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Anar Industries Ltd.

BSE: 531127 Sector: Others
NSE: N.A. ISIN Code: INE148B01025
BSE LIVE 09:32 | 15 May 83.25 3.85
(4.85%)
OPEN

83.25

HIGH

83.25

LOW

83.25

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 83.25
PREVIOUS CLOSE 79.40
VOLUME 1
52-Week high 128.00
52-Week low 56.00
P/E
Mkt Cap.(Rs cr) 84
Buy Price 0.00
Buy Qty 0.00
Sell Price 83.25
Sell Qty 54.00
OPEN 83.25
CLOSE 79.40
VOLUME 1
52-Week high 128.00
52-Week low 56.00
P/E
Mkt Cap.(Rs cr) 84
Buy Price 0.00
Buy Qty 0.00
Sell Price 83.25
Sell Qty 54.00

Anar Industries Ltd. (ANARINDS) - Auditors Report

Company auditors report

To

The Members of Anar Industries Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Anar Industries Ltd.("the Company") which comprise the Balance Sheet as at March 31 2016 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant 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 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 and the order under section 143 (11)of the Act.

We conducted our audit of financial statements in accordance with the Standards onAuditing specified under Section 143(10) of the Act. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the 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 the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's directors as well as evaluating the overall presentationof the financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the financialstatements.

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 March31 2016 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 2016 ("the Order")issued by the Central Government of India in terms of sub - section (11) of section 143 ofthe Act we give in the Annexure A a statement on the matters specified in paragraphs 3and 4 of the Order to the extent 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 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 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 2016 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 Section 164(2) of theAct.

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 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 company has not any pending litigations on its financial position in itsfinancial statements.

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 J. K. Parmar & Co.

Chartered Accountants

Sd/-

Firm No. 107599W

[J.K. Parmar]

Proprietor

M.ship No. 34138

Date:- 30/05/2016

Place: - Ahmedabad

Annexure-A to the Independent Auditor's Report

(Referred to in Paragraph 1 under 'Report on other Legal and Regulatory Requirements'section of our report.)

i. In respect of fixed assets

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

(b) As explained to us the fixed assets have been physically verified during the yearby the management at reasonable intervals and no material discrepancies have been noticedon such physical verification. In our opinion this periodicity of physical verificationis reasonable having regard to the size of the Company and the nature of its assets.

(c) According to the information and explanation 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. As explained to us inventories were physically verified during the year by themanagement at reasonable intervals and no material discrepancies were noticed on suchverification.

iii. The Company has not granted any loans secured or unsecured to Companies FirmsLimited Liability Partnerships or other parties covered in the register maintained underSection 189 of the Companies Act 2013.

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 made.

v. According to the information and explanations given to us the Company has notaccepted any deposits from the public during the year.

vi. The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Companies Act 2013 for any of the product & services renderedby the Company.

vii. According to the information and explanations given to us and the records of theCompany examined by us:

(a) The Company is generally regular except for the month of March-2016 in depositingundisputed statutory dues including provident fund employees' state insurance incometax sales tax service tax custom duty excise duty value added tax cess and otherstatutory dues as applicable to the appropriate authorities. There are no arrears inrespect of the aforesaid dues as at 31st March 2016 for a period of more thansix months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofincome tax service tax value added tax wealth tax excise duty and cess which have notbeen deposited on account of any dispute.

viii. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not taken any loans andborrowings from any banks or financial institutions or government. Accordingly paragraph3(viii) of the Order is not applicable.

ix. The Company did not raise any money by way of initial public offer or furtherpublic offer during the year. According to the information and explanation given to us bythe management terms loans were not obtained during the year. Accordingly paragraph3(ix) of the Order is not applicable.

x. According to the information and explanations given to us no fraud by the companyor on the Company or on the Company by its officers or employees has been noticed orreported during the course of our audit.

xi. According to the information and explanations given to us and based on ourexamination of the records of the Company managerial remuneration has not been paidduring the year. Hence this clause is not applicable.

