Agrimony Commodities Ltd.
|BSE: 537492||Sector: Others|
|NSE: N.A.||ISIN Code: INE567P01018|
|BSE 09:01 | 11 Apr||Agrimony Commodities Ltd|
|NSE 05:30 | 01 Jan||Agrimony Commodities Ltd|
|BSE: 537492||Sector: Others|
|NSE: N.A.||ISIN Code: INE567P01018|
|BSE 09:01 | 11 Apr||Agrimony Commodities Ltd|
|NSE 05:30 | 01 Jan||Agrimony Commodities Ltd|
Independent Auditors' Report
TO THE MEMBERS OF Agrimony Commodities Limited
Report on the Standalone Financial Statements
We have audited the accompanying Standalone financial statements of AGRIMONYCOMMODITIES LIMITED ("the Company")Which Comprise the Balance Sheet as at31st March 2021 and the Statement of Profit and Loss the Cash Flow Statement for theyear ended and a summary of significant accounting policies and other explanatoryinformation.
Management's Responsibility for the Standalone Financial Statements
The Company's Management and Board of Directors are responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone financial statements that give a true and fair view of thefinancial position financial performance total income cash flows and changes in equityof the Company in accordance with the Accounting Standards and other accounting principlesgenerally accepted in India. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the standalone financial statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.
In preparing the standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company's financial reportingprocess.
Our responsibility is to express an opinion on these financial statements based on ouraudit. While conducting the audit we have taken into account the provisions of the Actthe accounting and auditing standards and matters which are required to be included in theaudit report under the provisions 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 and other applicable pronouncements by the Institute ofChartered Accountants of India. 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. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Board of Directors as well as evaluating the overallpresentation of the financial statements.
We believe that the audit evidence obtained by us and the audit evidence obtained bythe other auditor in terms of their reports referred to in Other Matters paragraph belowis sufficient and appropriate to provide a basis for our audit opinion on the financialstatements.
In our opinion and to the best of our information and according to the explanationsgiven to us based on the consideration of the reports of the other auditor on thefinancial statements/financial information of its subsidiary as noted below the financialstatements give the information required by the Act in the manner so required and give atrue and fair view in conformity with the accounting principles generally accepted inIndia of the consolidated state of affairs of the Company including its subsidiary as at31st March 2021 and their profit and their cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
2. As required by the Companies (Auditor's Report) Order 2016 ("theorder") issued by the Central Government of India in term of sub- section (11) of thesection 143 of the Act we give in the Annexure A a statement on the mattersspecified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act based on our audit 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 Statement of Cash Flowdealt 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 prescribed under section 133 of the Act read with Act read with Rule7 of the Companies (Accounts) Rules 2014.
e) On the basis of the written representations received from the directors as on 31stMarch
2021 taken on record by the Board of Directors none of the directors is disquali ed ason
31 March 2021 from being appointed as a director in terms of Section 164(2) of theAct.
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 as amended inour opinion and to the best of our information and according to the explanations given tous:
i) The Company has no pending litigations as at March 2021.
ii) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses. iii) There has been no delay intransferring amounts required to be transfer to the Investor Education and Protection Fundby the Company.
Annexure A to the Independent Auditors' Report
(Referred to paragraph (9) under Report on other legal and regulatoryrequirements' of our report of even date to the member of AGRIMONY COMMODITIES LIMITED onthe financial statements for the year ended March31 2021)
i. In respect of Fixed Assets :
a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
b. The fixed assets of the Company have been physically verified by the Managementduring the year and no material discrepancies have been noticed on such verification. Inour opinion the frequency of verification is reasonable.
ii In respect of Inventories:
The Company is in the business of trading of commodities and does not hold anyinventory. Therefore the provisions of Clause 3(ii) of the said Order are not applicableto the Company.
iii (a)The company has granted interest free loans to its wholly owned subsidiaryto the extent of Rs.3440000.
(b)In respect of aforesaid loan there are no schedule for repayment of interest hasbeen stipulated by the Company. Therefore in absence of stipulation of repayment term wedo not make any comment on the regularity on the repayment of principal and payment ofinterest.
(c) In respect of the aforesaid loan since no repayment period is specified and hencethere is no amount to be considered as overdue for more than ninety days.
iv. In our opinion and according to the information and explanation given to usthe company has complied with the provisions of Section 185 and 186 of the companies act2013 in respect of loan investments guarantees and security.
v. According to the information and explanations given to us the company has notaccepted any deposits from the public and hence the directives issued by the Reserve bankof India and the provisions of Section 73 to 76 or any other relevant provisions of theAct and Companies (Acceptance of deposit) Rule 2015 with regard to the deposits acceptedfrom the public are not applicable.
vi. The company has not accepted any deposits from public within the meaning ofsection
737475 and 76 of the act and the rules framed there under to the extent notified.
vii. The Central Government of India has not specified the maintenance of costrecords under sub-section (1) of Section 148 of the Act for any of the products of theCompany.
Viii. In respect of statutory dues:
a) According to the information and Explanation given to us and records of the Companyas produced and examined by us in our opinion the company is regular in depositing theundisputed statutory dues in respect of Income-tax Goods & Services Tax Act cess andany other material statutory dues as applicable with the appropriate authorities.
b) As explained to us the Company did not have any statutory disputed amounts payablein respect of Income-tax Sales-tax Goods & Services Tax Act and other materialstatutory dues were in arrears as at 31st March 2021 for a period of more than six monthsfrom the date they became payable.
ix. Based on our audit procedures and according to the information and explanationsprovided to us by the management we are of the opinion that the Company has not defaultedin repayment of dues to financial institution and bank.
x. Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not raised moneys by way of initial public offeror further public offer including debt instruments and term Loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company and hence notcommented upon.
xi. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the company or on the company by its officers or employeesnoticed or reported during the year nor have we been informed of any such case by themanagement.
xii. According to the information and explanation given to us and based on ourexamination of the records of the company the company has paid and provided formanagerial remuneration in accordance with the requisite approvals mandated by theprovision of Section 197 read with schedule V to the act.
xiii. In our opinion and according to the information and explanations given to usthe
Company is not a Nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable. xiv. According to the information and explanations given to us andbased on our examination of the records of the Company transactions with the relatedparties are in compliance with sections 177 and 188 of the Act where applicable anddetails of such transactions have been disclosed in the financial statements as requiredby the applicable accounting standards and Companies Act 2013.
xv. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.
xvi. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.
xvii. The Company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.
ANNEXURE B TO THE INDEPENDENT AUDITORS' REPORT
(Referred to in paragraph 5(f) of the Independent Auditors' Report of even date to themembers of AGRIMONY COMMODITIES LIMITED on the financial statements for the yearended March 31 2021)
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013
We have audited the internal financial controls over financial reporting ofAgrimonyCommodities Limited ("the Company") as of March 31 2021 in conjunction withour audit of the financial statements of the Company for the year ended on that date.
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 (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.
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") and the Standards on Auditing deemed to be prescribed undersection
143(10) of the Act to the extent applicable to an audit of internal financial controlsboth applicable to an audit of internal financial controls and both issued by the ICAI.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material 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 included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;
(2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and
(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the standalone 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 or thatthe degree of compliance with the policies or procedures may deteriorate.
In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2021 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.