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Asian Vegpro Industries Ltd.

BSE: 530413 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: N.A.
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Asian Vegpro Industries Ltd. (ASIANVEGPRO) - Auditors Report

Company auditors report

To

The Members

Asian Vegpro Industries Limited.

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Asian VegproIndustries Limited (‘the Company') which comprise the balance sheet as at 31 stMarch 2016 and the statement of profit and loss for the year then ended the cash flowstatement for the year then ended and a summary of significant accounting policies andother explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position and financial performance of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of theAct for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate 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 from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

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 thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of theAct. 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.

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 of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control 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 controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating 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 on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the 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 at 31st March 2016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central Government of India in terms of sub-section (I I) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in the paragraph 3and 4 of the Order to the extent applicable.

2. As required by Section 143 (3) of the Act we 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 purposes 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 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 accounts;

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

(e) On the basis of the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms of Section164 (2) of the Act; and

With respect to the other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest 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

ii. The Company has made provision as required underthe applicable law or accountingstandards for material foreseeable losses

iii. There has been no delay in tansferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

For G.R. Modi & Co.
Chartered Accountants
12 Laxminarayan Shopping Center Firm Registration No. 112617W
1st Floor Poddar Road Malad (E) CA SWAPNIL MODI
Mumbai - 400 097 Partner
Date : the 31st day of May 2016 Membership No. 107574

ANNEXURE TO THE AUDITORS' REPORT Referred in our report of even date :

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

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

(b As explained to us fixed assets have been physically verified by the management atregular intervals; as informed to us no material discrepancies were noticed on suchverification;

(c) The title deeds of immovable properties are held in the name of company.

II. The nature of business of the Company does not require it to have inventory. Hencethe requirement of clause (ii) of paragraph 3 of the said Order is not applicable to theCompany.

III. The company has granted loans secured or unsecured to/from companies firms orother parties covered in the register maintained under section 189 of the Act.

(a) The terms and conditions of the grant of such loans are not prejudicial to thecompany's interest

(b) The schedule of repayment is stipulated The repayment is regular; and

(c) There do not have any amount overdue for more than Ninety days.

IV. In respect of loans investments guarantees and security the provisions ofsection

185 and 186 of the Companies Act 2013 have been complied with. If not provide thedetails thereof.

V. The company has accepted deposits. The directives issued by the Reserve Bank ofIndia and the provisions of sections 73 to 76 or any other relevant provisions of theCompanies Act and the rules framed there under where applicable have been complied.

VI. As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Act.

VII. (a) According to the information and explanations given to us and based on therecords of the company examined by us the company is regular in depositing the undisputedstatutory dues including Provident Fund Employees' State Insurance Income-taxSales-tax Wealth Tax Service Tax Custom Duty Excise Duty and other material-statutorydues as applicable with the appropriate authorities in India. According to theinformation and explanations given to us no undisputed amounts payable in respect of theabove were in arrears as at March 312016 for a period of more than Six months from thedate on when they become payable;

(b) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of Income Tax Wealth Tax Service TaxSales Tax Customs Duty and Excise Duty which have not been deposited on account of anydisputes.

VIII. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to bank. The company has not taken any loaneither from a financial institution or from government and has not issued any debentures.

IX. The company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) and term loans were applied for the purposes for whichthose are raised. If not the details together with delays or default and subsequentrectification if any as may be applicable be reported;

X During the course of our examination of the books and records of the company carriedin accordance with the auditing standards generally accepted in India we have neithercome across any instance of fraud on or by the Company noticed or reported during thecourse of our audit nor have we been informed of any such instance by the Management.

XI. Based upon the audit procedure performed and the information and explanation givenby management the managerial remuneration has been paid or provided in accordance withrequisite approvals mandated by the provisions of Sec. 197 read with Schedule V ofCompanies Act.

XII. In our opinion the company is not a Nidhi company. Therefore the provisions ofclause 4(XII) of the order are not applicable of the company. .

XIII. In our opinion all the transactions with the related parties are in compliancewith Sec. 177 and 188 of Companies Act 2013 and the details have been disclosed infinancial statements as required by applicable Accounting Standards.

XIV. Based upon the audit procedure performed and the information and explanation givenby management the company has not made any preferential allotment or private placement ofshares of fully or partly convertible debenture during the year under review. Accordinglythe provisions of clause 3(XIV) of the order are not applicable to the company.

XV. Based upon the audit procedure performed and the information and explanation givenby management the company has not entered into any non cash transaction with director orperson connected with him. Accordingly the provisions of clause 3(XV) of the order arenot applicable to the company.

XVI. In our opinion the company is not required to be registered under Section 45IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3(XVI) ofthe order are not applicable to the company.

For G.R. Modi & Co.
Chartered Accountants
12 Laxminarayan Shopping Center Firm Registration No. 112617W
1st Floor Poddar Road Malad (E) CA SWAPNIL MODI
Mumbai - 400 097 Partner
Date : the 31st day of May 2016 Membership No. 107574