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Asahi Songwon Colors Ltd.

BSE: 532853 Sector: Industrials
NSE: ASAHISONG ISIN Code: INE228I01012
BSE LIVE 15:40 | 07 Dec 226.75 -3.65
(-1.58%)
OPEN

231.05

HIGH

232.20

LOW

225.85

NSE LIVE 15:41 | 07 Dec 227.70 -2.65
(-1.15%)
OPEN

230.15

HIGH

231.80

LOW

226.30

OPEN 231.05
PREVIOUS CLOSE 230.40
VOLUME 4826
52-Week high 275.90
52-Week low 108.50
P/E 13.71
Mkt Cap.(Rs cr) 278.22
Buy Price 226.75
Buy Qty 53.00
Sell Price 0.00
Sell Qty 0.00
OPEN 231.05
CLOSE 230.40
VOLUME 4826
52-Week high 275.90
52-Week low 108.50
P/E 13.71
Mkt Cap.(Rs cr) 278.22
Buy Price 226.75
Buy Qty 53.00
Sell Price 0.00
Sell Qty 0.00

Asahi Songwon Colors Ltd. (ASAHISONG) - Auditors Report

Company auditors report

To the Members of

Asahi Songwon Colors limited

Report on the financial Statements

We have audited the accompanying financial statements of Asahi Songwon ColorsLimited("the Company") which comprise the Balance Sheet as at 31st March 2015the Statement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

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 preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating 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 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 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 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 but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating 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 financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements 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 profit of the Company forthe year ended on that date and

(c) in the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that 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 of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the Annexure a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 143(3) of the Companies Act 2013 we 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 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 Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards specified under section 133 of theCompanies Act 2013 read with Rule 7 of Companies (Accounts) Rules 2014.

(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) of the Act.

(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.

(ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For Trushit Chokshi and Associates
Chartered Accountants
firm Registration No: 111072W
Trushit Chokshi
Place: Ahmedabad Proprietor
Date: 12/08/2015 Membership No.: 040847

Annexure to Independent Auditors’ Report

Referred to in paragraph 1 of the Auditors’ Report of even date to the members ofAsahi Songwon Colors limited on the financial statements as at and for the year ended 31stMarch 2015.

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

1. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of its 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 phased verificationprogramme which in our opinion is reasonable looking to the size of the Company and thenature of its business. As explained to us on such physical verification of fixed assetsno major discrepancies have been noticed.

2. (a) During the year the inventories have been physically verified by theManagement at regular intervals except for the stock lying with the outside partieswhich have however been confirmed by them. In our opinion the frequency of verificationis reasonable.

(b) In our opinion and according to the information and explanations given to us theprocedure of the physical verification of inventories followed by the Management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) On the basis of our examination of records of the inventories we are of theopinion that the Company has maintained proper records of inventories. As explained tous no material discrepancies were noticed on physical verification of inventories ascompared to the book records.

3. As per the information and explanations given to us the Company has not granted anyloans secured or unsecured loans to Companies firms or other parties listed in theregister maintained under Section 189 of the Companies Act 2013.

4. In our opinion and as per the information and explanations given to us there isadequate internal control system commensurate with the size of the company and the natureof its business with regards to purchase of inventory and fixed assets and sale of goodsand services. During the course of our audit no major weaknesses in the internal controlsystem have been noticed and there is no continuing failure in the same.

5. According to the information and explanations given to us as the company has notaccepted any deposits from the public Therefore the provision of clause(v) of paragraph 3of the CARO 2015 are not applicable to the Company.

6. According to the information and explanation provided for the provisions of clause3(vi) of the Order are not applicable to the company as the company is not covered by theCompanies (Cost Records and Audit) Rules 2014. The company does maintain cost records inaccounting system as per financial data however the detailed examination has not beenmade to determine whether they are sufficient accurate or correct.

7. (a) In our opinion and as per the information and explanations given to us theCompany is generally regular in depositing undisputed statutory dues including providentfund employees state insurance income tax sales tax service tax Value added Taxcustom duty excise duty Investor Education and Protection Fund and cess and otherstatutory dues if any with the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of Income Tax Wealth Tax Service Tax Custom Duty and Excise Duty /Cess were in arrears as at 31st March 2015 for a period of more than six months from thedate of they become payable.

(b) The disputed dues on account of income tax which have remained unpaid as on31.03.2015 are as follows:

Name of the Statute Nature of Dues Amount of Demand net of Deposits Year to Which Amount Relates forum where Dispute is Pending
Income Tax Act 1961 Income Tax 554840 2001-2002 The said Demand is outstanding because of non disposal of the application filed u/s 154
Income Tax Act 1961 Income Tax 1344550 2002-2003 Income Tax Appellate Tribunal Ahmedabad
Income Tax Act 1961 Income Tax 2755672 2004-2005 Commissioner of Income Tax (Appeal)
Income Tax Act 1961 Income Tax 151555 2006-2007 Commissioner of Income Tax (Appeal)
Income Tax Act 1961 Income Tax 953530 2008-2009 Commissioner of Income Tax (Appeal)
Income Tax Act 1961 Income Tax 793947 2009-2010 Commissioner of Income Tax (Appeal)
Income Tax Act 1961 Income Tax 16470 2010-2011 Income Tax Appellate Tribunal Ahmedabad
Income Tax Act 1961 Income Tax 272520 2011-2012 Income Tax Appellate Tribunal Ahmedabad

(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.

8. The Company neither has any accumulated losses at the end of the financial year asat 31st March 2015 nor has it incurred any cash losses in the current financial yearended on that date and in the immediately preceding financial year.

9. In our opinion and as per the information and explanations given to us the Companyhas not defaulted in repayment of dues to Banks and Financial Institutions and debentureholders.

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 and based on theverification the company has availed disbursement of sanctioned Term Loan and have beenapplied for the purposes for which they were raised.

12. According to the information and explanations given to us and to the best of ourknowledge and belief no fraud on or by Company was noticed or reported in the course ofour audit during the year.

For Trushit Chokshi and Associates
Chartered Accountants
firm Registration No: 111072W
Trushit Chokshi
Place: Ahmedabad Proprietor
Date: 12/08/2015 Membership No.: 040847

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