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Ashapura Intimates Fashion Ltd.

BSE: 535467 Sector: Industrials
NSE: AIFL ISIN Code: INE428O01016
BSE LIVE 15:44 | 02 Dec 416.60 -0.05
(-0.01%)
OPEN

421.55

HIGH

423.00

LOW

410.00

NSE LIVE 15:47 | 02 Dec 415.90 -1.85
(-0.44%)
OPEN

417.00

HIGH

423.00

LOW

408.70

OPEN 421.55
PREVIOUS CLOSE 416.65
VOLUME 67919
52-Week high 480.50
52-Week low 230.10
P/E 62.37
Mkt Cap.(Rs cr) 811.12
Buy Price 0.00
Buy Qty 0.00
Sell Price 412.00
Sell Qty 81.00
OPEN 421.55
CLOSE 416.65
VOLUME 67919
52-Week high 480.50
52-Week low 230.10
P/E 62.37
Mkt Cap.(Rs cr) 811.12
Buy Price 0.00
Buy Qty 0.00
Sell Price 412.00
Sell Qty 81.00

Ashapura Intimates Fashion Ltd. (AIFL) - Auditors Report

Company auditors report

To

The shareholders of

Ashapura Intimates Fashion Limited Mumbai

We have audited the accompanying Standalone Financial Statements of M/s AshapuraIntimates Fashion

Limited as on 31 March 2016 which comprises the balance sheet as at March 31 2016the Statement Of Profit And Loss And Cash Flow Statement for the year ended and a summaryof significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation of these standalone financial statementsthat gives a true and fair view of the financial position financial performance and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including Accounting Standards referred to in section 133 of the Companies Act2013( the Act). This responsibility includes the design implementation and maintenancesof Internal Control relevant to the preparation and presentation of the financialstatements that give a True and Fair View and are free from material misstatement whetherdue to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on this Standalone Financial Statementbased on our audit. We conducted our audit in accordance with the standards on Auditingissued by the Institute of Chartered Accountant of India. Those standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free from material misstatements.

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 of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessment;the auditor considers internal control relevant to the company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statement.

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 explanationgiven 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:

(a) In the case of the Balance sheet of the state of affairs of the Company as atMarch 31 2016;

(b) In the case of the Statement of Profit and Loss of the Profit for the year endedon that 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 requirement

1. As required by the Companies( Auditor’s Report) Order 2016 (" theorder" ) as amended issued by the Central Government of India in terms of subsection (11) of section 143 of the act we give in the annexure a statement on 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 th information and explanations which to the best ofour 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 it appear 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 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) Rules 2014.

e. On the basis of written representations received from the directors as on March 31 2016 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.

g. With respect to the other matters to be included in the Auditors 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 thecompany does not have any pending litigations which would impact its financial position.

For JDNG & Associates

Chartered Accountants

Firm's Registration No: 104315W

sd/-

Jayesh Rawal

Partner

Membership No: 104738

Place: Mumbai

Date: 28 May 2016

Annexure a to the Independent Auditors’ Report

Referred to in paragraph 1 under the heading ‘ Report on Other Legal &Regulatory Requirement’ of our report of even date to the financial statements of thecompany for the year March 31 2016.

1 (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed asset;

(b) The fixed assets have been physically verified by the management in a phasedmanner designed to cover all the items over a period of three year which in our opinionis reasonable having regard to the size of the company and nature of its business.Pursuant to the program apportion of the fixed asset has been physically verified by themanagement during the year and no material discrepancies between the books records and thephysical fixed assets have been noticed.

( c) the title deeds of immovable properties are held in the name of the company

2 (a ) The management has conducted the physical verification of inventory atreasonable intervals.

(b) the discrepancies noticed on physical verification of the inventory as compared tobooks records which has been properly dealt with in the books of account were notmaterial.

3. The company has not granted any loans secured or unsecured to companies firmslimited liability partnership or other parties covered in the register maintained undersection 189 of the act.

4. In our opinion and according to the information and explanation given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013in respect of loans investments guarantees and security.

5. The company has not accepted any deposits from the public and hence the directivesissued by the Reserve bank of India and the provisions of section 73 to 76 or any otherrelevant provisions of the Act and the Companies ( Acceptance of Deposit) Rules 2015 withregards to the deposits accepted from the public are not applicable.

