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Agro Tech Foods Ltd.

BSE: 500215 | NSE: ATFL |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE209A01019 | SECTOR: Edible Oils & Solvent Extraction

BSE Live

Jan 19, 16:00
975.65 10.20 (1.06%)
Volume
AVERAGE VOLUME
5-Day
241
10-Day
366
30-Day
909
720
  • Prev. Close

    965.45

  • Open Price

    966.35

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Jan 19, 15:50
972.60 8.85 (0.92%)
Volume
AVERAGE VOLUME
5-Day
6,587
10-Day
6,246
30-Day
7,896
3,515
  • Prev. Close

    963.75

  • Open Price

    968.55

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2019 2017 2016 2015 2014 2013 2011 2010 2009

Auditor's Report

We have audited the accompanying standalone financial statements of Agro Tech Foods 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 (collectively referred to as the ''standalone financial statements''). 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 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. Auditor''s 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 thereunder, to the extent applicable. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act and other applicable authoritative pronouncements 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 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 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 control 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 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, of the state of affairs of the Company as at 31 March 2015, and its profit and its cash flows 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 Companies Act, 2013 (hereinafter referred to as the Order), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the 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 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 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 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 aforesaid standalone 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 written representations received from the directors as on 31 March 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 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 pending litigations as at 31 March 2015 on its financial position in its financial statements - Refer Note 2.27 and 2.47 to the 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; and iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended 31 March 2015. The Annexure referred to in the Independent Auditors'' Report of even date, on the Standalone Financial Statements to the Members of Agro Tech Foods Limited (the Company) for the year ended 31 March 2015. We report that: (i) (a) The Company has maintained proper records showing full parti -culars, including quantitative details and situation of fixed assets. (b) The Company has a regular program of physical verification of its fixed assets by which all fixed assets are verified every year. In our opinion, the periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noted on such verification. (ii) (a) The inventories, except goods-in-transit and stocks lying with third parties, have been physically verified by the Management during the year. In our opinion, the frequency of such verification is reasonable. For stocks lying with third parties at the year-end, written confirmations have been obtained. (b) In our opinion, the procedures for the physical verification of inventories 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. The discrepancies noticed on verification between the physical stocks and the book records were not material. (iii) The Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 189 of the Companies Act, 2013. (iv) In our opinion and according to the information and explanations given to us, and having regard to the explanation that purchases of certain items of inventories are for the Company''s specialised requirements and suitable alternative sources are not available to obtain comparable quotations, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventories and fixed assets and with regard to the sale of goods and services. We have not observed any major weakness in the internal control system during the course of the audit. (v) The Company has not accepted any deposits from the public. (vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules prescribed by the Central Government of India for maintenance of cost records under sub-section (1) of Section 148 of the Companies Act, 2013 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the records. (vii) (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, Employees'' state insurance, Income-tax, Sales-tax, Wealth tax, Service tax, Duty of Customs, Duty of Excise, Value added tax and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of Provident fund, Employees'' state insurance, Income-tax, Sales-tax, Wealth tax, Service tax, Duty of Customs, Duty of Excise, value added tax 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 dues of Wealth tax and Service tax which have not been deposited with the appropriate authorities on account of any dispute. According to the information and explanations given to us, the following dues of Income tax, Sales tax, Duty of custom, Duty of Excise, Value added tax and Entry tax have not been deposited by the Company on account of disputes: Name of Nature of Dues Amount in Period to which the Statute Rs Million) the amount relates Excise Duty - CENVAT 0.78 2004 - 05 credit Central Excise Act, 1944 Excise Duty 1.32 2010- 2011 and 2011-12 Excise Duty 27.10 2009 - 12 17.8 2001 - 02 2012-13 Customs Act,1962 Customs Duty 79.09 2012 - 13 Andhra Pradesh GeneralSales Tax Sales Tax 0.10 1997 - 98 Act, 1956 _ Andhra Pradesh Entry Tax Act,2001 Entry Tax 3. 