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Auditor Report of Aries Agro Ltd.
Mar 31, 2025
We have audited the accompanying standalone financial
statements of Aries Agro Limited (âthe Companyâ), which
comprise the Balance Sheet as at March 31, 2025, the
Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Changes in Equity and the
Statement of Cash Flows for the year ended on that date,
and a summary of the significant accounting policies and
other explanatory information (hereinafter referred to as âthe
standalone financial statementsâ).
In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid standalone
financial statements give the information required by the
Companies Act, 2013 (âthe Actâ) in the manner so required
and give a true and fair view in conformity with the Indian
Accounting Standards prescribed under section 133 of the
Act read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended, (âInd ASâ) and other accounting
principles generally accepted in India, of the state of affairs
of the Company as at March 31, 2025, and its profit, total
comprehensive income, its cash flows and the changes in
equity for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements
in accordance with the Standards on Auditing (âSA''s) specified
under section 143(10) of the Act. Our responsibilities under
those Standards are further described in the Auditorâs
Responsibilities for the Audit of the Standalone Financial
Statements section of our report. We are independent of
the Company in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India (ICAI)
together with the ethical requirements that are relevant to
our audit of the standalone financial statements under the
provisions of the Act and the Rules made thereunder, and we
have fulfilled our other ethical responsibilities in accordance
with these requirements and the ICAI''s Code of Ethics. We
believe that the audit evidence obtained by us is sufficient
and appropriate to provide a basis for our audit opinion on
the standalone financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
financial statements of the current period. These matters
were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters.
We have determined the matter described below to be the
key audit matter to be communicated in our report.
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Key Audit Matter |
Auditorâs Response |
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1. Revenue recognition - Sale of Goods Revenue recognition - Sale of goods Refer Note 4 (N) 2. Discount / Rebate The Company has offered various scheme discounts to the 3. Evaluation of uncertain tax positions The Company has material uncertain direct and indirect tax |
Principal Audit Procedures We have performed the following principal audit procedures in relation to revenue recognised which include a combination of testing internal controls and substantive testing as under: ⢠Assessing the appropriateness of the Company''s revenue recognition ⢠Evaluating the integrity of the general information and technology ⢠Understanding the revenue recognition process, evaluating the ⢠Testing the effectiveness of such controls over revenue cut-off at Testing the supporting documentation for sales transactions recorded ⢠Performing analytical procedures on current year revenue based on We have performed the following principal audit procedures in relation to discount/rebate ⢠Considering the appropriateness of the Company''s Revenue ⢠Testing effectiveness of Companyâs control over the calculation of |
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Key Audit Matter |
Auditorâs Response |
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The Company has disclosed in contingent liabilities (to Refer Notes 4 (M) and 42 to the Standalone Financial The Company undergo assessment proceedings from time The management''s assessment is supported by the advice |
⢠On a sample basis, based on the high value of rebates and discount, ⢠Tested arithmetical accuracy of the calculation of discounts and Obtained details of completed tax assessment and demands for the We did not identify .any material exception as a result of above procedure |
Information Other than the Standalone Financial
Statements and Auditor''s Report Thereon
The Company''s Board of Directors is responsible for the
preparation of the other information. The other information
comprises the information included in the Management
Discussion and Analysis, Board''s Report including Annexures
to Board''s Report, Business Responsibility Report,
Corporate Governance and Shareholder''s Information, but
does not include the financial statements and our auditor''s
report thereon. The other information is expected to be made
available to us after the date of Auditor''s Report.
Our opinion on the standalone financial statements does not
cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the standalone financial
statements, our responsibility is to read the other information
and, in doing so, consider whether the other information
is materially inconsistent with the standalone financial
statements or our knowledge obtained during the course of
our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that
there is a material misstatement of this other information, we
are required to report that fact. We have nothing to report in
this regard.
Management''s Responsibility for the Standalone
Financial Statements
The Company''s Board of Directors is responsible for the
matters stated in section 134(5) of the Act with respect to
the preparation of these standalone financial statements that
give a true and fair view of the financial position, financial
performance, including other comprehensive income,
changes in equity and cash flows of the Company in
accordance with the Ind AS and other accounting principles
generally accepted in India. This responsibility also includes
maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of
the Company and for preventing and detecting frauds and
other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy
and completeness of the accounting records, relevant to
the preparation and presentation of the standalone financial
statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
In preparing the standalone financial statements,
management is responsible for assessing the Company''s
ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the
going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.
The Board of Directors is responsible for overseeing the
Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the
Standalone Financial Statements
Our objectives are to obtain reasonable assurance about
whether the standalone financial statements as a whole
are free from material misstatement, whether 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 audit conducted in accordance
with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
decisions of users taken on the basis of these standalone
financial statements.
As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism
throughout the audit. We also:
⢠Identify and assess the risks of material misstatement
of the standalone financial statements, whether due
to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or
the override of internal control.
⢠Obtain an understanding of internal financial controls
relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under
section 143(3)(i) of the Act, we are also responsible for
expressing our opinion on whether the Company has
adequate internal financial controls system in place and
the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use
of the going concern basis of accounting, and based
on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that
may cast significant doubt on the Company''s ability
to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw
attention in our auditor''s report to the related disclosures
in the standalone 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''s report. However, future
events or conditions may cause the Company to cease
to continue as a going concern.
⢠Evaluate the overall presentation, structure and content
of the standalone financial statements, including the
disclosures, and whether the standalone financial
statements represent the underlying transactions and
events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the
standalone financial statements that, individually or in
aggregate, makes it probable that the economic decisions of
a reasonably knowledgeable user of the standalone financial
statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning the scope of
our audit work and in evaluating the results of our work; and
(ii) to evaluate the effect of any identified misstatements in
the standalone financial statements.
We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we identify
during our audit.
We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.
From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the standalone financial statements
of the current period and are therefore the key audit matters.
We describe these matters in our auditor''s report unless law
or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because
the adverse consequences of doing so would reasonably
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,
2020 (âthe Orderâ) issued by the Central Government in
terms of Section 143(11) of the Act, we give in âAnnexure
Aâ a statement on the matters specified in paragraphs 3
and 4 of the Order.
2. As required by Section 143(3) of the Act, based on our
audit we report that:
a) We have sought and obtained all the information
and explanations which to the best of 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 the Company so far as it
appears from our examination of those books (and
proper records adequate for the purpose of our
audit have been received from branches not visited
by us).
c) The Balance Sheet, the Statement of Profit and Loss
including Other Comprehensive Income, Statement
of Changes in Equity and the Statement of Cash
Flow dealt with by this Report are in agreement with
the relevant books of accounts.
d) In our opinion, the aforesaid standalone financial
statements comply with the Ind AS 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 March 31, 2025 taken
on record by the Board of Directors, none of the
directors is disqualified as on March 31, 2025 from
being appointed as a director in terms of Section
164 (2) of the Act.
f) With respect to the adequacy of the internal
financial controls over financial reporting of the
Company and the operating effectiveness of such
controls, refer to our separate Report in âAnnexure
Bâ. Our report expresses an unmodified opinion on
the adequacy and operating effectiveness of the
Company''s internal financial controls over financial
reporting.
g) With respect to the other matters to be included
in the Auditor''s Report in accordance with the
requirements of section 197(16) of the Act, as
amended:
In our opinion and to the best of our information
and according to the explanations given to us, the
remuneration paid by the Company to its directors
during the year is in accordance with the provisions
of section 197 of the Act.
h) With respect to the other matters to be included in
the Auditor''s Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014,
as amended in our opinion and to the best of our
information and according to the explanations given
to us:
i. The Company has disclosed the impact of
pending litigations on its financial position in its
standalone financial statements.
ii. The Company has made provision, as required
under the applicable law or accounting
standards, for material foreseeable losses, if
any, on long-term contracts including derivative
contracts.
iii. There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by the
Company.
iv. (a) The Management has represented that,
to the best of its knowledge and belief,
no funds (which are material either
individually or in the aggregate) have
been advanced or loaned or invested
(either from borrowed funds or share
premium or any other sources or kind of
funds) by the Company to or in any other
person or entity, including foreign entity
(âIntermediariesâ), with the understanding,
whether recorded in writing or otherwise,
that the Intermediary shall, whether,
directly or indirectly lend or invest in
other persons or entities identified in any
manner whatsoever by or on behalf of
the Company (âUltimate Beneficiariesâ) or
provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that,
to the best of its knowledge and belief,
no funds (which are material either
individually or in the aggregate) have been
received by the Company from any person
or entity, including foreign entity (âFunding
Partiesâ), with the understanding, whether
recorded in writing or otherwise, that
the Company shall, whether, directly or
indirectly, lend or invest in other persons
or entities identified in any manner
whatsoever by or on behalf of the Funding
Party (âUltimate Beneficiariesâ) or provide
any guarantee, security or the like on
behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that
have been considered reasonable and
appropriate in the circumstances, nothing
has come to our notice that has caused us
to believe that the representations under
sub-clause (i) and (ii) of Rule 11(e), as
provided under (a) and (b) above, contain
any material misstatement.
v. As stated in Note 42 to the standalone financial
statements
(a) The final dividend proposed in the
previous year, declared and paid by the
Company during the year is in accordance
with Section 123 of the Act, as applicable.