6. We have broadly reviewed the cost records maintained by the company pursuant to theCompanies (Cost records ad audit) Rules 2014 as amended and prescribed by the centralgovernment under subsection (1) of Section 148 of the Companies Act 2013 are of theopinion that prima facie the prescribed cost records have been made and maintained. Wehave however not made a detailed examination of the cost records with a view todetermine whether they are accurate or complete.

7. (a) According to information and explanations given to us and on the basis of ourexamination of the books of account and records the company has been generally regularin depositing undisputed statutory dues including provident fund employees stateinsurance income tax sales tax service tax duty of custom duty of excise value addedtax cess and any other statutory dues with the appropriate authorities. According to theinformation and explanation given to us no undisputed amounts payable in respect of theabove where in arrears as at March 31 2016 for the period of more than six months fromthe date on when they become payable.

(b) According to the information and explanation given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added taxoutstanding on account of any dispute except given below:

Name of the statute Nature of dues Amount ( Rs. Lakhs) Period covered Forum where dispute is pending
Income tax act 1961 Tax deducted at source Rs.11.12 FY 2012-13 AY 2013-14 The Commissioner of Income Tax( TDS)

8) In our opinion and according to the information and explanations given to us thecompany has not defaulted in the repayment of dues to banks the company has not taken anyloans either from financial institutions or from the government and has not issued anydebentures during the year.

9) The company did not raise any money by way of initial public offer or further publicoffer (including debt instruments) and term loans during the year. Accordingly paragraph3(ix) of the order is not applicable.

10) Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the company or on the company by itsofficers or employees has been noticed or reported during the year.

11) Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act:

12) In our opinion the company is not a Nidhi company. Therefore the provisions ofclause 4(xii) of the order are not applicable to the company.

13) In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of companies act 2013 and the details have been disclosed in thefinancial statements as required by the applicable accounting standards.

14) According to the information and explanation 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.

15) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3( xv) ofthe order are not applicable to company and hence not commented upon.

16) In our opinion the company is not required to be registered under section 45 IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3(xvi) ofthe order are not applicable to the company and hence not commented upon.

For JDNG & Associates

Chartered Accountants

Firm's Registration No: 104315W

sd/-

Jayesh Rawal

Partner

Membership No: 104738

Place: Mumbai

Date: 28 May 2016

Annexure B to the independent auditor’s report of even date on the standalonefinancial statements of Ashapura Intimates Fashion 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 AshapuraIntimates Fashion Limited ("the company") as of march 31 2016 in conjunctionwith our audit of the standalone financial statements of the company for the year ended onthat date.

Management’s Responsibility for internal financial controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls. These responsibilities include the design implementation andmaintenance of adequate internal financial that were operating effectively for ensuringthe orderly and efficient conduct of its business including adherence to company’spolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under companies act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the company’s interal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the guidance note on audit of internal financial control over financial reporting (the "Guidance Note") and the standards of Auditing issued by ICAI and deemed tobe prescribed under section 143(10) of the Companies Act 2013 to the extent applicableto an audit of internal financial controls and 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 requirement 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 ofinternal financial control system over financial reporting and their operatingeffectiveness. Our audit of financial control system over financial reporting includedobtaining understanding of financial control system over financial reporting assessingthe risk that a material weakness exits and testing and evaluating the design andoperating effectiveness of internal control based on assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the company’s internal financial control system overfinancial reporting.

Meaning of financial control system over financial reporting

A company’s financial control system over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purpose in accordance withgenerally accepted accounting principles. A company’s internal financial controlsystem over financial reporting includes those policies and procedures that (1) pertain tothe maintenance 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 authorizations ofmanagement and directors of the company; and (3 ) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal financial control system over financial reporting

Because of the inherent limitations of internal financial control system over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatement due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial control system over financialreporting to future periods are subject to the risk that the internal financial controlsystem over financial reporting may become inadequate because of changes in conditions orthat the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial control system over financial reporting and such internal financial controlsystem over financial reporting were operating effectively as at March 31 2016.

For JDNG & Associates

Chartered Accountants

Firm's Registration No: 104315W

sd/-

Jayesh Rawal

Partner

Membership No: 104738

Place: Mumbai

Date: 28 May 2016

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