52 2005 - 06 and 2006 - 07 Tamil Nadu Sales Tax Act, 1959 Sales Tax 0.26 2002 - 03 West Bengal Sales Tax Act, 1994 Sales Tax 0.72 2001 - 02 West Bengal Value Added Tax Act, 2003 Value Added Tax and Central Sales Tax Act, 1956 Central Sales Tax 7,28 2009-10 West Bengal Value Added Tax Act, 2003 Value Added Tax and 8.22 2010 - 11 and Central Sales Tax Act, 1956 Central Sales Tax 0.62 2001 - 02 Bihar Sales Tax Act, 1981 Sales Tax 2.26 2002 - 03 Delhi Sales Tax Act, 1975 and Central Sales 0.95 2003 - 04 Tax Act, 1956 Sales Tax and CST 1.64 2004 - 05 Uttar Pradesh Sales Tax Act, 1948 Sales Tax and CST 0.85 2003 - 04 Uttar Pradesh Value Added Tax Act, 2008 Value Added Tax 63.53 2007 - 08 Bombay Sales Tax Act, 1958 Sales Tax 0.63 2002 - 03 0.12 1998 - 99 Gujarat Sales Tax Act, 1970 Sales Tax 0.12 1999 - 2000 Kerala Value Added Tax Act, 2005 Value Added Tax 0.94 2010 - 11 The Rajasthan Entry Tax-Goods Act, 2003 Entry Tax 36.86 2002 - 04 The Assam Value Added Tax Act,2003 Value Added Tax and 0.36 2009 - 10 and Central Sales Tax Act, 1956 Central Sales Tax 0.36 2009 - 10 The Rajasthan Entry Tax - Goods Act, 2003 Entry Tax 5.47 2008 - 09 West Bengal Value Added Tax Act, 2003 Value Added Tax and Central Sales Tax Act, 1956 Central Sales Tax 0.09 2011 - 12 Rajasthan Sales Tax Act, 1954 Central Sales Tax 0.34 2011 - 12 Income-tax Act, 1961 Income tax 22.94 2008 - 09 Income-tax Act, 1961 Income tax 53.60 2009 - 10 Name of the Statue Forum Where the dispute is pending Centrol sales Act 1944 Central Excise and Service Tax Appellate Tribunal, New Delhi Central Excise and Service Tax Appellate Tribunal, New Delhi Central Excise and Service Tax Appellate Tribunal, Bangalore Customs Act 1962 Supreme Court Central Excise and Service Tax Appellate Tribunal, Mumbai Andhra Pradesh General Sales Tax Act, 1956 Sales Tax Appellate Tribunal Andhra Pradesh Entry Tax Act, 2001 Sales Tax Appellate Tribunal, Hyderabad Tamil Nadu Sales Tax Act, 1959 Assistant Commissioner (Appeals), Commercial Taxes West Bengal Sales Tax Act, 1994 Sales Tax Appellate Tribunal West Bengal Value Added Tax Act, 2003 and Central Sales Tax Act, 1956 Revisional Board and Appellate Authority, West Bengal Commercial Taxes West Bengal Value Added Tax Act, 2003 and Central Sales Tax Act, 1956 Senior Joint Commissioner of Sales Tax (Appeals), Corporate Division, Kolkata Bihar Sales Tax Act, 1981 Joint Commissioner of Commercial Taxes (Appeals) - Central Division, Patna Sales Tax Appellate Tribunal Delhi Sales Tax Act, 1975 and Central Sales Tax Act, 1956 AdditionalCommissioner, Commercial Taxes Uttar Pradesh Sales Tax Act, 1948 Additional Commissioner, Commercial Taxes Uttar Pradesh Value Added Tax Act, 2008 Deputy Commissioner, Commercial Taxes Deputy Commissioner Bombay Sales Tax Act, 1958 Joint Commissioner of Sales Tax (Appeals) Gujarat Sales Tax Act, 1970 Deputy Commissioner of Sales Tax (Appeals) Sales Tax Appellate Tribunal Kerala Value Added Tax Act, 2005 Deputy Commissioner (Appeal) The Rajasthan Entry Tax-Goods Act,2003 Tax Board, Ajmer The Assam Value Added Tax Act, 2003 and Central Sales Tax Act, 1956 Superintendent of Taxes, UNIT D, Guwahati The Rajasthan Entry Tax - Goods Act, 2003 Deputy Commissioner (Appeals), Jaipur West Bengal Value Added Tax Act, 2003 and Central Sales Tax Act, 1956 Additional Commissioner (Appeals) Rajasthan Sales Tax Act, 1954 Commercial Taxes Officer, Dungarpur Income-tax Act, 1961 Deputy Commissioner of Income Tax, Circle 1(1), Hyderabad Income-tax Act, 1961 Income Tax Appellate Tribunal, Hyderabad (c) The amount required to be transferred to Investor Education and Protection Fund has been transferred within the stipulated time in accordance with the provisions of the Companies Act, 1956 and the rules made thereunder. (viii) The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year. (ix) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to its bankers. The Company did not have any outstanding dues to any financial institution or debenture holders during the year. (x) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. (xi) The Company did not have any term loans outstanding during the year. (xii) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit. for B S R & Associates LLP Chartered Accountants Firm''s Registration Number:116231W/W-100024 Sriram Mahalingam Place : Gurgaon Partner Date : 17April 2015 Membership No. 049642