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Asahi India Glass Ltd.

BSE: 515030 Sector: Industrials
NSE: ASAHIINDIA ISIN Code: INE439A01020
BSE LIVE 15:40 | 09 Dec 175.50 2.90
(1.68%)
OPEN

172.00

HIGH

179.50

LOW

171.55

NSE LIVE 15:41 | 09 Dec 176.55 3.60
(2.08%)
OPEN

173.95

HIGH

180.00

LOW

173.00

OPEN 172.00
PREVIOUS CLOSE 172.60
VOLUME 7357
52-Week high 210.00
52-Week low 135.00
P/E 40.34
Mkt Cap.(Rs cr) 4266.40
Buy Price 175.50
Buy Qty 50.00
Sell Price 0.00
Sell Qty 0.00
OPEN 172.00
CLOSE 172.60
VOLUME 7357
52-Week high 210.00
52-Week low 135.00
P/E 40.34
Mkt Cap.(Rs cr) 4266.40
Buy Price 175.50
Buy Qty 50.00
Sell Price 0.00
Sell Qty 0.00

Asahi India Glass Ltd. (ASAHIINDIA) - Auditors Report

Company auditors report

To the Members of Asahi India Glass Limited

Report on the Standalone Financial Statements

We have audited the accompanying Standalone Financial Statements of Asahi India GlassLimited ("the Company") which comprise the Balance Sheet as at March 31 2016the Statement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Managements’ 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 preparationof these Standalone Financial Statements that give a true and fair view of the financialposition financial performance and cash hows of the Company in accordance with theaccounting principles generally accepted in India including the accounting standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities selection andapplication of appropriate accounting policies making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Financial Statements that give a true and fair view and are free from materialmisstatement 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 there under.

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 whether the 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 theauditors’ judgment including the assessment of the risks of material misstatement ofthe Financial Statements whether due to fraud or error. In making those risk assessmentsthe auditors consider 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 the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall 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 March 31 2016 and its Profit and its Cash Flows for the year ended on that 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 Section 143 (11) of the Act we givein the Annexure-I a statement on the matters specified in paragraphs 3 and 4 of theOrder.

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 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 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) Our Report on the Internal Financial Controls under clause (i) of sub-section 3 ofSection 143 of the Companies Act 2013 is given as Annexure-II to this Report.

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) 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 in Note 28 - ContingentLiabilities of its Financial Statements.

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

iii) No amounts are required to be transferred to the Investor Education and ProtectionFund by the Company.

For Jagdish Sapra & Co.
Chartered Accountants
(Firm Registration No. 001378N)
Jagdish Sapra
Place: New Delhi Partner
Dated: 24th May 2016 Membership No. 009194

Annexure-I to the Independent Auditors’ Report

(Referred to in paragraph 1 under Report on other Legal and Regulatoryrequirements’ of our Report of even date)

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

b) The Company has a regular program of physical verification of its fixed assetsthrough which all fixed assets are verified in a phased manner over a period of threeyears. In our opinion this periodicity of physical verification is reasonable havingregard to the size of the Company and the nature of its assets. As informed to us nomaterial discrepancies were noticed on such verification as carried out under the aboveprogram during the current year.

c) The title deeds of immovable properties are held in the name of the Company.

ii) The inventories except goods in transit have been physically verified by theManagement at reasonable intervals during the year and no material discrepancies werenoticed on physical verification.

iii) The Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained underSection 189 of the Companies Act 2013 as per information and explanations given to us.Consequently the provisions of clauses 3(iii)(a) (iii)(b) and (iii)(c) of the Order arenot applicable.

iv) In our opinion and according to the information and explanations given to us inrespect of loans investments guarantees and security provisions of Section 185 and 186of the Companies Act 2013 have been complied with.

v) As per information and explanations given to us the Company has not accepted anydeposits from the public and hence the provisions of clause 3 (v) of the Order are notapplicable.

