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Abhishek Corporation Ltd.

BSE: 532831 Sector: Industrials
BSE 14:04 | 20 Mar 3.11 0






NSE 00:00 | 26 Apr Abhishek Corporation Ltd
OPEN 3.11
52-Week high 5.51
52-Week low 1.60
Mkt Cap.(Rs cr) 5
Buy Price 3.11
Buy Qty 600.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.11
CLOSE 3.11
52-Week high 5.51
52-Week low 1.60
Mkt Cap.(Rs cr) 5
Buy Price 3.11
Buy Qty 600.00
Sell Price 0.00
Sell Qty 0.00

Abhishek Corporation Ltd. (ABHISHEK) - Auditors Report

Company auditors report

To the Members of Abhishek Corporation Ltd.

Report on the Financial Statements

We have audited the accompanying financial statements of Abhishek Corporation Limited("the Company") which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss for the year then ended and the Cash Flow Statement for theyear then 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 in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder. We conducted our audit in accordancewith the Standards on Auditing specified under section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the financial statements. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the financial statements.


In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 312017; and

(b) In the case of the Statement of Profit and Loss of the Loss for the year ended onthat date; and

(c) In the case of the Cash Flow Statement of the Cash Flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order 2016 ("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 1 a statement on the matters specified in paragraphs 3and 4 of the Order.

2. As required by Section 143(3) of the Act we report that:

a. We have obtained all the information and explanations which to the best of ourknowledge 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 theCompany so far as appears from our examination of those books.

c. The Balance Sheet the Statement of Profit and Loss and cash flow statement dealtwith by this Report are in agreement with the books of account.

d. In our opinion the aforesaid financial statements comply with the AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts)Rule2014

e. On the basis of the written representations received from the directors as on March312017 taken on record by the Board of Directors none of the directors are disqualifiedas on March 312017 from being appointed as a director in terms of Section 164(2) of theAct.

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure 2" to this report;

g. With respect to the other matters included in the Auditor's Report and to our bestof 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 1 (13) to the financial statements.

ii) The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses

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

iv) The company had provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8thNovember 2016 to 30th December 2016 and the same are in accordance with thebooks of accounts maintained by the company.

For Moreshwar G. Deshpande
Chartered Accountant
Date : 26th May 2017 Moreshwar Deshpande Proprietor
Place: Kolhapur M. No. : 124163

Annexure 1 as referred to in paragraph (1) under the heading "Reporting on OtherLegal and Regulatory Requirements" of our report on even date of Abhishek CorporationLimited for the year ended on 31/03/2017 respects to fixed assets :-

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

(b) The fixed Assets have been physically verified by the management at reasonableintervals. No material discrepancies were noticed on such verification by the management.

(c) The title deeds of immovable properties other than self constructed properties asdisclosed in Note 8 on fixed assets to the financial statements are held in the name ofthe company including the leasehold properties held by the company.

(ii) The inventory has been physically verified by the management at regular intervalsand the discrepancies noticed on such physical verification of inventory compared to bookrecords were not material.

(iii) The company has not granted any Loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the Companies Act2013.

(iv) In our opinion and according to the information and explanations given to us theCompany has not granted any loans or provided any guarantees or security to the partiescovered under Section 185 and Section 186.

(v) During the year under review the company has not accepted any amount by way ofDeposits pursuant to provisions of section 73 to 76 or any other relevant provisions ofthe Companies Act & the rules framed there under.

(vi) We have broadly reviewed the books of account maintained by the company pursuantto the rules prescribed by the Central Government for maintenance of cost records undersection 148(1) of the Companies Act and are of the opinion that prima facie theprescribed accounts and records have been made and maintained.

(vii) In respects to statutory dues

a) According to the information and explanation given to us the company is regular indepositing with appropriate authorities undisputed statutory dues including providentfund Income Tax Wealth Tax Sales Tax Purchase Tax Custom Duty Excise Duty CessEntry Tax & Service Tax Value added taxes Cess and any other statutory dues exceptfollowing dues which are due since more than six months but still not paid

i. Tax Deducted At Source 4709257/-
ii. Provident Fund 5959420/-
iii. Professional Tax 2525250/-

b) The disputed statutory dues have not been deposited on account of disputed matterspending before appropriate authorities as on March 312017 are as under:

Sr. No. Name of the Statute Nature of Dues Amount (Rs.) Period to which the amount relates Forum where dispute is pending
1 Central Excise Excise duty 1570662/ - May 10 to Jun-11 CESTAT
2 Central Excise Custom Duty 8828839/ - Jan-06 to Oct-09 CESTAT
3 Central Excise Excise & Custom Duty 48044348/ - Aug-09 to Apr-14 CESTAT
4 Service Tax Service Tax 6649828/ - Oct-07 to Mar-12 CESTAT
5 EPF and MP Act1952 PF interest & Damages 18032097/ - Apr-96 to Nov-14 EPF appellate Tribunal
6 Income Tax Act1961 Income Tax

- *

A.Y 2006-07 and A.Y 2007-08 ITAT

* The Company is not in a position to exactly quantify the amount of liability as theorder of the AO giving effect to the ITAT order is not yet received.

The company has not considered any interest and penalties while considering the abovefigures except for point no 5 where the amount itself is in relation to penalty andinterest.

(viii) The company has defaulted in repayment of the loans as are mentioned in Note 4aand Note 6a of the Balance Sheet. However dispute lies between the company and thelenders in terms of the amount of repayment as well as the other terms of repayment.Considering the same we are of the opinion that the repayment of these loans are defaultedsince the withdrawal of CDR i.e. 24-2-2012(date of withdrawal of CDR) however thewithdrawal of CDR itself is disputed.

(ix) The Company has not raised any moneys by way of initial public offer furtherpublic offer (including debt instruments) and term loans. Accordingly the provisions ofClause 3(ix) of the Order are not applicable to the Company.

(x) During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor we have been informed of any such case by theManagement.

(xi) The Company has paid/provided for managerial remuneration wherever applicable inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act.

(xii) As the Company is not a Nidhi Company and the Nidhi Rules 2014 are notapplicable to it; the provisions of Clause 3(xii) of the Order are not applicable to theCompany.

(xiii) The Company has entered into transactions with related parties in compliancewith the provisions of Sections 177 and 188 of the Act. The details of such related partytransactions have been disclosed in the financial statements as required under AccountingStandard (AS) 18 Related Party Disclosures specified under Section 133 of the Act readwith Rule 7 of the Companies (Accounts) Rules 2014.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.Accordingly the provisions of Clause 3(xiv) of the Order are not applicable to theCompany (Accounts) Rules 2014.

(xv) According to the information and explanations given to us the Company has notentered into non-cash transactions with any of the directors/ person connected with thedirector during the year.

(xvi) The Company is not required to be register under Section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.

For Moreshwar G. Deshpande
Chartered Accountant
Moreshwar Deshpande
Date : 26th May 2017 Proprietor
Place: Kolhapur M. No. : 124163