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Asian Fertilizers Ltd.

BSE: 524695 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: N.A.
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Asian Fertilizers Ltd. (ASIANFERTILIZER) - Auditors Report

Company auditors report


Report on the Financial Statements

We have audited the accompanying Financial Statements of Asian Fertilizers Limited(“The Company”) which comprise the Balance Sheet as at 31st March 2015 thestatement of Profit and Loss and Cash Flow Statement for the year then ended and thesummary of significant accounting policies and other explenetory information.

Mangements Responsibility for the Financial Statments

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Compaines 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 Indian including athe Accounting Standards specifiedunder Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.This responsibility also includes maintainance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregualarities; selection and applicationof appropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free material misstatement whether dueto fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statments based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandrds and matters which are required to be included in the audit report under theprovisions of the Act and 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 ethicalrequirments and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from mateial misstatement.

An audit involves performing procedure to obtain audit evidence about the amount anddisclosures in the financial statments. The procedure selected depend on the auditorsjudgment including the assesment of the risk of material misstatement of the financialstatements whether due to fraud or error. In making those risks assesments the auditorconsiders internal control relevant to the Company’s preparation of the financialstatements that give a true and fair view in order to design audit procidures that areappropriate in the circumstances but not the purpose of expressing an opinion on whetherthe company has in place an adequate internal financial controls system over financialreporting and the operating effectiveness of such controls. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by Company's Directors as well as evaluating the over allpresentation of financial statement.2

We believe that audit evidence we have obtained is sufficiant and appropriate toprovide a basis for our audit opinion on the financial statements.

Basis of Qualified Opinion

No provision for Exice Duty on closing stock of finished goods has been made in theaccounts as well as same has not been included in value of Inventories. The aboveaccounting treatment is not in confirmity with the Accounting Standard 2 (InventoryValuation) issued by the Institute of Chartered Accountants of India. However it has noeffect on profit for the year.

Few balances of debtors creditors advances loans security deposits and otherparties are subject to confirmation/reconciliation the impact whereof on the accounts isnot ascertainable {refer Note No. 37}

The cumulative effect of the above is not ascertainable at this stage.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects for the matter described in the Basis for QualifiedOpinion paragraph the aforesaid financial statements give the information required by theAct in the manner so required and give a true and fair view confirmity with the accountingprinciples generally accepted in India:

a) In the case of the balance sheet of the state of affairs of the company as at March312015;

b) In the case of Statement of Profit and Loss of the profit for year ended on thatdate; 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

1) As required by the Companies (Auditors Report) Order 2015 (“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 information and explanations given to us we givein the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by the Section 143 (3) of the Act we report that:

a) We have sought and obtained all the information and explainations which to the bestof our knowledgeand 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;

c) The Balance Sheet the statement of Profit & Loss and Cash and the Cash FlowStatement dealt with by this Report are in agreement with the books of account;

d) Except for the effects of the matter described in Basis for Qualified Opinionparagraph the aforesaid financial statement comply with the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014

e) On the basis of written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31s1 March 2015 from being appointed as a director in terms of Section164 (2) of the Act

f) 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 2015 in our opinionand to the 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 statements - Refer Note no. 34.1 to the financial statements;

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 provision under applicable laws or accounting standards for materialforeseeable losses; and

iii) There has been no delay in transferring amounts required to be transferred tothe Investor Educattion and Protection Fund by the Company.

Chartered Accountants
Firm Reg. No. - 000952 C
(R.P. Gupta)
Camp: Gorakhpur Partner
Date: 29.05.2015 M.No. 070904


(Referred to in paragraph 1 of our report of even date on the financial statements forthe financial year ended 31 st March 2015 to the members of AsianFertilizers Limited)

In terms of the information and explanations given to us and also on the basis of suchchecks as we considered appropriate we state that:

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

(b) The fixed assets of the company are physically verified in a phased manner over aperiod of two years so as to cover all the fixed assets. In our opinion the frequency ofphysical verification of fixed assets is reasonable having regard to the size of thecompany and nature of its assets. No material discrepancies between book records and thephysical inventory were noticed.

(ii) (a) The inventories of the Company has been physically verified by the managementduring the year except material lying with the third parties. In our opinion thefrequency of such verification is reasonable.

(b) In our opinion the procedures of physical verification of inventories followed bythe management were reasonable and adequate in relation to the size of the company and thenature of its business.

(c) The Company is maintaining proper records of inventories. As explained to us thediscrepancies noticed on verification were not material in releation to the operations ofthe Company.

(iii) The Company has not granted any loan secured or unsecured to companies firms orother parties listed in the register maintained under Section 189 of the Companies Act2013.

(iv) In our opinion there is adequate internal control system commensurate with thesize of the Company and nature of its business for the purchase of inventory fixed assetsand forthe sale of goods and services. Further on fire basis of our examination andaccording to the information and explanations given to us we have neither come across norhave been informed of any continuing failure to correct major weaknesses in the aforesaidinternal control system.

(v) In our opinion the Company has not accepted any deposit during the year within themeaning of Section 73 to Section 76 of the Companies Act 2013 read with the Rules framedthere under.

(vi) We have broadly reviewed the books of account and records maintained by theCompany pursuant to the Rules framed by the Central Government for the maintenance of costrecords under sub-section (1) of Scection 148 of the Companies Act 2013 and are of theopinion that prima facie the prescribed records have been made and maintained. We havenot however made a detailed examination of he said accounts and records with a view todetermine whether they are accurate or complete.

(vii) (a) According to the books and records produced and examined by us the Companyis generally regular in deposting undisputed Statutory dues including Provident FundIncome Tax Sales Tax Wealth Tax Service Tax Duty of Customs Duty of Excise ValueAdded Tax Cess and other material statutory dues as applicable with the appropriateauthorities and no undisputed amount payable in respect of aforesaid statutory dues wereoutstanding as at 31 st March 2015 for a period of more than six months from the date theybecome payable.

b) According to the information and explainations given to us there are no dues ofIncome Tax Sales Tax Wealth Taxi Duty of Coustoms Duty of Excise Value Added Tax andCess and which have not been deposited on account of any dispute except mentioned asbelow.

Name of the Statute Nature of the dues Amount (Rs. in Lacs) Year to Which relates Forum where pending
The Central Excise Act 1944 Penalty 5.00 2003-04 CESTAT New Delhi

c) According to the information and explanations given to us there are no amounts thatrequired to be transferred to investors Education and Protection Fund during the year inaccordance with the relevant provisions of the Companies Act 1956.

(viii) The Company does not have accumulated losses at the end of the financial yearand has not incurred cash losses in the current financial year as well as in theimmediately preceding financial year.

(ix) According to the information and explanation given to us and based on thedocuments and records produced to us the company has not defaulted in repayment of duesto a financial institution bank or debenture holders during the year.

(x) The company has not given any guarantees for loans taken by others from banksorfinancial intitution

(xi) In our opinion the term loans have been applied forthe purposes for which theywere obtained.

(xii) Based on the audit procedures performed and according to the information andexplanations given to us no fraud on or by the Company has been noticed or reportedduring the year.

Chartered Accountants
Firm Reg. No. - 000952 C
(R. P. Gupta)
Camp: Gorakhpur Partner
Date: 29.05.2015 M.No. 070904

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