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Anjani Synthetics Ltd.

BSE: 531223 Sector: Industrials
NSE: N.A. ISIN Code: INE364D01032
BSE 00:00 | 01 Jul 29.40 1.40
(5.00%)
OPEN

29.45

HIGH

29.80

LOW

29.00

NSE 05:30 | 01 Jan Anjani Synthetics Ltd
OPEN 29.45
PREVIOUS CLOSE 28.00
VOLUME 3753
52-Week high 45.40
52-Week low 21.50
P/E 10.85
Mkt Cap.(Rs cr) 43
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 29.45
CLOSE 28.00
VOLUME 3753
52-Week high 45.40
52-Week low 21.50
P/E 10.85
Mkt Cap.(Rs cr) 43
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Anjani Synthetics Ltd. (ANJANISYNTH) - Auditors Report

Company auditors report

To the members of

M/S. ANJANI SYNTHETICS LIMITED

Report on the audit of the Standalone Financial Results

Opinion

I have audited the accompanying standalone financial statements of ANJANI SYNTHETICSLIMITED ("the Company") which comprise the Balance Sheet as at March 312021 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year then endedand a summary of significant accounting policies and other explanatory information (hereinafter referred to as "the Standalone Financial Statements").

In my opinion and to the best of my information and according to the explanations givento me the aforesaid Standalone Financial Statements give the information required by theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under Section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended("Ind AS") and other accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2021 and its profit total comprehensiveincome changes in equity and its cash flows for the year ended on that date.

Basis for opinion

I conducted my audit in accordance with the Standards on Auditing (‘SAs')specified under Section 143(10) of the Act. My responsibilities under those standards arefurther described in the "Auditor's Responsibilities for the Audit of theStatement" section of my report. I are independent of the Company in accordance withthe Code of Ethics issued by the Institute of Chartered Accountants of India (‘theICAI') together with the ethical requirements that are relevant to my audit of thefinancial statements under the provisions of the Act and the rules thereunder and I havefulfilled my other ethical responsibilities in accordance with these requirements and theCode of Ethics. I believe that the audit evidence obtained by me is sufficient andappropriate to provide a basis for my opinion

Key Audit Matters

Key Audit Matters are those matters that in my professional judgment are of mostsignificance in my audit of the financial statements of the current period. These mattersare addressed in the context of my audit of the financial statements as a whole and informing my opinion thereon and I do not provide separate opinion on these matters.

Information other than the Financial Statements and Auditor's Report thereon

• The Company's Board of Directors is responsible for the other information. Theother information comprises the information included in the Board's Report and CorporateGovernance Report but does not include Standalone Financial Statements and my auditor'sreport thereon.

• My opinion on the Standalone Financial Statements does not cover the otherinformation and I do not express any form of assurance conclusion thereon.

• In connection with my audit of the Standalone Financial Statements myresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the Standalone

Financial Statements or my knowledge obtained during the course of my audit orotherwise appears to be materially misstated. • If based on the work I haveperformed I conclude that there is a material misstatement of this other information Iare required to report that fact. I have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Statement

This Statement has been prepared on the basis of the annual audited financialstatements and has been approved by the Company's Board of Directors. The Company's Boardof Directors is responsible for the preparation and presentation of the Statement thatgives a true and fair view of the net profit and other comprehensive income and otherfinancial information of the Company in accordance with the accounting principlesgenerally accepted in India including Ind AS prescribed under Section 133 of the Actread with relevant rules issued thereunder and other accounting principles generallyaccepted in India and in compliance with Regulation 33 and Regulation 52 read withRegulation 63 of the Listing Regulations. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that are operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Statement that gives a true and fair view and is freefrom material misstatement whether due to fraud or error.

In preparing the Statement the Board of Directors are responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless the Boardof Directors either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

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

Auditor's Responsibilities for the Audit of the Statement

My objectives are to obtain reasonable assurance about whether the Statement as a wholeis free from material misstatement whether due to fraud or error and to issue anauditor's report that includes my opinion. Reasonable assurance is a high level ofassurance but is not a guarantee that an audit conducted in accordance with Standards onAuditing specified under Section 143(10) of the Act will always detect a materialmisstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if individually or in the aggregate they could reasonably beexpected to influence the economic decisions of users taken on the basis of thisStatement.

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. I considerquantitative materiality and qualitative factors in (i) planning the scope of my auditwork and in evaluating the results of my work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

A further description of the auditor's responsibilities for the audit of the financialstatements is included in Annexure A. This description forms part of my auditor'sreport.

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 Act I give in the AnnexureB statement on the matters specified in paragraphs3 and 4 of the Order to the extent applicable.

2. As required by section 143(3) of the Act I report that:

a) I have sought and obtained all the information and explanations which to the bestof my knowledge and belief are necessary for the purpose of my audit.

b) In my opinion proper books of account as required by law have been kept by theCompany so far as appears from my examination of those books;

c) The balance sheet the statement of profit and loss including Other ComprehensiveIncome statement of changes in equity and the cash flow Statement dealt with by thisReport are in agreement with the books of account;

d) In my opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of thecompanies (Accounts) Rules 2015 as amended;

e) On the basis of written representations received from the directors as on March 312021 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2021 from being appointed as a director in terms of Section 164 (2) of theAct; and

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 myseparate Report in "Annexure C". My report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internal financialcontrols over financial reporting.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended in my opinionand to the best of my information and according to the explanations given to me theremuneration paid by the Company to its directors during the year is in accordance withthe provisions of section 197 of the Act.

h) 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 my opinionand to the best of my information and according to the explanations given to me:

i) The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements.

ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any.

iii) The Provisions of transfer of funds to Investor Education and Protection Fund notapplicable to the Company.

