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Asian Vegpro Industries Ltd.

BSE: 530413 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE01OU01016
BSE 05:30 | 01 Jan Asian Vegpro Industries Ltd
NSE 05:30 | 01 Jan Asian Vegpro Industries Ltd

Asian Vegpro Industries Ltd. (ASIANVEGPRO) - Auditors Report

Company auditors report

To the Members of

ASIAN VEGPRO INDUSTRIES LIMITED

Report On the Audit of Financial Statements

Opinion

We have audited the financial statements of ASIAN VEGPRO INDUSTRIES LIMITED.("theCompany") which comprise the balance sheet as at 31st March 2019 and the statementof profit and loss for the year then 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 theCompanies Act 2013 in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 312019 and its Profit/loss Statement for the year ended on thatdate.

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 Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's board of directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the Board'sReport including Annexure to Board's Report Business Responsibility Report but does notinclude the financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.

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 Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance (changes in equity) and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the accountingStandards specified under section 133 of the Act. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; 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 were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

In preparing the financial statements the Board of Directors is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessthe Board of Directors either intends to liquidate the Company or to cease operations orhas no realistic alternative but to do so.

Those 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 may 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 on whetherthe company has adequate internal financial controls system in place and the operatingeffectiveness 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 uncertaintyexists 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 auditor'sreport. 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.

We 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 we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards. From the matters communicated withthose charged with governance we determine those matters that were of most significancein the audit of the financial statements of the current period and are therefore the keyaudit matters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

Report on Other Legal and Regulatory Requirements

1. The provisions of the Companies (Auditor's Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 is applicable to the Company since :

(a) It is not a subsidiary or holding company of a public company;

(b) Its paid-up capital and reserves and surplus are more than Rs.1 Crores as at thebalance sheet date;

(c) Its total borrowings from banks and financial institutions are not more than Rs.1Crores at any time during the year; and

(d) Its turnover for the year is not more than Rs.10 Crores during the year.

As required by the companies (Auditors Report) Order 2016 ("the Order) issued bythe Central Government of India in terms of sub-section (11) of the section 143 of theAct we give in the "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the 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 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 and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) 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.

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

(f) Since the Company's turnover as per last audited financial statements is less thanRs.50 Crores and its borrowings from banks and financial institutions at any time duringthe year is less than Rs.25 Crores the Company is exempted from getting an audit opinionwith respect to the adequacy of the internal financial controls over financial reportingof the company and the operating effectiveness of such controls vide notification datedJune 13 2017;

(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 does not have any pending litigations which would impact its financialposition;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

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

FOR G. R. MODI & CO.
CHARTERED ACCOUNTANTS
FIRM REG.NO. 112617W
PLACE: MUMBAI
DATE : 30th May 2019 SWAPNIL MODI
121ST FLOOR LAXMINARYAN SHOPPING
CENTER PODDAR ROAD MALAD EAST
MUMBAI MAHARASHTRA-400097
(M. NO.: 107574)

ANNEXURE A TO THE AUDITORS' REPORT Referred in our report of even date:-

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

I. (a). The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) . As explained to us fixed assets have been physically verified by the managementat regular intervals; as informed to us no material discrepancies were noticed on suchverification;

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

II. The nature of business of the Company does not requires it to have inventory.Hence the requirement of clause (ii) of paragraph 3 of the said Order is not applicableto the Company.

III. The company has not granted loans secured or unsecured to/from companies firmsor other parties covered in the register maintained under section 189 of the Act.

IV. In respect of loans investments guarantees and security the provisions ofsection 185 and 186 of the Companies Act 2013 have been complied with.

V. The company has not accepted deposits form public covered under sections 73 to 76 orany other relevant provisions of the Companies Act 2013.

VI. As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Act

VII. (a).According to the information and explanations given to us and based on therecords of the company examined by us the company is regular in depositing the undisputedstatutory dues including Provident Fund Employees' State Insurance Income-taxSales-tax Wealth Tax Service Tax Custom Duty Excise Duty and other material statutorydues as applicable with the appropriate authorities in India. According to theinformation and explanations given to us no undisputed amounts payable in respect of theabove were in arrears as at March 312019 for a period of more than Six months from thedate on when they become payable;

(b). According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of Income Tax Wealth Tax Service TaxSales Tax Customs Duty and Excise Duty which have not been deposited on account of anydisputes.

VIII. In our opinion and according to the information and explanations given to us thecompany has not defaulted in repayment of dues to bank. The company has not taken any loaneither from a financial institution or from government and has not issued any debentures.

IX. The company has not raised money by way of initial public offer or further publicoffer (including debt instruments) and term loans were applied for the purposes for whichthose are raised

X. During the course of our examination of the books and records of the companycarried in accordance with the auditing standards generally accepted in India we haveneither come across any instance of fraud on or by the Company noticed or reported duringthe course of our audit nor have we been informed of any such instance by the Management

XI. Based upon the audit procedure performed and the information and explanation givenb the managerial remuneration has been paid or provided in accordance with requisiteapprovals mandated by the provisions of Sec 197 read with Schedule V of Companies Act.

XII. In our opinion the company is not a Nidhi company. Therefore the provisions ofclause 4(XII) of the order are not applicable of the company.

XIII In our opinion all the transactions with the related parties are in compliancewith sec 177 and 188 of Companies Act 2013 and the details have been disclosed infinancial statements as required by applicable Accounting Standards.

XIV. Based upon the audit procedure performed and the information and explanation givenby management the company has not made any preferential allotment or private placement ofshares of fully or partly convertible debenture during the year under review. Accordinglythe provisions of clause 3(XIV) of the order are not applicable to the company.

XV. Based upon the audit procedure performed and the information and explanation givenby management the company has not entered into any non-cash transaction with director orperson connected with him. Accordingly the provisions of clause 3(XV) of the order arenot applicable to the company.

XVI. In our opinion the company is not required to be registered under Section 45IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3(XVI) ofthe order are not applicable to the company.

For G. R. MODI & CO.
Chartered Accountants
(FRN : 112617W)
Place : MUMBAI
Date : :30th May 2019
SWAPNIL MODI
12 1ST FLOOR LAXMINARYAN
SHOPPING CENTER PODDAR ROAD
MALAD EAST MUMBAI
MAHARASHTRA-400097
(M. NO.: 107574)

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