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Ambica Agar Ltd.

BSE: 532335 | NSE: AMBICAAGAR |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE792B01012 | SECTOR: Trading

BSE Live

Oct 25, 16:00
18.00 -1.00 (-5.26%)
Volume
AVERAGE VOLUME
5-Day
3,426
10-Day
15,708
30-Day
11,737
7,423
  • Prev. Close

    19.00

  • Open Price

    18.05

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Oct 25, 15:57
18.45 -0.65 (-3.40%)
Volume
AVERAGE VOLUME
5-Day
28,188
10-Day
88,207
30-Day
64,318
11,465
  • Prev. Close

    19.10

  • Open Price

    19.10

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    18.45 (747)

Annual Report

For Year :
2013 2012 2011 2010 2009 2008 2007 2004

Auditor's Report

We have audited the attached Balance Sheet of AMBICA AGARBATHIES AROMA & INDUSTRIES LIMITED, as at 31st March 2010, the Proft and Loss Account, and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and signifcant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of Sub-Section (4A) of Section 227 of the Companies Act, 1956 and on the basis of such checks of the books and records of the Company, as we considered appropriate and the information and explanations given to us during the course of our audit, we report that in our opinion: 1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fxed assets. (b) As explained to us, the fxed assets of the company have been physically verifed by the management at the year- end and no discrepancies have been noticed on such verifcation. (c) In our opinion and according to the information and explanation given to us, substantial part of fxed assets has not been disposed off during the year and the going concern status of the Company is not affected. 2. (a) The inventories have been physically verified during the year by the Management. In our opinion, the frequency of verifcation is reasonable. (b) In our opinion and according to the information and explanations given to us, the procedures of physical verifcation of inventories followed by the Management are reasonable and adequate in relation to the size of the Company and nature of its business. (c) In our opinion, the Company is maintaining proper records of inventory. The discrepancies noticed on physical verifcation of inventory as compared to book records were not material. 3. The company has neither granted nor taken any loans, secured or unsecured, from companies, frms or other parties listed in the Register maintained U/Sec 301 of the Companies Act, 1956. Since the company has not granted or taken any loans from parties listed in the register maintained U/Sec 301, Clauses (iii) (b) to (d) of Paragraph 4 are not applicable. 4. In our opinion and according to the information and explanations given to us, the Company follows a system of internal control procedures, which in our view requires improvement, commensurate with the size of the Company and the nature of its business with regard to the purchases of stores, raw materials including components, plant and machinery, equipment and other assets and with regard to the sale of goods manufactured by the Company. Further on the basis of examination of the books and records of the Company, we have not come across any instances of major weaknesses in the aforesaid internal control procedures. 5. (a) In our opinion, the transactions that need to be entered into a register in pursuance of Section 301 of the Act have been so entered. (b) Each of the above transactions has been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 6. According to the information and explanations given to us, the Company has not accepted any deposits from the public. Hence the directives issued by the Reserve Bank of India and the provisions of Section 58Aand 58AA of the Companies Act 1956 and the Rules there under etc. are not applicable. 7. In our opinion, the internal audit system of the Company needs to be strengthened commensurate to the size and nature of its business. 8. According to the information given to us the Central Government has not prescribed maintenance of cost records U/Sec 209(1) (d) of the Companies Act in respect of the business of the Company. 9. (a) As per the records of the company and information and explanation provided to us, the Company is generally regular in depositing the undisputed statutory dues with appropriate authorities including Provident Fund, Employees State Insurance, Sales Tax and other statutory dues. Except the following, no undisputed amounts were outstanding as at 31.03.10 for a period more than six months from the day they become payable: Sl Particulars Amount No (Rs.) 1 TDS Payable-F.Y. 2008-09 Construction-Division 5,22,237 2 Works Contracts (TDS) F.Y. 2007-08 Construction-Division 13,20,000 3 Works Contracts (TDS) F.Y. 2008-09 Construction-Division 8,85,388 4 Income Tax F.Y. 2008-09 46,10,189 5 FBT F Y. 2008-09 11,32,421 As per the information furnished to us the amounts of Rs.4.27 Lakhs lying with the Company in