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Ashirwad Capital Ltd.

BSE: 512247 Sector: Financials
NSE: N.A. ISIN Code: INE894A01026
BSE LIVE 11:23 | 13 Dec 2.85 -0.06
(-2.06%)
OPEN

2.77

HIGH

3.00

LOW

2.77

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 2.77
PREVIOUS CLOSE 2.91
VOLUME 6000
52-Week high 5.80
52-Week low 2.20
P/E 17.81
Mkt Cap.(Rs cr) 11
Buy Price 2.84
Buy Qty 1500.00
Sell Price 3.00
Sell Qty 2530.00
OPEN 2.77
CLOSE 2.91
VOLUME 6000
52-Week high 5.80
52-Week low 2.20
P/E 17.81
Mkt Cap.(Rs cr) 11
Buy Price 2.84
Buy Qty 1500.00
Sell Price 3.00
Sell Qty 2530.00

Ashirwad Capital Ltd. (ASHIRWADCAP) - Auditors Report

Company auditors report

To

The Members Of Ashirwad Capital Limited

Report on the Financial Statements

We have audited the accompanying financial statements of ASHIRWAD CAPITAL LIMITED (the"Company") which comprises of the Balance Sheet as of March 31 2016 andStatement of Profit and Loss account and 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 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 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 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 2016 and its profit and its cash flow 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 inparagraphs 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 and the Statement of Profit and Loss statement and the Cash FlowStatement dealt 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 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 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 does not have any pending litigations which would impact its financialposition.

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

iii. There were no amounts that were required to be transferred to the InvestorEducation and Protection Fund by the Company during the year.

For SANJAY RAJA JAIN & CO.
Chartered Accountants
FRN No. 120132W
SANJAY RAJA JAIN
Place : Mumbai Partner
Dated: 30/05/2016 M. No. 108513

ANNEXURE "A" TO THE INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 1 on Report on Other Legal and Regulatory Requirements in ourreport of even date to the members of ASHIRWAD CAPITAL LIMITED on the financial statementfor the year ended on March 31 2016 we report that:

(I) (a) The company has a maintained proper record showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of one year. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) The Company does not have any inventory and hence the clause (ii) of Paragraph 3of the said order is not applicable.

(iii) During the year the Company has granted unsecured loan to one party covered inthe register maintained under section 189 of the Companies Act 2013.

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

(b) The receipt of the principal amount and interest are regular; and

(c) There are no overdue amounts for more than ninety days in respect of the loansgranted to the bodies corporate listed in the register maintained under section 189 of theAct.

(iv) In our opinion and according to the information and explanation give to us thecompany has complied with section 185 and section 186 of the companies Act 2013 in respectof corporate guarantee given in connection with the loan taken by the others from bank orfinancial institutions and investment in other related party.

(v) The Company has not accepted any deposits from public in terms of the directivesissued by the Reserve Bank of India and the provisions of section 73 to 76 or any otherrelevant provisions of the Companies Act 2013. We are informed that no order has beenpassed by Company Law Board or National Company Law Tribunal or Reserve Bank of India orCourt or any other tribunal. Accordingly the Company has complied with the provisions ofsection 73 to 76 of the Companies Act 2013.

(vi) Central Government has not prescribed/specified the maintenance of cost recordsunder sub-section (l) of section 148 of the Companies Act 2013 hence clause (vi) ofParagraph 3is not applicable to the company.

(vii) (a) According to the information and explanations given to usthe Company isgenerally regular in depositing undisputed statutory dues including provident fundemployees' state insurance income-tax service tax and any other statutory dues with theappropriate authorities. (b) According to the information and explanations given to usthere are no dues of income-tax service tax wealth tax which have not been deposited onaccount of any dispute.

(viii) Based on our audit procedures and on the information and explanation give to usby the management the company has not borrowed any amount from financial institutions orbank or Government issued debentures till 31 March 2016 hence clause (viii) of Paragraph 3is not applicable to the company.

(ix) According to the information and explanations given to us the company has notraised money by way of public issue/ follow-on offer (including debt instruments) and anyterm loans hence clause (ix) of Paragraph 3 is not applicable to the company.

(x) According to the information and explanations given to us no fraud by the companyor any fraud on the Company by its officers/ employees was noticed or reported during thecourse of our audit

(xi) According to the information and explanations given to us the company haspaid/provided managerial remuneration in accordance with the requisite approvals mandatedby the provisions of section 197 read with schedule V to the Companies Act.

(xii) According to the information and explanations given to us The Company is not aNidhi company; hence clause (xii) of Paragraph 3 is not applicable.

(xiii) According to the information and explanations given to us the company hascomplied with Section 188 and 177 of Companies Act 2013 where applicable in respect ofall transactions with the related parties and the details have been disclosed in theFinancial Statements etc. as required by the accounting standards and Companies Act 2013.

(xiv) According to the information and explanations given to us the company has notmade preferential allotment / private placement of shares during the year under review andthe requirement of Section 42 of the Companies Act 2013 hence the clause (xiv) ofParagraph 3 is not applicable to the company.

(xv) According to the information and explanations given to usthe company has notentered into any non-cash transactions with directors or persons connected with him hencethe clause (xv) of Paragraph 3 is not applicable to the company.

(xvi) According to the information and explanations given to us The Company is dulyregistered under section 45-IA of the Reserve Bank of India Act 1934.

For SANJAY RAJA JAIN & CO.
Chartered Accountants
FRN No. 120132W
SANJAY RAJA JAIN
Place : Mumbai Partner
Dated: 30/05/2016 M. No. 108513

ANNEXURE –"B" TO THE INDEPENDENT AUDITORS' REPORT

Report on the Internal Financial Controls under Clause (f) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of M/s.ASHIRWAD CAPITAL 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 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls 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.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial 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 or thatthe degree of compliance with the policies or procedures 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 March 31 2016 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 SANJAY RAJA JAIN & CO.
Chartered Accountants
FRN No. 120132W
SANJAY RAJA JAIN
Place : Mumbai Partner
Dated: 30/05/2016 M. No. 108513