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Adhunik Industries Ltd.

BSE: 538365 Sector: Metals & Mining
NSE: ADHUNIKIND ISIN Code: INE452L01012
BSE LIVE 15:40 | 02 Dec 103.00 -3.60
(-3.38%)
OPEN

105.50

HIGH

110.00

LOW

100.55

NSE LIVE 15:30 | 02 Dec 103.80 -2.60
(-2.44%)
OPEN

106.00

HIGH

107.95

LOW

102.00

OPEN 105.50
PREVIOUS CLOSE 106.60
VOLUME 11734
52-Week high 201.50
52-Week low 53.05
P/E
Mkt Cap.(Rs cr) 481.63
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 105.50
CLOSE 106.60
VOLUME 11734
52-Week high 201.50
52-Week low 53.05
P/E
Mkt Cap.(Rs cr) 481.63
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Adhunik Industries Ltd. (ADHUNIKIND) - Auditors Report

Company auditors report

To

The Members of

Adhunik Industries Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Adhunik Industries Limited(“the company”) which comprise the Balance Sheet as at 31st March 2016 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary 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 in section 134(5) ofthe Companies Act 2013 (“the Act”) with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating e ectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection of the financial 143(10) of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.

We believe that the audit evidence we have obtained is su cient 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 financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India;

a) in the case of the Balance Sheet of the state of a airs of the Company as at March31 2016; b) in the case of the Statement of Profit and Loss of the profit for the yearended on that date; and c) in the case of the Cash Flow Statement of the cash flows forthe year ended on that date.

Report on other Legal and Regulatory Requirements

1) As required by the Companies (Auditor's Report) Order 2016 ('the order') issued bythe Central Government of India in terms of sub-section (11) of section 143 of theCompanies Act 2013 we give in the ‘Annexure A' statement of the matters specified inparagraph 3 and 4 of the order to the extent applicable.

2) As required by section 143(3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to the 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 appears from our examination of those books [and proper accountsadequate for the purposes of our audit have been received from the branches not visited byus ]

c) The reports on the accounts of the branch o ces not visited by us of the Companyaudited under Section 143(8) of the Act by branch auditors have been sent to us and havebeen properly dealt by us in preparing this report. d) The Balance Sheet the Statement ofProfit and Loss and Cash Flow Statement dealt with by this Report are in agreement withthe books of account and the accounts received from the branches not visited by us.

e) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

f) On the basis of written representations received from the directors as on 31 March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2016 from being appointed as a director in terms of Section 164(2) of theAct.

g) With respect to the adequacy of internal financial controls over financial reportingof the company and the operating effectiveness of such controls please refer to ourseparate report in 'Annexure-B' and h) With respect to the other matters to be included inthe Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to our best of our information and according to theexplanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements as referred to in Note 32 to the financialstatements. ii. The Company does not have any long-term contracts including derivativescontracts for which there are any material foreseeable losses; iii.There has been no delayin transferring amounts required to be transferred to the Investor Education andProtection Fund by the Company.

FOR SUDHIR KUMAR JAIN & ASSOCIATES
Firm Regn No: 318016E
Chartered Accountants
CA. S Jain
(Partner)
Membership No. 053537
Place: Kolkata
Date: The 27th Day of May 2016

Annexure 'A' to the Independent Auditors Report

The Annexure referred to in our report to the members of Adhunik Industries Limited('The Company') for the year ended 2016.

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

i. (a) the company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The company has a regular programme of physical verification of its fixed asset bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to size of the company and the natureof its assets.

