You are here » Home » Companies » Company Overview » Anisha Impex Ltd

Anisha Impex Ltd.

BSE: 537785 Sector: Others
NSE: N.A. ISIN Code: INE084Q01012
BSE 00:00 | 25 Jan 211.40 6.30
(3.07%)
OPEN

205.25

HIGH

213.95

LOW

205.25

NSE 05:30 | 01 Jan Anisha Impex Ltd
OPEN 205.25
PREVIOUS CLOSE 205.10
VOLUME 23750
52-Week high 213.95
52-Week low 29.55
P/E
Mkt Cap.(Rs cr) 347
Buy Price 210.00
Buy Qty 12500.00
Sell Price 218.00
Sell Qty 1250.00
OPEN 205.25
CLOSE 205.10
VOLUME 23750
52-Week high 213.95
52-Week low 29.55
P/E
Mkt Cap.(Rs cr) 347
Buy Price 210.00
Buy Qty 12500.00
Sell Price 218.00
Sell Qty 1250.00

Anisha Impex Ltd. (ANISHAIMPEX) - Auditors Report

Company auditors report

To the members of ANISHA IMPEX LIMITED

Report on the Audit of the Financial Statements

Opinion

We have audited the Financial Statements of ANISHA IMPEX LIMITED which comprisethe balance sheet as at 31st March 2019 and the statement of Profit & Lossand statement of cash flows for the year ended and notes to the Financial Statementsincluding a summary of significant accounting policies and other explanatory information.

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 of so required and give a true and fair view in conformity with theaccounting principles accepted in India of the state of affairs of the company as atMarch 31st 2019 and its Profit and cash flows for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143 (10) of the Companies Act 2013. 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 code of ethicsissued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the Financial Statements under theprovisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled ourother ethical responsibilities in accordance with these requirements and the Code OfEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our opinion.

Key Audit Matters

Key audit matter are those matter that in our professional judgment were of mostsignification in our audit of the financial statements of the current period. Thesematters were addressed in the context of our opinion thereon and we do not provide aseparate opinion on these matters.

Key Audit Matters How the matter was addressed in our audit
Revenue Recognition
1. Company has multiple income generating operations but majority of which have their origin from the trading of fabric and Garments. 1. Major revenue generating activities were trading of fabric and garments. Hence our prime focus was over the Trading of Fabric and Garments for Income since the management is involved themselves in such operations. Accordingly in our audit process we focused over the internal control set up by the management and had to check the policies set up by the management for generating the revenue from clients. Anisha Impex Limited likewise other garments trading companies provide the facilities of trading of garments with the client depending upon the quantity of garments that the client provides to the company.
Accounting related to major acquisition of a subsidiaries
Ref. to Note 9 in the Financial Statement
2. During the year the company has major Investment in the following companies. 2. We performed procedures to assess the key assumptions used.
S.N Name of Companies Investment (Rs.) - Current Investment is valued at cost and market value whichever is lower.
1. Akashdeep Metal Ltd. 18343158.87 - Long term Investment is valued at Cost Price.
2. Ganesha Ecospare Ltd. 21016597.45 -Investments are classified as current or non-current based on management's intention. Noncurrent investment are carried at cost less provision recorded to recognize any decline other than temporary in the carrying value of each investment.
3. Hi-tech Pipes 1178313.82
4. Pushpanjali Realms and Infra Ltd. 1541376.15
5. ALPS Ltd 1411252.00

Other Information Other than the Standalone Financial Statements and Auditors ReportThereon

The Company's Board of Directors is responsible for other information. The otherInformation comprises the information included in the Management Discussion and AnalysisBoard's Report including Annexures to Board's Report Chairman's Statement Shareholder'sInformation and Corporate Governance Report but does not include the standalone financialstatements and our auditor's report thereon. The Board's Report including Annexures toBoard's Report Chairman's Statement and Shareholder's Information is expected to be madeavailable to us after the date of this auditor's report.

Our Opinion on the Standalone financial statements does not cover the other Informationand we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the Standalone financial statements or our knowledgeobtained in the course of our audit or otherwise appears to be materially misstated.

Management's Responsibility for 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 ofthe these 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 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 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.

