To the Members of
AJANTA SOYA LIMITED
for the year ended March 31 2015
Report on the Financial Statements
We have audited the accompanying financial statements of Ajanta Soya Limited ("theCompany") which comprise the Balance Sheet as at March 31 2015 the Statement ofProfit and Loss and the Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.
Managements Responsibility for the Financial Statements
The Companys 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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively 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.
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 thereunder.
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 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 theauditors 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 control relevant to the Companys preparation of thefinancial statements that give a true and fair view in in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on the effectiveness of the entitys internal control. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by management as well as evaluating the overall presentation ofthe 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.
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 affairs of the Company as atMarch 31 2015;
(b) in the case of the Statement of Profit and Loss of Profit for the year ended onthat date; and
(c) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section 11 ofsection 143 of the Act we give in the Annexure a statement on the matters specified inthe 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 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 appears from our examination of those books;
(c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;
(d) 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;
(e) On the basis of the written representations received from the directors as on March31 2015 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of sub-section (2) ofsection 164 of the Act;
(f) With respect to the other matters to be included in the Auditors 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 wefurther comment that:
i) the Company has disclosed the impact of pending litigations on its financialposition 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 contractsoutstanding as at 31 March 2015; and
iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund.
| ||For TAS ASSOCIATES |
| ||Chartered Accountants |
| ||Firm Registration No.: 010520N |
| ||Sd/- |
|Place : Delhi ||(SUBODH GUPTA) |
|Dated : 30th May 2015 ||Partner |
| ||M. No.: 087099 |
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 (Auditors Report) Order 2015 ("the Order")issued by the Central Government of India in terms of subsection 11 of section 143 of theAct we report on the matters specified in the paragraph 3 and 4 of the Order to theextent applicable as hereunder:
1. a) In our opinion the Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.
b) During the year these fixed assets have been physically verified by the managementin a phased manner which in our opinion is reasonable having regard to the size of thecompany and nature of its fixed assets. As mentioned to us the discrepancies noticed bythe management on such verification were not material in relation to the size of thecompany 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 theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.
c) On the basis of our examination of the records of inventories we are of the opinionthat the company is maintaining proper records of inventories. The discrepancies betweenphysical inventories and the book records as observed on verification were not materialin relation to the size of the company have been properly dealt with in the books ofaccounts
3 a) The company has granted unsecured loan to one body corporate covered in theregister 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 registermaintained under section 189 of the Act the borrowers have been regular in the payment ofthe principal and interest as stipulated.
c) There are no overdue amounts of more than rupees one lakh in respect of the loansgranted to the bodies corporate listed in the register maintained under section 189 of theAct.
4. In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the company and thenature of its business with regard to purchase of inventory and fixed assets and sale ofgoods. Further on the basis of our examination and according to the information andexplanation given to us we have neither come across nor have been informed of anycontinuing 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 costrecords under section 148 (1) of the Companies Act 2013 we are of the opinion thatprima facie the prescribed cost records have been made and maintained.
7. a) According to our examination of records and on the basis of information andexplanations given to us and on the basis of our examination of the records of thecompany undisputed statutory dues including provident fund employees state insuranceincome-tax sales-tax service-tax wealth tax duty of customs duty of excise valueadded tax cess and other material statutory dues as are identified to be applicablehave generally been regularly deposited with the appropriate authorities. Further noundisputed amounts payable in respect thereof were in arrears at the year-end for a periodof more than six months from the date they became payable except a sum of Rs. 9.24 lacsrelating 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 andexplanations given to us there are no dues in respect of income tax sales tax servicetax wealth tax duty of customs or excise value added tax or cess etc that have not beendeposited with the appropriate authorities on account of any dispute except thefollowings:
|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 |
|Income Tax Act ||Demand on regular assessment ||6.08 ||2010-2011 ||Commissioner of Income Tax Appeals |
|Income Tax Act ||Demand on regular assessment ||1.61 ||2009-2010 ||Commissioner of Income Tax Appeals |
|Central Excise Act ||Additional duty on re-assessment ||69.56 (12 lacs deposited under protest) ||April 2011 to Dec 2011 ||CESTAT |
c) According to our examination of records and on the basis of information andexplanations given to us there were no amount required to be transferred to InvestorEducation and Protection Fund during the year in accordance with the relevant provisionsof 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 yearand has not incurred cash losses in the financial year and in the immediately precedingfinancial year.
9. According to our examination of records and on the basis of information andexplanations given to us the Company has not defaulted in repayment of dues to any bankor financial institution during the year. The Company did not have any outstandingdebentures at any time during the year.
10. According to information and explanations given to us the terms and conditions onwhich the company has given guarantee for loans taken by others from bank or financialinstitution are not prejudicial to the interest of the company in view of the counterguarantee provided by the such other person for the benefit of company which almost coversthe amount of guarantee given by the company.
11. Base on information and explanation given to us and in our opinion no term loanhas been raised by the company during the year.
12. According to our examination of records and on the basis of information andexplanations given to us no fraud on or by the Company has been noticed or reportedduring 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 |