(c) According to the information and explanation given to us and on the basis of ourexamination of the records of the company the title deed of immovable property held inthe name of the company.

ii. The company has a regular programme of physical verification of its inventory bywhich inventories are physically verified in regular intervals by the management.

iii. According to information and explanation given to us and on the basis of ourexamination of the books of accounts the company has not granted any loans secured orunsecured to companies firms or other parties covered in the register maintained undersection 189 of the Companies Act 2013. Consequently the provisions of paragraph 3 ofclause iii (a) and iii (b) of the order are not applicable to the company.

iv. According to information and explanation given to us and on the basis ofexamination of the books of accounts the company has complied provision of section 185and 186 of the Companies Act 2013 in respect of loans investments guarantee andsecurity.

v. According to the information and explanation given to us the company has notaccepted any deposits and accordingly the provisions of paragraph 3 of clause v of theOrder are not applicable to the Company.

vi. As per information & explanation given by the management maintenance of costrecords has been specified by the Central Government under sub-section (1) of section 148of the Companies Act 2013 and we are of the opinion that prima facie such prescribedaccounts and records have been made and maintained.

vii. (a) According to the records the company has generally been regular in depositingundisputed statutory dues including provident fund employees' state insuranceincome-tax service tax custom duty excise duty value added tax cess and any otherstatutory dues applicable to the Company with appropriate authorities during the year.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income-tax service taxcustom duty excise duty value added tax cess and any other statutory dues were inarrears as at 31 March 2016 for a period of more than six month from the date they becamepayable.

(b) According to the information and explanations given to us there is no materialdues of income tax or service tax or custom duty or excise duty or value added tax or cesswhich have not been deposited on account of any dispute;

viii. Based on our audit procedures and on the information and explanations given bythe management we are of the opinion that the company has not defaulted in repayment ofdues to a financial institution or bank

ix. The company has not raised any moneys by way of initial public offer or furtherpublic offer (including debt instruments) and term loans were applied for the purposes forwhich those are raised;

x. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that there is no any fraud by the company and any fraudon the company by its officers or employees has been noticed or reported during the year.

xi. According to the information and explanations given to us managerial remunerationhas been paid/provided in accordance with the requisite approvals mandated by theprovisions of section 197 read with schedule V to the Companies Act.

xii. In our opinion and according to the information and explanation given to us thecompany is not a nidhi company. Therefore the provisions of paragraph 3 of clause xii ofthe order is not applicable to the company.

xiii. Based on our audit procedures and on the information and explanations given tous we report that transactions with the related parties are in compliance with section177 and 188 of the Companies Act 2013 where applicable and the details have beendisclosed in the financial statements etc. as required by the applicable accountingstandards.

xiv. According to the information and explanation given to us the company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the financial year covered by our audit. Consequently the provisions ofparagraph 3 of clause xiv of the order is not applicable to the company.

xv. Based on our audit procedures and on the information and explanations given to usthe company has not entered into any non-cash transactions with directors or personsconnected with him. Consequently the provisions of paragraph 3 of clause xv of the orderis not applicable to the company.

xvi. Based on our audit procedures and on the information and explanations given to usthe company is not required to registered under section 45-IA of the Reserve Bank of IndiaAct 1934.

FOR SUDHIR KUMAR JAIN & ASSOCIATES
Firm Regn No: 318016E
Chartered Accountants
CA. S Jain
(Partner)
Membership No. 053537
Place: Kolkata
Date: The 27 Day of May 2016

Annexure 'B' to the Independent Auditor's Report

Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section143 of the Companies Act 2013 ('the Act').

We have audited the internal financial controls over financial reporting of AdhunikIndustries Limited ('the Company') as of 31 March 2016 in conjunction with our audit ofthe financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to the Company's policies the safeguarding of its assetsthe prevention 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.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the 'Guidance Note') and the Standards on Auditing issued by ICAI and deemed to beprescribed under Section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting were established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditors' judgment including the assessment of the risks ofmaterial misstatement of the 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 systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorizations of the Management and directors of the Company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls 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 the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

FOR SUDHIR KUMAR JAIN & ASSOCIATES
Firm Regn No: 318016E
Chartered Accountants
CA. S Jain
(Partner)
Membership No. 053537
Place: Kolkata
Date: The 27 Day of May 2016

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