(b) The interim dividend is not declared and
hence the question of compliance with the
section 123 of the Act does not arise.
(c) The Board of Directors of the Company
have proposed final dividend for the year
which is subject to the approval of the
members at the ensuing Annual General
Meeting. The amount of dividend proposed
is in accordance with section 123 of the
Act, as applicable.
vi. Based on our examination, which included
test checks, the Company has used
accounting software for maintaining
its books of accounts for the financial
year ended 31st March, 2025 which has
a feature of recording audit trail (Edit
Log) facility and the same has operated
throughout the year for all relevant
transactions recorded in the software.
Further, during the course of our audit we
did not come across any instance of the
audit trail feature being tempered with and
the audit trail has been preserved by the
Company as per statutory requirements
for record retention.
For Kirti D. Shah & Associates
Chartered Accountants
Firmâs Registration No. 115133W
Kirti D. Shah
Proprietor
Date: 22nd May, 2025 Membership No.032371
Place: Mumbai UDIN : 25032371BMUKVK9221
Mar 31, 2024
We have audited the accompanying standalone financial statements of Aries Agro Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as âthe standalone financial statementsâ).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (âthe Actâ) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (âInd ASâ) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (âSA''s) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditorâs Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matter described below to be the key audit matter to be communicated in our report.
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Key Audit Matter |
Auditorâs Response |
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1. Revenue recognition - Sale of Goods Revenue recognition - Sale of goods Refer Note 4 (N)(a) âRevenue Recognitionâ of the Standalone Financial Statements under Significant Accounting Policies. Revenue from sale of goods is recognised when control of the products being sold is transferred to the customer, which is mainly upon delivery and when there are no longer any unfulfilled obligations. The timing of revenue recognition is relevant to the reported performance of the Company. The Management considers revenue as a key measure for evaluation of performance. There is a risk of revenue being recorded before control is transferred. 2. Discount / Rebate The Company has offered various scheme discounts to the Customers. These discount / rebates comprises of cash discount, independence day scheme discount, monsoon offer discount, product discount, flash sale discount, off take / lifting discount, seasonal discount, off season discount, year end pay and lifting discount etc.and the nature and treatment of these discounts are in line with the practice adopted by the industry dealing in micronutrients / plant nutrition solutions. 3. Evaluation of uncertain tax positions The Company has material uncertain direct and indirect tax positions including matters under dispute which involves significant judgement to determine the possible outcome of these disputes. |
Principal Audit Procedures We have performed the following principal audit procedures in relation to revenue recognised which include a combination of testing internal controls and substantive testing as under: ⢠Assessing the appropriateness of the Company''s revenue recognition accounting policies in line with Ind AS 115 and testing thereof. ⢠Evaluating the integrity of the general information and technology (âITâ) control environment and testing the operating effectiveness of key IT application controls. ⢠Understanding the revenue recognition process, evaluating the design and implementation of Companyâs controls in respect of revenue recognition. ⢠Testing the effectiveness of such controls over revenue cut-off at year end. Testing the supporting documentation for sales transactions recorded during the period closer to the year end and subsequent to the year end, including examination of credit notes issued subsequent to the year end to determine whether revenue was recognised in correct period. ⢠Performing analytical procedures on current year revenue based on monthly trends and where appropriate, conducting further enquiries and testing. We have performed the following principal audit procedures in relation to discount/rebate ⢠Considering the appropriateness of the Company''s Revenue recognition accounting policies including those relating to the discounts and rebates. ⢠Testing effectiveness of Companyâs control over the calculation of discounts and rebates. |
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Key Audit Matter |
Auditorâs Response |
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The Company has disclosed in contingent liabilities (to the extent not provided for) towards direct and indirect tax position. Refer Notes 4 (M) and 42 to the Standalone Financial Statement The Company undergo assessment proceedings from time to time with direct and indirect tax authorities. There is a high level of judgment required in estimating the level of provisioning and/or disclosure required. The management''s assessment is supported by the advice from independent tax consultants and legal consultants, where considered necessary by the management. Accordingly, unexpected adverse outcome, if any, could impact significantly the company''s reported profit and balance sheet position. |
⢠On a sample basis, based on the high value of rebates and discount, we inspected / verified the terms of the various schemes related to the discounts and rebates and checked its input used in the calculation of discounts. ⢠Tested arithmetical accuracy of the calculation of discounts and rebates recognised in financial statements. Obtained details of completed tax assessment and demands for the year ended March 31, 2024 from management. We involved company''s legal and tax consultants to challenge the managementâs underlying assumptions in estimating the tax provision, liabilities and the possible outcome of the disputes. Company''s legal and tax consultants also considered legal precedence and other ruling evaluating management''s position on these uncertain tax positions. Additionally, we considered the effect of new information in respect of uncertain tax position as at 31st March, 2024 to evaluate whether any change is required to management''s position on these uncertainties. We did not identify any material exception as a result of above procedure relating to management''s assessment of provisions. |
Information Other than the Standalone Financial Statements and Auditor''s Report Thereon
The Company''s Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance and Shareholder''s Information, but does not include the financial statements and our auditor''s report thereon. The other information is expected to be made available to us after the date of Auditor''s Report.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Management''s Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of
the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is responsible for overseeing the Company''s financial reporting process.
Auditor''s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether 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 audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting, and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone 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''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate
with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably 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, 2020 (âthe Orderâ) issued by the Central Government in terms of Section 143(11) of the Act, we give in âAnnexure Aâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, based on our audit we report that:
a) We have sought and obtained all the information and explanations which to the best of 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 the Company so far as it appears from our examination of those books (and proper records adequate for the purpose of our audit have been received from branches not visited by us).
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of accounts.
d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS 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 March 31, 2024 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.
h) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements.
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
iv. (a) The Management has represented that,
to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity (âIntermediariesâ), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity (âFunding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons
or entities identified in any manner whatsoever by or on behalf of the Funding Party (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.
v. As stated in Note 42 to the standalone financial statements
(a) The final dividend proposed in the previous year, declared and paid by the Company during the year is in accordance with Section 123 of the Act, as applicable.
(b) The interim dividend is not declared and hence the question of compliance with the section 123 of the Act does not arise.
(c) The Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with section 123 of the Act, as applicable.
vi. Based on our examination, which included test checks, the Company has used accounting software for maintaining its books of accounts for the financial year ended 31 st March, 2024 which has a feature of recording audit trail (Edit Log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of our audit we did not come across any instance of the audit trail feature being tempered with.
As Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from 1st April, 2023, reporting under Rule 11(g) of the Companies ( Audit and Auditors) Rules, 2014 on preservation of audit trail as per statutory requirements for record retention is not applicable for the financial year ended 31st March, 2024.
For Kirti D. Shah & Associates
Chartered Accountants Firm''s Registration No. 115133W
Kirti D. Shah
Proprietor
Date: 29th May, 2024 Membership No.032371
Place: Mumbai UDIN : 24032371BKFGEX1745
Mar 31, 2023
ARIES AGRO LIMITED
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the accompanying standalone financial statements of Aries Agro Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as âthe standalone financial statementsâ).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (âthe Actâ) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (âInd ASâ) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31,2023, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (âSA''s) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditorâs Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI''s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matter described below to be the key audit matter to be communicated in our report.
|
Key Audit Matter |
Auditorâs Response |
|
1. Revenue recognition - Sale of Goods Revenue recognition - Sale of goods Refer Note 4 (N)(a) âRevenue Recognitionâ of the Standalone Financial Statements under Significant Accounting Policies. Revenue from sale of goods is recognised when control of the products being sold is transferred to the customer, which is mainly upon delivery and when there are no longer any unfulfilled obligations. The timing of revenue recognition is relevant to the reported performance of the Company. The Management considers revenue as a key measure for evaluation of performance. There is a risk of revenue being recorded before control is transferred. 2. Evaluation of uncertain tax positions The Company has material uncertain direct and indirect tax positions including matters under dispute which involves significant judgement to determine the possible outcome of these disputes. The Company has disclosed in contingent liabilities (to the extent not provided for) towards direct and indirect tax position. Refer Notes 4 (M) and 40 to the Standalone Financial Statement The Company undergo assessment proceedings from time to time with direct and indirect tax authorities. There is a high level of judgment required in estimating the level of provisioning and/ or disclosure required. The management''s assessment is supported by the advice from independent tax consultants and legal consultants, where considered necessary by the management. Accordingly, unexpected adverse outcome, if any, could impact significantly the company''s reported profit and balance sheet position. |
Principal Audit Procedures We have performed the following principal audit procedures in relation to revenue recognised which include a combination of testing internal controls and substantive testing as under: ⢠Assessing the appropriateness of the Company''s revenue recognition accounting policies in line with Ind AS 1l5 and testing thereof. ⢠Evaluating the integrity of the general information and technology (âITâ) control environment and testing the operating effectiveness of key IT application controls. ⢠Understanding the revenue recognition process, evaluating the design and implementation of Company''s controls in respect of revenue recognition. ⢠Testing the effectiveness of such controls over revenue cut-off at year end. Testing the supporting documentation for sales transactions recorded during the period closer to the year end and subsequent to the year end, including examination of credit notes issued subsequent to the year end to determine whether revenue was recognised in correct period. ⢠Performing analytical procedures on current year revenue based on monthly trends and where appropriate, conducting further enquiries and testing. Obtained details of completed tax assessment and demands for the year ended March 31, 2023 from management. We involved company''s legal and tax consultants to challenge the management''s underlying assumptions in estimating the tax provision, liabilities and the possible outcome of the disputes. Company''s legal and tax consultants also considered legal precedence and other ruling evaluating management''s position on these uncertain tax positions. Additionally, we considered the effect of new information in respect of uncertain tax position as at April 1, 2022 to evaluate whether any change is required to management''s position on these uncertainties. We did not identify any material exception as a result of above procedure relating to management''s assessment of provisions. |
Information Other than the Standalone Financial Statements and Auditorâs Report Thereon
The Company''s Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report, Business Responsibility Report, Corporate Governance and Shareholder''s Information, but does not include the financial statements and our auditor''s report thereon. The other information is expected to be made available to us after the date of Auditor''s Report.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Managementâs Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is responsible for overseeing the Company''s financial reporting process.