vi) We have broadly reviewed the books of account relating to materials labour andother items of cost maintained by the Company prescribed by the Central Government underSection 148 (1) of The Companies Act 2013 and are of the opinion that prima facie theprescribed accounts and records have been made and maintained. However we are notrequired to and have not carried out any detailed examination of such accounts andrecords.

vii) a) According to the information and explanations given to us and the records ofthe Company examined by us the Company has been generally regular in depositingundisputed statutory dues including Provident Fund Employees’ State InsuranceIncome Tax Sales Tax Service Tax Duty of Customs Duty of Excise Value Added Tax Cessand other statutory dues with the appropriate authorities during the year except somedelays in respect of Service Tax Sales Tax Excise Duty and Tax Deducted at Source . Weare informed that there are no undisputed statutory dues as at the year end outstandingfor a period of more than six months from the date they become payable except Tax Deductedat Source of Rs 3 Lakhs.

b) There are no dues in respect of Income Tax Sales Tax Service Tax Duty of CustomDuty of Excise and Value Added Tax that have not been deposited with the appropriateauthorities on account of any dispute other than those mentioned below:

Nature of dues Amount (Rs Lakhs) Period to which amount relates Forum where the dispute is pending
Income Tax 3 2005-06 & 2007-08 Income Tax Appellate Tribunal
Income Tax 2 2010-11 Asstt. Commissioner of Income Tax
Income Tax (TDS) 539 2010-112011-12 2012-13 2013-14 Commissioner of Income Tax (Appeals)
Sales Tax/Vat 970 2002-03 & 2003-04 High Court
Sales Tax/Vat 462 2005-06 to 2010-11 2013-14 to 2015-16 Deputy/Joint Commissioner/VAT Tribunal
Excise Duty and Service Tax 531 2002-03 to 2014-15 Commissioner of Central Excise/Service Tax/ Additional Director General/CESTAT
Others 15 Commissioner Customs

viii) According to the records of the Company examined by us and on the basis ofinformation and explanations given to us the Company has not defaulted in repayment ofdues to banks financial institutions and government. The Company has not obtained anyborrowings by way of debentures.

ix) In our opinion and according to the information and explanations given to us termloans have been applied for the purpose for which they were raised. The Company has notraised any monies by way of initial public offer or further public offer (including debtinstruments).

x) To the best of our knowledge and according to the information and explanations givento us no fraud by the Company and material fraud on the Company by its officers oremployees has been noticed or reported during the year.

xi) In our opinion and according to the information and explanations given to usmanagerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the CompaniesAct.

xii) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Therefore the provisions of clause (xii) of the Order arenot applicable to the Company.

xiii) In our opinion and according to the information and explanations given to us alltransactions with the related parties are in compliance with Sections 177 and 188 of theCompanies Act 2013 where applicable and details have been disclosed in the FinancialStatements etc. as required by the applicable accounting standards.

xiv) According to the information and explanations given to us the Company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year review.

xv) According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with them.

xvi) In our opinion and according to the information and explanations given to us theCompany is not required to be registered under Section 45-IA of the Reserve Bank of IndiaAct 1934.

For Jagdish Sapra & Co.
Chartered Accountants
(Firm Registration No. 001378N)
Jagdish Sapra
Place: New Delhi Partner
Dated: 24th May 2016 Membership No. 009194

Annexure-II to the Independent Auditor’s Report of even date on the StandaloneFinancial Statements of Asahi India Glass Limited

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ASAHI INDIAGLASS LIMITED ("the Company") as of March 31 2016 in conjunction with our auditof the Standalone Financial Statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s Management is responsible for establishing and maintaining internalfinancial controls based 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). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company’s policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies 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 accordancewith the 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 extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls 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 of internal 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 toprovide a basis for our audit opinion on the Company’s internal financial controlssystem overfinancial 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 in conditions 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 Jagdish Sapra & Co.
Chartered Accountants
(Firm Registration No. 001378N)
Jagdish Sapra
Place: New Delhi Partner
Dated: 24th May 2016 Membership No. 009194

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