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Ahmedabad Steelcraft Ltd.

BSE: 522273 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE868C01018
BSE LIVE 13:44 | 02 Dec 17.10 0
(0.00%)
OPEN

17.10

HIGH

17.10

LOW

17.10

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 17.10
PREVIOUS CLOSE 17.10
VOLUME 100
52-Week high 24.40
52-Week low 16.25
P/E 7.01
Mkt Cap.(Rs cr) 6.99
Buy Price 17.10
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00
OPEN 17.10
CLOSE 17.10
VOLUME 100
52-Week high 24.40
52-Week low 16.25
P/E 7.01
Mkt Cap.(Rs cr) 6.99
Buy Price 17.10
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00

Ahmedabad Steelcraft Ltd. (AHMSTEELCRAFT) - Auditors Report

Company auditors report

To

The Members of

Ahmedabad Steelcraft Limited

Report on the Standalone Financial Statements:

We have audited the accompanying Standalone Financial Statements of Ahmedabad SteelCraft Limited ("the Company") which comprise the Balance Sheet as at March31 2016 the Statement of Profit and Loss and Cash Flow Statement for the year ended March31 2016 and a summary of significant accounting policies and other explanatoryinformation for the year ended as on 31st March 2016.

Management’s Responsibility for the Standalone 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 flow 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 responsible 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.

Auditors’ 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 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 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 anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks ofmaterial misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by company’s Directors as well as evaluating the overallpresentation 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 31st March 2016 and its profit and its cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" a statement on the mattersspecified 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 bestof 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 theCompany so far as appears from our examination of those books

c) the Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by 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 written representations received from the directors as on March 312016 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2016 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 B" and

g) with respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contract including derivative contracts forwhich there were any material foreseeable losses; hence the company need not make anyprovision.

iii. There were no amounts which were required to be transferred to the investoreducation and protection fund by the Company.

For Dhiren Shah &Co.
Chartered Accountants
FRN: 114633W
Dhiren Shah
Place: Ahmedabad (Partner)
Date: 26-05-2016 Membership No.: 035824

Annexure-A to the Auditor’s Report

The Annexure referred to in Independent Auditors’ Report to the members of thecompany on the standalone financial statements for the year ended 31st March2016 we report that:

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

(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets of the Company have been physically verified by the Management and nomaterial discrepancies have been noticed on such verification. In our opinion thefrequency of verification is reasonable.

(c) According to the information and explanation given to us and on the basis of ourexamination of the records of the company the title deeds of immovable properties areheld in the name of the Company.

ii) The physical verification of inventory has been conducted at reasonable intervalsby the Management during the year and no material discrepancies were noted in the same.

iii) The Company has granted unsecured loan to one company covered in the registermaintained u/s. 189 of the Act.

(a) In our opinion the rate of interest and other terms and conditions on which theloans has been granted to the body corporate listed in the register maintained undersection 189 of the Act were prima facie not prejudicial to the interest of the company.

(b) In the case of the loans granted to the body corporate listed in the registermaintained under section 189 of the Act the borrower has been regular in the payment ofthe Principal and interest as stipulated. The terms of arrangements do not stipulate anyrepayment and the loans are repayable on demand. Accordingly paragraph 3 (iii) (c) of theorder is not applicable to the company in respect of repayment of the principal amount.

(c) As per information and explanation given to us the loan is repayable on demandhence there are no overdue amount in respect of the loan granted to a body corporatelisted in the register maintained under Section 189 of the Act.

iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Companies Act 2013with respect to the loans and investments made.

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

vi) The Central Government has not specified the maintenance of cost records undersection 148(1) of the Act for any of the products rendered by the Company.

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 income taxsales-tax value added tax duty of customs service tax cess and other materialstatutory dues have been regularly deposited during the year by the company with theappropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax value added tax duty ofcustoms service tax cess and other material dues were in arrears as at 31stMarch 2016 for a period of more than six months from the date they become payable.

(b) According to the information and explanations given to us there are no dues ofIncome tax sales-tax duty of excise duty of customs service tax and value added taxwhich have not been depsited with the appropriate on authorities on account of anydispute.

viii) The Company does not have any default in repayment of dues of loans or borrowingsfrom any financial institution banks government or debenture holders during the year.

ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the order is not applicable.

x) According to the information and explanation given to us no material fraud by thecompany or on the company by its officers or employees has been noticed or reported duringthe course of our audit.

xi) According to the information and explanations give to us and based on ourexamination of the records of the company has paid / provided for managerial remunerationin accordance with the requisite approvals mandated by the provisions of Section 197 readwith schedule V of the Act.

xii) In our oinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the order is notapplicable.

xiii) According to the information and explanations given to us and based on ourexamination of the records of the company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xv) According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly the paragraph3(xv) of the order is not applicable.

xvi) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For Dhiren Shah & Co.
Chartered Accountants
FRN: 114633W
Dhiren Shah
Place: Ahmedabad (Partner)
Date: 26-05-2016 Membership No.: 035824

Annexure-B to the independent Auditor’s Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Act

We have audited the internal financial controls over financial reporting of AhmedabadSteelcraft Limited) ("the Company") as of March 31 2016 in conjunction withour audit of thestandalone financial statements of the Company for the year ended on thatdate.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controlsbased on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewiththe Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the companies Act 2013 to the extent applicableto an audit of internal financial controls both applicable to an audit of InternalFinancial Controls and both issued by the Institute of Chartered Accountants of India.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness ofinternal control based on the assessed risk. The proceduresselected depend on the auditor’s judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovidea basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes inconditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Dhiren Shah & Co.
Chartered Accountants
FRN: 114633W
Dhiren Shah
Place: Ahmedabad (Partner)
Date: 26-05-2016 Membership No.: 035824

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