Auditorâs Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether 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 audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
⢠Conclude on the appropriateness of management''s use of the going concern basis of accounting, and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone 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''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably 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, 2020 (âthe Orderâ) issued by the Central Government in terms of Section 143(11) of the Act, we give in âAnnexure Aâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, based on our audit we report that:
a) We have sought and obtained all the information and explanations which to the best of 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 the Company so far as it appears from our examination of those books (and proper records adequate for the purpose of our audit have been received from branches not visited by us).
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of accounts.
d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS 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 March 31,2023 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2023 from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.
h) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements.
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
iv. (a) The Management has represented that, to the best of its
knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity (âIntermediariesâ), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity (âFunding Partiesâ), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.
v. As stated in Note 42 to the standalone financial statements
(a) The final dividend proposed in the previous year, declared and paid by the Company during the year is in accordance with Section 123 of the Act, as applicable.
(b) The interim dividend is not declared and hence the question of compliance with Section 123 of the Act does not arise.
(c) The Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with section 123 of the Act, as applicable.
vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility is applicable to the Company with effect from April 1, 2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year ended March 31,2023.
For Kirti D. Shah & Associates
Chartered Accountants Firm''s Registration No. 115133W
Proprietor
Date: 23rd May, 2023 Membership No.032371
Place: Mumbai UDIN : 23032371BGZFQR8615
Mar 31, 2018
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS financial statements of ARIES AGRO LIMITED (âthe Companyâ), which comprise the Balance Sheet as at 31st March, 2018, and the Statement of Profit and Loss (including other comprehensive income), statement of changes in equity and the Statement of cash flows for the year then ended and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Ind AS Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation and presentation of these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules,2015, as amended and other accounting principles generally accepted in India.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorsâ Responsibility
Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit. In conducting our audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under and the Order issued under section 143(3) of the Act.
We conducted our audit of standalone Ind AS financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well 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 to provide a basis for our audit opinion on the standalone Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of financial position of the Company as at 31st March, 2018;
(b) in the case of the Statement of Profit and Loss, of the financial performance including other comprehensive income of the Company for the year ended on that date;
(c) in the case of the statement of changes in equity, of the changes in equity for the year ended on that date; and
(d) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of Sub section (11) of Section 143 of the Act, we give in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, based on our audit we report that:
(a) We have sought and obtained all the information and explanations which to the best of 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 the Company so far as it appears from our examination of those books [and proper returns adequate for the purposes of our audit have been received from the branches not visited by us].
(c) The Balance Sheet, the Statement of Profit and Loss, the Statement of Changes in Equity and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act.
(e) On the basis of the written representations received from the directors as on 31st March, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 from being appointed as a director in terms of Section 164(2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in âAnnexure Bâ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company''s internal financial controls over financial reporting.
(g) with respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind AS financial statements.
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
iv. The reporting on disclosures relating to specified bank notes is not applicable to the company for the year ended 31st March, 2018.
ANNEXURE- A TO INDEPENDENT AUDITORâS REPORT
The Annexure referred to in our Independent Auditors'' Report to the members of the Company on the standalone financial statements for the year ended 31st March 2018, we report that:
i. (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
(b) These fixed assets were physically verified by the management at reasonable intervals. We have been informed that no material discrepancies were noticed on such physical verification.
(c) According to the information and explanation given to us and on the basis of our examination of the records of the company, the title deeds of immovable properties are held in the name of the company.
ii. According to the information and explanations provided to us, the stock of inventory has been physically verified during the period by the management at reasonable intervals. No material discrepancies were noticed on physical verification of stocks as compared to book records.
iii. The Company has granted loans to one subsidiary company covered in the Register maintained under Section 189 of the Act, 2013
(a) As per information and explanation provided to us, the rate of interest and other terms and conditions on which the loans granted by the Company to the bodies corporate listed in the register maintained under section 189 of the Act were not , prima facie, prejudicial to the interest of the company.
(b) As per information and explanation provided to us, in the case of loans granted by the company to the bodies corporate listed in the register maintained under section 189 of the Act, the borrowers have been regular in the payment of principal and interest as stipulated wherever applicable.
(c) As per the information given by the management, there are no overdue amounts in respect of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act.
iv. In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans, investments made.
v. According to the information and explanations provided by the company, The Company has not accepted deposits from the public.
vi. The Company has appointed a cost accountant firm to carry out the Cost Audit. We have reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2014 prescribed by the Central Government under section 148 (1) of the Companies Act, 2013 and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete
vii. (a) According to the information and explanations given to us and the records of the company examined by us, in our opinion, the company is generally regular in depositing statutory dues including Provident Fund, Employee State Insurance, Income Tax, Sales Tax, Service Tax, Goods and Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and any other material statutory dues except occasional/ minor delays. As per the information given by the management and apparent from the records the undisputed liabilities as on 31st March 2018 is for a period exceeding six months from the date of it becoming payable is NIL.
(b) Details of disputed liability in respect of tax dues on account of Income Tax, Sales Tax, Service Tax, Goods and Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess together with the status and the Forum before which such dispute is pending as on 31st March 2018 is as per Annexure I.
viii. The company has not defaulted in repayment of loans or borrowing to a financial institution, banks, or Government. The Company has not obtained any borrowings by way of issue of debentures.
ix. According to the information and explanation provided to us, the company did not raise any money by way of initial public offering or further public offer (including debt instruments). The company has taken term loans which have been utilized for the purpose for which such loans were obtained.
x. During the course of our examination of books and records of the company, carried out in accordance with generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud by the company or on the company by its officers or employees, noticed or reported during the year, nor we have been informed of any such case by the management.
xi. According to the information and explanations given to us and based on our examination of the records of the company, the company has paid/provided for managerial remuneration in accordance with the requisites approvals mandated by the provisions of section 197 read with Schedule V to the Act.
xii. In our opinion and according to the information and explanations given to us, the company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
xiii. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act wherever applicable and details of such transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.
xiv. According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
xv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with 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 Reserve Bank of India Act 1934.
Annexure I to Clause vii(b) of Auditorâs Report
Details of disputed statutory dues outstanding as on 31st March, 2018
|
Nature of Dues |
Period to which payment relates |
Forum where the dispute is pending |
Particulars of Dispute |
Tax Outstanding Rs. |
|
Sales Tax ( Lucknow) |
2013-14 |
Additional Commissioner-Grade II (Appeals), Commercial tax, Lucknow(U.P.) |
Disallowance of legitimate claim of goods return and levied VAT on Branch transfer and incorrect enhancement of sales turnover. |
10,47,149 |
|
Total |
10,47,149 |
|||
|
Income Tax |
2006-07 |
Income Tax Appellate Tribunal |
Disallowance of Notional Interest on Advances given |
4,41,660 |
|
Income Tax |
2008-09 |
Income Tax Appellate Tribunal, Mumbai |
Disallowance of deduction u/s 35D |
30,40,640 |
|
Income Tax |
2009-10 |
Income Tax Appellate Tribunal, Mumbai |
Disallowance of deduction u/s 35D |
25,92,730 |
|
Income Tax |
2010-11 |
Income Tax Appellate Tribunal, Mumbai |
Disallowance of deduction u/s 35D |
26,98,410 |
|
Income Tax |
2011-12 |
Commissioner of Income Tax (Appeals) XXII, Mumbai |
Disallowance of deduction u/s 35D |
30,98,360 |
|
Income Tax |
2012-13 |
Income Tax Appellate Tribunal, Mumbai |
(1) Transfer Pricing adjustment (2) Disallowance of deduction u/s 35D (3) Disallowance u/s 2(24)(x) r.w.s 36(1)(va) |
2,12,74,249 |
|
Income Tax |
2013-14 |
Income Tax Appellate Tribunal, Mumbai |
(1) Transfer Pricing adjustment (2) Disallowance u/s 2(24)(x) r.w.s 36(1)(va) |
82,37,889 |
|
Income Tax |
2014-15 |
Dispute Resolution Panel-I, Mumbai |
(1) Transfer Pricing adjustment (2) Disallowance u/s 2(24)(x) r.w.s 36(1)(va) |
66,42,940 |
|
Total |
4,80,26,878 |
|||
|
Central Excise & Customs |
2011-12 & 201213 |
Central Excise & Service Tax Appellate Tribunal (CESTAT) |
Classification of Goods Imported |
29,91,582 |
|
Central Excise & Customs |
March 2011 to October 2012 |
Central Excise & Service Tax Appellate Tribunal (CESTAT) |
Classification of Goods Manufactured |
3,81,04,558 3,81,04,558(Penalty) |
|
Total |
7,92,00,698 |
Annexure - B to the Auditorsâ Report
Report on the Internal Financial Controls over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Aries Agro Limited (âthe Companyâ) as of 31st March 2018 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (âICAI''). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Ind AS financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Ind AS financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company''s assets that could have a material effect on the Ind AS financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the 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 given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For Sandeep Sheth & Associates
Chartered Accountants
Firm Registration No. 120685W
Sandeep Sheth
Date: 23rd May, 2018 Proprietor
Place: Mumbai Membership No. 101903
Mar 31, 2016
INDEPENDENT AUDITORSâ REPORT
TO THE MEMBERS OF ARIES AGRO LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of ARIES AGRO LIMITED (âthe Companyâ), which comprise the Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation and presentation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorsâ Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2016;
(b) in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2015 (âthe Orderâ) issued by the Central Government of India in terms of Sub section (11) of Section 143 of the Act, we give in the Annexure A, a statement on the matters specified in paragraphs 3 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 best of 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 the Company so far as it appears from our examination of those books [and proper returns adequate for the purposes of our audit have been received from the branches not visited by us].
