To the members of Ashiana Agro Industries Limited
We have audited the accompanying financial statements ofAshiana Agro Industries Limited(the "Company") which comprise the Balance Sheet as at 31st March 2015 theStatement of Profit and Loss the Cash Flow Statement and a summary of the significantaccounting policies and other explanatory information.
Managements Responsibility forthe Financial Statements
The Companys Board of Directors is responsible forthe 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.
1. This responsibility also includes maintenance of adequate accounting records inaccordance with the preparation of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities.
2. Selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent.
3. Design implementation and maintenance of adequate internal financial controls thatwere operating 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 whetherdue to fraudorerror.
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 undertheprovisions of theAct and the Rules made thereunder.
We conducted our audit in accordance with the Standards onAuditing specified underSection 143(10) of theAct. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance aboutwhetherthe 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 theauditors judgment including the assessment of the risks of material misstatement ofthe financial statements whetherdue to fraud orerror. 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 orderto designaudit procedures that are appropriate in the circumstances but not forthe purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrol system over financial reporting and the operating effectiveness of such controls.
An audit also includes evaluating the appropriateness of the accounting policies usedand the reasonableness of the accounting estimates made by the Companys Directorsas well as evaluating the overall presentation of the financial statements. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our qualified 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 the accountingprinciples generally accepted in India.
i) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2015.
ii) in the case of the Statement of Profit & Loss of the profit forthe year endedon that date; and
iii) In the case of Cash Flow Statement of the cash flows forthe yearended on thatdate.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order2015 issued by theCentral Government of India in terms of sub-section (11) of section 143 of the Act wegive in the Annexure a statement on the matters specified in the paragraph 3 and 4 of theOrder to the extent applicable.
2. As required by Section 143 (3) oftheAct we report that:
(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and beliefwere necessary forthe purposes ofouraudit.
(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 financial statements comply with the Accounting Standardsspecified under Section 133 of theAct read with Rule 7 ofthe Companies (Accounts) Rules2014.
(e) On the basis ofthe written representations received from the directors as on 31 stMarch 2015 taken on record by the Board of Directors none ofthe directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) oftheAct.
For Prasan Associates
M.No : 230965
Place : Chennai
Annexure to the Auditors Report
TheAnnexure referred to in ourreporttothe members ofAshianaAgro Industries Limitedforthe year Ended 31.03.2015 We report that:
1. The company is maintaining proper records showing full particulars and situation offixed assets. These fixed assets have been physically verified by the management atreasonable intervals; No material discrepancies were noticed during the FY2014-15.
2. (a) Physical verification of inventory has been conducted at reasonable intervals bythe management;
(b) the procedures of physical verification of inventory followed by the managementreasonable and adequate in relation to the size of the company and the nature of itsbusiness.
(c) the company is maintaining proper records of inventory.
3. The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Actduring the FY 2014-15 and hence reporting on the receipt of the principal amount andinterest overdue amount and reasonable steps have been taken by the company for recoveryof the principal and interest is not applicable.
4. There is an adequate internal control system commensurate with the size of thecompany and the nature of its business forthe purchase of inventory and fixed assets andforthe sale of goods and services and there is no continuing failure to correct majorweaknesses in internal control system.
5. The company has not accepted any deposits from the Public.
6. Maintenance of cost records has not been specified by the Central Government undersub-section (1) of section 148 of the CompaniesAct 2013 forthis company.
7. (a) In our opinion and according to the information and explanations given to usthe company is regular in depositing undisputed statutory dues including income-taxsales-tax cess and any other statutory dues with the appropriate authorities.
(b) According to the information and explanations given to us no dispute is pendingbefore any forum in respect of income tax or sales taxor cess as at 31.03.2015
(c) No amount is required to be transferred to investor education and protection fundin accordance with the relevant provisions of the CompaniesAct 1956 (1 of 1956) and rulesmade thereunder has been transferred to such fund within time.
8. (a) n ouropinion the accumulated losses are less than 50% of its net worth.
(b) The company has not incurred any cash losses during the FY 2014-15 and in theimmediately preceding financial year.
9. The company has not defaulted in repayment of dues to a financial institution orbank or debenture holders.
10. The company has not given any guarantee for loans taken by others from bank orfinancial institutions the terms and conditions whereof are prejudicial to the interestofthe company.
11. No term loans were applied forthe purpose for which the loans were obtained.
12. No fraud on or by the company has been noticed or reported during the FY2014 -15.
For Prasan Associates
M.No : 230965
Place : Chennai