You are here » Home » Companies » Company Overview » Ajanta Soya Ltd

Ajanta Soya Ltd.

BSE: 519216 Sector: Others
NSE: N.A. ISIN Code: INE601B01015
BSE LIVE 15:40 | 23 Nov 67.40 -1.10
(-1.61%)
OPEN

66.05

HIGH

71.00

LOW

65.05

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 66.05
PREVIOUS CLOSE 68.50
VOLUME 27395
52-Week high 92.65
52-Week low 30.00
P/E 14.68
Mkt Cap.(Rs cr) 109
Buy Price 0.00
Buy Qty 0.00
Sell Price 67.40
Sell Qty 100.00
OPEN 66.05
CLOSE 68.50
VOLUME 27395
52-Week high 92.65
52-Week low 30.00
P/E 14.68
Mkt Cap.(Rs cr) 109
Buy Price 0.00
Buy Qty 0.00
Sell Price 67.40
Sell Qty 100.00

Ajanta Soya Ltd. (AJANTASOYA) - Auditors Report

Company auditors report

to the Members of Ajanta Soya Limited for the year ended March 31 2017 Report on theFinancial Statements

We have audited the accompanying financial statements of Ajanta Soya Limited ("theCompany") which comprise the Balance Sheet as at March 31 2017 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.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act2013 ("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 of 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.

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 underSection143(10)of the Act. Those Standards require that we comply with ethical requirementsand plan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatement. An audit involves performing procedures toobtain audit evidence about the amounts and disclosures in the financial statements. Theprocedures selected depend on the auditor's judgment including the assessment of therisks 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 theCompany's preparation and fair presentation of the financial statements that give a trueand fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2017 its Profit and its cash flows for the year ended on that date.

Matter of Emphasis

‘A fire broke out at factory premises of the company on 14.05.2017 which severelydamaged the plant & machinery thereby affecting the manufacturing activity. As permanagement the company is expected to re-commence manufacturing operations by end of2017. Since it is an event occurring after the balance sheet date in the opinion ofmanagement no deviation is required in the fundamental accounting assumption of goingconcern in preparation of these financial statements.' Report on Other Legal andRegulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of section 143(11) of the Act we givein the Annexure- A a statement on the matters specified in paragraphs 3 and 4 of theOrder.

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 ouropinion proper books of account as required by law have been kept by the Company so far asappears from our examination of those books; (c) the Balance Sheet the Statement ofProfit and Loss and the Statement of Cash Flows dealt with by this Report are inagreement 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 relevant rules issuedthereunder; (e) on the basis of the written representations received from the directors ason March 31 2017 taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2017 from being appointed as a director in terms ofsub-section (2) of section 164 of the Act; (f) with respect to the adequacy of theinternal financial controls over financial reporting of the Company and the operatingeffectiveness of such controls refer to our separate report in ‘Annexure B'; and (g)With respect to the other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us we further commentthat: i the Company has disclosed the impact of pending litigations on its financialposition in its financial statements. Refer to Note 27-I (c)(ii) to the financialstatements; ii. the Company did not have any long term contracts and derivative contractswhich requires provision for material foreseeable losses as at 31 March 2017; and iii.there were no amounts which were required to be transferred to the Investor Education andProtection Fund by the Company; iv. the company had provided requisite disclosures in itsfinancial statements as to holdings as well as dealings in Specified Bank Notes during theperiod from 8 November 2016 to 30 December 2016 and these are in accordance with thebooks of accounts maintained by the company. Refer to Note 40 to the financial statements.

