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Asahi Industries Ltd.

BSE: 514482 Sector: Industrials
NSE: N.A. ISIN Code: INE745I01015
BSE LIVE 10:54 | 19 Sep Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 3.09
PREVIOUS CLOSE 3.25
VOLUME 200
52-Week high 3.60
52-Week low 3.09
P/E
Mkt Cap.(Rs cr) 20.52
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.09
CLOSE 3.25
VOLUME 200
52-Week high 3.60
52-Week low 3.09
P/E
Mkt Cap.(Rs cr) 20.52
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Asahi Industries Ltd. (ASAHIINDUS) - Auditors Report

Company auditors report

To

The Members of Asahi Industries Limited

Report on the Financial Statements

We have audited the accompanying financial statements of ASAHI INDUSTRIES LIMITED.("the Company") which comprise the Balance Sheet as on 31st March 2015 theStatement of Profit and Loss for the period 1st April 2014 to 31st March 2015 and the CashFlow Statement for the period ending and a summary of the significant information.

Management’s Responsibility for the Financial Statements:

The management and Board of Directors of the Company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 (‘the act’) with respect tothe preparation financialstatements that give a true and fair view of these of thefinancial position financial performance and cash flows of the Company in generallyaccepted in India including the Accounting Standards specified under Section 133 of theAct read with rule 7 of Companies (Accounts) Rules 2014.This responsibility includes thedesign implementation and maintenance of internal control relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

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 andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. in making those risk assessmentsthe auditor considers internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the Company’s internal control. An audit also includes evaluatingthe appropriateness of the accounting policies used and the reasonableness of theaccounting estimates made by the Management 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiventoustheaforesaidfinancialstatements give the information required by the Act in themanner 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 at 31stMarch 2015.

(b) in the case of the Statement of Profit and Loss of the loss of the Company for theperiod ending on that date: and

(c) in the case of the Cash Flow Statement of the Company for the period ending onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government in terms of Sub-section (11) of section 143of the Act we give in the Annexure a statement on the matters specified in paragraphs 3and 4 of the Order.

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

(a) We have obtained all the information and explanations which to the best of ourknowledge 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 Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with the Accounting Standards notified under the Act (which continueto be applicable in respect of Section 133 of the Companies Act 2013 in terms of GeneralCircular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs).

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

For A.F.KHASGIWALA & Co
A.F. KHASGIWALA
Partner
Membership No.:006491
Firm Reg.No.:105114W
Place : Mumbai
Date :16/05/2015

Annual Report 2014 -15 Annexure to the Independent Auditors’ Report

1) In respect of its fixed assets

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets except in respect of additions madeduring the year which are in the process of updation.

b) As informed to us by the management the Company has a policy of physically verifyingfixed assets in a phased manner over a period which in our opinion is reasonable havingregard to the size of the Company and the nature of its assets. We are informed that therewas no material discrepancies noticed on such verification which were accounted in thefinancial statements.

2) In respect of its inventories:

a) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

b) In our opinion and according to the information and explanations given to us theCompany has maintained proper records of its inventories and the discrepancies noticed onsuch physical verification between physical stock and book records were not material andhave been adequately dealt with in the books of account.

3) According to the information and explanations given to us the Company has notgranted any loan secured or unsecured to companies firms or other parties covered inthe register maintained under section 189 of the Companies Act 2013 and hence clause3(iii) of the Order is not applicable to the Company.

4) In our opinion and according to the information and explanations given to us thereexist an adequate internal control system commensurate with the size of the Company andnature of its business with regard to purchases of inventory fixed assets and for thesale of goods and services. During the course of our audit we have not observed anycontinuing failure to correct major weaknesses in internal control system

5) The Company has not accepted any deposit from public. No order has been passed byCompany Law Board or National Company Law Tribunal or Reserve Bank of India or any Courtor any other Tribunal.

6) We have broadly reviewed the books of accounts maintained by the Company pursuant tothe rules prescribed by the Central Government for maintenance of cost records under148(1) of the Companies Act 2013 in relation to products manufactured and are of theopinion that prima facie the prescribed accounts and records have been made andmaintained. We have not made a detailed examination of the records with a view todetermine whether they are accurate and complete.

7) According to the information and explanations given to us:

a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees State Insurance Income Tax Sales Tax Wealth TaxService Tax Custom Duty Excise Duty Value Added Tax Cess and other material statutorydues with the appropriate authorities during the year. There are no undisputed amountspayable in respect of aforesaid material statutory dues as at 31st March 2015 which werein arrears for a period of more than six months from the date they became payable.

b) On the basis of our examination of the documents and records of the Company thereare no dues of Income Tax Sales Tax Wealth Tax Service Tax Customs Duty Excise (TheAnnexure referred to in para 1 under the heading "Report on Other Legal andRegulatory Requirements" of our report of even date to the Members of on thefinancial statements for the year ended 31st March 2015.) 63 Financial StatementsCorporate Overview Statutory Reports Standalone Financial Statements Notice Duty ValueAdded Tax and Cess which have not been deposited on account of a dispute except asenumerated herein below which are pending before respective authorities as mentioned thereagainst:

Name of the statute Nature Of the Dues Amount* ( in `Crore) Period to which amount relate Forum where dispute is pending
- - - - -
- - - - -
- - - - -
- - - - -

*Net of amounts paid under protest or otherwise. Amount as per demand order includinginterest and penalty wherever quantified.

c) The amounts which were required to be transferred to the investor education andprotection fund in accordance with the relevant provisions of the Companies Act 1956 (1of 1956) and rules there under has been transferred to such fund within time.

8) The Company has accumulated losses as at 31st March 2015 as the debit balance ofstatement of Profit or Loss Rs.306.15 Lacks has been adjusted against reserve and surplus(Refer Note No.2.2).

9) Based on our audit procedures information and explanations given to us in ouropinion the Company has not defaulted in repayment of dues to financial institutions andbanks. The Company does not have any outstanding debentures during the year

10) According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from banks or financial institutions.

11) According to the information and explanations given to us the Company has nottaken any term loan during the year. 12) To the best of our knowledge and according to theinformation and explanations given to us no fraud on or by the Company has been noticedor reported during the course of our audit.

FOR A.F.KHASGIWALA & CO
CHARTERED ACCOUNTANT
A.F. KHASGIWALA
Place : Mumbai PARTNER
Date :16/05/2015 Membership. No.6491
Firm Regn no.105114

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