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Amrit Corp Ltd.

BSE: 507525 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE866E01026
BSE 00:00 | 11 Nov 577.25 -0.25
(-0.04%)
OPEN

606.00

HIGH

606.00

LOW

556.00

NSE 05:30 | 01 Jan Amrit Corp Ltd
OPEN 606.00
PREVIOUS CLOSE 577.50
VOLUME 150
52-Week high 972.00
52-Week low 510.05
P/E 16.27
Mkt Cap.(Rs cr) 185
Buy Price 560.00
Buy Qty 4.00
Sell Price 606.00
Sell Qty 1.00
OPEN 606.00
CLOSE 577.50
VOLUME 150
52-Week high 972.00
52-Week low 510.05
P/E 16.27
Mkt Cap.(Rs cr) 185
Buy Price 560.00
Buy Qty 4.00
Sell Price 606.00
Sell Qty 1.00

Amrit Corp Ltd. (AMRITCORP) - Auditors Report

Company auditors report

To the Members of AMRIT CORP. LIMITED

Report on the Financial Statements

We have audited the accompanying Ind-AS financial statements of AMRIT CORP. LIMITED("the Company") which comprise the Balance Sheet as at 31st March2018 and the Statement of Profit and Loss (including Other Comprehensive Income) theCash Flow Statement and the Statement of Changes in Equity for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Ind AS 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 Ind AS financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) prescribed underSection 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015as amended. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding 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 Ind AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. In conducting our audit we have taken into account the provisions of theAct the accounting and auditing standards and matters which are required to be includedin the audit report under the provisions of the Act and the Rules made there under and theorder issued under section 143 (11) of the Act. We conducted our audit of the Ind ASfinancial statements in accordance with the Standards on Auditing specified under Section143(10) of the Act. Those Standards require that we comply with ethical requirements andplan and perform

the audit to obtain reasonable assurance about whether the Ind AS financial statementsare free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit 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 Ind AS financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe 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 31st March 2018 and its profit total comprehensive income its cash flows and thechanges in equity 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 Companies Act 2013 we give in the Annexure ‘A' statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 143 (3) of the Companies Act 2013 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 including Other ComprehensiveIncome the Cash Flow Statement and the Statement of Changes in Equity dealt with by thisReport are in agreement with the books of account.;

d. In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards prescribed under Section 133 of the Act.;

e. on the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in termsof 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'; and

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 Ind AS financial statements - Refer Note 33 to the Ind AS financialstatements;

ii. The Company has made necessary provision in its Ind AS financial statements underthe applicable law or Indian accounting standards wherever required;

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For Mukesh Aggarwal & Co.
Chartered Accountants
Firms Registration No. 011393N
(Rishi Mittal)
Place : Noida Partner
Date : 23rd May 2018 Membership No. 521860

Annexure "A" to Independent Auditors' Report

Referred to in Paragraph 1 under the heading of "report on

other legal and regulatory requirements" of our report of

even date

1. (a) The company has maintained proper records

showing full particulars including quantitative details and situation of fixed assets.

(b) The company has a phased programme of physical verification of its fixed assetswhich in our opinion is reasonable having regard to the size of the company and thenature of its assets. In accordance with such programme the management has physicallyverified its fixed assets during the year and no material discrepancies were noticed bythem.

(c) The title deeds of immovable properties are held in the name of the company.

2. According to the information and explanations given to us physical verification ofinventories is conducted by the management at periodic intervals. The procedures followedby the company for physical verification of inventories are reasonable and adequate inrelation to the size of the company and the nature of its business. The company ismaintaining proper records of inventory and no material discrepancies were noticed onphysical verification as compared to book records.

3. The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013. Consequently subclauses 3 (a) (b) & (c) ofthis clause are not applicable.

4. The Company has not made any transaction in respect of loans covered under section185 of the Companies Act 2013. In respect of loans investments guarantees and securitycovered under section 186 of the Companies Act 2013 the provisions of the said section186 have been duly complied.

5. The Company has not accepted any deposits from the public and consequently thedirectives issued by Reserve Bank of India the provisions of sections 73 to 76 of theCompanies Act 2013 and rules framed there under are not applicable. Accordingly rest ofclause is not applicable on the Company.

6. In accordance with the information given by the management the maintenance of costrecords has

not been prescribed by the Central Government under section 148 (1) of the CompaniesAct 2013.

7. (a) According to the information and explanations

given to us and on the basis of our examination of the books of account the company isregular in depositing the undisputed statutory dues including provident fund employees'state insurance income tax GST sales tax duty of customs duty of excise value addedtax cess and any other statutory dues as applicable with the appropriate authorities.According to the information and explanations given to us there was no undisputed amountspayable in respect of the above dues which were outstanding as at 31st March2018 for a period of more than six months from the date of their becoming payable.

(b) According to the information and explanations given to us the amounts payable inrespect of income tax sales tax service tax duty of customs duty of excise valueadded tax cess and any other statutory dues which have not been deposited on account ofany disputes are as under:

Name of the statutes Nature of dues Amount (Rs. Lakhs) Forum where dispute is pending
Income

Tax

Act 1961

Withdrawal of investment Allowance and other disallowances 248.61 High Court Allahabad & other Appellate Authorities

8. The company has not defaulted during the year in repayment of any loans orborrowing to a financial institution bank Government or dues to debenture holders.

9. According to the information and explanations given to us during the year theCompany has raised term loans. The aforesaid term loans were applied for the purposes forwhich they are raised.

10. According to the information and explanations given to us no fraud by the companyor no fraud by the Company's officers or employees has been noticed or reported during theyear.

11. The company has paid managerial remuneration as per provisions of section 197 readwith Schedule V to the Companies Act 2013.

12. The company is not a Nidhi Company and hence clause 3 (xii) is not applicable.

13. The transactions with the related parties made by the Company are in compliancewith sections 177 and 188 of Companies Act 2013 where applicable and the

details have been disclosed in the Ind AS Financial Statements as required by theapplicable India Accounting Standards.

14. The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year and hence clause 3 (xiv) is notapplicable.

15. During the year the company has not entered into any non- cash transactions withdirectors or persons connected with him and hence provision of section 192 of CompaniesAct 2013 is not applicable.

16. The company is not required to register under section 45- IA of the Reserve Bank ofIndia Act 1934.

For Mukesh Aggarwal & Co.
Chartered Accountants
Firms Registration No. 011393N
(Rishi Mittal)
Place : Noida Partner
Date : August 02 2018 Membership No. 521860

Annexure B' to 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 AMRIT CORP.LIMITED ("the Company") as of March 31 2018 in conjunction with our audit ofthe Ind AS 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 internal policies & procedures accounting records andessential components on the internal control over financial reporting criteria establishedby the Company as per Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the ICAI. These responsibilities include the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the orderly and efficient conduct of its business including adherence tocompany's

policies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

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") and the Standards on Auditing issued by ICAI andprescribed 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 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 judgement 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 Ind AS financial statements for externalpurposes in accordance withgenerally 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 Ind ASfinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the financialstatements.

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.

Opinion

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 2018 based on theCompany's internal policies & procedures and accounting records and implementation ofessential components on the internal controls over financial reporting.

For Mukesh Aggarwal & Co.
Chartered Accountants
Firms Registration No. 011393N
(Rishi Mittal)
Place : Noida Partner
Date : 23rd May 2018 Membership No. 521860