You are here » Home » Companies » Company Overview » Ausom Enterprise Ltd

Ausom Enterprise Ltd.

BSE: 509009 Sector: Financials
NSE: AUSOMENT ISIN Code: INE218C01016
BSE 00:00 | 28 Jun 62.90 0.05
(0.08%)
OPEN

61.20

HIGH

63.90

LOW

60.85

NSE 00:00 | 28 Jun 63.10 0.55
(0.88%)
OPEN

60.00

HIGH

65.85

LOW

60.00

OPEN 61.20
PREVIOUS CLOSE 62.85
VOLUME 1037
52-Week high 118.15
52-Week low 56.20
P/E 15.96
Mkt Cap.(Rs cr) 86
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 61.20
CLOSE 62.85
VOLUME 1037
52-Week high 118.15
52-Week low 56.20
P/E 15.96
Mkt Cap.(Rs cr) 86
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ausom Enterprise Ltd. (AUSOMENT) - Auditors Report

Company auditors report

To the Members of Ausom Enterprise Limited

Report on the Audit of the Standalone Indian Accounting Standards (Ind AS) FinancialStatements Opinion We have audited the standalone Ind AS financial statementsof Ausom Enterprise Limited ("the Company") which comprise the balancesheet as at 31st March 2021 and the statement of profit and loss statement of changes inequity and statement of cash flows for the year then ended and notes to the financialstatements including a summary of significant accounting policies and other explanatoryinformation. In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone Ind AS financial statements give theinformation required by the Companies Act 2013 in the manner so required and give a trueand fair view in conformity with the accounting principles generally accepted in India ofthe state of affairs of the Company as at 31st March 2021 and its profit changes inequity and its cash flow 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 the IndAS Financial 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 Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

In our opinion and based on audit of the financial statement of the Company we havedetermined that there are no key audit matters to communicate in our report.

Information Other than the Ind AS Financial Statements and Auditorfs ReportThereon The Company's management and Board of Directors is responsible for the otherinformation. The other information comprises the information included in the annual reportof the Company but does not include the standalone Ind AS financial statements and ourauditor's report thereon. Our opinion on the standalone Ind AS financial statements doesnot cover the other information and we do not express any form of assurance conclusionthereon. In connection with our audit of the standalone Ind AS financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained in the course of our audit or otherwise appears to be materiallymisstated.

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.

Responsibilities of Management and Those Charged with Governance for the Standalone IndAS Financial Statements The Company's Board of Directors is responsible for thematters stated in Section 134(5) of the Companies Act 2013 ("the Act") withrespect to the preparation of these standalone Ind AS financial statements that give atrue and fair view of the financial position financial performance changes in equity andcash flow of the Company in accordance with the accounting principles generally acceptedin India including the Indian Accounting Standards specified under section 133 of theAct. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of 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 accountings records relevant to the preparation and presentation ofthe standalone Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error. In preparing the standalone IndAS financial statements the Board of Directors is responsible for assessing the Company'sability to continue as a going concern disclosing as applicable matters related togoing concern and using the going concern basis of accounting unless the Board ofDirectors either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so. Those Board of Directors are also responsible foroverseeing the company's financial reporting process.

Auditorfs Responsibility for the Audit of the Standalone Ind AS FinancialStatements Our objectives are to obtain reasonable assurance about whether thestandalone Ind AS financial statements as a whole are free from material misstatementwhether due to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone Ind AS financialstatements. As part of an audit in accordance with SAs we exercise professional judgmentand maintain professional skepticism throughout the audit. We also:

? Identify and assess the risks of material misstatement of the standalone Ind ASfinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

? 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 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

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

? 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 we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone Ind AS financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.

? Evaluate the overall presentation structure and content of the standalone Ind ASfinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation. 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 communicatedwith those charged with governance we determine those matters that were of mostsignificance in the audit of the standalone Ind AS financial statements for the financialyear ended 31st March 2021 and are therefore the key audit matters. We describe thesematters in our auditor's report unless law regulation precludes public disclosure aboutthe matter or when in extremely rare circumstances we determine that a matter should notbe communicated in our report because the adverse consequences of doing so wouldreasonably be expected to outweigh the public interest benefits of such communication.

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 and on the basis of such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanations given to us wegive in the "Annexure A" a statement on the matters specified in paragraphs 3and 4 of the Order.

2. As required by section 143(3) of the Act we report that: a. We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit. b. In our opinion proper books of asrequired by law have been kept by the account Company so far as it appears from ourexamination of those books. c. The Balance Sheet and the Statement of Profit and Loss theStatement of Changes in Equity and the Cash Flow Statement dealt with by this Report arein agreement with the books of account. d. In our opinion the aforesaid standalone Ind ASfinancial statements comply with the Indian Accounting Standards specified under section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014; e. On the basisof written representations received from the directors as on 31st March 2021 taken onrecord by the Board of Directors none of the directors is disqualified as on 31st March2021 from being appointed as a director in terms of section 164(2) of the Act. f. Withrespect to the adequacy of the internal financial controls over financial reporting of theCompany and the operating effectiveness of such controls refer to our separate Report in"Annexure B". g. With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinion and to the best of our information and according to the explanationsgiven to us: i. The Company does not have any pending litigations which would impact itsfinancial position. ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses. iii. There hasbeen no delay in transferring amounts required to be transferred to the InvestorEducation and Protection Fund by the Company. h. With respect to the other matters to beincluded in the Auditor's Report in accordance with the requirements of section 197(16) ofthe Act the Company has not provided remuneration to its directors during the year.

