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Ankush Finstock Ltd. Auditor Report
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You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 2.28 Cr. P/BV 2.35 Book Value (Rs.) 1.62
52 Week High/Low (Rs.) 8/4 FV/ML 10/1 P/E(X) 8.13
Bookclosure 29/09/2017 EPS (Rs.) 0.47 Div Yield (%) 0.00
Year End :2015-03 
We have audited the accompanying Financial statements of ANKUSH FINSTOCK LIMITED ("the company"),which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the 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 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 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 the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 control, 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.

Auditor's Responsibility :

Our responsibility is to express an opinion on these 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 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 true and fair view in order to design audit procedures that are appropriate in the circumstances. 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 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 Financial Statements.

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, 2015;

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

c) in the case of the 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 (Auditor's Re- port) Order, 2015 issued by the Central Gov- ernment of India in terms of sub-section (11) of section 143 of the Act ( hereinafter referred to as the " Order"), and on the basis of such checks of the books and records of the com- pany as we considered appropriate and accord- ing to the information and explanations given to us , we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order.

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

(a) we have sought and obtained all the in- formation 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 agree- ment with the books of account.

(d) in our opinion, the aforesaid Financial Statements 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 are taken on record by the Board of Directors, none of the Director is disqualified as on 31st March 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, 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 pend- ing litigations on its financial position in its fi- nancial statements ;

ii. In our opinion and as per the information and explanation provided to us the Company has not entered into any long-term contracts includ- ing derivatives contract, requiring provision under applicable laws or accounting standards, for material foreseeable losses.

iii. the company is not required to transfer any amount to Investor Education and Protection Fund.

ANNEXURE TO THE AUDITOR'S REPORT

The Annexure referred to in our report to the members of ANKUSH FINSTOCK LIMITED for the year Ended on 31st March,2015, we report that:

1) (a) In our opinion and according to the information and explanation given to us, the company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets;

(b) In our opinion, the fixed assets have been physically verified by the management at reasonable intervals having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

2) (a) As explained to us, inventories have been

physically verified by the management at reasonable intervals during the year. In our opinion, the frequency of such verification is reasonable.

(b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of stock followed by the management are reasonable and adequate in relation to the size of the company and the nature of it's business.

(c) Company has maintained proper records of inventories. No material discrepancies were noticed on physical verification of inventories.

3) The company has not granted any loans, secured or unsecured to the parties covered in the register maintained under Section 189 of the companies Act, 2013. Accordingly, clauses III (a) & (b) of the Order are not applicable.

4) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business with regard to the purchase of inventory of, fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls.

5) The Company has not accepted any deposits from the public. Hence clause no 5 of the Order is not applicable to the Company.

6) The central government has not prescribed the maintenance of cost records under section 148(1) of the Act , in respect of any of the company's products and hence para 3(vi) of CARO 2015 is not applicable.

7) (a) According to the information and

explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, wealth tax, service tax, value added tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employees' state insurance and excise duty & custom duty According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues were in arrears as at 31 March 2015 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there are no material dues of wealth tax, duty of customs and cess which have not been deposited with the appropriate authorities on account of any dispute. However, according to information and explanations given to us, the dues of income tax and service tax have not been deposited by the Company on account of disputes :

Name          Nature          Amount      Period           Forum
of the        of                 Rs.      for which        where
Statute       dues                         the             dispute
                                           amount          is
                                           relates         pending

Income         Income       29,27,851      05-06           Appellate
Tax            Tax                                         Tribunal

Service        Service       94,657       05-06            Appellate
Tax            Tax                                         Tribunal
(c) the company is not required to transfer the amount of investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956)

8) The Company does have accumulated losses at the end of the financial year & has incurred cash losses in the financial year and in the immediately preceding financial year.

9) According to the records of the company the company has not borrowed from financial institutions or banks or issued debentures till 31st M\arch, 2015. Hence in our opinion the question of reporting on defaults in repayment of dues to financial institutions or banks or debentures does not arise.

10) In our opinion and according to the information and the explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

11) According to the records of the company the company has not taken any term loans during the year, hence comments under the clause are not called for.

12) Based on the audit procedures performed and informations and explanations given by the management we report that no fraud on or by the company has been noticed or reported during the course of our audit.

                                                         For DJNV & CO.
                                                 Chartered Accountants
                                                 Firm Regn. No. 115145W

                                                         Jayesh Parikh
Place : Ahmedabad                                        Partner)
Date : 29th May 2015                                     M. No. 40650

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