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Asian Food Products Ltd.

BSE: 507530 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Asian Food Products Ltd. (ASIANFOODPROD) - Auditors Report

Company auditors report

To The Members of Asian Food Products Limited Report on the Financial Statements

We have audited the accompanying financial statements of Asian Food Products Limited("the Company") which comprise the Balance Sheet as at March 31 2015 and theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards referred to in sub-section (3) ofsection 133 of the Companies Act 2013 ("the Act"). This responsibility includesthe design implementation and maintenance of internal control relevant to the preparationand presentation of the financial statements that give a true and fair view and are 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 conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall 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.

Opinion

I n 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:

Report on other legal and regulatory requirements

1) As required by the Companies (Auditor's report) Order 2015 " the order' Issuedby the central government of India in terms of sub-section 11) of section 143 of the actwe give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of theOrder to the extent applicable.

2) As required by section 143(3) of the act we report to the extent applicable 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 it appears from our examinations 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 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 31stMarch 2015 and taken on record by the Board of Directors none of the directors sdisqualified as on 31st 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 2014 in our opinionand to the best of our information and according to the explanation given to us :

g) The Company has disclosed the impact of pending litigations on its financialposition n its financial statements - Refer Note 15 to the financial statements. i

h) The Company has made provision as required under the applicable law or accountingstandard for material foreseeable losses if any on long-term contracts includingderivative contracts.

i) There are no amounts which were required to be transfered to the Investor Educationand Protection Fund by the company.

For and on behalf of

GOVILKAR & ASSOCIATES

Chartered Accountants

Firm Reg.No.119099W

HERAMB M. GOVILKAR

Partner

Membership No. 41693

PLACE: NASHIK

DATE :25/07/2015

ANNEXURE TO THE AUDITOR'S REPORT

The annexure referred to in para 1under the heading report on other regulartoryrequirement of our report of even date on the accounts of M/s. ASIAN FOOD PRODUCTSLIMITED for the year ended 31st March 2015.

(1) (a) The Company do not have any fixed assets

(b) In our opinion point No.1(a) non availability of fixed assets physicalverification does not arise.

(2) (a) As there is no inventory lying with the company at the year end the questionof physical verification of inventory does not arise.

(b) In our opinion as there is no inventory lying with the company at the year endthe question of maintaing records of inventory does not arise.

(3) Th e Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the Act.Therefore the provisions of sub-clause (a) and (b) of paragraph 3(iii) of the order arenot applicable to the Company for the current year.

(4) In our opinion and according to the information and explanations given to us thereare adequate internal control systems commensurate with the size of the Company and thenature of its business for the purchase of inventory and fixed assets and for the sale ofgoods and services. In our opinion andaccording to the information and explanations givento us there is no continuing failure to correct major weaknesses in internal controlsystem.

(5) Since the company has not accepted any deposits and hence the provisions of section73 t o 76 of the act are not applicable to the company.

(6) We have broadly reviewed the books of account maintained by the Company pursuant tothe Rules made by the Central Government of India for maintenance of cost records undersub-section (1) 148 of the Act and are of the opinion that prima facie the prescribedaccounts and records have generally been made and maintained. We have not however made adetailed examination of the records with a view to examine whether they are accurate andcomplete.

(7) (a) According to the information and explanations given to us and the recordsexamined by us the Company is generally regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Sales Tax Wealth TaxService Tax Duty of Customs Duty of Excise Value Added Tax Cess and any otherstatutory dues with the appropriate authorities. According to the information andexplanations given to us there are no undisputed dues payable in respect of above as at31stMarch 2015 for a period of more than six months from the date on which they becamepayable.

(b) According to the information and explanations given to us there are no duesoutstanding of Income Tax Sales Tax Wealth Tax Service Tax Duty of Customs Duty ofExcise Value Added Tax or Cess and any other statutory dues.

(8) The Company does not have accumulated losses at the end of the financial year andhas not incurred any cash losses in the current and immediately preceding financial years.

(9) According to the information and explanations given to us and based on thedocuments and records produced to us the Company has not defaulted in repayment of duesto banks.

The Company does not have dues to financial institutions or debenture holders.

(10) In our opinion and according to the information and explanations given to us theCompany has not given any guarantee for loans taken by others from banks and otherfinancial institutions.

(11) From the information and explanation given the terms loan were applied for thepurpose for which the loans were obtained

(12) Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud on or by the Company has been noticed orreported during the year.

For and on behalf of

GOVILKAR &ASSOCIATES

Chartered Accountants

FirmReg.No.119099W

HERAMB M. GOVILKAR

Partner

Membership No. 41693

PLACE:NASHIK

DATE : 25/07/2015

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