You are here » Home » Companies » Company Overview » Ashika Credit Capital Ltd

Ashika Credit Capital Ltd.

BSE: 590122 Sector: Financials
NSE: N.A. ISIN Code: INE094B01013
BSE LIVE 14:38 | 18 Oct 25.45 -0.25
(-0.97%)
OPEN

25.70

HIGH

26.20

LOW

25.45

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 25.70
PREVIOUS CLOSE 25.70
VOLUME 25866
52-Week high 35.05
52-Week low 25.00
P/E
Mkt Cap.(Rs cr) 18
Buy Price 25.45
Buy Qty 10.00
Sell Price 0.00
Sell Qty 0.00
OPEN 25.70
CLOSE 25.70
VOLUME 25866
52-Week high 35.05
52-Week low 25.00
P/E
Mkt Cap.(Rs cr) 18
Buy Price 25.45
Buy Qty 10.00
Sell Price 0.00
Sell Qty 0.00

Ashika Credit Capital Ltd. (ASHIKACREDIT) - Auditors Report

Company auditors report

To the Members of

Ashika Credit Capital Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Ashika Credit CapitalLimited (‘the Company') which comprise the Balance Sheet as at 31st March 2017the Statement of Profit and Loss and the Cash Flow Statement for the year then ended anda summary of 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 andpresentation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows 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.

Auditor's 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 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 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. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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 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 31stMarch 2017 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 2016 (‘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' a statement on the matters specified inthe para 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 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 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 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (2) of the Act;

(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'; and

(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 on its financialposition in its financial statements – refer note no. 23 to the financial statements;

ii) the Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses;

iii) there were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

iv) The Company has provided requisite disclosures in its financial statements as toholding as well as dealings in specified bank notes during the period from 8th November2016 to 30th December 2016 and these are in accordance with the books of accountsmaintained by the Company. Refer Note No. 28 to the financial statement.

For P. K. SAH & ASSOCIATES
Chartered Accountants
Firm Registration No. 322271E
(P. K. Sah FCA)
Place : Kolkata Partner
Date : 30th April 2017 Membership No. 056216

‘Annexure – A' to the Independent Auditor's Report

Referred to in Paragraph 1 under the heading ‘Report on Other Legal and RegulatoryRequirements' of our report of even date to the members of Ashika Credit Capital Limited:

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

(b) As per the information and explanations given to us fixed assets have beenphysically verified by the management at reasonable intervals and no materialdiscrepancies were noticed on such verification;

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the following title deeds of immovableproperties are not held in the name of the Company:

Particulars Total Number of cases Gross Block as at 31.03.2017 Net Block as at 31.03.2017 Remarks
Buildings 1 1562394 1351133 Property alloted by developer and possession taken pending registration

(ii) Since the Company does not hold any physical inventory para 3(ii) of the Orderare not applicable.

(iii) The Company has granted unsecured loans to one body corporate covered in theregister maintained under section 189 of the Act and the same has been returned withinthe year.

(a) The terms and conditions of the grant of such loans were not prejudicial to theCompany's interest;

(b) No schedule for repayment of principal and interest has been stipulated as theloans were repayable on demand;

(c) There are no overdue amounts in respect of the loan granted for more than ninetydays.

(iv) According to the information and explanations given to us and on the basis ofexamination of the records of the Company the provisions of section 185 and 186 of theAct are not applicable to the Company. Accordingly paragraph 3(iv) of the Order is notapplicable.

(v) The Company has not accepted any deposits from the public.

(vi) The provisions relating to maintenance of cost records as referred to in Section148(1) of the Act are not applicable to the Company.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records the Company is regular in depositing undisputed statutorydues including provident fund employees' state insurance income-tax service tax cessand any other statutory dues whatever applicable to it with the appropriate authorities.As explained to us the Company did not have any dues on account of sales-tax duty ofcustoms duty of excise value added tax; According to the information and explanationsgiven to us there is no undisputed amount payable in respect of such statutory dueswhich were in arrears as at the last day of the financial year concerned for a period ofmore than six months from the date they become payable.

(b) According to the information and explanations given to us there are no dues ofsales tax or service tax or duty of customs or duty of excise or value added tax have notbeen deposited on account of any dispute. However according to the information andexplanations given to us the following dues of income tax has not been deposited by theCompany on account of dispute :

Name of Statute Nature of Dues Amount (Rs.) Period to which amount relates Forum where the dispute is pending
Income Tax Act Income Tax 110500/- (net of payment) Fin. Yr. 2010-11 CIT Appeals Kolkata

(viii) The Company does not have any loans or borrowings from any financialinstitution banks government or debenture holders during the year. Accordingly para3(viii) of the Order is not applicable.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglypara 3 (ix) of the Order is not applicable.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly para 3(xii) of the Order is not applicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations give 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.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly para 3(xv) of theOrder is not applicable.

(xvi) The Company is registered under section 45-IA of the Reserve Bank of India Act1934.

For P. K. SAH & ASSOCIATES
Chartered Accountants
Firm Registration No. 322271E
(P. K. Sah FCA)
Place : Kolkata Partner
Date : 30th April 2017 Membership No. 056216

‘Annexure – B' to the Independent Auditor's Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 (‘the Act') – Referred to in Paragraph 2(f) underthe heading ‘Report on Other Legal and Regulatory Requirements' of our report of evendate to the members of Ashika Credit Capital Limited

We have audited the internal financial controls over financial reporting of AshikaCredit Capital Limited (‘the Company') as of 31st March 2017 in conjunction withour audit of the 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'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required 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 deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand 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 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 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 controls system overfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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 orprocedures 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 31st March 2017 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 P. K. SAH & ASSOCIATES
Chartered Accountants
Firm Registration No. 322271E
(P. K. Sah FCA)
Place : Kolkata Partner
Date : 30th April 2017 Membership No. 056216