(c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement comply with the Accounting Standards 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 31st March, 2016 taken on record by the Board of Directors, none of the directors are disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164(2) of the Act and
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in âAnnexure Bâ: and
(g) with respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements as referred to in the notes to accounts of these financial statements.
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
The Annexure referred to in our Independent Auditors'' Report to the members of the Company on the standalone financial statements for the year ended 31st March 2016, we report that:
i. (a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
(b) These fixed assets were physically verified by the management at reasonable intervals. We have been informed that no material discrepancies were noticed on such physical verification.
(c) According to the information and explanation given to us and on the basis of our examination of the records of the company, the title deeds of immovable properties are held in the name of the company.
ii. According to the information and explanations provided to us, the stock of inventory has been physically verified during the period by the management at reasonable intervals. No material discrepancies were noticed on physical verification of stocks as compared to book records.
iii. The Company has granted loans to four companies (subsidiaries) covered in the Register maintained under Section 189 of the Act, 2013.
(a) As per information and explanation provided to us, the rate of interest and other terms and conditions on which the loans granted by the Company to the bodies corporate listed in the register maintained under section 189 of the Act were not , prima facie, prejudicial to the interest of the company.
(b) As per information and explanation provided to us, in the case of loans granted by the company to the bodies corporate listed in the register maintained under section 189 of the Act, the borrowers have been regular in the payment of principal and interest as stipulated wherever applicable.
(c) As per the information given by the management, there are no overdue amounts for more than ninety days in respect of the loans granted to the bodies corporate listed in the register maintained under section 189 of the Act.
iv. In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans, investments, guarantees, and securities.
v. According to the information and explanations provided by the company, The Company has not accepted deposits from the public. Hence, the question of compliance with the directives issued by Reserve Bank of India and provision of sections 73, 74, 75 and 76 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014 does not arise. No order has been passed by the National Company Law Tribunal or Company Law Board or RBI in this regard.
vi. The Company has appointed a cost accountant firm to carry out the Cost Audit. We have reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2014 prescribed by the Central Government under section 148 (1) of the Companies Act, 2013 and are of the opinion that prima facie the prescribed cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete
vii. (a) According to the information and explanations given to us and the records of the company examined by us, in our opinion, the company is generally regular in depositing statutory dues including Provident Fund, Employee State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess and any other material statutory dues except occasional/ minor delays. As per the information given by the management and apparent from the records the undisputed liabilities as on 31st March 2016 is for a period exceeding six months from the date of it becoming payable is NIL.
(b) Details of disputed liability in respect of tax dues on account of Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Cess together with the status and the Forum before which such dispute is pending as on 31st March 2016 is as per Annexure I.
viii. The company has not defaulted in repayment of loans or borrowing to a financial institution, banks, or Government. The Company has not obtained any borrowings by way of issue of debentures.
ix. According to the information and explanation provided to us, the company did not raise any money by way of initial public offering or further public offer (including debt instruments). The company has taken term loans which have been utilized for the purpose for which such loans were obtained.
x. During the course of our examination of books and records of the company, carried out in accordance with generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud by the company or on the company by its officers or employees, noticed or reported during the year, nor we have been informed of any such case by the management.
xi. According to the information and explanations given to us and based on our examination of the records of the company, the company has paid/provided for managerial remuneration in accordance with the requisites approvals mandated by the provisions of section 197 read with Schedule V to the Act.
xii. In our opinion and according to the information and explanations given to us, the company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
xiii. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act wherever applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
xiv. According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
xv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with 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 Reserve Bank of India Act 1934.
Annexure I to Clause vii(b) of Auditorâs Report
Details of disputed statutory dues outstanding as on 31st March, 2016
|
Nature of Dues |
Period to which payment relates |
Forum where the dispute is pending |
Particulars of Dispute |
Tax Outstanding Rs. |
|
Sales Tax (Kanpur) |
1994 - 1995 |
Assessing Authority, (DC) - Asst. (5) - Commercial Tax Department, Kanpur |
Applicability of C Form on interstate sale of poultry products |
93,173 |
|
Sales Tax (Kanpur) |
1985-1986 |
Tribunal |
Classification of goods |
1,75,000 |
|
Total |
2,68,173 |
|||
|
Income Tax |
2006-07 |
Income Tax Appellate Tribunal |
Disallowance of Notional Interest on Advances given |
4,41,660 |
|
Income Tax |
2008-09 |
Commissioner of Income Tax (Appeals) XXII , Mumbai |
Dissallowance of deduction u/s 35D. |
30,40,640 |
|
Income Tax |
2009-10 |
Commissioner of Income Tax (Appeals) XXII, Mumbai |
Dissallowance of deduction u/s 35D. |
25,92,730 |
|
Income Tax |
2010-11 |
Commissioner of Income Tax (Appeals) XXI, Mumbai |
Dissallowance of deduction u/s 35D. |
26,98,410 |
|
Income Tax |
2012-13 |
Dispute Resolution Panel - I, Mumbai |
(1) Transfer Pricing adjustment (2) Disallowance of deduction u/s 35D (3) Disallowance u/s 2(24)(x) r.w.s 36(1) (va) and (4) Disallowance u/s 14A r.w.r 8D. |
1,61,83,543 |
|
Total |
2,49,56,983 |
|||
|
Central Excise & Customs |
2011-12 & 2012-13 |
Central Excise & Service Tax Appealete Tribunal (CESTAT) |
Classification of Goods Imported |
29,91,582 |
|
Central Excise & Customs |
March 2011 to October 2012 |
Central Excise & Service Tax Appealete Tribunal (CESTAT) |
Classification of Goods Manufactured |
3,81,04,558 3,81,04,558 (Penalty) |
|
Total |
7,92,00,698 |
For Kirti D Shah & Associates
Chartered Accountants
Firm Registration No. 115133W
Kirti D. Shah
Proprietor
Membership No. 32371
Place : Mumbai
Date : 30th May, 2016
Mar 31, 2015
We have audited the accompanying standalone financial statements of
ARIES AGRO LIMITED ("the Company"), which comprise the Balance Sheet as
at 31st March, 2015, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management's Responsibility for the Standalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with respect
to the preparation and presentation of these standalone financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
also includes maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these standalone
financial statements based on our audit We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2015;
(b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. 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 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 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 best of 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 the Company so far as it appears from our examination of
those books [and proper returns adequate for the purposes of our audit
have been received from the branches not visited by us].
(c) The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement comply with the Accounting Standards
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 31st March, 2015 taken on record by the Board of
Directors, none of the directors are disqualified as on 31st March,
2015 from being appointed as a director in terms of Section 164(2) of
the Act and
(f) with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements as referred to in the
notes to accounts of theses financial statements.
ii. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the standalone financial statements for the
year ended 31 st March 2015, we report that: i. a. The Company has
maintained proper records showing full particulars including
quantitative details and situation of its fixed assets.
b. These fixed assets were physically verified by the management at
reasonable intervals. We have been informed that no material
discrepancies were noticed on such physical verification.
ii. a. The stock of inventory has been physically verified during the
period by the management at reasonable intervals.
b. In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
c. The company has maintained proper records of inventories. No
material discrepancies were noticed on physical verification of stocks
as compared to book records.
iii. a. The Company has granted loans to five companies (subsidiaries)
covered in the Register maintained under Section 189 of the Act, 2013.
b. As per information and explanation provided to us, the loans
granted by the Company to the bodies corporate listed in the register
maintained under section 189 of the Act, the borrowers have been
regular in payment of interest as stipulated wherever applicable. The
terms of arrangements do not stipulate any repayment schedule and the
loans are repayable on demand. Accordingly, this paragraph of the Order
is not applicable to the company in respect of repayment of the
principal amount.
c. As per the information given by the management, There are no
overdue amounts of more than rupees One Lac in respect of the loans
granted to the bodies corporate listed in the register maintained under
section 189 of the Act.
