REPORT OF THE AUDITORS TO THE MEMBERS OF ANS INDUSTRIES LIMITED
1. Report on the Financial Statements
W e have audited the accompanying financial statements of ANS INDUSTRIES LIMITED whichcomprise the Balance sheet as at March 31 2018 and the Statement of Profit and Loss forthe year then ended on this date and a summary of the significant accounting policies andother explanatory information.
2. Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act2013("The Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance of the company in accordance with the accounting principalsgenerally accepted in India including the Accounting Standards specified under section133 of the Act read with rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintance of adequate accounting records in accordance withthe preparation of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities selection and application of appropriateaccounting policies making judgments and estimates that are reasonable and prudent anddesign implementation and maintance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
3. Auditor's Responsibility
i) Our responsibility is to express an opinion on these financial statements bases onour audit.
ii) We conducted our audit in accordance with the Standards on Auditing specified inSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform that audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.
iii) An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers the internal control relevant to the company's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the accountingestimates made by the Management as well as evaluating the overall presentation of thefinancial statements.
iv) We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion.
4. In our opinion and to the best of our information and according to the explanationsgiven to us the Financial Statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:
i) In the case of Balance Sheet of the state of affairs of the Company as at March 312018; and
ii) In the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date.
5. Report on Other Legal and Regulatory Requirements
i) As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central Government of India in terms of sub section (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 an 4of the Order
ii) AS required by Section 143(3) of the Act we report that :
a. We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit.
b. In our opinion proper books of accounts as required by law have been kept by theCompany so far as it appears from our examination of those books.
c. The Balance Sheet and Statement of Profit and Loss dealt with by this Report are inagreement with the books of account.
d. In our opinion the financial statement comply with the accounting standardsspecified under section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules2014.
e. The matter described in the Emphasis of Matter paragraph above our opinion did nothave and advance effect on the functioning of the Company.
f . On the Basis of the written representations received from the directors as on March31 2018 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2018 from being appointed as a director in terms of Section 164 (2) of theAct.
g. With respect to the other matters to be included in the Auditor's reportinaccordance 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 did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.
ii) There were no amounts which were required to be transferred to the Investoreducation and Protection fund by the Company.
| ||For R.C. SHARMA & ASSOCIATES |
| ||CHARTERED ACCOUNTANTS |
| ||Sd/- |
|Place : New Delhi. ||(CA R C SHARMA) |
|Dated : 29-05-2018 ||PARTNER |
ANNEXURE TO AUDITORS' REPORT
Referred to in paragraph 3 of our Report of even date.
1. a) The company has maintained proper records of fixed assets showing fullparticulars including quantitative details and situation of its fixed assets.
b) According to the information and explanations given to us the company hasformulated a regular Programme of verification by which all assts of the company shall beverified in a phased manner which in our opinion is reasonable having regard to the sizeof the company and nature of its assets. To the best of our knowledge no materialdiscrepancies were noticed on verification conducted during the year as compared withbooks record.
2. The Company is using its factory for processing vegetables & fruits. Internalphysical verification procedure is in place.
3. The company has granted loans unsecured to companies listed in the Registermaintained under section 301 of the Companies Act 2013.
4. In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the company and thenature of its business for the purchase of inventory and fixed assets and for theconstruction receipts. During the course of our audit no major weakness has been observedin the internal controls.
5. According to the information and explanations given to us there are transactionsduring the year entered in the Register maintained under section 301 of the Companies Act2013
6. The company has not accepted any deposits form the public with in the meaning ofsections 58A of and 58AA of the Companies Act 2013 and the rules framed there underduring the year under audit.
7. In our opinion the company has an internal audit system commensurate with the sizeand nature of its business.
8. According to the information and explanations given to us the Central Governmenthas not prescribed the maintenance of cost records under section 209 (1) (d) of theCompanies Act 2013. Accordingly clause 4 (viii) of the order is not applicable.
9. a) According to the information and explanations given us and on the basis ourexamination of the books of account the company has been regular in depositing withappropriate authorities undisputed statutory dues including provident fund investoreducation & protection fund employees' state insurance income-tax sales tax wealthtax custom duty excise duty cess and other material statutory dues if and/or whenapplicable to it.
b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund investor education & protection fund employeesstate insurance income tax sales tax custom duty excise duty and cess were in arrearsas at 31st March' 2018 for a period of more then six months from the date theybecame payable.
c) According to the information and explanations given to us there are no dues ofprovident fund investor education & protection fund employees state insurance incometax sales tax custom duty excise duty and cess which have not been deposited with theappropriate authorities on account of any dispute.
10. The company has taken loans secured and unsecured from financial institution andbank.The Company not issued any debentures during the year. Accordingly clause 2 (xi) ofthe Order is not applicable.
i) Punjab National Bank Rs.18742310.18
11. According to the information and explanations given to us the company has notgranted loans and advances on the basis of security by way of pledge of shares debenturesand other securities. Accordingly clause 4 (xii) of the order is not applicable.
12. The company is not a chit fund or a Nidhi/ Mutual Benefit Fund/ society. Thereforethe provisions of clause 4 (xiii) of the order are not applicable to the company.
13. According to the information and explanations given to us the company is notdealing in shares securities and debentures. Therefore the provisions of clause 4 (xiv)of the order are not applicable of the company.
14. According to the information and explanations given to us the company has givenguarantee for loans taken by other company from banks and financial institutions.
15. The company has not obtained any term loan for factory building / plant &machinery during the year. Accordingly clause 4 (xvi) of the order is not applicable.
16. According to the information given to us and on an overall examination of theBalance Sheet and Cash Flow Statement of the Company we report that no funds raised onshort-term basis have been utilised for long-term investment and vice versa.
17. According to the information and explanations given to us the company has not madeany preferential allotment of shares to parties and companies covered in the registermaintained under section 301 of the Companies Act 2013.
18. According to the information and explanations given to us the company has notissued any secured debentures during the period covered by our report. Accordingly theprovisions of clause 4 (xix) of the order are not applicable to the company.
19. The company has not raised any money through a public issue during the year.
20. To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the company has been noticed or reportedduring the course of out audit.
| ||For R.C. SHARMA & ASSOCIATES |
| ||CHARTERED ACCOUNTANTS |
| ||Sd/- |
| ||(CA R C SHARMA) |
|Place : New Delhi. ||PARTNER |
|Dated : 29-05-2018 ||M. No. 083543 |