You are here » Home » Companies » Company Overview » Ausom Enterprise Ltd

Ausom Enterprise Ltd.

BSE: 509009 Sector: Financials
NSE: AUSOMENT ISIN Code: INE218C01016
BSE LIVE 15:40 | 18 Aug 29.15 -0.35
(-1.19%)
OPEN

30.00

HIGH

30.00

LOW

29.00

NSE 15:31 | 18 Aug 30.20 1.20
(4.14%)
OPEN

27.55

HIGH

30.50

LOW

26.00

OPEN 30.00
PREVIOUS CLOSE 29.50
VOLUME 750
52-Week high 38.25
52-Week low 18.00
P/E 7.06
Mkt Cap.(Rs cr) 40
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 30.00
CLOSE 29.50
VOLUME 750
52-Week high 38.25
52-Week low 18.00
P/E 7.06
Mkt Cap.(Rs cr) 40
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ausom Enterprise Ltd. (AUSOMENT) - Auditors Report

Company auditors report

To the Members of Ausom Enterprise Limited Report on the Standalone FinancialStatements

We have audited the accompanying standalone financial statements of Ausom EnterpriseLimited ("the Company") which comprise the Balance Sheet as at 31st March2016 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the 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 preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due 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 and the Order under section 143 (11)of the Act.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India. Those Standards and pronouncements requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

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 the auditor considers internal financial controlrelevant to the Company's preparation of the financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness 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 31' 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 2016 ("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 the information and explanations given to us wegive in the "Annexure A" a statement on the matters specified in paragraphs 3and 4 of the Order.

2. As required by section 143(3) of the Act we report that: a. We have sought andobtained all the information and explanations which to the best of our knowledge andbelief 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 Statementdealt 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 written representations received from the directors as on 31' March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31st March 2016 from being appointed as a director

in terms of section 164(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 B".

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 pendinglitigations on its financial position by way of Note 36 to the financial statements. ii.The Company did not have any long-term contracts including derivative contracts for whichthere were any material foreseeable losses.

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

PLACE : AHMEDABAD For. C.R. SHAREDALAL & CO.
DATE : 10-08-2016 CHARTERED ACCOUNTANTS
(Registration No.109943W)
(C. R. SHAREDALAL)
PARTNER
Membership No.002571

Annexure 'A' to the Independent Auditors' Report

[Referred to in Paragraph 1 underthe heading of "Report on Other Legal andRegulatory Requirements" of our report of even datel

1. (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) Fixed assets were physically verified during the year by the management inaccordance with a program of verification which in our opinion is reasonable havingregard to the size of the company and the nature of assets. According to the informationand explanations given to us no discrepancies were noticed on such verification.

(c) The Company does not hold the immovable property. Therefore the provisions ofClause 3(i) (c) of the said Order are not applicable to the Company.

2. As explained to us during the year the inventories have been physically verifiedby the management at reasonable intervals. In our opinion the frequency of suchverification is reasonable. According to the information and explanations given to us nodiscrepancies were noticed on physical verification of inventories as compared to bookrecords.

3. During the year under review the Company has not granted any loans secured orunsecured to companies firms limited liability partnerships or other parties covered inthe register maintained under section 189 of the Companies Act 2013. Therefore theprovisions of Clause 3(iiia) (iiib) and (iiic) of the said Order are not applicable tothe Company.

4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Companies Act2013 in respect of grant of loans making investments and providing guarantees andsecurities as applicable

5. In our opinion and according to the information and explanation given to us theCompany has not accepted deposits during the year and does not have any unclaimeddeposits. Therefore the provisions of the clause 3(v) of the order are not applicable tothe Company.

6. According to the information and explanation given to us the maintenance of costrecords has not been prescribed for the Company under sub-section (1) of Section 148 ofthe Companies Act 2013.

7. (a) According to the information and explanations given to us and on the basis ofour examination of the books of account the Company has been generally regular indepositing undisputed statutory dues including Provident Fund Employees' State InsuranceIncome-tax Value Added Tax Wealth Tax Custom duty Excise duty Service Tax Cess andany other statutory dues whichever is applicable during the year with the appropriateauthorities and no undisputed dues payable in respect of outstanding statutory dues werein arrears as at 31' March 2016 for a period of more than six months from the date theybecame payable.

(b) According to the information and explanations given to us there are no amounts inrespect of sales tax/ income tax/ custom duty / excise duty/ service tax that have notbeen deposited with the appropriate authorities on account of any dispute.

8. In our opinion and according to the information and explanation given to us and onthe basis of our examination of the books of account the Company has not defaulted inrepayment of loans or borrowings to financial institution or banks.

9. During the period under audit the Company has not raised any moneys by way ofinitial public offer or further public offer (including debt instruments) and term loan;hence the provisions of Clause 3(ix) of the said Order are not applicable to the Company.

10. To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no fraud on the Company by its officers oremployees has been noticed or reported during the year

11. The Company has not paid or provided managerial remuneration; hence the provisionsof Clause 3(xi) of the said Order are not applicable to the Company.

12. As the Company is not a Nidhi Company and the Nidhi Rules 2014 are not applicableto it; hence the provisions of Clause 3(xii) of the said Order are not applicable to theCompany.

13. In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

14. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review. Accordingly theprovisions of Clause 3(xiv) of the Order are not applicable to the Company.

15. The Company has not entered into any non-cash transactions with its directors orpersons connected with him. Accordingly the provisions of Clause 3(xv) of the Order arenot applicable to the Company.

16. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

PLACE : AHMEDABAD For. C.R. SHAREDALAL & CO.
DATE : 10-08-2016 CHARTERED ACCOUNTANTS
(Registration No.109943W)
(C. R. SHAREDALAL)
PARTNER
Membership No.002571

Annexure 'B' to the Independent Auditors' Report

[Referred to in Paragraph 2(f) under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date]

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the

Act")

We have audited the internal financial controls over financial reporting of AusomEnterprise Limited ("the Company") as of 31' March 2016 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India ("the ICAI"). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") issued by the ICAI and the Standards on Auditingprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls. Those Standards and the Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditors' judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions orthatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31st March 2016 based on the internal controlover financial reporting criteria established bythe Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia

PLACE : AHMEDABAD For. C.R. SHAREDALAL & CO.
DATE : 10-08-2016 CHARTERED ACCOUNTANTS
(Registration No.109943W)
(C. R. SHAREDALAL)
PARTNER
Membership No.002571