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Arfin India Ltd.

BSE: 539151 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE784R01015
BSE LIVE 15:40 | 05 Dec 456.35 11.05
(2.48%)
OPEN

445.30

HIGH

484.00

LOW

445.30

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 445.30
PREVIOUS CLOSE 445.30
VOLUME 2097
52-Week high 484.00
52-Week low 96.70
P/E 14.02
Mkt Cap.(Rs cr) 137.82
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 445.30
CLOSE 445.30
VOLUME 2097
52-Week high 484.00
52-Week low 96.70
P/E 14.02
Mkt Cap.(Rs cr) 137.82
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Arfin India Ltd. (ARFININDIA) - Auditors Report

Company auditors report

To

The Members of

ARFIN INDIA LIMITED

Reports on Financial Statements

1. We have audited the accompanying Financial Statements of Arfin India Limited(“the Company”) which comprise the Balance Sheet as at March 31 2016 theStatement of Profit and Loss and Cash Flow Statement for the year ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

2. The Board of Directors of the Company is responsible for the matters stated inSection 134(5) of the Companies Act 2013 (“the Act”) with respect to thepreparation and presentation of these Financial Statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounting) Rules 2014. This responsibility includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularitiesselection and application of appropriate accounting policies making judgments andestimates that are reasonable & prudent and design implementation & maintenanceof adequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the Financial Statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these Financial Statements based onour audit.

4. 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.

5. 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.

6. An audit involves performing procedures to obtain audit evidences about the amountsand disclosures in the Financial Statements. The procedures selected depend on theAuditor's judgment including the assessment of the risks of material misstatement of theFinancial Statements whether due to fraud or error. In making those risk assessments theAuditor considers Internal Financial Controls 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate Internal Financial Control Systemsover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Board of Directors as well asevaluating the overall presentation of the Financial Statements.

7. We believe that the audit evidences we have obtained are sufficient and appropriateto provide a basis for our audit opinion on the Financial Statements.

Opinion

8. In our opinion and to the best of our information and according to the explanationsgiven to us the Financial Statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) In the case of Balance Sheet of the state of affairs of the Company as at March 312016;

b) In the case of Statement of Profit and Loss of the Profit for the year ended onthat date; and

c) In the case of Cash Flow Statement of the Cash Flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

9. 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 and on the basis of such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanation given to us wegive in the Annexure B a statement on the matters specified in paragraphs 3 and 4 of theOrder to the extent applicable.

10. As required by Section 143(3) of the Act we further 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 accounts as required by the law have been kept by theCompany so far as appears from our examination of those books;

c) the Balance Sheet Statement of Profit & Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of accounts;

d) in our opinion the aforesaid Financial Statements comply with the applicableAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e) on the basis of written representations received from the Directors as on March 312016 and 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 - A;

g) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014;

(i) The Company does not have any pending litigations which would impact its financialposition;

(ii) In our opinion and as per the information and explanations provided to us theCompany has not entered into any long term contracts including derivative contractsrequiring provisions under the applicable law or Accounting Standards for materialforeseeable losses and

(iii) There has not been any occasion during the year under report to transfer any sumsto the Investor Education and Protection Fund and thus the question of delay intransferring such sums does not arise.

For Raman M. Jain & Co.
Chartered Accountants
Firm Registration No.: 113290W
Raman M. Jain
Place: Ahmedabad (Partner)
Date: May 21 2016 Membership No.: 045790

AUDITORS' REPORT

Annexure A to the Independent Auditors' Report

Referred to in Paragraph 10(f) of the Independent Auditor's Report of even date to themembers of Arfin India Limited on the Financial Statements for the year ended on March 312016.

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

1. We have audited the Internal Financial Controls over financial reporting of ArfinIndia Limited (“the Company”) as on March 31 2016 in conjunction with our auditof 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 Raman M. Jain & Co.
Chartered Accountants
Firm Registration No.: 113290W
Raman M. Jain
Place: Ahmedabad (Partner)
Date: May 21 2016 Membership No.: 045790

AUDITORS' REPORT

Annexure B to the Independent Auditor's Report

Referred to in Paragraph 9 of the Independent Auditor's Report of even date to themembers of Arfin India Limited on the Financial Statements for the year ended on March 312016.

(1) In respect of Fixed Assets

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

(b) As explained to us the fixed assets have been physically verified by themanagement during the year according to a phased program designed by the Company to coverall the items which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets. In accordance with this program fixed assets havebeen physically verified by the management during the year and according to theinformation and explanations given to us no material discrepancies have been noticed onsuch verification.