In preparing the financial statements and management is responsible for assessing theCompany's ability to continue as a going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain 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 any involve collusionforgery Intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Companies Act 2013 we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

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

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexits related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditorsrepots. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialStatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation. Wecommunicate with those charged with governance regarding among other matters the plannedscope and timing of the audit and significant audit findings including any significantdeficiencies in internal control that we identify during our audit.

• We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

• From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the financial statements ofthe current period and are therefore the key audit matters. We describe these matters inour auditor's report unless law or regulation precludes public disclosure about the matteror when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

• Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

• We communicate with those charged with governance regarding among othermatters 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 we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

• From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the financial statements ofthe current period and are therefore the key audit matters. We describe these matters inour auditor's report unless law or regulation precludes public disclosure about the matteror when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablebe expected to outweigh the public interest benefits of such communication.

Report on other Legal and Regulatory Requirements

1. As required by The Companies (Auditors Report) order 2016 the order issued byCentral government of India in terms of sub section (11) of section 143 of the Act wegive in the "Annexure-A" a statement the matters specified in paragraph3 and 4 of the said Order.

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 thebest of 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 appears from our examination of those books.

c) The company does not have any branch which has not been audited by us.

d) 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.

e) 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.

f) In our opinion there is no financial transaction which would have adverseeffect on the financing of the company.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of the Section 197(16) of the Act as amended:

In our opinion and according to the information & explanation given to us theCompany has paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

h) On the basis of written representations received from the directors as on 31March 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2019 from being appointed as a director in terms of Section164(2) of the Act.

i) With respect to the adequacy of the internal financial controls over financialreporting of the company & the operating effectiveness of such controls refer to ourseparate report in ‘Annexure-B' to this report;

and

j) With respect to the other matters included in the Auditor's Report in accordancewith rule 11 of the Companies (Audit & Auditors) Rules 2014 in our opinion and to ourbest of our information and according to the explanations given to us:

I. The Company has pending litigation with Income Tax Authorities and the possibleimpact of which has been disclosed in financial statements.

II. The company does not have any long-term contracts including derivativecontracts which require provision under any law or accounting Standard for materialforeseeable losses.

III. There was no amount which was required to be transferred to the InvestorEducation and Protection Fund.

FOR M/s GARG ARUN AND ASSOCIATES
Chartered Accountants
FRN: 08180N
Place:- Delhi Sd/-
Date:- 30-05-2019 CA RAMAN KUMAR GARG
(PARTNER)
M. NO. 090564

Annexure-A

To the Independent Auditor's Report of Even Date on the Financial Statements of ANISHAIMPEX LIMITED

A statement as required on the matter specified in the paragraph 3 & 4 of TheCompanies (Auditors Report) Order 2016 the order issued by Central government of India interms of sub section (11) of section 143 of the Act

(i) (a). The company has maintained proper records showing full particularsincluding quantitative details & situation of its fixed assets.

(b) All the assets have been physically verified by the management during the yearwhich in our opinion is reasonable having regard to the size of the company & thenature of its assets. No discrepancy was noticed on such verification.

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

(ii) The inventory of the company has been physically verified by the management.No material discrepancies were noticed physical verification.

(iii) According to the information & explanation given to us and based on theaudit procedure conducted by us we are of the opinion that the company has not grantedany loan Secured & Unsecured to companies Firm Limited Liability partnerships orother parties covered in the register-maintained u/s 189 of the Companies Act 2013.

(iv) According to the Information & explanation given to us and based on theaudit procedure conducted by us we are of the opinion that company has complied with theprovisions of Section 185 and 186 if the companies Act 2013.

(v) The company has not accepted any deposit from public in terms of Sec 73 to 76or any provision of the Companies Act 2013 and rules made there under.

(vi) According to the information and explanations given to us the CentralGovernment has not prescribed the maintenance of cost records u/s 148 of the Act inrespect of services carried out by the company.

(vii) (a) The company is regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund Employees State Insurance Income TaxSales-Tax Goods and Service Tax duty of customs Duty of Excise Value Added Tax Cess& any other statutory dues applicable to it & there are no undisputed duesoutstanding as on 31.03.2019 for a period of more than six months from the datethey became payable.

(b) According to the information & explanations given to us and based on theaudit procedure conducted by us we are of the opinion that there were no dues of IncomeTax Sales Tax or Goods and Service Tax or Duty of customs or Duty of excise or ValueAdded Tax that have not been deposited on account of any dispute except of following.

