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Indo-Asian Food & Commodities Ltd.

BSE: 531674 Sector: Infrastructure
NSE: N.A. ISIN Code: INE559F01016
BSE LIVE 16:00 | 05 May Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 10.35
PREVIOUS CLOSE 10.40
VOLUME 409
52-Week high 10.40
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 10.35
CLOSE 10.40
VOLUME 409
52-Week high 10.40
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Indo-Asian Food & Commodities Ltd. (INDOASIANFOOD) - Auditors Report

Company auditors report

To

The members of

INDO-ASIAN FOODS & COMMODITIES LIMITED

Report on Financial Statements

We have audited the accompanying financial statements of INDO-ASIAN FOODS &COMMODITIES LIMITED ("the company") which comprise the Balance Sheet as at 31stMarch 2015 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

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 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 India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and. prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

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

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 financial statements

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2015 and its profit/ loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the company's auditor's report order 2015 issued by the CentralGovernment of India in terms of sub section (11) of section 143 of the Companies Act2013 we give in the Annexure a statement on the matters specified in Paragraph 3 and 4 ofthe 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 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 taken on record by the Board of Directors none of the directors isdisqualified 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 explanations given to us:

i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements -the Company does not have any pending litigationswhich would impact its financial position.

ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts -the Company did not have any long-term contracts includingderivative contracts for which there 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.

For L N P & Co

Chartered Accountants

Firm Reg. No.008918S

Sd/-

Purna Chandra Sekhar P

Partner

Membership No.214746

Place: Hyderabad

Date: May 30 2015

The annexure referred to in our Independent Auditors' Report to the Members of theCompany on the financial statements for the year ended 31 March 2015 we report that:

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

b. The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner. In accordance with this programmefixed assets were verified during the year and no material discrepancies were noticed onsuch verification. In our opinion the frequency of physical verification is reasonablehaving regard to the size of the Company and the nature of its assets.

a. As explained to us by the management and as observed by us the inventory of rawmaterial finished goods stores and spares etc. has been physically verified during theyear and specifically at the year-end by the management. In our opinion the frequency ofphysical verification is reasonable having regard to the size and nature of business ofthe company.

b. In our opinion and according to the information and explanation given to us theprocedures of physical Verification of inventories followed by the management arereasonable in relation to the size of the company and the nature of the business.

c. In our opinion and according to the information and explanation given to us thecompany has maintained proper records of its inventories and the discrepancies noticed onsuch physical verification between physical stock and the book records have been properlydealt with in the books of account

(iii) According to the information and explanations given to us no loans secured orunsecured were granted to companies firms or other parties covered in the registermaintained under section 189 of the Companies Act 2013 and accordingly para 3 (iii) ofthe Order is not applicable.

(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business with regard to purchase of inventories and fixed assets andwith regard to the sale of services/goods. We have not observed any major weakness in suchinternal control system.

(v) According to the information and explanations given to us the Company has notaccepted any deposits from the public to which the provisions of section 73 to 76 of theCompanies Act 2013 apply. Accordingly para 3 (v) of the Order is not applicable to theCompany.

(vi) The central government hasn't prescribed for the maintenance of cost records undersection 148(1) of the act for any services rendered by the company. Accordingly para3(vi) of the report relating to the cost records isn't applicable to the company.

a. According to the information and explanations given to us and according to the booksand records as produced and examined by us in accordance with the generally acceptedauditing practices in India the Company is generally regular in depositing undisputedstatutory dues including provident fund employees' state insurance income taxsales-tax wealth tax service tax custom duty excise duty value added tax cess andany other material statutory dues applicable to it with the appropriate authorities.According to the information and explanations given to us there were no undisputedamounts payable in respect of income tax sales tax wealth tax service tax customsduty value added tax and cess which were in arrears as at March 31 2015 for a period ofmore than six months from the date they became payable.

b. According to the information and explanations given to us there are no dues ofincome tax sales tax wealth tax service tax or duty of customs or duty of excise orvalue added tax or cess that have not been deposited on account of any dispute.

c. Based on scrutiny of records and as per the explanation given by the management thecompany is not required to transfer any amounts to investor education and protection fundin accordance with the relevant provisions of the Companies act 1956 and rules made thereunder.

(viii) The Company's accumulated losses at the end of the financial year are not exceedfifty percent of its net worth. The Company has incurred cash loss during the financialyear covered by our audit and has incurred cash loss in the immediately precedingfinancial year.

(ix) In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to banks and financial institutions.

(x) 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 or Financialinstitutions.

(xi) To the best of our knowledge and belief and according to the information andexplanations given to us in our opinion no term loans are availed by the Company duringthe year. Accordingly the para 3 (xi) of the report isn't applicable to the company.

(xii) During the course of our examination of the books and other records of theCompany carried out in accordance with the generally accepted auditing practices in Indiaand according to the information and explanations given to us no instance of fraud on orby the Company was reported during the year nor have we been informed of such case by themanagement.

For L N P & Co

Chartered Accountants

Firm Registration No. 008918S

Sd/-

Purna Chandra Sekhar P

Partner

Membership No.214746

Place: Hyderabad

Date: May 30 2015