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Ajanta Soya Ltd.

BSE: 519216 Sector: Others
NSE: N.A. ISIN Code: INE601B01015
BSE LIVE 15:40 | 23 Mar 52.55 1.50
(2.94%)
OPEN

52.80

HIGH

53.20

LOW

51.50

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 52.80
PREVIOUS CLOSE 51.05
VOLUME 5521
52-Week high 58.75
52-Week low 11.12
P/E 8.46
Mkt Cap.(Rs cr) 81.45
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 52.80
CLOSE 51.05
VOLUME 5521
52-Week high 58.75
52-Week low 11.12
P/E 8.46
Mkt Cap.(Rs cr) 81.45
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ajanta Soya Ltd. (AJANTASOYA) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR’S REPORT

To the Members of Ajanta Soya Limited for the year ended March 31 2016 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 2016 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 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 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 atrue and 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 2016 its Profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

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

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 written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of sub-section (2) ofsection 164 of the Act;

(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 B; and (g) With respect to the other matters to beincluded in the Auditor’s Report in accordance with Rule 11 of the Companies (Auditand Auditors) Rules 2014 in our opinion and to the best of our information and accordingto the explanations given to us we further comment that: i) the Company has disclosed theimpact of pending litigations on its financial position in its financial statements asreferred in note 27-I (c)(ii); ii. the Company did not have any long term contracts andderivative contracts outstanding as at 31 March 2016; and iii. There were no amountswhich were required to be transferred to the Investor Education and Protection Fund.

For TAS ASSOCIATES
Chartered Accountants
[Firm Registration No. 010520N]
Sd/-
Subodh Gupta
Place : Delhi Partner
Date : May 30 2016 Membership number: 087099

ANNEXURE- A : TO THE INDEPENDENT AUDITORS’ REPORT To the Members of Ajanta SoyaLimited for the year ended March 31 2016

In terms of the Companies (Auditor’s Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section 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:

i) 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.

c) According to information and explanations given to us and on the basis of ourexamination of the records of the company the title deeds of immovable properties areheld in the name of the company.

ii) a) During the year the inventories have been physically verified by themanagement. 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) The discrepancies between physical inventories and the book records as observed onverification were not material in relation to the size of the company have been properlydealt with in the books of accounts

iii) a) The company has not granted any loan secured or unsecured to parties covered inthe register maintained under section 189 of the Companies Act 2013 (‘theAct’).

iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments guarantees made.

v) The Company has not accepted any deposits from public.

vi) 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.

vii) 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 amounts deducted/ accrued in the books of account of the company in respect ofundisputed statutory dues including provident fund employees state insurance income-taxsales-tax service- tax duty of customs duty of excise value added tax cess and othermaterial statutory dues have generally been regularly deposited with the appropriateauthorities. Further no undisputed amounts payable in respect thereof were in arrears at

the year-end for a period of more than six months from the date they became payable. b)According to our examination of records and on the basis of information and explanationsgiven to us there are no dues in respect of income tax sales tax service tax duty ofcustoms or excise value added tax that have not been deposited with the appropriateauthorities on account of any dispute except 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
Sales/Entry Tax Act Rajasthan entry Tax 16.59 (8.30 deposit- ed under protest) 2007-08 to 2009-10 High Court Jaipur
Central Excise Act Additional duty on re-assessment 69.56 (12 lacs depos- ited under protest) April 2011 to Dec2011 CESTAT

viii) 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 government or debenture holder during the year.

ix) The Company did not raise any money by way of initial public offer orfurther public offer (including debt instruments) and term loans during 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 and based on ourexamination of the records of the company the company has paid / provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

xii) In our opinion and according to information and explanation given to us thecompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

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 based on our examinationof the records of the company the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures 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/-
Subodh Gupta
Place : Delhi Partner
Date : May 30 2016 Membership number: 087099

Annexure - B to the Independent Auditors’ Report To the Members of Ajanta SoyaLimited for the year ended March 31 2016

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 Ajanta SoyaLimited ("the Company") as of March 31 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’).Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly re_ect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 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 TAS ASSOCIATES
Chartered Accountants
[Firm Registration No. 010520N]
Sd/-
Subodh Gupta
Place : Delhi Partner
Date : May 30 2016 Membership number: 087099