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on ouraudit.

We conducted ouraudit in accordance with Guidance Note of Audit of Internal FinancialControls over Financial Reporting (the'Guidance Note') and the Standards on Auditingissued by the ICAI prescribed under Section 143(10) of the Act to the extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial Controls. Those Standards and the Guidance note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting were established andmaintained and if such controls operated effectively in all material aspects.

Our audit involves performing procedures to obtain audit evidence about adequacy of theinternal financial controls over financial reporting and their operating effectiveness.Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditors' judgment including the assessment of the risks of materialmisstatement of the standalone financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemoverfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control overfinancial reporting is a process designedreasonable assurance regarding the reliability of financial reporting and preparation offinancial statements for external purpose in accordance with generally accepted accountingprinciples. A company's internal financial control overfinancial reporting included thosepolicies and procedures that (1) pertain to the maintenance of records that in reasonabledetail accurately and fairly reflect the transactions and disposition of the assets ofthe company; (2) provide reasonable assurance that transaction are recorded as necessaryto permit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorizations of the Management and directors of the company; and(3) provide reasonable assurance regarding prevention or timely detections of unauthorizedaccusation use or disposition of the company's assets that could have a material effecton the financial statements.

Inherent Limitations of Internal Financial Control over Financial Reporting

Because of the inherent limitations of internal financial control over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of internal financial control over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the company has in all material respects an adequate the internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 31 2017 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note.

For Sudhir Agarwai & Associates

Chartered Accountants

(Firm's Registration No. 509930C)

Sd /-

CA SUDHIR AGARWAL

(Partner)

Membership Number: 088583

Place:New Delhi

Date:29th May 2017

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

[Referred to in paragraph 2 under 'Report on Other Legal and Regulatory Requirements'

of our Report of even date]

(i) In respect to the company's property plant and equipment:

(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of the property plant and equipment.

(b) As explained to us property plant and equipment have been physically verified bythe management during the year in accordance with the regular programme of verificationadopted by the management which in our opinion provides for physical verification of allthe fixed assets at reasonable intervals. According to the information and explanationsgiven to us no material discrepancies were noticed on such verification.

(c) In our opinion to the best of our information and explanations given to us andrecords examined by us we report that all Immovable properties are held in the name ofthe company as at balance sheet date.

(ii) (a) As explained to us the inventories of finished goods(RICE) semi-finishedgoods stores spare parts and raw materials were physically verified at the end of theyear by the Management. In case of inventories lying with third parties certificates ofstocks holding have been received.

(b) In our opinion and according to the information and explanation given to us theprocedures of physical verification of inventories followed by the Management werereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) As explained to us no material discrepancies were noticed on physical verificationof stocks as compared to book records.

(iii) According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to the companies firms limited liabilitypartnerships or other parties covered in the register maintained under Section 189 of theAct.

(iv) ln our opinion and according to the explanations given to us the company compliedwith the provisions of section 185 & 186 of the Act in respect of the grant of loansmaking investments and providing guarantees and securities as applicable.

(v) Based on our scrutiny of the company's records and according to the information andexplanation provided by the management in our opinion the Company has not accepted anydeposits from the public within the meaning of Rule 2 of the Companies (Acceptance ofDeposits) Rules 2014 or any directives issued by the Reserve Bank of India.

(vi) As informed to us Reporting under clause 3(vi) of the order is not applicable asthe company's business activities are not covered by the Companies (Cost Records &Audit) Rules 2014.

(vii) In respect of statutory dues:

(a) According to the information and explanation given to us and on the basis of ourexamination of the books of account and records the company has been generally regularin depositing undisputed statutory dues including provident fund employees stateinsurance income-tax sales-tax wealth tax service tax duty of customs duty ofexcise value added tax cess and any other statutory dues with the appropriateauthorities.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of the above were in arrears as at March 312017 for a period of morethan six months from the date on when they become payable.

(c) There were no other statutory dues which have not been deposited as at 31 st march2017 on account of dispute.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of dues to financial institutions andbanks. The company does not have any loans or borrowings from banks or government and hasnot issued any debentures.

(ix) The company has not raised any money from initial public offer or further publicoffer (including debt instruments) or term loans and hence reporting under clause 3(ix) ofthe order is not applicable.

(x) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company by its officersor employees has been noticed or reported during the year.

(xi) ln our opinion and according to the information and explanations given to us thecompany has paid /provided Director's remuneration in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V of the act.

(xii) In our opinion and to the best of our information and according to theexplanations given by the management we are of the opinion that the company is not aNidhi company. Hence in our opinion the requirements of Clause 3(xii) of the Order donot apply to the company.

(xiii) In our opinion and to the best of our information and according to theexplanations given by the management the company is in compliance of section 177 and 188of the act where applicable for all the Transactions with the related parties anddetails of related party transactions have been disclosed in the standalone financialstatements (refer to note. 27) as required by the applicable accounting standards.

(xiv) The Company has not made any preferential allotment of shares to parties duringthe year. Accordingly the provisions of Clause 4(xiv) of the Order are not applicable tothe Company.

(xv) In our opinion and to the best of our information and according to theexplanations given by the management the company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly the provisions ofClause 4(xv) of the Order are not applicable to the Company.

(xvi) In our opinion and to the best of our information and according to theexplanations given by the management the company is not required to be registered undersection 45-IA of the Reserve Bank of India Act 1934. Accordingly the provisions ofClause 4(xvi) of the Order are not applicable to the Company.

For Sudhir Agarwal & Associates

Chartered Accountants

(Firm's Registration No. 509930C)

Sd /-

CA SUDHIR AGARWAL

(Partner)

Membership Number: 088583

Place:New Delhi

Date:29th May 2017