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Amrit Corporation Ltd.

BSE: 507525 | NSE: | Series: NA | ISIN: INE866E01026 | SECTOR: Vanaspati & Oils

BSE Live

Dec 03, 16:00
814.85 -47.15 (-5.47%)
Volume
AVERAGE VOLUME
5-Day
123
10-Day
113
30-Day
294
127
  • Prev. Close

    862.00

  • Open Price

    862.00

  • Bid Price (Qty.)

    762.00 (1)

  • Offer Price (Qty.)

    874.00 (21)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
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  • Prev. Close

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  • Open Price

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Amrit Corporation is not listed on NSE

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of AMRIT CORP. LIMITED (the Company), which comprise the Balance Sheet as at 31st March , 2013, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements The Company''s Management is responsible for 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 Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (the Act). This responsibility includes the design, implementation and maintenance of internal control 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. Auditors'' Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about wheth- er the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and the 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 the internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies usedandthereasonablenessoftheaccountingestimates made by the Management, 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. Opinion In our opinion and to the best of our information and according to the explanations given to us, the 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, 2013; (b) in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date, and (c) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003(the Order) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by Section 227(3) of the Act, we report that: (a) 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. (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, 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 Balance Sheet, Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act. (e) On the basis of the written representations received from the directors as on 31st March, 2013 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2013 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act. Annexure to Independent Auditors'' Report (Referred to in Paragraph 1 under the heading of report on other legal and regulatory requirements of our report of even date) 1. (a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The company has a phased programme of physical verification of its fixed assets which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. In accordance with such programme, the management has physically verified its fixed assets during the year and no material discrepancies were noticed by them. (c) During the year, there was no substantial disposal of fixed assets. 2. (a) Accordingtothe information and explanations given to us, physical verification of inventories is conducted by the management at periodic intervals. These intervals are reasonable having regard to the size of the company and the nature of its inventories. (b) The procedures followed by the company for physical verification of inventories 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 and no material discrepancies were noticed on physical verification as compared to book records. 3. (a) The company has granted unsecured loans amounting to Rs. 4,12,50,000/- to two (2) companies covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year in respect of aforesaid two parties is Rs. 4,12,50,000/- and the year-end balance of the said two loan amount is Rs. 3,92,50,000/-. (b) The rate of interest and other terms & conditions of the unsecured loan given by the Company are not prima-facie prejudicial to the interest of the company; (c) The unsecured loans are regularly serviced as per agreed terms; (d) There is no overdue amount in respect of the said unsecured loans; (e) The company has not taken any loan from the companies covered in the register maintained under Section 301 of the Companies Act, 1956. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. There was no continuing failure to correct major weaknesses in internal controls noticed by us during the course of our audit. 5. (a) In our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section. (b) In our opinion and according the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements exceeding the value of Rs. five lacs in respect of any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 6. In our opinion and according to the information and explanations given to us, the company has complied with the directives issued by the Reserve Bank of India and the provisions of sections 58A, 58AA or any other relevant provisions of the Act and the Rules framed there-under, wherever applicable with regard to the deposits accepted during the year. In accordance with the information and explanations given to us, there were no orders passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal which have not been complied with. 7 In our opinion the company has an internal audit system which is commensurate with the size and nature of its business. 8. Under the Companies (Cost Accounting) Rules, 2011, the company is required to maintain cost records w.e.f. 1st April, 2011 in respect of milk processing. We have broadly reviewed the books of accounts maintained by the Company pursuant to the rules prescribed by the Central government for the maintenance of cost records under Section 209(1 )(d) of the Companies Act, 1956 read with Companies (Cost Accounting) Rules, 2011 and are of the opinion that prima facie the prescribed accounts and records have been maintained . We have not however made a detailed examination of such accounts and records. 9. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, in our opinion the company is regular in depositing the undisputed statutory dues including providentfund.investoreducation&protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess and any other material statutory dues as applicable with the appropriate authorities. According to the information and explanations given to us, there were no undisputed amounts payable in respect of the above dues which were outstanding as at 31st March, 2013 for a period of more than six months from the date of becoming payable. 10. The company has no accumulated losses as at 31st March, 2013 and has not incurred any cash losses in the financial year ended on that date or in the immediately preceding financial year. 11. The company has not during the year defaulted in the re-payment of dues to the bank. The company has no loans from financial institutions nor has it issued any debentures. 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 a chit fund, nidhi, mutual benefit fund or a society. Accordingly, the provisions of clause 4(xiii) of the Order are not applicable. 14. According to the information and explanations given to us, 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 during the year. There is no corporate guarantee which is outstanding at the end of the year. Accordingly clause 4(xv) of the order is not applicable. 16. The company has not obtained term loan from bank during the year ending 31st March, 2013. 17. According to the information and explanation given to us, in our opinion, there are no funds raised on a short term basis which have been used for long term investment. 18. During the year, the company has not made any preferential allotment of share to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, clause 4(xviii) of the order is not applicable. The company has not issued any debentures. Accordingly, clause 4(xix) of the order is not applicable. 20. The company has not raised any money by way of public issue during the year. Accordingly, clause 4(xx) of the order is not applicable. 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 instance of fraud on or by the company, noticed or reported during the year, nor we have been informed of such case by the management. for & on behalf of V. SahaiTripathi & Co. Chartered Accountants Firms Registration No.000262N (ADARSH AGRAWAL) Place: Noida Partner Date: 21st May, 2013 Membership No. 092249