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Ashiana Ispat Ltd.

BSE: 513401 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE587D01012
BSE LIVE 13:04 | 02 Dec 10.30 0.49






NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 10.00
52-Week high 15.70
52-Week low 7.19
P/E 6.17
Mkt Cap.(Rs cr) 4.59
Buy Price 10.30
Buy Qty 125.00
Sell Price 0.00
Sell Qty 0.00
OPEN 10.00
CLOSE 9.81
52-Week high 15.70
52-Week low 7.19
P/E 6.17
Mkt Cap.(Rs cr) 4.59
Buy Price 10.30
Buy Qty 125.00
Sell Price 0.00
Sell Qty 0.00

Ashiana Ispat Ltd. (ASHIANAISPAT) - Auditors Report

Company auditors report

To the Members of Ashiana Ispat Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Ashiana Ispat Limited(“the Company”) which comprise the Balance Sheet as at March 31 2015 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and a summaryof 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 mis-statement.

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 of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating 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 standalone financial statements.


In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31March 2015 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 (Auditor's Report) Order 2015 (“the Order”)issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 of the Orderto the extent applicable.

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

a. We have obtained all the information and explanations which to the best of ourknowledge 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 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 the written representations received from the directors as on March31 2015 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct.

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 Refer Note 33 to the financial statements;

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

III. There has been no such amounts required to be transferred during the year to theInvestor Education and Protection Fund by the Company.

Dated : 30.05.2015 For S.Singhal & Co.
Place: Bhiwadi Chartered Accountants
(Registration No. 001526C)

Annexure to Independent Auditors' Report

We give hereinafter a statement on the matters specified in paragraphs 3 and 4 ofCompanies(Auditor's Report) Order 2015 referred to in paragraph 1 under the heading of“Report on other Legal and Regulatory Requirements” of our report of even date:

1. a. The company has maintained records of Fixed Assets in statement forms only.

b. According to the information & explanation given to us the fixed assets hasbeen physically verified by the management during the year in a phased periodical mannerwhich in our opinion is reasonable having regard to the size of the company and thenature of the assets. No material discrepancies were noticed on such verification.

2. a. As explained to us inventories have been physically verified by the managementat reasonable intervals during the year.

b. In our opinion and according to the information and explanation given to us theprocedures of physical verification of inventory followed by the management are reasonableand adequate in relation to the size of the company and the nature of its business.

c. In our opinion and according to information & explanation given to us TheCompany has maintained proper records of inventories. As explained to us there was nomaterial discrepancies noticed on physical verification of inventory as compared to thebook records.

3. In respect of the loans secured or unsecured granted by the companies to thecompanies firm or other parties covered in the registered maintained under section 189 ofthe Companies Act2013 :

a.) The period for repayment of loan and interest thereon both is at the discretion ofthe company.

b.) In respect of said loans and interest thereon there are no overdue amount.

4. In our opinion and according to the information and explanations given to us thereare adequate internal control systems commensurate with the size of the Company and thenature of its business for the purchase of inventory and fixed assets and for the sale ofgoods and services. During the course of our audit we have not observed any continuingfailure to correct major weaknesses in internal control system.

5. In our opinion and according to the information & explanation given to us thecompany has not accepted deposits from public within the meaning of provision of Section73 to 76 or any other relevant provisions of the Companies Act2013 and the Rules framedthere under. Hene the provision of clause (V) of paragraph 3 of Companies (Auditor'sReport) Order 2015 is not applicable to the company.

6. In our opinion and according to the information and explanations given to us thecost records have been maintained by the company pursuant to the Companies (Cost Recordsand Audit) Rule 2014 prescribed the central government under section 148 (1) of theCompanies Act 2013 and are of the opinion that prima facie the prescribed cost recordshave been made and maintained however we have not made a detailed examination of suchcost records.

7. a. According to the records of the Company undisputed statutory dues includingProvident Fund Employee State Insurance Income Tax Sales tax Wealth-tax Service TaxCustom Duty Excise Duty Cess and other statutory dues have been generally regularlydeposited with the appropriate authorities except for delays in some cases. According tothe information and explanation given to us no undisputed amount payable in respect ofthe aforesaid dues were outstanding as at 31st March2015 for a period of more than sixmonths from the date of becoming payable.

b. The disputed statutory dues aggregating to Rs. 210.9 Lacs their against Rs. 170.96Lacs has been deposited under protest on account of disputed matters pending beforeappropriate authorities as per details given below:

Name of the Statute Nature of the Dues Period to which the amount relates Amount (Rs. In lacs) Forum where Dispute is pending
Income Tax Act Income Tax Matters A.Y. 2010-11 2011-122012-13 171.33 C I T (Appeals)Jaipur
Central Excise Act & Finance Act Central Excise Duty F.Y. 2001-02 1.02 High Court of Rajasthan- Jaipur
Service tax F.Y. 2008-09 38.55 CESTAT- Delhi

c. According to the information and explanation given to us there is no such amountrequired transferred during the year to investor education and protection fund inaccordance with the relevant provisions of Companies Act 1956 and rules made there under.

8. The Company does not have accumulated Losses at the end of the financial year. TheCompany has not incurred any cash losses during the financial year covered by our audit orin the immediately preceding financial year.

9. Based on our audit procedure and according to the information and explanations givento us we are of the opinion that the company has not defaulted in repayment of dues tofinancial institution or banks. The company has not issued any debenture.

10. According to the information and explanation given to us the company has not givenany guarantee for loans taken by others from banks or financial institutions.

11. According to the information and explanation given to us and record examined by usthe company has taken Car Loan during during the year. The same has been applied for therespective purpose.

12. According to the information and explanation given to us no fraud on or by thecompany has been noticed and reported during the year.

Chartered Accountants
(Reg No.001526C)
Date: 30.05.2015 PARTNER
Place: Bhiwadi M.No 073846

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