As per our Report of Even Date
For and on Behalf of
For Abhishek Kumar & Associates
Chartered Accountants
Firm Regn. No. 130052W
Place : Ahmedabad
Date : 30/06/2021 (CA. Abhishek Agarwal)
UDIN: 21132305AAAAGP6551 ProprietorM.
No. 132305

Annexure "A" to the Independent Auditor's Report Responsibilities for Auditof Financial Statement

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism throughout the audit. We also:

z Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis formy opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

z Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 I are also responsible for expressing my opinion on whether thecompany has internal financial controls with reference to Financial Statements in placeand the operating effectiveness of such controls.

z Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

z Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If I conclude that a material uncertainty existsI are required to draw attention in my auditor's report to the related disclosures in thefinancial statements or if such disclosures are inadequate to modify my opinion. Myconclusions are based on the audit evidence obtained up to the date of my auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

z Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

I communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that I identify during my audit.

I also provide those charged with governance with a statement that I have complied withrelevant ethical requirements regarding independence and to communicate with them allrelationships and other matters that may reasonably be thought to bear on my independenceand where applicable related safeguards.

As per our Report of Even Date
For and on Behalf of
For Abhishek Kumar & Associates
Chartered Accountants
Firm Regn. No. 130052W
Place : Ahmedabad
Date : 30/06/2021
UDIN: 21132305AAAAGP6551
(CA. Abhishek Agarwal)
ProprietorM. No. 132305

Annexure "B" to the Independent Auditor's Report

The Annexure referred to in our Independent Auditor's Report to the members of theCompany on the financial statements for the year ended 31 March 2021 We report that; (i)In respect of Fixed Assets: (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

(b) As per the information and explanations given to us all the assets have not beenphysically verified by the management during the year but there is a regular programme ofverification which in our opinion is reasonable having regard to the size of the companyand the nature of its assets. No material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) In respect of Inventory:

(a) As explained to us inventories have been physically verified during the year bythe management at reasonable intervals. In our opinion the frequency of verification isreasonable. As informed to us there were no material discrepancies noticed on verificationbetween the physical stocks and the book records and any discrepancies found has beenproperly dealt within the books of accounts.

(iii) In respect of the loans secured or unsecured granted by the company tocompanies firms or other parties covered in the register maintained u/s. 189 of theCompanies Act 2013: (a) During the year under audit the Company has not granted anyloans secured or unsecured to the companies firms and other parties covered in theregister maintained under section 189 of the Companies Act 2013 hence clause 3 (iii) (a)(iii) (b) and (iii) (c) of the Companies (Auditor's Report) Order 2019 are notapplicable. iv) In our opinion and according to the information and explanations given tous the Company has complied with the provisions of section 185 and 186 of the Act withrespect to the loans and investments made. v) According to the information and explanationgiven to us the company has not accepted any deposit from the public during the year.Therefore the provisions of clause (v) of paragraph 3 of the order are not applicable tothe company. vi) The central government has prescribed maintenance of cost records undersection 148(1)(d) of the companies act 2013 in respect of certain manufacturing activitiesof the company. Company has obtained cost audit report for the financial year 2018-19during the year. We have broadly reviewed the accounts and records of the company in thisconnection and am of the opinion that prima facie the prescribed accounts and recordshave been made and maintained. We have not however carried out detailed examination ofthe same. vii) (a) The company is generally regular in depositing the undisputed statutorydues including Provident Fund Employees State Insurance Income Tax Wealth Tax SalesTax Goods & Service Tax Custom Duty Excise Duty Service Tax Value Added Tax Cessand any other statutory dues with the appropriate authorities. According to theinformation and explanations given to us no undisputed amounts payable in respect of aforementioned dues were outstanding as at 31St March 2021 for a period of more thansix months from the date they became payable.

(b) According to the information and explanations given to me details of statutorydues that have not been deposited on account of disputes are as under:

Sr. Name of The No. Statute Nature of Dues Amount Forum Where Dispute is Pending Remark
1 Income Tax Act 1961. Income Tax 81373 CIT(A) AY 2018-19
Total 81373

(viii) In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to financial institutions or banks. Asthere are no debentures the question of repayment does not arise.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and in our opinion and according to theinformation and explanations given to us the Term loans have been applied for the purposefor which they were obtained.

(x) According to the information and explanation given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made preferentialallotment/private placement of shares during the year. (xv) According to the informationand explanations given to us and based on our examination of the records of the Companythe Company has not entered into non-cash transactions with directors or persons connectedwith him. Accordingly paragraph 3(xv) of the Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

As per our Report of Even Date
For and on Behalf of
For Abhishek Kumar & Associates
Chartered Accountants
Firm Regn. No. 130052W
Place : Ahmedabad
Date : 30/06/2021
UDIN: 21132305AAAAGP6551
(CA. Abhishek Agarwal)
ProprietorM. No. 132305

Annexure "C" to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section143 of the Companies Act 2013 (‘the Act')

I have audited the internal financial controls over financial reporting of M/S.ANJANI SYNTHETICS LIMITED ("the Company") as of 31 March 2021 inconjunction with our audit of the standalone financial statements of the Company for theyear ended 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 controls 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'). Theseresponsibility include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to the Company's policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We have conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the ‘Guidance Note') and the Standards of Accounting issued by ICAI anddeemed to 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 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 were 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 or 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 judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

I 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 ofrecords that 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 generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorizations of theManagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 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 31 March 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.

As per our Report of Even Date
For and on Behalf of
For Abhishek Kumar & Associates
Chartered Accountants
Firm Regn. No. 130052W
Place : Ahmedabad
Date : 30/06/2021
UDIN: 21132305AAAAGP6551
(CA. Abhishek Agarwal)
ProprietorM. No. 132305

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