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Advanced Enzyme Technologies Ltd.

BSE: 540025 Sector: Industrials
NSE: ADVENZYMES ISIN Code: INE837H01012
BSE LIVE 11:46 | 06 Dec 2106.00 7.85
(0.37%)
OPEN

2100.00

HIGH

2131.50

LOW

2100.00

NSE LIVE 11:52 | 06 Dec 2102.15 4.10
(0.20%)
OPEN

2105.00

HIGH

2129.85

LOW

2097.00

OPEN 2100.00
PREVIOUS CLOSE 2098.15
VOLUME 7723
52-Week high 2377.00
52-Week low 1161.00
P/E 225.48
Mkt Cap.(Rs cr) 4702.70
Buy Price 2102.20
Buy Qty 13.00
Sell Price 2105.65
Sell Qty 16.00
OPEN 2100.00
CLOSE 2098.15
VOLUME 7723
52-Week high 2377.00
52-Week low 1161.00
P/E 225.48
Mkt Cap.(Rs cr) 4702.70
Buy Price 2102.20
Buy Qty 13.00
Sell Price 2105.65
Sell Qty 16.00

Advanced Enzyme Technologies Ltd. (ADVENZYMES) - Auditors Report

Company auditors report

To the Members of Advanced Enzyme Technologies Limited

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of Advanced EnzymeTechnologies Limited ("the Company") which comprise the Balance Sheetasat 31March 2016 the Statement Profit and Loss the Cash Flow Statement for the yearthen endedand a summaryofthesignificantaccounting policies and other explanatoryinformation.

Management’s Responsibility for the Standalone Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with Rule 7 of theCompanies(Accounts) Rules 2014 (as amended). This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Act;safeguarding the assets of the Company; preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor’s Responsibility

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

4. 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 thereunder.

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

6. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial controls relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of the financial statements.

7. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

8. 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 31 March 2016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of Section 143(11) of theAct we give in the ANNEXURE I a statement on the matters specified in paragraphs 3 and 4of the Order.

10. Further to our comments in ANNEXURE I as required by Section143(3) of the Act wereport that:

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

c. the standalone financial statements dealt with by this report are in agreement withthe books of account;

d. in our opinion the aforesaid standalone financialstatements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 (as amended);

e. on the basis of the written representations received from the directors as on 31March 2016 and taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2016 from being appointed as a director in terms ofSection164(2) of the Act;

f. we have also audited the internal financial controls over financial reporting(IFCoFR) of the Company as of 31 March 2016 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date and ourreport dated 27 June 2016 as per ANNEXURE II expressed unmodified opinion.

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. as detailed in Note 21(a)to the standalone financial statements the Company hasdisclosed the impact of pending litigations on its standalone financial position;

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

iii. there has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For Walker Chandiok & Co LLP

(Formerly Walker Chandiok & Co)

Chartered Accountants

Firm’s Registration No.: 001076N/N500013

per Sudhir N. Pillai

Partner

Membership No.:105782

Place: Mumbai

Date: 27 June 2016

Annexure I to the Independent Auditor’s Report of even date to the members ofAdvanced Enzyme

Technologies Limited on the standalone financial statements for the year ended 31March 2016

Annexure I

Based on the audit procedures performed for the purpose of reporting a true and fairview on the standalone financial statements of the Company and taking into considerationthe information and explanations given to us and the books of account and other recordsexamined by us in the normal course of audit and to the best of our knowledge and beliefwe report that:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) All fixed assets not been physically verified by the management during the yearhowever there is a regular program of verification once in three years which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. No material discrepancies were noticed on such verification.

(c) The title deeds of all the immovable properties (which are included under the head‘fixed assets’) are held in the name of the Company except for the followingproperty:

Nature of property Total Number of Cases Whether leasehold / freehold Gross block as on 31 March 2016 Net block on 31 March 2016 Remarks
Land One Leasehold Rs. 12.57 Million Rs. 12.57 Million Company has not executed a formal lease deed for its land at Jalna Maharashtra with Maharashtra Industrial Development Corporation.

