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Ambalal Sarabhai Enterprises Ltd.

BSE: 500009 Sector: Health care
NSE: AMBASARABH ISIN Code: INE432A01017
BSE LIVE 09:40 | 09 Dec 8.39 0.26
(3.20%)
OPEN

8.08

HIGH

8.50

LOW

8.08

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 8.08
PREVIOUS CLOSE 8.13
VOLUME 5
52-Week high 11.15
52-Week low 4.15
P/E
Mkt Cap.(Rs cr) 64.29
Buy Price 8.16
Buy Qty 200.00
Sell Price 8.39
Sell Qty 599.00
OPEN 8.08
CLOSE 8.13
VOLUME 5
52-Week high 11.15
52-Week low 4.15
P/E
Mkt Cap.(Rs cr) 64.29
Buy Price 8.16
Buy Qty 200.00
Sell Price 8.39
Sell Qty 599.00

Ambalal Sarabhai Enterprises Ltd. (AMBASARABH) - Auditors Report

Company auditors report

To the Members of

Ambalal Sarabhai Enterprises Limited

Report on the Financial Statements

We have audited the accompanying financial statements of AMBALAL SARABHAIENTERPRISES LIMITED ("the Company") which comprise the Balance Sheet as atMarch 31 2015 and the Statement of Profit and Loss and Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

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 the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgements 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 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 andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgement including the assessment of the risks of material misstatementof the financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to theCompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on whether the Company has in place an adequateinternal financial controls system over financial reporting and the operatingeffectiveness of such controls. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe Company’s Directors as well as evaluating the overall presentation of thefinancial 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.

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 of the state of affairs of the Company as at 31stMarch 2015 and its loss 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 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 inparagraphs 3 and 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 312015 and 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 Section 164(2) of theAct.

(f) 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 opinion and to the best ofour information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements – Refer Note 26(II)(4) to the financialstatements;

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

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For and on behalf of
For Sorab S. Engineer & Co.
Firm Registration No. 110417 W
Chartered Accountants
C.A. Chokshi Shreyas B.
Date : 30-05- 2015 Partner
Place : Ahmedabad Membership No.100892

ANNEXURE TO THE AUDITORS' REPORT

Re: AMBALAL SARABHAI ENTERPRISES LIMITED

Referred to in Paragraph 1 under the heading "Report on other legal and regulatoryrequirements" of our report of even date

(i) (a) The Company has generally maintained proper records showing full particularsincluding quantitative details and situation of its fixed assets except for Furniture.

(b) As explained to us the fixed assets have been physically verified by themanagement during the year in accordance with a phased programme of verification which inour opinion provides for physical verification of all the fixed assets at reasonableintervals. We are informed that no material discrepancies were noticed on suchverification.

(ii) (a) As explained to us the inventory has been physically verified during the yearby the management. In our opinion the frequency of verification is reasonable.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventory followed by the management are reasonableand adequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventory. As explained to us thediscrepancies noticed on verification between the physical stocks and the book recordswere not material having regard to the size of the Company and the same have beenproperly dealt with.

(iii) The Company has not granted any loans secured or unsecured to Companies firmsor other parties covered in the register maintained under Section 189 of the Act.Consequently requirement of clauses (iiia) and (iiib) of paragraph 3 of the order arenot applicable.

(iv) In our opinion and according to the information and explanations given to usthere exists an adequate internal control system commensurate with the size of the Companyand the nature of its business with regard to purchase of inventory fixed assets and withregard to the sale of goods and services. During the course of our audit we have notobserved any continuing failure to correct major weaknesses in internal controls.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of Section 73 to76 or other relevant provisions of the Act and the rules framed there under.

(vi) We have broadly reviewed the books of accounts relating to materials labour andother items of cost maintained by the Company pursuant to the Rules made by the CentralGovernment for the maintenance of cost records under section 148 (1) of the Companies Act2013 and we are of the opinion that prima facie the prescribed accounts and records havebeen made and maintained. We have not however made a detailed examination of these recordswith a view to determine whether they are accurate and complete.

(vii)(a) The Company is not regular in depositing with appropriate authoritiesundisputed statutory dues including Provident Fund Investor Education and ProtectionFund Employees’ State Insurance Income Tax Sales Tax Value added Tax and ServiceTax. The extent of arrears of such outstanding statutory dues as at 31.03.2015 for aperiod of more than six months from the date they became payable are as under:

Particulars Rs. in Lakh
Income Tax 194.09
Sales Tax 1343.79
ESIC 111.27
PF 387.36
Service Tax 59.85
Professional Tax 64.35

(b)Following amounts have not been deposited as on March 31 2015 on account of anydispute :

Nature of the Statute Nature of the dues Rs. in Lakh Period to which the amount relates Forum where matter is pending
Sales Tax Act Sales Tax 18.90 1985-1986 1989-1990 1999-2000 2000-2001 2003-2004 2004-2005 2005-2006 Appellate Tribunal / Commissioner
Central Excise Act Excise Duty 54.36 1985-1986 1986-1987 1987-1988 1988-1989 CESTAT
8.62 2003-2004 Jt. DGFT
Finance Act Service Tax 70.84 2006-2007 2007-2008 2008-2009 2009-2010 CESTAT
Income Tax Act Income Tax 172.42 1978-1979 1980-1981 High Court
2647.01 1981-1982 2002-2003 ITAT
2007-2008
2008-2009
563.91 2009-2010 2010-2011 CIT (A)

(c)There were no amount required to be transferred to investor education and protectionfund in accordance with the relevant provisions of the Companies Act 1956 (1 of 1956) andrules made there under during the year.

(viii) Accumulated losses at the end of the financial year are more than fifty percentof Company’s net worth. The Company has incurred cash losses in the financial yearunder report and in the immediately preceding financial year.

(ix) In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to financial institutions banks.

(x) To the best of our knowledge and belief and according to the information andexplanations given to us the Company has not taken any term loans during the year.

(xi) According to the information and explanations given to us and on an overallexamination of the balance sheet of the Company we report that funds raised on short-termbasis have not prima facie been used during the year for long-term investments.

(xii) Based upon the audit procedure performed by us and as per the information andexplanations given to us we report that no fraud on or by the Company has been noticed orreported during the course of our audit.

For and on behalf of
For Sorab S. Engineer & Co.
Firm Registration No. 110417 W
Chartered Accountants
C.A. Chokshi Shreyas B.
Date : 30-05- 2015 Partner
Place : Ahmedabad Membership No.100892

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