For TAS ASSOCIATES
Chartered Accountants
[Firm Registration No. 010520N]
Sd/-
Mukesh Agrawal
Place : Delhi Partner
Date : May 30 2017 Membership number: 090582

ANNEXURE- A : TO THE INDEPENDENT AUDITORS' REPORT to the Members of Ajanta Soya Limitedfor the year ended March 31 2017

In terms of the Companies (Auditor's Report) Order 2016 ("the Order") issuedby the Central Government of India in terms of subsection 11 of section 143 of the Act wereport on the matters specified in the paragraph 3 and 4 of the Order to the extentapplicable as hereunder: i) a) In our opinion the Company has maintained proper recordsshowing 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 whichfixed assets are verified in a phased manner over a period of three years. In accordancewith that plan certain fixed assets were verified during the year and no materialdiscrepancies were noticed on such verification. In our opinion this periodicity ofphysical verification is reasonable having regard to the size of the company and nature ofits fixed assets. c) According to information and explanations given to us and on thebasis of our examination of the records of the company the title deeds of immovableproperties are held in the name of the company. ii) a) During the year the inventorieshave been physically verified by the management. In our opinion the frequency ofverification is reasonable. b) In our opinion and according to the information andexplanation given to us the procedures of physical verification of inventories followedby the management are reasonable and adequate in relation to the size of the company andthe nature of its business. c) The discrepancies between physical inventories and the bookrecords as observed on verification were not material in relation to the size of thecompany have been properly dealt with in the books of accounts iii) The company has notgranted any loan secured or unsecured to parties covered in the register maintained undersection 189 of the Companies Act 2013 (‘the Act'). iv) In our opinion and accordingto the information and explanations given to us the Company has complied with theprovisions of section 185 and 186 of the Act with respect to the loans and investmentsmade &guarantees given. 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 recordsunder section 148 (1) of the Companies Act 2013 we are of the opinion that prima faciethe prescribed cost records have been made and maintained. vii) a) According to ourexamination of records and on the basis of information and explanations given to us and onthe basis of our examination of the records of the company amounts deducted/ accrued inthe books of account of the company in respect of undisputed statutory dues includingprovident fund employees state insurance income-tax sales-tax service-tax duty ofcustoms duty of excise value added tax cess and other material statutory dues havegenerally 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. b) According to our examinationof records and on the basis of information and explanations given to us there are no duesin respect of income tax sales tax service tax duty of customs or excise value addedtaxthat have not been deposited with the appropriate authorities on account of any disputeexcept 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
Central Excise Act Additional duty on re-assessment 69.56 (12 lacs deposited under protest) April 2011 to Dec2011 CESTAT
Income Tax Act Income Tax Demand 1.37 lacs AY 2014-15 CIT (Appeal)

defaulted in repayment of dues to any bank or financial institution government ordebenture holder during the year. ix) The Company did not raise any money by way ofinitial public offer or further public offer (including debt instruments) and term loansduring 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 thecompany or on the company by its officers or employees has been noticed or reported duringthe course of our audit. xi) According to the information and explanations given to us andbased on our examination of the records of the company the company has paid / providedfor managerial remuneration in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Act. xii) In our opinion andaccording 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 ourexamination of the records of the company transactions with related parties are inaccordance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards. xiv) According to information and explanations given to us and basedon our examination of the records of the company the company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year.

xv) According to information and explanations given to us and based on our examinationof the records of the company the company has not entered in to any non-cash transactionswith directors or persons connected with him.

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

For TAS ASSOCIATES
Chartered Accountants
[Firm Registration No. 010520N]
Sd/-
Mukesh Agrawal
Place : Delhi Partner
Date : May 30 2017 Membership number: 090582

Annexure - B to the Independent Auditors' Report to the Members of Ajanta Soya Limitedfor the year ended March 31 2017

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of theCompanies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Ajanta SoyaLimited ("the Company") as of March 31 2017 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 Reporting issuedby 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 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 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 deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit 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 auditor's judgment including the assessment of the risks of materialmisstatement 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 ofrecords that in reasonable detail accurately and fairly refiect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's 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 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 March 31 2017 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 TAS ASSOCIATES
Chartered Accountants
[Firm Registration No. 010520N]
Sd/-
Mukesh Agrawal
Place : Delhi Partner
Date : May 30 2017 Membership number: 090582