iv. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. In our opinion, there is no continuing failure to correct
major weaknesses in internal control.
v. According to the information and explanations provided by the
company, The Company has not accepted deposits from the public. Hence,
the question of compliance with the directives issued by Reserve Bank
of India and provision of sections 73, 74, 75 and 76 of the Companies
Act, 2013 and the Companies (Acceptance of Deposits)Rules, 2014 does
not arise. No order has been passed by the National Company Law
Tribunal or Company Law Board or RBI in this regard.
vi. The Company has appointed a cost accountant firm to carry out the
Cost Audit. We have reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2014
prescribed by the Central Government under section 148 (1) of the
Companies Act, 2013 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete.
vii. a. According to the information and explanations given to us and
the records of the company examined by us, in our opinion, the company
is generally regular in depositing statutory dues including Provident
Fund, Employee State Insurance, Income Tax, Sales Tax, Wealth Tax,
Service Tax, Custom Duty, Excise Duty, Value Added Tax.Cess and any
other material statutory dues except occasional/ minor delays. As per
the information given by the management and apparent from the records
the undisputed liabilities as on 31st March 2015 is for a period
exceeding six month's from the date of it becoming payable is NIL.
b. Details of disputed liability in respect of tax dues on account of
Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value
Added Tax, Cess together with the status and the Forum before which
such dispute is pending as on 31st March 2015 is as per Annexure I.
c. According to the information and explanations given to us the
amounts which were required to be transferred to the investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules there under has been
transferred to such fund within time.
viii. The company does not have accumulated losses at the end of the
financial year. The company has not incurred cash losses in the
financial period under audit and in the financial period immediately
preceding such financial period.
ix. The company has not defaulted in repayment of dues to a financial
institution or banks. The Company has not obtained any borrowings by
way of issue of debentures.
x. According to the information and explanation provided to us, in
respect of guarantees given / security offered by the Company in
respect of facilities / loans granted to Subsidiaries of the Company,
the terms and conditions of such loans / facilities are prima facie not
prejudicial to the interest of the Company.
xi. The company has taken term loans which have been utilized for the
purpose for which such loans were obtained.
xii. During the course of our examination of books and records of the
company, carried out in accordance with generally accepted auditing
practices in India, and according to the information and explanations
given to us, we have neither come across any instance of material fraud
on or by the company, noticed or reported during the year, nor we have
been informed of any such case by the management.
For Kirti D. Shah & Associates
Chartered Accountants
Firm Registration No. 115133W
Kirti D. Shah
Proprietor
Membership No. 032371
Place : Mumbai
Date : 28th May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of ARIES AGRO
LIMITED ("the Company"), which comprise the Balance Sheet as at 31st
March, 2014, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company''s internal control. An audit also includes
evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2014;
(b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government in terms of Section 227(4A) of
the Act, we give in the Annexure a statement on the matters specified
in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of 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 the Company 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 Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
notified under the Act read with the General Circular 15/2013 dated
13th September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
(e) On the basis of the written representations received from the
directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
ANNEXURE TO THE AUDITORS'' REPORT
(This is the Annexure referred to in our Report of even date)
In terms of the information and explanations given to us and the books
and records examined by us in the normal course of audit and to the
best of our knowledge and belief, we state as under:
i. a. The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
b. These fixed assets were physically verified by the management during
the period. We have been informed that no material discrepancies were
noticed on such physical verification.
c. In our opinion and according to the information and explanation
given to us, a substantial part of fixed assets have not been disposed
off during the period, which will affect its status as going concern.
ii. a. The stock of inventory has been physically verified during the
period by the management at reasonable intervals. In our opinion, the
frequency of verification is reasonable.
b. In our opinion, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c. The company has maintained proper records of inventories. No
material discrepancies were noticed on physical verification of stocks
as compared to book records.
iii. a. The Company has given loans to four parties covered in the
Register maintained under Section 301 of the Companies Act, 1956. The
maximum amount outstanding during the period ended 31/03/2014 is Rs.
242,998,234/- (Previous Year Rs. 390,504,246/-) and closing balance as
on 31/03/2014 is Rs. 184,184,336/- (Previous Year Rs. 251,559,188/-)
b. As per information and explanation provided to us, the loans granted
by the Company except the loan granted to Golden Harvest Middle East
FZC mentioned in clause ''a'' above, are interest free and receipt of
principal amount are also regular. However other terms and conditions
on which such loans and advances given to Companies, Firms or Other
Parties listed in the Register maintained under section 301 are not,
prima facie, prejudicial to the interest of the Company.
c. As per the information given by the management, in case of overdue
amount more than Rs. 1.00 lac, the reasonable steps have been taken by
the company for recovery of the principal and Interest.
d. The company has taken loan from two parties covered in the register
maintained under section 301 of the Companies Act, 1956. The maximum
amount outstanding during the year was Rs. 31,439,090/- (Previous Year
Rs. 10,500,000/-) and closing balance as on 31/03/2014 is Rs.
27,654,556/- (Previous Year Rs. NIL)
e. The Company is regular in repaying the principal amounts as
stipulated and has been regular in the payment of interest wherever
applicable.
iv. In our opinion, there is an adequate internal control system
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods. In our opinion, there is no continuing failure to
correct major weaknesses in internal control.
v. a. According to the information and explanation provided by the
management, we are of the opinion that the particulars of contracts or
arrangements that need to be entered in the Register maintained under
section 301 of the Companies Act, 1956 have been so entered.
b. The transactions made in pursuance of contracts or arrangements
entered in the Register maintained under section 301 of the Companies
Act, 1956 and exceeding the value of Rupees Five Lacs in respect of
each party during the year have been made at prices which appear
reasonable as per information available with the company.
vi. The Company has not accepted deposits from the public. Therefore,
the provisions of clause (vi) of paragraph 4 of the order are not
applicable to the company.
vii. The company has appointed a firm of Chartered Accountants for
carrying out the internal audit, whose scope of work, according to our
information, is commensurate with the size of the Company and nature of
its business.
viii. We have broadly reviewed the cost records maintained by the
Company pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government under section 209 (1) (d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed cost records have been maintained. We have, however, not
made a detailed examination of the cost records with a view to
determine whether they are accurate or complete. The Company has
appointed a cost accountant firm to carry out the Cost Audit.
ix. a. The company is generally regular in depositing statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employee State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and any other statutory dues except
occasional delays. As per the information given by the management and
apparent from the records the undisputed liabilities as on 31st March
2014 is for a period exceeding six months from the date of it becoming
payable is NIL.
b. Details of disputed liability in respect of tax dues on account of
Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess
together with the status and the Forum before which such dispute is
pending as on 31st March 2014 is as per Annexure I.
x. The company does not have accumulated losses at the end of the
financial year. The company has not incurred cash losses in the
financial period under audit and in the financial period immediately
preceding such financial period.
xi. The company has not defaulted in repayment of dues to a financial
institution or banks. The Company has not obtained any borrowings by
way of issue of debentures.
xii. According to the records of the company, the company has not
granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
xiii. The company is not a chit fund, Nidhi or mutual benefit fund/
society. Therefore, the clause (xiii) of paragraph 4 of the order are
not applicable to the Company.
xiv. The company is not dealing or trading in shares, securities,
debentures and other investments. The shares held by the Company have
been held by the Company in its own name.
xv. According to the information and explanation provided to us, in
respect of guarantees given / security offered by the Company in
respect of facilities / loans granted to Subsidiaries of the Company,
the terms and conditions of such loans / facilities are prima facie not
prejudicial to the interest of the Company.
xvi. The company has taken term loans which has been utilized for the
purpose for which such loans were obtained.
xvii. The funds raised on short-term basis have not been used for long
term investment and vice versa.
xviii. According to the records of the Company and the information and
explanation provided by the management, the company has not made any
preferential allotment of shares to parties and companies covered in
the Register maintained under section 301 of the Act.
xix. The Company has not issued any debentures hence the clause XIX of
the said order is not applicable to the company.
xx. The Company has not raised any monies by way of public issues
during the year.
xxi. During the checks carried out by us, any fraud on or by the
Company has not been noticed or reported during the period under
report.
ANNEXURE I TO AUDITORS REPORT (CLAUSE ix-b)
DETAILS OF DISPUTED STATUTORY DUES OUTSTANDING AS ON 31st MARCH, 2014
Nature of Dues Period to which Forum where the dispute
payment relates is pending
Sales Tax 1994- 1995 Assessing Authority,(DC)-Asst.(5)-
(Kanpur) Commercial Tax Department, Kanpur
Sales Tax 1985-1986 Tribunal
(Kanpur)
Income Tax 2005-06 Income Tax Appellate Tribunal
Income Tax 2008-09 Income Tax Officer (TDS) 1 (2)
Income Tax 2009-10 Deputy Commissioner of Income Tax-
TDS Circle Mumbai
Nature of Dues Particulars of Dispute Tax
Outstanding
Rs.
Sales Tax Applicability of C Form on interstate 93,173
(Kanpur) sale of poultry products
Sales Tax Classification of goods 175,000
(Kanpur)
Total 268,173
Income Tax Disallowance of Notional lnterest on 441,660
Advances given
Income Tax TDS other than Salary - Short 3,442,040
deducted / paid and Interest thereon.
