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Apis India Ltd.

BSE: 506166 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE070K01014
BSE LIVE 09:37 | 06 Dec 17.10 0.30
(1.79%)
OPEN

17.10

HIGH

17.10

LOW

17.10

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 17.10
PREVIOUS CLOSE 16.80
VOLUME 1
52-Week high 17.10
52-Week low 12.03
P/E 0.96
Mkt Cap.(Rs cr) 9.42
Buy Price 17.10
Buy Qty 31496.00
Sell Price 0.00
Sell Qty 0.00
OPEN 17.10
CLOSE 16.80
VOLUME 1
52-Week high 17.10
52-Week low 12.03
P/E 0.96
Mkt Cap.(Rs cr) 9.42
Buy Price 17.10
Buy Qty 31496.00
Sell Price 0.00
Sell Qty 0.00

Apis India Ltd. (APISINDIA) - Auditors Report

Company auditors report

TO THE MEMBERS OFAPIS INDIA LIMITED

We have audited the accompanying financial statements of APIS INDIA LIMITEDwhich comprise the Balance Sheet as at March 31st2015 and the Statement of Profit andLoss and Cash Flow Statement for the year then ended and a summary of significantaccounting 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 with respect to the preparation of these financialStatements that give a true and fair view of the financial position financial performanceand cash flow of the company in accordance with the accounting principles generallyaccepted in India including the accounting standards specified under section 133 of theAct read with Rule 7 of the Companies (accounts) Rules 2014. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies ; judgments and estimate that are reasonable and prudent: and designimplementation of adequate financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true view and freefrom material misstatement whether due to fraud or error.

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 assurance about whether thefinancial 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 statement 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 is appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s 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.

Opinion

In our opinion and to the best of our information and according to the explanations tothe 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 31st March 2015 and its profit/loss and for the ended on that date.

Report on Other Legal and Regulatory Requirements

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 Companies Act 2013 we give in the Annexure a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

Further to our comments in the aforesaid annexure as required by section 143(3) of theAct we report that:

1. We have sought and obtained all the information and explanations which to thebest of our knowledge and belief were necessary for the purposes of our audit.

2. 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.

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

4. 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) Rule 2014.

5. On the basis of the written representations received from the directors is notdisqualified as on 31st March 2015 from being appointed as directors in terms of section164(2) of the Act.

6. With respect to the other matters to be included in the Auditor’s report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rule 2014 in our opinionand to the best of our information and according to the explanations given to us:

a) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements Refer Note XX to the financial statements;

b) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts for includingderivative contracts Refer Notes XX to the financial statements;[or the Company did nothave any long-term contracts including derivative contracts for which there were anymaterial foreseeable losses.

c) There has been no delay in transferring amounts required to be transferred to theinvestor education and Protection Fund by the Company {or following are the instances ofdelay in transferring amounts required to be transferred to the investor Education andProtection fund by the Company or there were no amounts which were required to betransferred to the investor Education and Protection Fund by the Company.

For SUDHIR AGARWAL & ASSOCIATES

CHARTERED ACCOUNTANTS

Firm Reg. No. 509930C

CA. Amit Kumar

(Partner)

M. NO. 518735

Date: 29/05/2015

Place: New Delhi

The Annexure referred to in paragraph 1 of the Our Report of even date to the membersof APIS INDIA LIMITED on the accounts of the company for the year ended 31st March2015.

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

1. (a) The company has maintained proper records showing full particularsincluding quantitative details and situation of its fixed assets.

(b) As explained to us fixed assets have been physically verified by themanagement at reasonable intervals; no material discrepancies were noticed on suchverification.

(c) In our opinion and according to the information and explanations given to usno fixed asset has been disposed during the year.

2. (a) As explained to us inventories have been physically verified duringthe year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to usthe procedures 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) In our opinion and on the basis of our examination of the records the Companyis generally maintaining proper records of its inventories. No material discrepancy wasnoticed on physical verification of stocks by the management as compared to book records.

3. (a) According to the information and explanations given to us and onthebasisof our examination of the books of account the Company has not granted any loanssecured or unsecured to companies firms or other parties listed in the registermaintained under Section 189 of the Companies Act 2013. Consequently the provisions ofclauses iii (b) and iii(c)of the order are not applicable to the Company.

4. In our opinion and according to the information and explanations given to usthere is generally an adequate internal control procedure commensurate with the size ofthe company and the nature of its business for the purchase of inventories & fixedassets and for sale of goodsand services. During the course of our audit no majorinstance ofcontinuing failure to correct any weaknesses in the internal controls has beennoticed.

5. According to the information and explanations given to us and on the basis ofour examination of the books of account the Company has not accepted deposits.

6. As per information & explanation given by the management maintenance ofcost records has been prescribed by the Central Government under sub-section (1) ofsection 148 of the Companies Act and we are of the opinion that prima facie theprescribed accounts and records have been made and maintained.

7. (a)According to the records of the company undisputed statutory duesincluding Provident Fund Investor Education and Protection Fund Employees’ StateInsurance Income-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty cessto the extent applicable and any other statutory dues have generally been regularlydeposited with the appropriate authorities. According to the information and explanationsgiven to us there were no outstanding statutory dues as on 31st of March2015for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there is no amountspayable in respect of income tax wealth tax service tax sales tax customs duty andexcise duty which have not been deposited on account of any disputes except thefollowing:

Name of Statue Nature of Dues Amount (In INR Lacs) Period for which amount relates Forum where dispute is pending
Sales Tax Punjab SalesTax 223.43 AY 2006-07 2008- 09 2009-10 Assessing Authority Punjab
Customs New Delhi Custom Duty 114.66 AY 2009-10 Custom Excise & Service Tax Appellate Tribunal Delhi

(c) According to the information and explanations given to us there is no amountrequired to be transferred to investor education and protection fund in accordance withthe relevant provisions of the Companies Act 1956 (1 of 1956) and rules made there under.

8. The Company does not have any accumulated loss and has not incurred cash lossduring the financial year covered by our audit and in the immediately preceding financialyear.

9. Based on our audit procedures and on the information and explanations given bythe management we are of the opinion that the Company has not defaulted in repayment ofdues to a financial institution bank or debenture holders.

10. According to the information and explanations given to us the Company hasgiven corporate guarantee to Yes Bank for loan to suppliers of raw honey against billdiscounting to the extent of INR 400.00 lacs.

11.Based on our audit procedures and on the information given by the management wereport that the term loans were applied for the purpose for which the loans were obtained.

12.Based on the audit procedures performed and the information and explanationsgiven to us we report that no fraud on or by the Company has been noticed or reportedduring the year nor have we been informed of such case by the management.

FOR SUDHIR AGARWAL & ASSOCIATES

CHARTERED ACCOUNTANTS

Firm registration No: 509930C

(Amit Kumar)

PARTNER

M.No. :518735

Place: New Delhi

Date: 29 May 2015

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