To the members of AshianaAgro Industries Limited
We have audited the accompanying financial statements of Ashiana Agro IndustriesLimited (the "Company") which comprise the Balance Sheet as at 31st March2018 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information(hereinafter refer to as "Standalone IndAS Financial Statements").
Management's Responsibility forthe Financial Statements
The Company's Board of Directors is responsible forthe matters stated in Section 134(5)of the Companies Act 2013 ("the Act") with respect to the preparation of theseStandalone IndAS financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) as specified under Section 133 of the Act read with relevant Ruleissued thereunder.
1. This responsibility also includes maintenance of adequate accounting records inaccordance with the preparation of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities.
2. Selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent.
3. Design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the Standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance aboutwhethertheStandalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the Standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the Standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances.
An audit also includes evaluating the appropriateness of the accounting policies usedand the reasonableness of the accounting estimates made by the Company's Directors aswell as evaluating the overall presentation of the Standalone Ind AS financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Standalone IndAS financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India.
i) in the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2018.
ii) in the case of the Statement of Profit & Loss of the profit for the year endedon that date; and
iii) In the case of Cash Flow Statement of the cash flows for the year ended on thatdate.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order2016 ("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 a statement on the matters specified in the paragraph3 and 4 of the Order to the extent applicable.
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 the bestof our knowledge and belief were necessary for the purposes of ouraudit;
(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 and the Cash Flow Statementdealt with by this Report are in agreement with the books of account;
(d) in our opinion the Standalone Ind AS financial statements comply with theAccounting Standards (Ind AS) specified under Section 133 of the Act read with relevantRules thereunder;
(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 terms of Section164 (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 Rule11 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 does not have any pending litigations and hence the need to disclose theimpact of pending litigations on its financial position in its Standalone Ind AS financialstatements is not applicable;
ii. the Company does not meet the requirement to make provision as required under theapplicable law or Ind AS for material foreseeable losses if any on long-term contractsincluding derivative contracts; and
iii. There is no amount required to be transferred to the Investor Education andProtection Fund by the Company.
For Prasan & Associates
ICAI Firm's Registration Number: 014103S
CA Prasan Kumar T
Membership Number No.230965
Place : Chennai