Order U/s 201(1) / 201 (1A)
Income Tax TDS on Salary-Short deducted/ 1,572,330
paid and Interest thereon. Order U/s
201(1) / 201(1A)
Total 5,456,030
Claims against the Company not acknowledged as Debts
Period to Forum where the Particulars of Dispute Amount
which dispute is pending Disputed
payment Rs.
relates
FY 2000-01 City Civil Court, M/s Amrut Chicks Pvt. 1,700,000
Ahmednagar Ltd. - Quality Issue
FY 2007-08 City Civil Court, M/s Vinita Chemipharma 246,000
Jalgaon Corporation - Quality
Issue
FY 2006-07 Consumer Redressal Mr. Kamlesh Kumar - 35,000
Forum, Lucknow (UP) Quality Issue
FY 2010-11 State Consumer Mr.K.Srinivasa Rao- 310,257
Disputes Redressal Quality Issue Includes
Commission Hyderabad 232,500 plus
(Andhra Pradesh interest @ 9%
State) (74,757) from
04.09.2010
till
31.03.2014
and Costs of
Rs. 3,000
FY 2013-14 City Civil Court, Nanji D.Patel-Claim 697,203
Mumbai for Supplies of
Stationery
Total 2,988,460
For Kirti D Shah & Associates
Chartered Accountants
Firm Registration No. 115133W
Kirti D. Shah
Place: Mumbai Proprietor
Date: 30th May, 2014 Membership No. 32371
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying fi nancial statements of ARIES AGRO
LIMITED ("the Company"), which comprise the Balance Sheet as at 31st
March, 2013, the Statement of Profi t and Loss and the Cash Flow
Statement for the year then ended, and a summary of the signifi cant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these fi
nancial statements that give a true and fair view of the fi nancial
position, fi nancial performance and cash fl ows of the Company in
accordance with the Accounting Standards referred to in Section 211(3C)
of the Companies Act, 1956 ("the Act") and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the fi nancial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these fi nancial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the fi nancial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the fi nancial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatement of the fi nancial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company''s preparation and fair presentation of the fi nancial
statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the Company''s internal control. An audit also
includes evaluating the appropriateness of the accounting policies used
and the reasonableness of the accounting estimates made by the
Management, as well as evaluating the overall presentation of the fi
nancial statements.
We believe that the audit evidence we have obtained is suffi cient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid fi nancial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2013;
(b) in the case of the Statement of Profi t and Loss, of the profi t of
the Company for the year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash fl ows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government in terms of Section 227(4A) of
the Act, we give in the Annexure a statement on the matters specifi ed
in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations which to the
best of 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 the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profi t and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the Balance Sheet, the Statement of Profi t and
Loss, and the Cash Flow Statement comply with the Accounting Standards
referred to in Section 211(3C) of the Act.
(e) On the basis of the written representations received from the
directors as on 31st March, 2013 taken on record by the Board of
Directors, none of the director is disqualifi ed as on 31st March, 2013
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
In terms of the information and explanations given to us and the books
and records examined by us in the normal course of audit and to the
best of our knowledge and belief, we state as under:
i. a. The Company has maintained proper records showing full
particulars including quantitative details and situation of its fi xed
assets.
b. These fi xed assets were physically verifi ed by the management
during the period. We have been informed that no material discrepancies
were noticed on such physical verifi cation.
c. In our opinion and according to the information and explanation
given to us, a substantial part of fi xed assets have not been disposed
off during the period, which will affect its status as going concern.
ii. a. The stock of inventory has been physically verifi ed during the
period by the management at reasonable intervals.
b. In our opinion, the procedures of physical verifi cation of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
c. The company is maintaining proper records of inventory. No material
discrepancies were noticed on physical verifi cation of stocks as
compared to book records and hence the question of whether the same
have been properly dealt with the books of accounts does not arise.
iii. a. The Company has granted loans to six parties covered in the
Register maintained under Section 301 of the Companies Act, 1956. The
maximum amount outstanding during the period ended 31/03/2013 is Rs.
390,504,246/- ( Previous Year Rs. 360,699,354/- ) and closing balance
as on 31/03/2013 is Rs. 251,559,188/- ( Previous Year Rs.
261,499,704/-)
b. As per information and explanation provided to us, the loans
granted by the Company except the loan granted to Golden Harvest Middle
East FZC mentioned in clause ''a'' above, are interest free and receipt
of principal amount are also regular. However other terms and
conditions on which such loans and advances given to Companies, Firms
or Other Parties listed in the Register maintained under section 301
are not, prima facie, prejudicial to the interest of the Company.
c. As per the information given by the management, in case of overdue
amount more than Rs.1.00 lakh, the reasonable steps have been taken by
the company for recovery of the principal and Interest.
d. The company has taken loan from two parties covered in the register
maintained under section 301 of the Companies Act, 1956. The maximum
amount outstanding during the year was Rs 10,500,000/- (Previous Year
Rs. 23,500,000/-) and closing balance as on1/03/2013 is Rs. NIL
(Previous Year Rs. NIL)
e. The Company is regular in repaying the principal amounts as
stipulated and has been regular in the payment of interest wherever
applicable.
iv. In our opinion, there is an adequate internal control system
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fi xed assets and for the
sale of goods. In our opinion, there is no continuing failure to
correct major weaknesses in internal control.
v. a. According to the information and explanation provided by the
management, we are of the opinion that the particulars of contracts or
arrangements that need to be entered in the Register maintained under
section 301 have been so entered.
b. The transactions made in pursuance of contracts or arrangements
entered in the Register maintained under section 301 have been made at
prices which are reasonable having regard to the prevailing market
prices at the relevant time.
vi. The Company has not accepted deposits from the public. Hence, the
question of complying the directives issued by the Reserve Bank of
India and the provisions of sections 58A and 58AA of the Act and the
rules framed there under, where applicable, does not arise.
vii. The company has appointed a fi rm of Chartered Accountants for
carrying out the internal audit, whose scope of work, according to our
information, is commensurate with the size of the Company and nature of
its business
viii. We have broadly reviewed the books of account maintained by the
company pursuant to the rules made by the central government for the
maintenance of the cost records under section 209 (1) (d) of the Act
and are of the opinion that records have been made and maintained by
the company. We have not, however made a detailed examination of the
same. The Company has appointed a cost accountant fi rm to carry out
the Cost Audit.
ix. a. The company is generally regular in depositing statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employee State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and any other statutory dues except
occasional delays. As per the information given by the management and
apparent from the records the undisputed liabilities as on 31st March
2013 is NIL.
b. Details of disputed liability in respect of tax dues on account of
Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess
together with the status and the Forum before which such dispute is
pending as on 31st March 2013 is as per Annexure I.
x. The company has no accumulated losses. The company has not incurred
cash losses in the fi nancial period under report and in the fi nancial
period immediately preceding such fi nancial period.
xi. The company has not defaulted in repayment of dues to a fi nancial
institution or banks. The Company has not obtained any borrowings by
way of debenture.
xii. According to the records of the company, the company has not
granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
xiii. The company is not a chit fund, Nidhi or mutual benefi t fund/
society.
xiv. The company is not dealing or trading in shares, securities,
debentures and other investments. The shares held by the Company have
been held by the Company in its own name.
xv. According to the information and explanation provided to us, in
respect of guarantees given / security offered by the Company in
respect of facilities / loans granted to Subsidiaries of the Company,
the terms and conditions of such loans / facilities are prima facie not
prejudicial to the interest of the Company.
xvi. The company has taken term loans which has been utilized for the
purpose for which such loans were obtained.
xvii. The funds raised on short-term basis have not been used for long
term investment and vice versa.
xviii. According to the records of the Company and the information and
explanation provided by the management, the company has not made any
preferential allotment of shares to parties and companies covered in
the Register maintained under section 301 of the Act.
xix. The Company has not issued any debentures hence the clause XIX of
the said order is not applicable to the company.
xx. The Company has not raised any Capital during the year and hence
the question whether the management has disclosed the end use of money
raised by public issues and whether the same has been verifi ed by us
or not does not arise.
xxi. During the checks carried out by us, any fraud on or by the
Company has not been noticed or reported during the period under
report.
For Kirti D. Shah & Associates
Chartered Accountants
Firm Registration No. 115133W
Kirti D. Shah
Place : MUMBAI Proprietor
Date : 30th May, 2013 Membership No. 032371
Mar 31, 2011
I. We have audited the attached Balance sheet of ARIES AGRO LIMITED, as
at 31st March, 2011 and also the annexed profit & Loss Account and Cash
Flow Statement of the Company for the period ended on that date. The
preparation of fnancial statements is the responsibility of company
management. Our responsibility is to express an opinion on these
fnancial statements based on our audit.
ii. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
fnancial statements are free of material misstatement. An audit
includes
(a) examining, on a test basis, evidence to support the fnancial
statement amounts and disclosures in the fnancial statement
(b) assessing the accounting principles used in the preparation of
fnancial statements
(c) assessing significant estimates made by the management in the
preparation of the fnancial statements and
(d) evaluating overall fnancial statement presentation.
