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Adani Enterprises Ltd

BSE: 512599 | NSE: ADANIENT ISIN: INE423A01024
Market Cap: [Rs.Cr.] 7,924.06 Face Value: [Rs.] 1
Industry: Trading

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Auditor's Report

TO THE MEMBERS OF ADANI ENTERPRISES LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of AdaniEnterprises Limited (“the Company”), which comprise the Balance Sheet as atMarch 31, 2015, and the Statement of Profit and Loss and Cash Flow Statement for the yearthen ended, and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position, financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India, including theAccounting Standards specified under Section 133 of the Act, read with Rule 7 of theCompanies (Accounts) Rules, 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design, implementation andmaintenance of adequate internal financial controls, that were operating effectively forensuring the accuracy and completeness of the accounting records, relevant to thepreparation and presentation of the financial statements that give a true and fair viewand 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 statementsbased on our audit. We have taken into account the provisions of the Act, the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment, including the assessment of the risks of material misstatement of thefinancial statements, whether due to fraud or error. In making those risk assessments, theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors, as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us, the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India, of the state of affairs of the Companyas at 31 March 2015 and its profit and its cash flows for the year ended on that date.

Other Matter

The attached financial statements include the Company's share of net assets andliabilities of ` 80.90 Crores and ` 2.59 Crores respectively in 1 unincorporated JointVenture not operated by the company or its subsidiaries, the unaudited accounts of whichhave been certified by the management and relied upon by us.

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 ofthe Act, we give in the Annexure a statement on the matters specified in the paragraph 3and 4 of the Order, to the extent applicable.

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 ofour 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 theCompany so far as it appears from our examination of those books;

c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

d)in our opinion, the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act, read with Rule 7 of theCompanies (Accounts) Rules, 2014;

e)on the basis of the written representations received from the directors as on 31March 2015 taken on record by the Board of Directors, none of the directors isdisqualified as on 31 March 2015 from being appointed as a director in terms of Section164 (2) of the Act; and

f) with respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinionand to the best of our information and according to the explanations given to us:

i. the Company has disclosed the impact of pending litigations on its financialposition in its financial statements Refer Note 37(A) to the financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Dharmesh Parikh & Co.,
Chartered Accountants
Firm Reg. No: 112054W
Anuj Jain
Place : Ahmedabad Partner
Date : 13th May, 2015 Membership No. 119140

ANNEXURE TO THE INDEPENDENT AUDITOR'S REPORT RE: ADANI ENTERPRISES LIMITED

(Referred to in Paragraph 1 of our Report of even date)

The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the standalone financial statements for the year ended 31 March 2015, we reportthat

(i) (a) The Company has maintained proper records showing full particulars, includingquantitative details and situation of fixed assets.

(b) As explained to us, fixed assets, according to the practice of the Company, arephysically verified by the management at reasonable intervals, in a phased verificationprogramme, which, in our opinion, is reasonable, looking to the size of the Company andthe nature of its business.

(ii) (a) The inventory has been physically verified during the year by the management.In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the managementare reasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) On the basis of our examination of the records of inventory, we are of the opinionthat the Company is maintaining proper records of inventory. The discrepancies noticed onverification between the physical stocks and the book records have been properly dealtwith.

(iii) According to the information and explanation given to us and the records producedto us for our verification, the Company has not granted loans to any body corporate orother parties covered in the register maintained under section 189 of the Companies Act,2013 (the Act). Accordingly the provisions of paragraph 3 (iii) (a) & (iii) (b) of theOrder are not applicable.

(iv) According to the information and explanations given to us, there is an adequateinternal control system commensurate with the size of the Company and the nature of itsbusiness for the purchase of fixed assets, inventories and for the sale of services. Wehave not observed any major weakness in the internal control system during the course ofthe audit.

(v) The Company has not accepted any deposits from the public.

(vi) We have broadly reviewed the cost records maintained by the Company pursuant tothe Companies (Cost Records and Audit) Rules 2014 prescribed by the Central Governmentunder section 148(1) of the Companies Act, 2013 in respect of the Company's products/services to which the said rules are made applicable and are of the opinion that primafacie the prescribed cost records have been made and maintained. However, we have not madea detailed examination of the cost records with a view to determine whether they areaccurate or complete.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company, amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund, employees' stateinsurance, income tax, sales tax, wealth tax, service tax, duty of customs, value addedtax, cess and other material statutory dues have been regularly deposited during the yearby the Company with the appropriate authorities generally. As explained to us, the Companydid not have any dues on account of duty of excise.

According to the information and explanations given to us, no undisputed amountspayable in respect of provident fund, employees' state insurance, income tax, sales tax,wealth tax, service tax, duty of customs, value added tax, cess and other materialstatutory dues were in arrears as at 31 March 2015 for a period of more than six monthsfrom the date they became payable.