For SWETA PATEL & ASSOCIATES
Chartered accountants
(Registration No 139165W)
Place : AHMEDABAD
Date : 12-08-2021
(Hemang V Patel)
Partner
Membership No. 154494
UDIN- 21154494AAAABV6289

Annexure eAf to Independent Auditorsf Report

[Referred to in Paragraph 1 under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date]

1. (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets. (b) Fixed assets were physicallyverified during the year by the management in accordance with a program of verificationwhich in our opinion is reasonable having regard to the size of the company and the natureof assets. According to the information and explanations given to us no discrepancieswere noticed on such verification. (c) The Company does not hold the immovable property asfixed assets. Therefore the provisions of Clause 3(i) (c) of the said Order are notapplicable to the Company.

2. As explained to us during the year the inventories have been physically verifiedby the management at reasonable intervals. In our opinion the frequency of suchverification is reasonable. According to the information and explanations given to us nodiscrepancies were noticed on physical verification of inventories as compared to bookrecords.

3. (a) The Company has granted unsecured loans to parties covered in the registermaintained under section 189 of the Companies Act 2013. In our opinion and according tothe information and explanation given to us the terms and conditions of the grant of suchloan are not prejudicial to the interest of the Company. (b) We are informed that suchloans granted do not have any stipulation for the repayment of principal and payment ofinterest. (c) Since the loans granted do not have any stipulation for the repayment ofprincipal and payment of interest no amount outstanding as at 31st March 2021 isconsidered as overdue for more than ninety days.

4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Companies Act2013 in respect of grant of loans making investments and providing guarantees andsecurities as applicable

5. In our opinion and according to the information and explanation given to us theCompany has not accepted deposits during the year and does not have any unclaimeddeposits. Therefore the provisions of the clause 3(v) of the order are not applicable tothe Company.

6. According to the information and explanation given to us the maintenance of costrecords has not been prescribed for the Company under sub-section (1) of Section 148 ofthe Companies Act 2013.

7. (a) According to the information and explanations given to us and on the basis ofour examination of the books of account the Company has been regular in depositingundisputed statutory dues including Provident Fund Employees' State InsuranceIncome-tax Value Added Tax Wealth Tax Custom duty Excise duty Service Tax Cess andany other statutory dues whichever is applicable during the year with the appropriateauthorities and no undisputed dues payable in respect of outstanding statutory dues werein arrears as at 31st March 2021 for a period of more than six months from the date theybecame payable.

(b) According to the information and explanations given to us there are no amounts inrespect of sales tax/ income tax/ custom duty / excise duty/ service tax that have notbeen deposited with the appropriate authorities on account of any dispute.

8. In our opinion and according to the information and explanation given to us and onthe basis of our examination of the books of account the Company has not defaulted inrepayment of loans or borrowings to financial institution or banks.

9. During the period under audit the Company has not raised any moneys by way ofinitial public offer or further public offer (including debt instruments) and term loan;hence the provisions of Clause 3(ix) of the said Order are not applicable to the Company.10. To the best of our knowledge and according to the information and explanations givento us no fraud by the Company and no fraud on the Company by its officers or employeeshas been noticed or reported during the year. 11. The Company has not paid or providedmanagerial remuneration; hence the provisions of Clause 3(xi) of the said Order are notapplicable to the Company. 12. As the Company is not a Nidhi Company and the Nidhi Rules2014 are not applicable to it; hence the provisions of Clause 3(xii) of the said Order arenot applicable to the Company. 13. In our opinion and according to the information andexplanations given to us the Company is in compliance with Section 177 and 188 of theCompanies Act 2013 where applicable for all transactions with the related parties andthe details of related party transactions have been disclosed in the standalone financialstatements as required by the applicable accounting standards. 14. The Company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review. Accordingly the provisions of Clause3(xiv) of the Order are not applicable to the Company. 15. The Company has not enteredinto any non-cash transactions with its directors or persons connected with him.Accordingly the provisions of Clause 3(xv) of the Order are not applicable to theCompany. 16. The Company is not required to be registered under section 45-IA of theReserve Bank of India Act 1934.

For SWETA PATEL & ASSOCIATES
Chartered accountants
(Registration No 139165W)
Place : AHMEDABAD
Date : 12-08-2021
(Hemang V Patel)
Partner
Membership No. 154494
UDIN- 21154494AAAABV6289

Annexure eBf to Independent Auditorsf Report

[Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements' of our report of even date]

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of AusomEnterprise Limited ("the Company") as of 31st March 2021 in conjunctionwith our audit of the standalone Ind AS financial statements of the Company for the yearended 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 interne' 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 Reporting("the Guidance Note") issued by the Institute of Chartered Accountants of India.These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies. thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation of reliablefinancial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is express an opinion on the Company's internal financial controlsover financial reporting based on our audit we conducted our audit in accordance With theGuidance Note issued by the Institute of Chartered Accountants of India and the Standardson Auditing prescribed under Section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial control overfinancial reporting was established and maintained and if such controls operatedeffectively 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 standalone Ind AS financial statements whether due to fraudor error.

We 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 ReportingBecause 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31st March 2021 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note issued by the Institute ofChartered Accountants of India.

For SWETA PATEL & ASSOCIATES
Chartered accountants
(Registration No 139165W)
Place : AHMEDABAD
Date : 12-08-2021
(Hemang V Patel)
Partner
Membership No. 154494
UDIN- 21154494AAAABV6289

.