unpaid dividend account which have remained unclaimed or unpaid for a period of 7 years or more have not been transferred to the account of the Central Government as required by Sec 205A (5) of the Companies Act, 1956. (b) According to the information and explanations given to us, there are no statutory dues with appropriate authorities including Provident Fund, Employees State Insurance, Sales Tax and other statutory dues which have not been deposited on account of any dispute as at 31st March, 2010, excepting, the following disputed tax appeals, which have been subsequently vide order dt. 23-7-2010 of the ITAT, Chennai disposed off in favour of the company, resulting in refund of Rs. 31,45,000/- deposited during the pendency of the appeals. Year to Forum where Name of the Nature of the Demand which the dispute Statue dues (Rs.) amount is pending related Income Tax Disallowance 5,90,281 AY 2000-01 ITAT, Act, 1961 U/Sec. 80-IA Chennai, including interest Tamil Nadu. till date of Asst. Order Income Tax Disallowance 5,37,185 AY 2001-02 ITAT Act, 1961 U/Sec. 80-IA Chennai, including interest Tamil Nadu. till date of Asst. Order Income Tax Disallowance 1,37,07,081 AY 2002-03 ITAT Act, 1961 U/Sec. 80-IA&10A Chennai, including interest Tamil Nadu. till date of Asst. Order Income Tax Disallowance 7,92,636 AY 2003-04 ITAT Act, 1961 U/Sec. 80-IA Chennai, including interest Tamil Nadu. till date of Asst. Order Income Tax Disallowance 15,58,503 AY 2004-05 ITAT Act, 1961 U/Sec. 80-IA Chennai, including interest Tamil Nadu. till date of Asst. Order Income Tax Disallowance 17,01,853 AY 2005-06 ITAT Act, 1961 U/Sec. 10A Chennai, Tamil Nadu. Central Sales Disallowance 4,13,508 FY 2005-06 Remanded Tax Act, 1956 of exemption back to A.O. for export sale Eluru by DCCT. (Appeals) Vijayawada A.P. 10. The Company has no accumulated losses as at 31st March, 2010 and it has not incurred any cash losses in the financial year covered by the audit or in the immediately preceding financial year. 11. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the Company has not, as at 31.03.2010, defaulted in repayment of dues to financial institutions, banks or debenture holders, 12. The Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities. 13. The Company is not in the business of chit funds and hence any special statutes relating to chit fund / nidhi / mutual beneft fund / societies are not applicable to the operations of the Company. 14. The Company is not dealing or trading in shares, securities, debentures and other investments. 15. In our opinion and 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, except Corporate Guarantee given for Rs.1200.00 Lakhs in favour of Indian Over Seas Bank for sanctioning of Loan to its subsidiary company viz., Ambica Infra Ventures (P) Ltd., 16. On a broad examination of the records of the Company we are of the opinion that the term loans availed by the Company from Banks/ Financial institutions have been applied for the purposes for which term loans were obtained. 17. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, the funds raised on short term basis have not been used for long term investments and vice versa. 18. The Company has not made any preferential allotment of shares to parties and companies listed in the register maintained U/Sec 301 of the Companies Act, 1956. 19. The Company has not issued any debentures during the year and outstanding as at the end of the year. 20. The Company has not raised any monies by way of public issues during the year. 21. 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 instances of fraud on or by the Company, noticed or reported during the year nor have we been informed of any such case by the management. Further to our comments above, we report that: (i) 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; (ii) 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; (iii) The Balance Sheet, Proft and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; (iv) In our opinion, the Balance Sheet, Proft and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Sub-Section (3C) of Section 211 of the Companies Act, 1956; (v) On the basis of written representations received from the directors, as on 31st March, 2010, and taken on record by the Board of Directors, we report that none of the directors is disqualifed as on 31st March, 2010 from being appointed as a director in terms of Clause (g) of Sub-Section (1) of Section 274 of the Companies Act, 1956; (vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read togetherwith the Signifcant Accounting Policies and 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: (a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010; (b) In the case of the Proft and Loss Account, of the proft for the year ended on that date; and (c) In the case of the Cash Flow Statement, of the cash fow for the year ended on that date. Sd/- (T S Ajai) Chartered Accountant Place : Hyderabad Date : 27.08.2010