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Ambica Agarbathies Aroma & Industries Ltd.

BSE: 532335 Sector: Others
NSE: AMBICAAGAR ISIN Code: INE792B01012
BSE LIVE 15:55 | 14 Sep Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 3.90
PREVIOUS CLOSE 3.82
VOLUME 22471
52-Week high 4.01
52-Week low 0.00
P/E 9.09
Mkt Cap.(Rs cr) 6.87
Buy Price 4.00
Buy Qty 29.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.90
CLOSE 3.82
VOLUME 22471
52-Week high 4.01
52-Week low 0.00
P/E 9.09
Mkt Cap.(Rs cr) 6.87
Buy Price 4.00
Buy Qty 29.00
Sell Price 0.00
Sell Qty 0.00

Ambica Agarbathies Aroma & Industries Ltd. (AMBICAAGAR) - Auditors Report

Company auditors report

TO THE MEMBERS OF AMBICA AGARBATHIES AROMA AND INDUSTRIES LIMITED Report on theStandalone Financial Statements

We have audited the accompanying standalone financial statements of AMBICA AGARBATHIESAROMA AND INDUSTRIES LIMITED("the Company") which comprise the Balance Sheet asat 31st March 2015 the Statement of Profit and Loss the Cash Flow Statement for theyear then ended and a summary of the significant accounting policies and otherexplanatory information.

Management’s Responsibility for the

Standalone 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 standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including theAccounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

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

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 andthe 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 control 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 but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the standalone financial statements.

Opinion

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 31st March 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As requirements 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 purposes 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 Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.

(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 opinionand to the best of our information and according to the explanations given to us:

i. The Companydoes not have any pending litigations which would impact its financialposition.

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

iii. As per the information furnished to us the amounts of Rs.623674 lying with thecompany in unpaid dividend account which have remained unclaimed or unpaid for a period of7 years or more have not been transferred to the Investor Education and Protection Fund bythe Company.

Annexure to the Auditors’ Report

(Refer to in paragraph 3 of our report of even date to the Members of AmbicaAgarbathies Aroma and Industries Limited for the year ended 31st March 2015)

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

(b) The fixed assets of the company have been physically verified by the managementduring the year which in our opinion is reasonable having regard to the size of theCompany and nature of its assets. According to the information and explanation given tous no material discrepancies were noticed on such verification.

ii. (a) As informed to us the physical verification of the inventory was conducted asat the year-end by the Management which in our opinion is reasonable.

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

(c) In our opinion and according to the information and explanations given to us theCompany is maintaining proper records of inventory and no material discrepancies werenoticed on such physical verification.

iii. According to the information and explanations given to us the Company has madetrade deposit of Rs.120000000/-(which is disclosed as long term loans and advances inthe balance sheet as at 31.03.2015) to one Company covered in the register maintainedunder Section 189 of the Companies Act 2013. The maximum amount of such trade depositoutstanding during the year is Rs. 120000000 /- and the year-end balance of such tradedeposit is Rs. 120000000/-.

(a) In the case of above said trade deposit the receipt of principal and interest areregular.

(b) In respect to above trade deposit there are no over dues.

iv. In our opinion and according to the information and explanations given to us thecompany has internal control system which in our view requires improvement commensuratewith the size of the Company and the nature of its business with regard to purchases ofinventory and fixed assets and with regard to the sale of goods and services. Further onthe basis of examination of the books and records of the company we have not come acrossany instances of continuing failure to correct major weaknesses in the internal controlsystem.

v. According to the information and explanations given to us the Company has notaccepted any Deposits from the public. Accordingly the provisions of clause (v) of theparagraph 3 of the order are not applicable to the Company.

vi. According to the information and explanations given to us the maintenance of thecost records has not been specified by the Central Government under section 148(1) of theCompanies Act2013in respect of the businesses carried on by the Company.

Accordingly the provisions of clause (vi) of the paragraph 3 of the order are notapplicable to the Company.

vii. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the company we are of the opinion that there are delaysin depositing the undisputed statutory dues including Provident Fund Employees’State Insurance Income-tax Sales-tax Wealth tax Service tax Value added tax and otherstatutory dues with the appropriate authorities. According to the information andexplanations given to us the Company had no liability of Excise duty and Customs dutyduring the year.

According to the information and explanations given to us except outstanding dues asdetailed in the chart below there are no undisputed arrears of outstanding statutory duesas at the last day of the financial year i.e 31 March 2015 for a period of more than sixmonths from the date they became payable.

Particulars Period to which amount relates Amount
1 Works contracts (TDS) – Construction division 2007-08 1320000
2 Works contracts (TDS) – Construction division 2008-09 885388
3 Works contracts (TDS) – Hotel division 2011-12 392312
4 Income tax 2011-12 4252948
5 Income Tax 2012-13 3833056

(b) According to the information and explanations given to us the following are theparticulars of income tax amounts not paid as at 31 March 2015 by the Company on accountof dispute.

Name of the Statue Nature of the dues Demand (Rs.) Year to which the amount related Forum where dispute is pending
Income Tax Act 1961 Asst. made u/s. 143(3) r.w.s. 147 7581340/- AY 2010-11 CIT(A) Chennai Tamil Nadu.
Income Tax Asst. made u/s. 6123380/- AY 2012-13 CIT(A)
Act 1961 143(3) r.w.s. 147 (Includes Rs.3833056 covered in point 5 of table (a) above ) Chennai Tamil Nadu.

(c) As per the information furnished to us the amounts of Rs.623674 lying with thecompany in unpaid dividend account which have remained unclaimedor unpaid for a period of7 years or more have not been transferred to theinvestor education and protection fundinaccordance with the relevant provisions of the Companies Act 1956 (1 of 1956) and rulesmade thereunder.

viii. The Company did not have any accumulated losses as at the end of the financialyear and has notincurred any cash losses in the current financial year and in theimmediately 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 its bankers or to any financialinstitutionsexcept that in the case of loans due to the banks installment paymentsaggregating toRs. 68764616 were repaid with a delay ranging from 2 to 87 days. TheCompany did not have any outstanding debentures during the year.

x. The Company has given corporate guarantee to Indian Overseas Bank Vizag on behalfof AmbicaInfraventures Pvt. Ltd. Hyderabad(which was a subsidiary of the Company at thetime the Corporate guarantee was issued by the Company and the shares of which weresubsequently transferred to in the financial year 2010-11). We are informed by the Companythat the process of substitution of the said Corporate Guarantee by the new management ofAmbicaInfraventures Pvt. Ltd. Hyderabad is in progress.

In our opinion and according to the information and explanations given to us the termsand conditions on which the company has given guarantees for loans taken by the saidAmbicaInfraventures Pvt. Ltd.from banks or financial institutions are not prejudicial tothe interest of the company.

xi. In our opinion and according to the information and explanations given to us andon the overall examination of the balance sheet of the Company we are of the opinion thatthe term loans taken by the company have been applied for purposes for which they wereobtained.

xii. During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstances of fraud on or by the Company noticed or reported during the year nor have webeen informed of any such case by the management.

Sd/-
(T.S. AJAI)
Place : Hyderabad Chartered Accountant
Date : 22.05.2015 Membership No.025524

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