Nature of Statute Nature of Dues Amount (in Rs.) Periods to which related Forum where dispute is pending
Income Tax Act 1961 Income Tax 75397/- AY 2007-08 Assessing Officer
Income Tax Act 1961 Income Tax 279578/- AY 2008-09 Assessing Officer
Income Tax Act 1961 Income Tax 370540/- AY 2009-10 Assessing Officer
Income Tax Act 1961 Income Tax 49340/- AY 2010-11 Assessing Officer
Income Tax Act 1961 Income Tax 223070/- AY 2018-19 CPC

(viii) In our opinion & according to the information & explanation given tous and based on the audit procedure conducted by us we are of the opinion that thecompany has not defaulted in the repayment of Loans or Borrowings to a FinancialInstitution.

(ix) The company has not raised any money by way of term loans & public offerduring the year.

(x) In our opinion & according to the information & explanation given tous the company has utilized the term loan for the purpose for which it has been obtainedand the company has not made any public offer during the year.

(xi) In our opinion and according to the information and explanations given to usthe Company has paid/provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

(xii) The company is not a Nidhi Company; as such the clause is not applicable.

(xiii) In our opinion and according to the information & explanation given tous and based on the audit procedure conducted by us we are of the opinion that thecompany has complied with Sec 177 & 188 of Companies Act 2013 in respect to alltransactions with the related parties & details have been disclosed in the financialstatements etc. as required by the applicable accounting standards.

(xiv) The company has not made any preferential allotment/ private placement ofshares or partly Convertible debenture during the year under review.

(xv) According to the information and explanation given to us and based on theaudit procedure conducted by us we are of the opinion that the company has not enteredinto any Non-cash transaction with directors or persons connected with him.

(xvi) As the information & explanation given to us and in our opinion thecompany is not required to be registered u/s 45 IA of the Reserve Bank of India Act 1934.

FOR M/s GARG ARUN AND ASSOCIATES
Chartered Accountants
FRN: 08180N
Place:- Delhi Sd/-
Date:- 30-05-2019 CA RAMAN KUMAR GARG
(PARTNER)
M. NO. 090564

Annexure-B

To the Independent Auditor's Report of Even Date on the Financial Statements of ANISHAIMPEX LIMITED Report on the Internal Financial Controls under clause (i) of Sub-section 3of Section 143 of the Companies Act 2013 ("The Act")

To the Members of ANISHA IMPEX LIMITED

We have audited the internal financial controls over financial reporting of ANISHAIMPEX LIMITED as of 31st March 2019 in conjunction with our audit of the financialstatements 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls 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 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 auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company's internal financial controls system overfinancial 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 acceptedaccounting principles. A company's internal financial control over financial reportingincludes those policies and procedures that (1) pertain to the maintenance of recordsthat 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 accepted accounting principles and that receipts and expenditures of thecompany are being made only in accordance with authorizations of management and directorsof the company; and (3) provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the company's assets thatcould 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 or thatthe degree of compliance with the policies or procedures may deteriorate.

Adverse Opinion

According to the information and explanations given to us and based on our audit thefollowing material weakness have been identified as at March 31 2019:

The company did not have appropriate internal financial control system over financialreporting since the internal controls adopted by the company did not adequately considerrisk assessment which is one of the essential components of internal control with regardto the potential for fraud when performing risk assessment.

A ‘material weakness' is a deficiency or a combination of deficiencies ininternal financial control over financial reporting such that there is a reasonablepossibility that a material misstatement of the company's annual or interim financialstatements will not be prevented or detected on a timely basis.

In our opinion because of the effects/possible effects of material weakness describedabove on the achievement of the objectives of the control criteria the company has notmaintained adequate and effective internal financial controls over financial reporting asof March 31 2019.

We have considered the material weakness identified and reported above in determiningthe nature timing and extent of audit tests applied in our audit of the march 31st 2019of financial statements of Company and the material weakness does not affect our opinionon the financial statements of the Company.

FOR M/s GARG ARUN AND ASSOCIATES
Chartered Accountants
FRN: 08180N
Place:- Delhi Sd/-
Date:- 30-05-2019 CA RAMAN KUMAR GARG
(PARTNER)
M. NO. 090564

.