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Amin Tannery Ltd.

BSE: 541771 Sector: Others
NSE: N.A. ISIN Code: INE572Z01017
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NSE 05:30 | 01 Jan Amin Tannery Ltd
OPEN 2.46
PREVIOUS CLOSE 2.52
VOLUME 55613
52-Week high 6.25
52-Week low 1.89
P/E 126.00
Mkt Cap.(Rs cr) 27
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2.46
CLOSE 2.52
VOLUME 55613
52-Week high 6.25
52-Week low 1.89
P/E 126.00
Mkt Cap.(Rs cr) 27
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Amin Tannery Ltd. (AMINTANNERY) - Auditors Report

Company auditors report

To

The Members of Amin Tannery Limited

Report on the Audit of Financial Statements

Opinion

We have audited the financial statements of Amin Tannery Limited("the Company") which comprise the balance sheet as at March 312022 and theStatement of Profit and Loss (including other comprehensive income) and statement of cashflows and the statement of change in equity for the year then ended and notes to thefinancial statements including a summary of significant accounting policies and otherexplanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements give the information requiredby the Companies Act 2013 (the Act) in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at March 312022 and its profit (including othercomprehensive income) its cash flows and the changes in equity for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Act. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters. We have determined that there are no key audit matters to be communicatedin our report.

Information Other than the Financial Statements and Auditors' ReportThereon

The Company's Board of Directors are responsible for the otherinformation. The other information comprises the information included in the AnnualReport but does not include the financial statements and our auditors' report thereon.

Our opinion on the financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisother information we are required to report that fact.

We have nothing to report in this regard.

Responsibility of Management for Financial Statements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these financial statementsthat give a true and fair view of the financial position financial performance change inequity and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the accounting Standards specified under section133 of the Act. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate implementation and maintenance of 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 statement that give a true and fair view andare free from material misstatement whether due to fraud or error.

In preparing the 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.

Those Board of Directors are also responsible for overseeing thecompany's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Companies Act 2013 we are also responsible for expressing our opinionon whether the company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.

Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditors' report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2020("the Order") issued by the Central Government of India in terms of sub-section(11) of section 143 of the Companies Act 2013 and on the basis of such checks of thebooks and records of the company as we considered appropriate and according to informationand explanations given to us we give in the "Annexure A" a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 197(16) of the Act we report that theCompany has paid remuneration to its directors during the year in accordance with theprovisions of and limits laid down under Section 197 read with Schedule V to the Act.

3. Further to our comments in Annexure A as required by Section 143(3)of the Act we report that:

(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit;

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books;

(c) The Balance Sheet the Statement of Profit and Loss (includingother comprehensive income) the statement of Cash Flows and statement of change in equitydealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid 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 thedirectors as of March 312022 taken on record by the Board of Directors none of thedirectors is disqualified as on March 312022 from being appointed as a director in termsof Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B".

(g) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:

i. the Company does not have any pending litigations which would impactits financial position - Refer Note no. 31 to the financial statements;

ii. the Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses; and

iii. there were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company.

iv. (a) The Management has represented that to the best of itsknowledge and belief no funds (which are material either individually or in theaggregate) have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the Company to or in any other person orentity including foreign entity ("Intermediaries") with the understandingwhether recorded in writing or otherwise that the Intermediary shall whether directlyor indirectly lend or invest in other persons or entities identified in any mannerwhatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provideany guarantee security or the like on behalf of the Ultimate Beneficiaries;

(b) The Management has represented that to the best of its knowledgeand belief no funds (which are material either individually or in the aggregate) havebeen received by the Company from any person or entity including foreign entity("Funding Parties") with the understanding whether recorded in writing orotherwise that the Company shall whether directly or indirectly lend or invest inother persons or entities identified in any manner whatsoever by or on behalf of theFunding Party ("Ultimate Beneficiaries") or provide any guarantee security orthe like on behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonableand appropriate in the circumstances nothing has come to our notice that has caused us tobelieve that the representations under sub-clause (i) and (ii) of Rule 11(e) as providedunder (a) and (b) above contain any material misstatement.

v. the company has not declared and/or paid any dividend during theyear. Hence compliance of Section 123 of the Act is not applicable during the year.

