The Members of
Anik Industries Limited
Report on the Financial Statements
We have audited the accompanying financial statements of Anik Industries Limited("The Company") which comprises the Balance Sheet as at 31 st March 2016 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.
Managements Responsibility forthe Financial Statements
The Companys Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 (the Act) with respect to the preparation of thesefinancial statement that give a true and fair view of the financial position financialperformance and cash flows of the company in accordance with the accounting principlesgenerally accepted in India including theAccounting Standard specified under Section 133of the Act read with rule 7 of the Companies (Accounts) Rules 2014. This Responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionof the Act for safeguarding of the assets of the company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation 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.
Our responsibility is to express an opinion on these financial statements based on ouraudit.
We have taken into account the provision of theAct the accounting and auditingstandard and matters which are required to be included in the audit report under theprovisions of theAct 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 anddisclosures in the financial statements. The procedures selected depend on theauditors 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 companyspreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Companys Directors as well as evaluating theoverall 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 on the financial statements.
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 accountingprinciples generally accepted in India of the state of affairs of the company as at 31 stMarch 2016 and its profit and its cash flows for the year ended on that date.
Report on OtherLegal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub section (11) ofsection 143 of theAct we give in the Annexure A statement on the matters specified in theparagraph 3 and 4 of the Order to the extent applicable.
2. As required by section 143 (3) of theAct 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 and proper returns adequatefor the purposes of our audit have been received from the branches not visited by us.
c) The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this report are in agreement with the books of account and with the returnsreceived from the branches not visited by us.
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 31March 2016 taken on records by the Board of st Director none of the directors isdisqualified as on 31 st March 2016 from being appointed as a director in terms ofsection 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".
g) With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit andAuditors) Rules 2014 in our opinionand to be best of our 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 statement refer note 28 to the financial statements;
ii. The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.
iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the company.
| ||For Ashok Khasgiwala & Co. |
| ||Chartered Accountants |
| ||(Firm Reg. No. 0743C) |
| ||CA Avinash Baxi |
|Date: 04 June 2016 ||(Partner) |
|Place: Indore ||M.No. 079722 |