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Asian Fertilizers Ltd. Auditor Report
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You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 0.00 Cr. P/BV 0.00 Book Value (Rs.) 23.17
52 Week High/Low (Rs.) 1/1 FV/ML 10/100 P/E(X) 0.00
Bookclosure 26/09/2015 EPS (Rs.) 2.04 Div Yield (%) 0.00
Year End :2015-03 
We have audited the accompanying Financial Statements of Asian Fertilizers Limited ("The Company"), which comprise the Balance Sheet as at 31st March, 2015, the statement of Profit and Loss and Cash Flow Statement for the year then ended, and the summary of significant accounting policies and other explenetory information.

Mangements Responsibility for the Financial Statments

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Compaines Act, 2013 ("The Act") with respect to 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 principles generally accepted in Indian, including a the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintainance 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 irregualarities; 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 material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statments based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standrds and matters which are required to be included in the audit report under the provisions of the Act and 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 requirments and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from mateial misstatement.

An audit involves performing procedure to obtain audit evidence about the amount and disclosures in the financial statments. The procedure selected depend on the auditors judgment, including the assesment of the risk of material misstatement of the financial statements, whether due to fraud or error. In making those risks assesments, the auditor considers internal control relevant to the Company's preparation of the financial statements that give a true and fair view in order to design audit procidures that are appropriate in the circumstances but not 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 accounting policies used and the reasonableness of the accounting estimates made by Company's Directors, as well as evaluating the over all presentation of financial statement.2

We believe that audit evidence we have obtained is sufficiant and appropriate to provide a basis for our audit opinion on the financial statements.

Basis of Qualified Opinion

No provision for Exice Duty on closing stock of finished goods has been made in the accounts as well as same has not been included in value of Inventories. The above accounting treatment is not in confirmity with the Accounting Standard 2 (Inventory Valuation) issued by the Institute of Chartered Accountants of India. However it has no effect on profit for the year.

Few balances of debtors, creditors, advances, loans, security deposits and other parties are subject to confirmation/reconciliation the impact whereof on the accounts is not ascertainable, {refer Note No. 37}

The cumulative effect of the above is not ascertainable at this stage.

Qualified Opinion

In our opinion and to the best of our information and according to the explanations given to us, except for the effects for the matter described in the Basis for Qualified Opinion paragraph, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view confirmity 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 March 31,2015;

b) In the case of Statement of Profit and Loss, of the profit for year ended on that date; and

c) In the case of Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1) As required by the Companies (Auditors Report) Order, 2015 ("the order") issued by the central Government of India in terms of sub section (11) of Section 143 of the Act, and on the basis of such checks of the books and records of the company as we considered appropriate and according to information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by the Section 143 (3) of the Act we report that:

a) We have sought and obtained all the information and explainations which to the best of our knowledgeand belief were necessary for the purpose of our audit;

b) In our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books;

c) The Balance Sheet, the statement of Profit & Loss and Cash and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d) Except for the effects of the matter described in Basis for Qualified Opinion paragraph, the aforesaid financial statement comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 1 of the Companies (Accounts) Rules, 2014

e) On the basis of written representations received from the directors, as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31stMarch, 2015 from being appointed as a director in terms of Section 164 (2) of the Act,

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, 2015, 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 - Refer Note no. 34.1 to the financial statements;

ii) In our opinion and as per the information and explanations provided to us, the company has not entered into any long term contracts including derivative contracts, requiring provision under applicable laws or accounting standards, for material foreseeable losses; and

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

ANNEXURE TO THE AUDITORS REPORT

(Referred to in paragraph 1 of our report of even date on the financial statements for the financial year ended 31 st March, 2015 to the members of Asian Fertilizers Limited)

In terms of the information and explanations given to us and also on the basis of such checks as we considered appropriate, we state that:

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) The fixed assets of the company are physically verified in a phased manner, over a period of two years so as to cover all the fixed assets. In our opinion, the frequency of physical verification of fixed assets is reasonable, having regard to the size of the company and nature of its assets. No material discrepancies between book records and the physical inventory were noticed.

(ii) (a) The inventories of the Company has been physically verified by the management during the year except material lying with the third parties. In our opinion, the frequency of such verification is reasonable.

(b) In our opinion, the procedures of physical verification of inventories followed by the management were 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 inventories. As explained to us, the discrepancies noticed on verification were not material in releation to the operations of the Company.

(iii) The Company has not granted any loan, secured or unsecured, to companies firms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013.

(iv) In our opinion, there is adequate internal control system commensurate with the size of the Company and nature of its business for the purchase of inventory, fixed assets and for the sale of goods and services. Further, on fire basis of our examination and according to the information and explanations given to us we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system.

(v) In our opinion, the Company has not accepted any deposit during the year within the meaning of Section 73 to Section 76 of the Companies Act, 2013 read with the Rules framed there under.

(vi) We have broadly reviewed the books of account and records maintained by the Company pursuant to the Rules framed by the Central Government for the maintenance of cost records under sub-section (1) of Scection 148 of the Companies Act, 2013 and are of the opinion that, prima facie, the prescribed records have been made and maintained. We have not, however, made a detailed examination of he said accounts and records with a view to determine whether they are accurate or complete.

(vii) (a) According to the books and records produced and examined by us, the Company is generally regular in deposting undisputed Statutory dues including Provident Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other material statutory dues as applicable with the appropriate authorities and no undisputed amount payable in respect of aforesaid statutory dues were outstanding as at 31 st March 2015 for a period of more than six months from the date they become payable.

b) According to the information and explainations given to us, there are no dues of Income Tax, Sales Tax, Wealth Taxi, Duty of Coustoms, Duty of Excise, Value Added Tax and Cess and which have not been deposited on account of any dispute, except mentioned as below.

Name of the            Nature of the     Amount           Year to Which
Statute                dues            (Rs. in Lacs)         relates

The Central Excise     Penalty            5.00              2003-04
Act, 1944

Name of the                                     Forum where
Statute                                          pending

The Central Excise                               CESTAT
Act, 1944                                        New Delhi
c) According to the information and explanations given to us, there are no amounts that required to be transferred to investors Education and Protection Fund during the year in accordance with the relevant provisions of the Companies Act 1956.

(viii) The Company does not have accumulated losses at the end of the financial year and has not incurred cash losses in the current financial year as well as in the immediately preceding financial year.

(ix) According to the information and explanation given to us and based on the documents and records produced to us, the company has not defaulted in repayment of dues to a financial institution, bank or debenture holders during the year.

(x) The company has not given any guarantees for loans taken by others from banks or financial intitution

(xi) In our opinion, the term loans have been applied for the purposes for which they were obtained.

(xii) Based on the audit procedures performed and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the year.

                                              For KAPOOR TANDON & CO.,
                                              Chartered Accountants
                                              Firm Reg. No. - 000952 C

                                              (R. P. Gupta)
Camp: Gorakhpur                               Partner
Date : 29.05.2015                             M.No. 070904


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