xii. In Our Opinion and according to the information and explanations given to us theCompany is not a Nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xii. According to the information and explanations given to us and based on ourexamination of the records of the Company all the transactions with related parties arein compliance with the provisions of Section 177 and Section 188 of the Act whereverapplicable. The details of related party transactions have been disclosed in the FinancialStatements as required under Accounting Standard (AS) 18 Related Party Disclosuresspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules2014.

xiv. According to the information and explanations given to us and based on ourexamination of records of the Company the Company has made preferential allotment ofequity share during the year and the amount raised have been used for the purposes forwhich the funds were raised.

xv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him.

xvi. According to the nature of business of the Company the Company is not required tobe registered under Section 45-IA of the Reserve Bank of India Act 1934. Consequentlythe provisions of Clause 3(xvi) of the Order is not applicable to the Company.

For J. K. Parmar & Co.

Chartered Accountants

Firm No. 107599W

Sd/-

[J.K. Parmar]

Proprietor

M.ship No. 34138

Date:- 30/05/2016

Place: - Ahmedabad

ANNEXURE-B TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in paragraph 2 (f) of the Independent Auditor's report of even date to themembers of Anar Industies Limited on the financial statements as of and for the year endedMarch 31 2016.

Report on the Internal Financial Controls under clause (i) of Sub-section 3 of Section143 of the Act.

1. We have audited the Internal Financial Controls over financial reporting of AnarIndustries Limited ("the Company") as on March 31 2016 in conjunction with ouraudit of the Financial Statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. 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. These responsibilities includethe design implementation and maintenance of adequate Internal Financial Controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the 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 Act.

Auditor's Responsibility

3. 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 reportingand the Standards on Auditing deemed to be prescribed under Section 143(10) of the Act tothe extent applicable to an audit of Internal Financial Controls both applicable to anaudit of Internal Financial Controls and both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate Internal Financial Controls over financial reporting was established andmaintained and if such controls operated effectively in all the material respects.

4. Our audit involves performing procedure to obtain audit evidences about the adequacyof the Internal Financial Control Systems over financial reporting and their operatingeffectiveness. Our audit of Internal Financial Control Systems over financial reportingincludes obtaining an understanding of Internal Financial Controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the Auditor's judgment including the assessment of therisks of material misstatement if any of the Financial Statements whether due to fraudor error.

5. We believe that the audit evidences we have obtained are sufficient and appropriateto provide a basis for our audit opinion on the Company's Internal Financial ControlSystems over financial reporting.

Meaning of Internal Financial Control Systems over Financial Reporting

6. A Company's Internal Financial Control Systems 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 Systemsover financial reporting includes those policies and procedures that (i) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and depositions of the assets of the Company; (ii) provide reasonableassurance that the transactions are recorded as necessary to permit preparations offinancial statements in accordance with the Generally Accepted Accounting Principles andthat receipts and expenditures of the Company are being made only in accordance withauthorizations of management and Directors of the Company; and (iii) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisitions use ordisposition of the Company's assets that could have a material effect on the financialstatements.

Inherent Limitations of Internal Financial Control Systems over Financial Reporting

7. Because of the inherent limitations of Internal Financial Control Systems overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not to bedetected. Also projections of any evaluation of the Internal Financial Control Systemsover financial reporting to future periods are subject to the risk that the InternalFinancial Control Systems over financial reporting may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay deteriorate.

Opinion

8. In our opinion the Company has in all material respects an adequate InternalFinancial Control Systems over financial reporting and such Internal Financial Controlsover financial reporting were operating effectively as at March 31 2016 based on thecriteria established by the Company considering the essential components of internalcontrols stated in the Guidance Note on Audit of Internal Financial Control Systems overfinancial reporting issued by the Institute of Chartered Accountants of India.

For J. K. Parmar & Co.

Chartered Accountants

Firm No. 107599W

[J.K. Parmar]

Proprietor

M.ship No. 34138

Date:- 30/05/2016

Place:- Ahmedabad