We believe that our audit provides a reasonable basis for our opinion
iii. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government in terms of section 227(4A) of the Companies
Act, 1956, we give in the Annexure a statement on the matters specifed
in paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to in paragraph (3)
above, we report that:
a. We have obtained all the information and explanations which, to the
best of our knowledge and belief, were necessary for the purposes of
our audit;
b. In our opinion, proper books of accounts as required by law, have
been kept by the Company so far as appears from our examination of the
books of the Company;
c. The Balance Sheet and the profit and Loss Account and Cash Flow
Statement referred to in this report are in agreement with the books of
accounts of the Company
d. In our opinion, the Balance Sheet and profit & Loss Account and Cash
Flow Statement dealt with by, this report comply with all material
respects with the accounting standards referred to in sub-section (3C)
of section 211 of the Companies Act, 1956 except as under:.
Non Provision of Leave Encashment à as per Accounting Standard 15 (See
note 4 to Notes to Accounts)
e. On the basis of written representations received from the
directors, and taken on record by the Board of Directors, in our
opinion, none of the directors is disqualifed from being appointed as
director u/s 274(l)(g) of Companies Act, 1956;
f. The company is not a sick company within the meaning of section
3(1) (o) of the SICA Act, 1985. Hence there is no question of payment
of cess as required under section 441 A of Companies Act;
g. In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet and the profit &
Loss Account and Cash Flow Statement, together with notes thereon, give
the information required by the Companies Act, 1956 in the manner so
required and give a true and fair view in conformity with 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 31st March, 2011,
ii. in the case of the profit and Loss Account, of the profit of the
Company for the period ended on that date.
iii. in the case of the Cash Flow Statement, of the cash fows for the
period ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
(This is the Annexure referred to in our Report of even date)
In terms of the information and explanations given to us and the books
and records examined by us in the normal course of audit and to the
best of our knowledge and belief, we state as under:
i. a. The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
b. These fixed assets were physically verifed by the management during
the period. We have been informed that no material discrepancies were
noticed on such physical verifcation.
c. In our opinion and according to the information and explanation
given to us, a substantial part of fixed assets have not been disposed
off during the period, which will affect its status as going concern.
ii. a. The stock of inventory has been physically verifed during the
period by the management at reasonable intervals.
b. In our opinion, the procedures of physical verifcation of inventory
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
c. The company is maintaining proper records of inventory. No
material discrepancies were noticed on physical verifcation of stocks
as compared to book records and hence the question of whether the same
have been properly dealt with the books of accounts does not arise.
iii. a. The Company has granted loans to seven parties covered in the
Register maintained under Section 301 of the Companies Act, 1956. The
maximum amount outstanding during the period ended 31/03/2011 is Rs
310,935,683/- (Previous Year Rs 45,609,594/-) and closing balance as on
31/03/2011 is Rs 274,974,530/- (Previous Year Rs 45,012,584/-)
b. As per information and explanation provided to us, the loans
granted by the Company except the loan granted to Golden Harvest Middle
East FZC mentioned in clause Ãa' above, are interest free and receipt
of principal amount are also regular. However other terms and
conditions on which such loans and advances given to Companies, Firms
or Other Parties listed in the Register maintained under section 301
are not, prima facie, prejudicial to the interest of the Company.
c. As per the information given by the management, in case of overdue
amount more than Rs 1.00 lakh, the reasonable steps have been taken by
the company for recovery of the principal and Interest.
d. The company has taken loan from one party covered in the register
maintained under section 301 of the Companies Act, 1956. The maximum
amount outstanding during the year was Rs 28,000,000/- (Previous Year Rs
10,200,000/-) and closing balance as on 31/03/2011 is Rs NIL/- (Previous
Year Rs NIL)
e. The Company is regular in repaying the principal amounts as
stipulated and has been regular in the payment of interest wherever
applicable.
iv. In our opinion, there is an adequate internal control system
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods. In our opinion, there is no continuing failure to
correct major weaknesses in internal control.
v. a. According to the information and explanation provided by the
management, we are of the opinion that the particulars of contracts or
arrangements that need to be entered in the Register maintained under
section 301 have been so entered.
b. The transactions made in pursuance of contracts or arrangements
entered in the Register maintained under section 301 have been made at
prices which are reasonable having regard to the prevailing market
prices at the relevant time.
vi. The Company has not accepted deposits from the public. Hence, the
question of complying the directives issued by the Reserve Bank of
India and the provisions of sections 58A and 58AA of the Act and the
rules framed there under, where applicable, does not arise.
vii. The company has appointed a frm of Chartered Accountants for
carrying out the internal audit, whose scope of work, according to our
information, is commensurate with the size of the Company and nature of
its business
viii. We have broadly reviewed the books of account maintained by the
company pursuant to the rules made by the central government for the
maintenance of the cost records under section 209 (1) (d) of the act
and are of the opinion that Prima facie the prescribed accounts and
records have been made and maintained by the company. We have not,
however made a detailed examination of the same. The Company has
appointed a cost accountant frm to carry out the Cost Audit.
ix. a. The company is generally regular in depositing statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employee State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and any other statutory dues except
on occasional delays. As per the information given by the management
and apparent from the records the undisputed liabilities as on 31st
March 2011 is NIL.
b. Details of disputed liability in respect of tax dues on account of
Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess
together with the status and the Forum before which such dispute is
pending as on 31st March 2011 is as per Annexure I.
x. The company has no accumulated losses. The company has not incurred
cash losses in the fnancial period under report and in the fnancial
period immediately preceding such fnancial period.
xi. The company has not defaulted in repayment of dues to a fnancial
institution or bank. The Company has not obtained any borrowings by way
of debenture.
xii. According to the records of the company, the company has not
granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
xiii. The company is not a chit fund, Nidhi or mutual benefit fund/
society.
xiv. The company is not dealing or trading in shares, securities,
debentures and other investments. The shares held by the Company have
been held by the Company in its own name.
xv. According to the information and explanation provided to us, in
respect of guarantees given / security offered by the Company in
respect of facilities / loans granted to Subsidiaries / Farmer
customers of the Company, the terms and conditions of such loans /
facilities are prima facie not prejudicial to the interest of the
Company.
xvi. The company has taken a term loan which has been utilized for the
purpose for which such loans were obtained.
xvii. The funds raised on short-term basis have not been used for long
term investment and vice versa.
xviii. According to the records of the Company and the information and
explanation provided by the management, the company has not made any
preferential allotment of shares to parties and companies covered in
the Register maintained under section 301 of the Act.
xix. The Company has not issued any debentures hence the clause XIX of
the said order is not applicable to the company.
xx. The Company has not raised any Capital during the year and hence
the question whether the management has disclosed the end use of money
raised by public issues and whether the same has been verifed by us or
not does not arise.
xxi. During the checks carried out by us, any fraud on or by the
Company has not been noticed or reported during the period under
report.
For Kirti D Shah & Associates
Firm Registration No. 115133W
Chartered Accountants
Kirti D. Shah
Place: Mumbai Proprietor
Date: 10th August, 2011 Membership No. 32371
Annexure I to Auditors Report (Clause IX-b)
Details of disputed statutory dues outstanding as on 31st March, 2011
Nature of Dues Period to which Forum where the dispute is
payment relates pending
Sales Tax 1994 Ã 1995 Assessing Authority, (DC)
à Asst. (5) -
(Kanpur) Commercial Tax Department,
Kanpur
Sales Tax 1985-1986 Tribunal
(Kanpur)
Sales Tax 2009-10 Joint Commissioner Appeal-3,
(Lucknow) Commercial Tax Department,
Lucknow
Income Tax 2005-06 Income Tax Appellate
Tribunal
Income Tax 2008-09 Income Tax officer
(TDS) 1 (2)
Income Tax 2009-10 Deputy Commissioner of
Income Tax
à TDS Circle Mumbai
Natue of dues Particulars of Dispute Tax Outstanding
Rs
Sales Tax Applicability of C Form on 93,173
(Kanpur) interstate sale of poultry
products
Sales Tax Classifcation of goods 175,000
(Kanpur)
Sales Tax Levy of Penalty 244,000
(Lucknow) Total 512,173
Income Tax Disallowance of Notional 441,660
Interest on Advances given
Income Tax TDS other than Salary - Short 3,442,040
deducted / paid and Interest
thereon. Order U/s 201(1) / 201
(1A)
Income Tax TDS on Salary - Short deducted 1,572,330
/ paid and Interest thereon.
Order U/s 201(1) / 201(1A)
Total 5,456,030
Claims against the Company not acknowledged as Debts
Period to which Forum where the
dispute is Particulars of Dispute Amount
payment relates pending Disputed Rs
F Y 2000-01 City Civil Court,
Ahmednagar M/s Amrut Chicks Pvt.