For Rajeev Prem & Associates
Chartered Accountants
Firm Registration No. 008905C
(Rajeev Kapoor)
Place: Kanpur Partner
Date: 30.05.2022 M. No.077827
UDIN:22077827ANNBA29198

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1 of our report of even date on the Ind ASfinancial statements for the financial year ended March 312022 of Amin Tannery Limited)

In terms of the information and explanations given to us and also onthe basis of such checks as we considered appropriate we state that:

(i) (a) (A) The Company has maintained proper records showing fullparticulars including quantitative details and situation of its property plant andequipment;

(B) The Company has maintained proper records showing full particularsof intangible assets;

(b) The Company has a program of physical verification of PropertyPlant and Equipment and right-of-use assets so to cover all the assets which in ouropinion is reasonable having regard to the size of the Company and the nature of itsassets. Pursuant to the program certain Property Plant and Equipment were due forverification during the year and were physically verified by the Management during theyear. According to the information and explanations given to us no material discrepancieswere noticed on such verification

(c) Immovable properties having net carrying amount as at March 312022 aggregating to Rs. 59.82 Lacs transferred to the company pursuant to the Scheme ofArrangement (Demerger) from Demerged Company approved by the National Company LawTribunal Allahabad Bench (NCLT) vide Order dated December 27 2017 included in the booksof the company remain in the name of Demerged Company pending completion of the certainformalities. [refer Note no. 2(i)].

(d) The Company has not revalued any of its Property Plant andEquipment and intangible assets during the year.

(e) No proceedings have been initiated during the year or are pendingagainst the Company as at March 31 2022 for holding any benami property under the BenamiTransactions (Prohibition) Act 1988 and rules made thereunder.

(ii) (a) The inventories of the Company have been physically verifiedby the management at reasonable interval during the year. In our opinion the coverage andprocedure of such verification is appropriate having regard to the size of the company andnature of its operation. No discrepancies of 10% or more in the aggregate for each classof inventory were noticed on verification during the year when compared with books ofaccount.

(b) As disclosed in Note no. 40(e) the company has been sanctionedworking capital limits in excess of five crore rupees from banks during the year on thebasis of security of current assets. The quarterly returns or statements filed by thecompany with banks are not in agreement with the books of account of the Company thedetails are as under:

Rs. In Lacs

Quarter ending Value as per books of accounts Value as per quarterly return / statement filed with bank Differences Reason for differences
June 30 2021 4434.00 4433.00 1.00 The differences are there because the statements filed with the lenders are based on Financial Statements prepared on provisional basis.
September 30 2021 4715.00 4708.00 7.00
December 31 2021 5166.00 5164.00 2.00
March 31 2022 5337.12 5486.00 148.88

(iii) The Company has not made investments provided any security orguarantee or granted any loans or advances in the nature of loans secured or unsecured tocompanies firms Limited Liability Partnerships or any other parties covered exceptinvestments in companies. The terms and conditions of the same are not prejudicial to theinterest of the company. Accordingly reporting under paragraph 3(iii) (a) (c) to (f) arenot applicable.

(iv) The company has not granted any loan guarantee or security whereprovisions of section 185 of the Act are applicable. The company has complied with theprovisions of Section 186 of the Act in respect of Investments made during the year.

(v) In our opinion the Company has not accepted any deposit during theyear within the meaning of Section 73 to Section 76 of the Companies Act 2013 (the Act)read with the Rules framed there under. Hence paragraph 3(v) of the Order is notapplicable.

(vi) Provisions for maintaining Cost Records pursuant to the Rulesframed by the Central Government for the maintenance of cost records under sub-section (1)of Section 148 of the Companies Act 2013 are not applicable to the company during theyear.

(vii) (a) According to the books and records produced and examined byus the Company is generally regular in depositing undisputed Statutory dues includingProvident Fund Employees' State Insurance Income Tax Sales Tax Service Tax Duty ofCustoms Duty of Excise Value Added Tax GST Cess and other material statutory dues asapplicable with the appropriate authorities and no undisputed amount payable in respect ofaforesaid statutory dues were outstanding as at March 312022 for a period of more thansix months from the date they become payable.

(b) According to the information and explanations given to us thereare no dues of Income Tax Sales Tax Service Tax Duty of Customs Duty of Excise andValue Added Tax and GST which have not been deposited on account of any dispute.

(viii) There were no transactions relating to previously unrecordedincome that have been surrendered or disclosed as income during the year in the taxassessments under the Income Tax Act 1961 (43 of 1961).

(ix) (a) The company has not defaulted in repayment of loans or otherborrowings or on the payment of interest thereon to any lender during the year.

(b) The Company has not been declared willful defaulter by any bank orfinancial institution or government or any government authority.

