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Astec Lifesciences Ltd.

BSE: 533138 Sector: Agri and agri inputs
NSE: ASTEC ISIN Code: INE563J01010
BSE LIVE 15:56 | 02 Dec 578.20 -6.05
(-1.04%)
OPEN

580.00

HIGH

597.90

LOW

576.00

NSE LIVE 15:52 | 02 Dec 579.50 -4.85
(-0.83%)
OPEN

579.90

HIGH

598.00

LOW

575.85

OPEN 580.00
PREVIOUS CLOSE 584.25
VOLUME 32882
52-Week high 674.00
52-Week low 171.10
P/E
Mkt Cap.(Rs cr) 1127.49
Buy Price 580.00
Buy Qty 70.00
Sell Price 0.00
Sell Qty 0.00
OPEN 580.00
CLOSE 584.25
VOLUME 32882
52-Week high 674.00
52-Week low 171.10
P/E
Mkt Cap.(Rs cr) 1127.49
Buy Price 580.00
Buy Qty 70.00
Sell Price 0.00
Sell Qty 0.00

Astec Lifesciences Ltd. (ASTEC) - Auditors Report

Company auditors report

To the Members of Astec LifeSciences Limited Report on the Standalone FinancialStatements

1. We have audited the accompanying standalone financial statements of AstecLifeSciences Limited ("the Company") which comprise the Balance Sheet as at31 March 2016 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation and presentation of these standalone financial statements that give a trueand fair view of the financial position financial performance and cash flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards specified under Section 133 of the Act read with Rule7 of the Companies (Accounts) Rules 2014 (as amended). This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Act;safeguarding the assets of the Company; preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material 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 thereunder.

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 evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial controls relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of the financial statements.

7. 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

8. 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 31 March 2016 its loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of Section 143(11) of theAct we give in the "Annexure 1" a statement on the matters specified inparagraphs 3 and 4 of the Order.

10. 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 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 examination of those books;

c. The balance sheet the Statement of Profit and Loss and the cash flow statementscomply dealt with by this report are in agreement with the books of account;

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 at 31March 2016 and taken on record by the Board of Directors none of the directors isdisqualified as at 31 March 2016 from being appointed as a director in terms of Section164(2) of the Act;

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 2" to this report;

g. 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 explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements – Refer Note 31 to the financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Shah & Kathariya
Chartered Accountants
Firm Registration No.: 115171W
CA P. M. Kathariya
Partner
Membership No.: 031315
Place: Mumbai
Date: 4th May 2016

ANNEXURE – 1 TO THE AUDITORS’ REPORT

The annexure referred to in independent auditors report to the members of the Companyon the standalone financial statements for the year ended 31 March 2016. 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 the Company has a program for physical verification of fixedassets at periodic intervals. In our opinion the period of verification is reasonablehaving regard to the size of the Company and the nature of its assets. The discrepanciesreported on such verification were not material and have been properly dealt with in thebooks of account. (c) Based on our audit procedures performed for the purpose of reportingthe true and fair view of the financial statements and according to information andexplanations given by the management the title deeds of immovable properties are held inthe name of the company. (ii) The management has conducted physical verification ofinventory at reasonable intervals during the year and no material discrepancies werenoticed on such physical verification.

(iii) The Company has granted loans to one company covered in the register maintainedunder section 189 of the Companies Act 2013.

(a) In our opinion the rate of interest and other terms and conditions on which theloans had been granted to the Company covered in the register maintained under section 189of the Act are not prima facie prejudicial to the interest of the company.

(b) In the case of the loan granted to the company covered in the register maintainedunder section 189 of the Act the borrower has been regular in the payment of theprincipal and interest as stipulated.

(c) There are no overdue amounts in respect of the loan granted to the Company coveredin the register maintained under section 189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanations given to usprovisions of section 185 and 186 of the Companies Act 2013 in respect of loans todirectors including entities in which they are interested and in respect of loans andadvances given investments made and guarantees and securities given have been compliedwith by the company.

(v) The Company has not accepted any deposits from the public.

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records undersection 148(1) of the Companies Act 2013 related to the manufacture or service of AgroProducts and are of the opinion that prima facie the specified accounts and records havebeen made and maintained. We have not however made a detailed examination of the same.

(vii) (a) Undisputed statutory dues including provident fund employees’ stateinsurance income-tax sales-tax wealth-tax service tax duty of custom duty of excisevalue added tax cess and other material statutory dues have generally been regularlydeposited with the appropriate authorities though there has been a slight delay in a fewcases.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees’ state insurance income-taxwealth-tax service tax sales-tax duty of custom duty of excise value added tax cessand other material statutory dues were outstanding at the year end for a period of morethan six months from the date they became payable.

(b) According to the records of the Company the dues outstanding of income-taxsales-tax wealth-tax service tax duty of custom duty of excise value added tax andcess on account of any dispute are as follows:

Name of the statute Nature of dues Amount in Lacs Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income Tax 27.16 FY 2006-07 High Court
Income Tax Act 1961 Income Tax 5.35 FY 2010-11 CIT (A)
0.54 FY 2011-12
Income Tax Act 1961 Income Tax 31.29 FY 2008-09 ITAT
85.31 FY 2009-10
MVAT Act 2002 CST 53.02 FY 2004-05 JSCT (Appeal)
1445.21 FY 2006-07
Central Excise Act Excise Duty 151.06 April 2010 to March 2014 CESTAT
1521.10
205.80 FY 2010–FY 2014
13.70
3867.56*

* net of amounts paid under protest

(viii) Based on our audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to information and explanationsgiven by the management we are of the opinion that the Company has not defaulted inrepayment of dues to a financial institution bank or debenture holders or government.

(ix) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management and on an overall examination of the balance sheet we report thatmonies raised by way of term loans were applied for the purposes for which those wereraised.

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud on or by the officers and employees ofthe Company has been noticed or reported during the year.

(xi) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that the managerial remuneration has been paid /provided in accordance with the requisite approvals mandated by the provisions of section197 read with Schedule V to the Companies Act 2013.

(xii) In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xi) of the order are not applicable to the Company and hence not commented upon.

(xiii) Based on our audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to the information andexplanations given by the management transactions with the related parties are incompliance with section 177 and 188 of Companies Act 2013 where applicable and thedetails have been disclosed in the notes to the financial statements as required by theapplicable accounting standards.

(xiv) According to the information and explanations given to us and on an overallexamination of the balance sheet the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review and hence not commented upon.

(xv) Based on our audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management the Company has not entered into any non-cash transactions withdirectors or persons connected with him.

(xvi) According to the information and explanations given to us the provisions ofsection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

For Shah & Kathariya
Chartered Accountants
Firm Registration No.: 115171W
CA P. M. Kathariya
Partner
Membership No.: 031315
Place: Mumbai
Date: 4th May 2016

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