(ii) In our opinion the management has cONDUCTed physical verification of inventory atreasonable intervals during the year except for goods-in-transit and stocks lying withthird parties. For stocks lying with third parties at the year-end written confirmationshave been obtained by the management. No material discrepancies were noticed on theaforesaid verification.

(iii) The Company has granted unsecured loan to one company covered in the registermaintained under Section 189 of the Act; and with respect to the same:

(a) in our opinion the terms and conditions of grant of such loans are not primafacie prejudicial to the Company’s interest.

(b) the schedule of repayment of principal and payment of interest has been stipulatedand the repayment of the principal amount and the interest are regular; (c) there is nooverdue amount in respect of loan granted to such company.

(iv) In our opinion Company has complied with the provisions of Sections 185and 186 of the Act as applicable in respect of loans investments guarantees andsecurity.

(v) In our opinion the Company has not accepted any deposits within the meaning ofSections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules 2014 (asamended). Accordingly the provisions of clause 3(v) of the Order are not applicable.

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the Rules made by the Central Government for the maintenance of cost records undersub-section (1) of Section 148 of the Act in respect of Company’s products and are ofthe opinion that prima facie the prescribed accounts and records have been madeand maintained. However we have not made a detailed examination of the cost records witha view to determine whether they are accurate or complete.

(vii) (a) The Company is regular in depositing undisputed statutory dues includingprovident fund employees’ state insurance income-tax sales-tax service tax dutyof customs duty of excise value added tax cess and other material statutory dues asapplicable to the appropriate authorities. Further no undisputed amounts payable inrespect thereof were outstanding at the year-end for a period of more than six months fromthe date they become payable.

(b) The dues outstanding in respect of income-tax sales-tax service tax duty ofcustoms duty of excise and value added tax on account of any dispute are as follows:

Statement of Disputed Dues

Name of the statute Nature of dues Amount (Rs.) in Million Amount paid under Protest (Rs.) in Million Period to which the amount relates Forum where dispute is pending
Central Excise Act 1944 read with Cenvat Credit Rules 2004 Service Tax 7.95 - July 2010 to January 2015 Commissionerate of Central Excise Customs & Service tax
Central Excise Act 1944 read with Cenvat Credit Rules 2004 Excise Duty 0.34 - April 2012 to January 2015 Additional Commissioner of Central Excise Customs and Service Tax
Central Excise Act 1944 read with Cenvat Credit Rules 2004 Excise Duty 1.51 - July 2011 to January 2015 Additional Commissioner of Central Excise Customs and Service Tax
Central Excise Act 1944 read with Cenvat Credit Rules 2004 Excise Duty 4.19 - July 2010 to January 2015 Commissionerate of Central Excise Customs & Service tax
Finance Act 1944 Service Tax 7.51 - August 2012 to March 2015 Commissionerate of Central Excise Customs & Service tax
Central Excise Act 1944 read with Cenvat Credit Rules 2004 Service Tax 1.06 - March 2015 to December 2015 Commissioner of Central Excise Service Tax
Central Excise Act 1944 read with Cenvat Credit Rules 2004 Excise Duty 0.60 - March 2015 to December 2015 Commissioner of Central Excise Service Tax
Income Tax Act 1961 Income Tax 0.40 - Assessment Year 2004-05 Bombay High Court
Income Tax Act 1961 Income Tax 48.36 16.00 Assessment Year 2010-11 Income Tax Appellate Tribunal Mumbai
Income Tax Act 1961 Income Tax 35.27 - Assessment Year 2010-11 Commissioner Appeals
Income Tax Act 1961 Income Tax 57.40 8.00 Assessment Year 2011-12 Commissioner Appeals
Income Tax Act 1961 Income Tax 29.36 - Assessment Year 2012-13 Commissioner Appeals
Income Tax Act 1961 Income Tax 0.18 - Assessment Year 2013-14 Commissioner Appeals

(viii) The Company has not defaulted in repayment of loans or borrowings to any bank orfinancial institution or government during the year. The Company did not have anyoutstanding debentures during the year.