(c) The company has not availed any term loan during the year. Henceparagraph 3(ix)(c) of the Order is not applicable.

(d) On an overall examination of the financial statements of theCompany funds raised on short-term basis have prima facie not been used during the yearfor long-term purposes by the Company.

(e) the Company has not taken any funds from any entity or person onaccount of or to meet the obligations of its subsidiaries and hence reporting under clause3(ix)(e) of the Order is not applicable.

(f) The Company has not raised any loans during the year on the pledgeof securities held in its subsidiaries JV or associate Company and hence reporting underclause 3(ix)(f) of the Order is not applicable.

(x) (a) The company has not raised any money by way of initial publicoffer or further public offer (including debt instruments) during the year and hencereporting under clause 3(x)(b) of the Order is not applicable.

(b) During the year the Company has not made any preferentialallotment or private placement of shares or convertible debentures (fully or partly oroptionally) and hence reporting under clause 3(x)(b) of the Order is not applicable.

(xi) (a) No fraud by the company or any fraud on the Company has beennoticed or reported during the year.

(b) No report under sub-section (12) of section 143 of the CompaniesAct has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit andAuditors) Rules 2014 with the Central Government during the year and upto the date ofthis report.

(c) We have taken into consideration the whistle blower complaintsreceived by the Company during the year (and upto the date of this report) whiledetermining the nature timing and extent of our audit procedures.

(xii) The company is not a "Nidhi Company"; hence paragraph3(xii) the Order is not applicable.

(xiii) In our opinion transactions with the related parties are incompliance with section 177 and 188 of Act where applicable and the details of suchtransactions have been disclosed in the Financial Statements as required by the applicableaccounting standards.

(xiv) (a) In our opinion the Company has an adequate internal auditsystem commensurate with the size and the nature of its business.

(b) We have considered the internal audit reports for the year underaudit issued to the Company during the year and till date in determining the naturetiming and extent of our audit procedures.

(xv) In our opinion the company has not entered into any non-cashtransactions with directors or persons connected with him. Hence paragraph 3(xv) theOrder is not applicable.

(xvi) (a) In our opinion the Company is not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934. Hence reporting under clause3(xvi)(a) (b) and (c) of the Order is not applicable.

(b) In our opinion there is no core investment company within theGroup (as defined in the Core Investment Companies (Reserve Bank) Directions 2016) andaccordingly reporting under clause 3(xvi)(d) of the Order is not applicable.

(xvii) The Company has not incurred cash losses during the financialyear covered by our audit and the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors of theCompany during the year.

(xix) On the basis of the financial ratios ageing and expected datesof realisation of financial assets and payment of financial liabilities other informationaccompanying the financial statements and our knowledge of the Board of Directors andManagement plans and based on our examination of the evidence supporting the assumptionsnothing has come to our attention which causes us to believe that any materialuncertainty exists as on the date of the audit report indicating that Company is notcapable of meeting its liabilities existing at the date of balance sheet as and when theyfall due within a period of one year from the balance sheet date. We however state thatthis is not an assurance as to the future viability of the Company. We further state thatour reporting is based on the facts up to the date of the audit report and we neither giveany guarantee nor any assurance that all liabilities falling due within a period of oneyear from the balance sheet date will get discharged by the Company as and when they falldue.

(xx) The Provisions of Corporate Social responsibility under section135 are not applicable to the company. Accordingly reporting under clause (xx) of theOrder is not applicable for the year.

For Rajeev Prem & Associates
Chartered Accountants
Firm Registration No. 008905C
Place: Kanpur (Rajeev Kapoor)
Partner
Date: 30.05.2022
M. No.077827
UDIN:22077827ANNBA29198

ANNEXURE B TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 3(f) of our report of even date on thefinancial statements for the financial year ended March 312022 of Amin Tannery Limited)

Report on the Internal Financial Controls under Clause (i) ofsub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

Opinion

We have audited the internal financial controls with reference tofinancial statements of Amin Tannery Limited ("the Company") as of March 312022in conjunction with our audit of the financial statements of the Company for the yearended on that date.

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at March 312022 based onthe internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India (ICAI).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Companies Act 2013 to theextent applicable to an audit of internal financial controls both applicable to an auditof Internal Financial Controls and both issued by ICAI. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

For Rajeev Prem & Associates
Chartered Accountants
Firm Registration No. 008905C
Place: Kanpur (Rajeev Kapoor)
Partner
Date: 30.05.2022 M. No.077827
UDIN:22077827ANNBA29198

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