Ltd. Ã Quality Issue 1,700,000/-
F Y 1994-95 City Civil Court,
Ahmedabad M/s United Chemicals
Industries 108,857/-
F Y 2007-08 City Civil Court,
Jalgaon M/s Vinita Chemipharma
Corporation - Quality 246,000/-
Issue
F Y 2006-07 Consumer
Redressal Forum, Mr. Kamlesh Kumar Ã
Quality Issue 35,000/-
Lucknow (UP)
F Y 2010-11 District Consumer
Forum, Mr. K. Srinivasa Rao Ã
Quality Issue 591,750/-
Nizamabad (AP)
Total 2,681,685
For Kirti D Shah & Associates
Firm Registration No. 115133W
Chartered Accountants
Kirti D. Shah
Place: Mumbai Proprietor
Date: 10th August, 2011 Membership No. 32371
Mar 31, 2010
I. We have audited the attached Balance sheet of ARIES AGRO LIMITED, as
at 31st March, 2010 and also the annexed Profit & Loss Account and Cash
Flow Statement of the Company for the period ended on that date annexed
thereto. The preparation of financial statements is responsibility of
the company management. Our responsibility is to express an opinion on
these financial statements based on our audit.
ii. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes
(a) examining, on a test basis, evidence to support the financial
statement amounts and disclosures in the financial statement
(b) assessing the accounting principles used in the preparation of
financial statements
(c) assessing significant estimates made by the management in the
preparation of the financial statements and
(d) evaluating overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion
iii. As required by the Companies (AuditorÃs Report) Order, 2003 issued
by the Central Government in terms of section 227(4A) of the Companies
Act, 1956, we give in the Annexure a statement on the matters specified
in paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to in paragraph (3)
above, we report that:
a. We have obtained all the information and explanations which, to the
best of our knowledge and belief, were necessary for the purposes of
our audit;
b. In our opinion, proper books of accounts as required by law, have
been kept by the Company so far as appears from our examination of the
books of the Company;
c. The Balance Sheet and the Profit and Loss Account and Cash Flow
Statement referred to in this report are in agreement with the books of
accounts of the Company
d. In our opinion, the Balance Sheet and Profit & Loss Account and
Cash Flow Statement dealt with by, this report comply with all material
respects with the accounting standards referred to in sub-section (3C)
of section 211 of the Companies Act, 1956 except as under:.
Non Provision of Leave Encashment à as per Accounting Standard 15 (See
note 4 to Notes to Accounts)
e. On the basis of written representations received from the
directors, and taken on record by the Board of Directors, in our
opinion, none of the directors is disqualified from being appointed as
director u/s 274(l)(g) of Companies Act, 1956;
f. The company is not a sick company within the meaning of section
3(1) (o) of the SICA Act, 1985. Hence there is no question of payment
of cess as required under section 441 A of Companies Act;
g. In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet and the Profit &
Loss Account and Cash Flow Statement, together with notes thereon, give
the information required by the Companies Act, 1956 in the manner so
required and give a true and fair view in conformity with 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 31st March, 2010,
ii. in the case of the Profit and Loss Account, of the profit of the
Company for the period ended on that date.
iii. in the case of the Cash Flow Statement, of the cash flows for the
period ended on that date.
Annaxere to AUDITORS REPORT (This is the Annexure referred to in our
Report of even date)
In terms of the information and explanations given to us and the books
and records examined by us in the normal course of audit and to the
best of our knowledge and belief, we state as under:
i. a. The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
b. These fixed assets were physically verified by the management
during the period. We have been informed that no material discrepancies
were noticed on such physical verification.
c. Substantial parts of fixed assets have not been disposed off during
the period, which will affect its status as going concern.
ii. a. The stock of inventory has been physically verified during the
period by the management at reasonable intervals.
b. In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and the nature of its business.
c. The company is maintaining proper records of inventory. No
discrepancies were noticed on physical verification of stocks as
compared to book records and hence the question of whether the same
have been properly dealt with the books of accounts does not arise.
iii. a. The company has taken loan from one party covered in the
register maintained under section 301 of the Companies Act, 1956. The
maximum amount outstanding during the year was Rs. 10,200,000/-
(Previous Year Rs. 1,700,000/-) and closing balance as on 31/03/ 2010
is Rs. NIL/- (Previous Year Rs. 1,700,000/-)
b. The Company has given interest free advances to five parties
covered in the Register maintained under Section 301 of the Companies
Act, 1956. The maximum amount outstanding during the period ended
31/03/2010 is Rs. 45,609,594/- (Previous Year Rs. 19,468,816/- ) and
closing balance as on 31/03/2010 is Rs. 45,012,584/- (Previous Year
Rs.19,363,643/-)
c. The Company has given loan to its subsidiary Golden Harvest Middle
East FZC. The maximum balance outstanding during the period ended
31/03/10 is Rs. 267,847,108/- ( Previous Year Rs. 267,847,108/- ) and
closing balance as on 31/03/10 is Rs. 236,051,682/- ( Previous Year Rs.
267,847,108/- ). For this purpose the company has taken loan from ICICI
Bahrain. The interest paid on loan is recovered from said Subsidiary.
d. As per information and explanation provided to us, the loans
granted by the Company except the loan granted to Golden Harvest Middle
East FZC mentioned in clause Ãcà above, are interest free. However
other terms and conditions on which such loans and advances given to
Companies, Firms or Other Parties listed in the Register maintained
under section 301 are not, prima facie, prejudicial to the interest of
the Company.
e. The Company is regular in repaying the principal amounts as
stipulated and has been regular in
the payment of interest wherever applicable
f. As per the information given by the management, in case of overdue
amount more than Rs.1.00 lakhs, the reasonable steps have been taken by
the company for recovery of the principal and Interest.
iv. In our opinion, there is an adequate internal control system
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods. In our opinion, there is no continuing failure to
correct major weaknesses in internal control.
v. a. According to the information and explanation provided by the
management, we are of the opinion that the particulars of contracts or
arrangements that need to be entered in the Register maintained under
section 301 have been so entered.
b. The transactions made in pursuance of contracts or arrangements
entered in the Register maintained under section 301 and exceeding
value of Rupees Five Lakhs in respect of any party during the period
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
vi. The Company has not accepted deposits from the public. Hence, the
question of complying the directives issued by the Reserve Bank of
India and the provisions of sections 58A and 58AA of the Act and the
rules framed there under, where applicable, does not arise.
vii. The company has appointed a firm of Chartered Accountants for
carrying out the internal audit, whose scope of work, according to our
information, is
commensurate with the size of the Company and nature of its business
viii. We have broadly reviewed the books of account maintained by the
company pursuant to the rules made by the central government for the
maintenance of the cost records under section 209 (1) (d) of the act
and are of the opinion that Prima facie the prescribed accounts and
records have been made and maintained by the company. We have not,
however made a detailed examination of the same. The Company has
appointed a cost accountant to carry out the Cost Audit.
ix. a. The company is generally regular in depositing statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employee State Insurance, Income Tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, Cess and any other statutory dues except
some occasional delays. As per the information given by the management
and apparent from the records the undisputed liabilities as on 31st
March 2010 was Rs. NIL
b. Details of disputed liability in respect of tax dues on account of
Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess
together with the status and the Forum before which such dispute is
pending as on 31st March 2010 is as per Annexure 1 attached to and
forming part of this report.
x. The company has no accumulated losses. The company has not incurred
cash losses in the financial period under report and in the financial
period immediately preceding such financial period.
xi. The company has not defaulted in repayment of dues to a financial
institution or bank. The Company has not obtained any borrowings by way
of debenture.
xii. According to the records of the company, the company has not
granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
xiii. The company is not a chit fund, Nidhi or mutual benefit
fund/society.
xiv. The company is not dealing or trading in shares, securities,
debentures and other investments. The shares held by the Company have
been held by the Company in its own name.
xv. The company has not given any guarantee for loans taken by others
from Banks or financial institutions.
xvi. The company has taken a term loan which has been utilized for the
purpose for which such loans were obtained.
xvii. The funds raised on short-term basis have not been used for long
term investment and vice versa.
xviii. According to the records of the Company and the information and
explanation provided by the management, the company has not made any
preferential allotment of shares to parties and companies covered in
the Register maintained under section 301 of the Act.
xix. The Company has not issued any debentures hence the clause XIX of
the said order is not applicable to the company.
xx. The Company has not raised any Capital during the year and hence
the question whether the management has disclosed the end use of money
raised by public issues and whether the same has been verified by us or
not does not arise.
xxi. During the checks carried out by us, any fraud on or by the
Company has not been noticed or reported during the period under
report.
Details of disputed statutory dues outstanding as on 31st March, 2010
Nature of Dues Period to Forum where the
which dispute is pending
payment
relates
Sales Tax 1994-1995 Honble Trade Tax Tribunal,
(Kanpur) (U.P.)
Sales Tax 1985-1986 Tribunal
( Kanpur)
Vat (Maharashtra) 2006-2007 DC of Sales Tax Appeal-3,
Mumbai
Sales Tax
(Lucknow) 2009-2010 Joint Commissioner Appeal-3,
Commercial Tax Department, Lucknow
Income Tax 2005-2006 Income Tax Appellate Tribunal
Nature of Dues Particulars of Dispute Tax Outstanding
Sales Tax
(Kanpur) (U.P.) Applicability of C Form on 93,173
interstate sale of poultry
products
Sales Tax Classification of goods 175,000
(Kanpur)
Vat Levy of Penalty 538,920
(Maharashtra)
Sales Tax Levy of Penalty 244,000
(Lucknow)
Disallowance of Notional 2,223,927
Income Tax Interest on Advances given
For Kirti D Shah & Associates
Chartered Accountants
Kirti D. Shah
Proprietor
Membership No. 32371
Place: Mumbai
Date: 21st July, 2010
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