(b) According to the information and explanations given to us, there are no materialdues of wealth tax which have not been deposited with the appropriate authorities onaccount of any dispute.

However, according to information and explanations given to us, the following dues ofduty of customs, cess, income tax, sales tax/ value added tax, service tax, duty of exciseand FEMA have not been deposited by the Company on account of disputes:

Name of Statute Nature of the dues Forum where dispute is pending Amount (*) Amount paid under protest Period to which the amount relates
(Rs in Crores) (Rs in Crores)
Appellate Authority upto Commissioner's Level 50.76 16.00 2006-07,2008- 09 to 2010- 11
Income Tax Act Income Tax Appellate Tribunal 46.30 22.52 2001-02, 2003- 04 to 2009-10
High Court 1.39 0.00 1988-89 & 2008-09
Appellate Authority upto Commissioner's Level 0.82 0.00 2007-08 to 2009-10
Finance Act, 1994 Service Tax Appellate Tribunal 34.72 18.08 2004-05 to 2011-12
Appellate Authority upto Commissioner's Level 219.51 23.39 1999-2000, 2002-03 to 2013-14
Sales Tax Acts Sales Tax Appellate Tribunal 18.34 1.10 2001-02, 2004- 05 & 2008-09
High Court 1.46 0.58 2005-06, 2006- 07
Supreme Court 11.47 1.91 2006-07 to 2010-11
Excise Act Excise Duty High Court 0.61 0.15 1998-99, 1999-2000 1993-94, 1995-
Assessing Authority 259.85 151.03 96, 1997-98, 1999-2000 to 2006-07, 2012- 13, 2013-14
Appellate Authority upto Commissioner's Level 2.65 0.00 2000-01 to 2008-09
Customs Act Customs Duty Appellate Tribunal 453.77 230.94 1992-93, 1993- -94, 1997-98, 2003-04 to 2007-08, 2011- 12 & 2012-13
High Court 1.74 0.87 1996-97
Jt. Secretary, Ministry of Finance 0.84 0.00 2006-07 to 2009-10
Supreme Court 2.28 0.00 1997-98 to 1999-2000
Foreign Exchange Management Act Penalty Appellate Tribunal 4.10 0.00 2000-01
Foreign Exchange Regulation Act Penalty Appellate Authority upto Commissioner's Level 0.16 0.00 1997-98

* Amount as per Demand orders including interest and penalty wherever applicable.

(c) According to the information and explanations given to us the amounts which wererequired to be transferred to the investor education and protection fund in accordancewith the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules there underhas been transferred to such fund within time.

(viii) The Company does not have any accumulated losses at the end of the year.Further, the Company has not incurred cash losses during the current financial year.However, the Company had incurred cash losses during the previous financial year.

(ix) Based on our audit procedures and on the information and explanations given by themanagement, we are of the opinion that the Company has not defaulted in repayment of duesto any bank, financial institution or debenture holders during the year.

(x) In respect of guarantees given by the company for loans taken by others from banks,the terms and conditions are prima facie not prejudicial to the interest of the Company.

(xi) To the best of our knowledge and as explained, the term loans raised during theyear have been applied for the purpose for which they were raised.

(xii) During the course of our examination of the books and records of the Company,carried out in accordance with the generally accepted auditing practice in India, andaccording to the information and explanation given to us, we have neither come across anyinstance of fraud on or by the Company, noticed or reported during the year, nor have webeen informed of any such case by the management.

For Dharmesh Parikh & Co.,
Chartered Accountants
Firm Reg. No: 112054W
Anuj Jain
Place : Ahmedabad Partner
Date : 13th May, 2015 Membership No. 119140

   

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Futures & Options Quote
Expiry Date :
430.75    5.75 (1.35%)
Instrument: FUTSTK
Expiry Date: 31-Jul-2014
Open Price: 428.10
Average Price: 431.75
No. of Contracts Traded: 6,635
Open Interest: 68,22,000
Underlying: ADANIENT
Market Lot: 1,000
Previous Close: 430.75
Day's High | Low: 437.50 | 427
Turnover (Cr.): 286.47
Open Int. Change: 0,12,80,000 ([15.80]% )
Key Information

Key Executives:

Gautam S Adani , Chairman

Rajesh S Adani , Managing Director

Vasant S Adani , Director

Anil Ahuja , Director


Company Head Office / Quarters:

Adani House Shrimali Society,
Mithakhali Six Rd Navrangpura,
Ahmedabad,
Gujarat-380009
Phone : Gujarat-91-79-26565555/25555555 / Gujarat-
Fax : Gujarat-91-79-26565500/25555500 / Gujarat-
E-mail : investor@adani.in
Web : http://www.adani.com

Registrars:

Sharepro Services India Pvt Lt
Devnandan Mega Mall ,Office No 416-420 ,4th Floor Ashram Rd ,Ahmedabad-380006

 
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