(ix) In our opinionthe Company has applied moneys raised by way of the term loans forthe purposes for which these were raised. The Company did not raise moneys by way ofinitial public offer/ further public offer (including debt instruments).

(x) No fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the period covered by our audit.

(xi) Managerial remuneration has been paid by the Company in accordance with therequisite approvals mandated by the provisions of Section 197 of the Act read withSchedule V to the Act.

(xii) In our opinion the Company is not a Nidhi Company. Accordinglyprovisions of clause 3(xii) of the Order are not applicable.

(xiii) In our opinion all transactions with the related parties are in compliance withSections 177 and 188 of Act where applicable and the requisite details have beendisclosed in the financial statements as required by the applicable accounting standards.

(xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures.

(xv) In our opinionthe Company has not entered into any non-cash transactions with thedirectors or persons connected with them covered under Section 192 of the Act.

(xvi) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For Walker Chandiok & Co LLP

(Formerly Walker Chandiok & Co)

Chartered Accountants

Firm’s Registration No.: 001076N/N500013

per Sudhir N. Pillai

Partner

Membership No.: 105782

Place : Mumbai

Date : 27 June 2016

Annexure II to the Independent Auditor’s Report of even date to the members ofAdvanced Enzyme Technologies Limited on the standalone financial statements for the yearended 31 March 2016

Annexure II

Independent Auditor’s report on the Internal Financial Controls under Clause (i)of Sub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

1. In conjunction with our audit of the standalone financial Advanced EnzymeTechnologies Limited ("the Company") as of and for the year ended 31 March2016 we have audited the internal financial controls over financial reporting (IFCoFR) ofthe Company of as of that date.

Management’s Responsibility for Internal Financial Controls

2. The Company’s Board of Directors is responsible for establishing andmaintaining internal financial controls criteria established based by on theCompany considering the internal control over financial essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting ("the Guidance Note") issued by the Institute of CharteredAccountants of India("the ICAI"). These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient cONDUCT of the company’s businessincluding adherence to company’s policies 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 Act.

Auditors’ Responsibility

3. Our responsibility is to express an opinion on the Company’s IFCoFR based onour audit. We cONDUCTed our audit in accordance with the Standards on Auditing issued bythe ICAI and deemed to be prescribed under section 143(10) of the Act to the extentapplicable to an audit of IFCoFR and the Guidance Note issued by the ICAI. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate IFCoFR wereestablished and maintained and if such controls operated effectively in all materialrespects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the IFCoFR and their operating effectiveness. Our audit of IFCoFR included obtaining anunderstanding of IFCoFR assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor’ sjudgement includingthe assessment of the risks of material misstatement of the financial statements whetherdue to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s IFCoFR.

Meaning of Internal Financial Controls over Financial Reporting

6. A company’s IFCoFR is a process designed to provide reasonable assuranceregarding the reliability of financial reporting and the preparation offinancialstatements for external purposes in accordance with generally accepted accountingprinciples. A company’s IFCoFR includes those policies and procedures that (1)pertain to the maintenance of records that in reasonable detailaccurately and fairlyreflect the transactions and dispositions of the assets of the company; (2)providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company’s assets that could have a material effect on thefinancial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

7. Because of the inherent limitations of IFCoFR including the possibility ofcollusion or improper management override of controls material misstatements due to erroror fraud may occur and not be detected. Also projections of any evaluation of the IFCoFRto future periods are subject to the risk that IFCoFR may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.

Opinion

8. In our opinion the Company has in all material respects adequate internalfinancial controls over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at 31 March 2016 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note issued by the ICAI.

For Walker Chandiok & Co LLP

(Formerly Walker Chandiok & Co)

Chartered Accountants

Firm’s Registration No.: 001076N/N500013

per Sudhir N. Pillai

Partner

Membership No.:105782

Place : Mumbai

Date: 27 June 2016

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