you are here:

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 2016, 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 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. 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. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone 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 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 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 2016, 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, 2016(the Order), issued by the Central Government of India in terms of sub-section 11 of Section 143 of Act, 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'' 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 2016, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2016, 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 ''Annexure B''; 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 as at 31 March 2016 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 2016. The Annexure-A 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 2016. We report that: (i) (a) The Company has maintained proper records showing full particulars, 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. (c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds of immovable properties, as disclosed in Note 2.9 on fixed assets to the financial statements, are held in the name of the Company. (ii) The inventories, except goods-in-transit have been physically verified by the Management during the year. In our opinion, the frequency of such verification is reasonable. 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, Limited Liability Partnerships or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013 (''the Act''). Accordingly, paragraph 3(iii) of the Order is not applicable to the Company. (iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Section 186 of the Act, with respect to the investments made. The Company has not granted any loans, or provided any guarantees or security to the parties covered under Section 185 and 186 of the Act. (v) The Company has not accepted any deposits from the public in accordance with the provisions of Section 73 to 76 of the Act and Rules framed thereunder. (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 Act 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, 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, Service tax, Duty of customs, Duty of excise, Value added tax and other material statutory dues were in arrears as at 31 March 2016 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 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: Period to which Amount in* Name of the Statute Nature of Dues the amount (Rs, Million) relates 2010-11 and Excise Duty 1.32 2011-12 Central Excise Act, 1944 Excise Duty 27.10 2009 12 Andhra Pradesh General Sales Tax Act, Sales Tax 0.10 1997 98 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 4.43 2009 10 and Central Sales Tax Act, 1956 Central Sales Tax West Bengal Value Added Tax Act, 2003 Value Added Tax and 3.49 2010-11 and Central Sales Tax Act, 1956 Central Sales Tax Bihar Sales Tax Act, 1981 Sales Tax 0.62 2001 02 2.26 2002 03 Delhi Sales Tax Act, 1975 and Central Sales Sales Tax and 0.95 2003 04 Tax Act, 1956 Central Sales Tax 1.64 2004 05 Uttar Pradesh Sales Tax Act, 1948 Sales Tax and 0.85 2003 04 Central Sales Tax 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 Gujarat Sales Tax Act, 1970 Sales Tax 0.12 1998 99 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 The Rajasthan Entry Tax - Goods Act, 2003 Entry Tax 99.58 2008-09 to 2012-13 Rajasthan Sales Tax Act, 1954 Central Sales Tax 0.34 2001-02 Income-tax Act, 1961 Income tax 53.60 AY 2010-11 Income-tax Act, 1961 Income tax 28.31 AY 2011-12 Name of the Statute Forum Where the dispute is pending Central Excise Act, 1944 Central Excise and Service Tax Appellate Tribunal, New Delhi Andhra Pradesh General Sales Tax Act, Central Excise and Service Tax Appellate Tribunal, Bangalore Andhra Pradesh Entry Tax Act, 2001 Sales Tax Appellate Tribunal, Hyderabad Tamil Nadu Sales Tax Act, 1959 Sales Tax Appellate Tribunal, Hyderabad West Bengal Sales Tax Act, 1994 Assistant Commissioner (Appeals), Commercial Taxes, Chennai West Bengal Value Added Tax Act, 2003 Sales Tax Appellate Tribunal, Kolkata and Central Sales Tax Act, 1956 West Bengal Value Added Tax Act, 2003 Appellate &Revisional Board, West Bengal and Central Sales Tax Act, 1956 Commercial Taxes, Kolkata Bihar Sales Tax Act, 1981 Appellate &Revisional Board, West Bengal Commercial Taxes, Kolkata Delhi Sales Tax Act, 1975 and Central Sales Joint Commissioner of Commercial Taxes (Appeals) - Central Division, Patna Tax Act, 1956 Uttar Pradesh Sales Tax Act, 1948 Sales Tax Appellate Tribunal, Patna Uttar Pradesh Value Added Tax Act, 2008 Additional Commissioner, Commercial Taxes, Delhi Bombay Sales Tax Act, 1958 Additional Commissioner, Commercial Taxes, Delhi Gujarat Sales Tax Act, 1970 Deputy Commissioner, Commercial Taxes, Ghaziabad Kerala Value Added Tax Act, 2005 Deputy Commissioner, Ghaziabad Rajasthan Sales Tax Act, 1954 Joint Commissioner of Sales Tax (Appeals), Mumbai The Assam Value Added Tax Act, 2003 Deputy Commissioner of Sales Tax and Central Sales Tax Act, 1956 (Appeals), Ahmedabad Sales Tax Appellate Tribunal, Ahmedabad Kerala Value Added Tax Act, 2005 Deputy Commissioner (Appeal), Kochin 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 Tax Board, Ajmer Rajasthan Sales Tax Act, 1954 Commercial Taxes Officer, Dungarpur Income-tax Act, 1961 Income Tax Appellate Tribunal, Hyderabad Income-tax Act, 1961 Income Tax Appellate Tribunal, Hyderabad *net of deposits (viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings to its bankers. The Company does not have any loan or borrowings from any financial institution or government, nor has it issued any debentures during the year. (ix) The Company has not raised any money by way of initial public offer or further public offer (including debt instrument) and term loans during the year. Accordingly, paragraph 3(ix) of the Order is not applicable to the Company. (x) During the course of our examination of the books and records of the Company, carried out in accordance with the 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 have we been informed of any such case by the Management. (xi) According to the information and explanations give 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 requisite approvals mandated by the provision 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 to the Company. (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 Section 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the Financial Statements as required by the applicable Accounting Standard. (xiv) The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly, paragraph 3(xiv) of the Order is not applicable to the Company. (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 any non-cash transaction with the directors or person connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable to the Company. (xvi) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, paragraph 3(xvi) of the Order is not applicable to the Company. for B S R & Associates LLP Chartered Accountants Firm''s Registration Number:116231W/ W-100024 Sriram Mahalingam Place : Gurgaon Partner Date :26 April 2016 Membership No: 049642