(c) The title deeds of immovable properties other than self constructed immovableproperties as disclosed in fixed assets to the Financial Statements are held in the nameof Company.

(2) In our opinion and according to the information and explanations given to usphysical verification of inventories has been conducted at reasonable intervals by themanagement during the year and discrepancies noticed on verification between the physicalstocks and book records were not material having regard to the size of the Company.

(3) In respect of loans secured or unsecured granted by the Company to CompaniesFirms LLP or other parties covered in the Register maintained under Section 189 of theCompanies Act 2013 according to the information and explanation given to us:

The Company has not granted any secured or unsecured loans to Companies Firms LLP orother parties covered in the register maintained under Section 189 of the Companies Act2013. Therefore the provisions of Clause III of Paragraph 3 of the aforesaid Order inour opinion are not applicable to the Company.

(4) In our opinion and according to the information and explanations given to us theCompany has not granted any loans or given any guarantee or provided any security or madeany investment to any parties covered under Section 185 of the Act. The Company has notadvanced any loans or given guarantees or provided any security or made investmentspursuant to the provisions of Section 186 of the Act.

(5) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public and hence the provisions of Section73 to 76 or any other relevant provisions of the Companies Act 2013 and Rules framedthere under with regard to the deposits accepted from the public are not applicable tothe Company.

(6) We have broadly reviewed the books of accounts maintained by the Company pursuantto the Rules prescribed by the Central Government for the maintenance of cost recordsunder Subsection (1) of Section 148 of the Companies Act 2013 for the business activitiescarried out by the Company and we are of the opinion that prima facie the prescribedaccounts and records have been made and maintained. We have not however made a detailedexamination for the same with a view to determine whether they are accurate or complete.

(7) In respect of Statutory Dues:

(a) According to the records of the Company the Company is generally regular indepositing with appropriate authorities undisputed statutory dues including providentfund investor education and protection fund employees' state insurance income taxsales tax wealth tax custom duty excise duty cess and other statutory dues if any.According to the information and explanations given to us no undisputed amounts payablein respect of income tax wealth tax sales tax customs duty and excise duty etc. wereoutstanding as at March 31 2016 for a period of more than six months from the date theybecame 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.

(8) In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of loans and borrowings to any banks or financialinstitutions or government. The Company has notissued any Debentures.

(9) To the best of our knowledge and belief and according to the information andexplanations given to us the Company has not raised moneys by way of initial public offeror further public offer (including debt instruments). However term loans obtained wereprima facie applied by the Company during the year for the purpose for which they wereraised.

(10) To the best of our knowledge and belief during the course of our examination ofthe books and records of the Company carried out with the generally accepted auditingpractices in India and according to the information and explanations given to us we haveneither come across of any instances of material fraud by the Company or on the Company byits officers or employees noticed or reported during the year nor we have been informedof any such case by the management.

(11) To the best of our knowledge and belief and according to the information andexplanations given to us managerial remuneration has been paid/provided in accordancewith the requisite approvals mandated by the provisions of Section 197 read with ScheduleV to the Act.

(12) As the Company is not Nidhi Company and the Nidhi Rules 2014 are not applicableto it; the provisions of Clause 3(xii) of the Order are not applicable to the Company.

(13) To the best of our knowledge and belief and according to the information andexplanations given to us all the transactions with related parties are in compliance withthe provisions of Section 177 and Section 188 of the Act wherever applicable. The detailsof related party transactions have been disclosed in the Financial Statements as requiredunder Accounting Standard (AS) 18 Related Party Disclosures specified under Section 133of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

(14) To the best of our knowledge and belief and according to the information andexplanations given to us the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Consequently the provisions of Clause 3(xiv) of the Order are not applicable tothe Company.

(15) To the best of our knowledge and belief and according to the information andexplanations given to us the Company has not entered into any non-cash transactions withits Directors or persons connected with them. Consequently the provisions of Clause 3(xv)of the Order are not applicable to the Company.

According to the nature of business of the Company the Company is not required to beregistered under Section 45-IA of the Reserve Bank of India Act 1934. Consequently theprovisions of Clause 3(xvi) of the Order are not applicable to the Company.

For Raman M. Jain & Co.
Chartered Accountants
Firm Registration No.: 113290W
Raman M. Jain
Place: Ahmedabad (Partner)
Date: May 21 2016 Membership No.: 045790

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