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Ashoka Refineries Ltd.

BSE: 526983 Sector: Industrials
NSE: N.A. ISIN Code: INE760M01016
BSE LIVE 10:20 | 07 Nov Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 11.97
PREVIOUS CLOSE 12.59
VOLUME 100
52-Week high 13.94
52-Week low 11.97
P/E
Mkt Cap.(Rs cr) 4.07
Buy Price 0.00
Buy Qty 0.00
Sell Price 11.97
Sell Qty 5100.00
OPEN 11.97
CLOSE 12.59
VOLUME 100
52-Week high 13.94
52-Week low 11.97
P/E
Mkt Cap.(Rs cr) 4.07
Buy Price 0.00
Buy Qty 0.00
Sell Price 11.97
Sell Qty 5100.00

Ashoka Refineries Ltd. (ASHOKAREFINERIE) - Auditors Report

Company auditors report

To The Members of Ashoka Refineries Ltd.

Report on the Financial Statements

We have audited the accompanying financial statements of ASHOKA REFINERIES LTD.("the Company") which comprise the Balance Sheet as at March 31 2015 and theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information which wehave signed under reference to this report.

Management’s Responsibility for the Standalone 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 preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement. An audit involves performing procedures to obtain audit evidenceabout the amounts and the disclosures in the financial statements. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on whether the Company has in place an adequateinternal financial controls system over financial reporting and the operatingeffectiveness of such controls. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe Company’s Directors as well as evaluating the overall presentation of thefinancial 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.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven 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 of the state of affairs of the Companyas at 31 March 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 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inthe paragraph 3 and 4 of the Order to the extent applicable.

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) In our opinion Subject to Point No.3 given below the balance sheet thestatement of profit and loss and the cash flow statement dealt with by this Report are inagreement with the books of account;

(d) in our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

(e) on the basis of the written representations received from the directors as on 31March 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2015 from being appointed as a director in terms of Section164 (2) of the Act; and

(f) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014::

(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;as Page 3 of 4 such the question of commenting on any material foreseeable losses thereondoes not arise

(iii) There has not been an occasion in case of the Company during the year underreport to transfer any sums to the Investor Education and Protection Fund. The question ofdelay in transferring such sums does not arise.

3. Attention of the members is drawn to the following Notes:-

a. Note No.12 of Notes on financial statements regarding certain disclosure relating toMicro / Small / Medium Enterprises.

For SUNIL JOHRI & ASSOCIATES

CHARTERED ACCOUNTANTS

FIRM REG. NO. 005960C

(BIVOR KUMAR)

PARTNER

M.No: 422898

PLACE: RAIPUR

DATED: 28/05/2015

Annexure to Companies (Auditor’s Report) Order 2015 ("the Order") tothe members of Ashoka Refineries Ltd on the accounts of the company for the year ended31st March 2015

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

(i) There are no fixed assets in the company.

(ii) The Company is not engaged in trading and manufacturing activities. Hence therequirement of clause (ii) of paragraph 3 of the said Order is not applicable to theCompany

(iii) The company has not granted any loans secured or unsecured to/from companiesfirms or other parties covered in the register maintained under section 189 of the Act.

(iv)In our opinion and according to the information and explanations there are adequateinternal control procedures commensurate with the size of the company and the nature ofits business with regard to supply of services. Further on the basis of our examinationand according to the information and explanations given to us we have neither come acrossnor have been informed of any instance of major weaknesses in the aforesaid internalcontrol procedures.

(v)The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013

(vi) As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Act

(vii)( a)According to the information and explanations given to us and according to thebooks and records as produced and examined by us in our opinion undisputed statutorydues including provident fund employee’s state insurance income tax sales taxwealth tax service tax customs duty excise duty cess and other material statutory duesapplicable to the Company have generally been regularly deposited with the appropriateauthorities. According to the information and explanations given to us no undisputedamounts payable in respect of income tax sales tax wealth tax service tax customsduty excise duty and cess were in arrears as at 31st March 2015 for a period of morethan six months from the date they became payable.

(b) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of Income Tax Wealth Tax Service TaxSales Tax Customs Duty and Excise Duty which have not been deposited on account of anydisputes .

(c) There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question ofreporting delay in transferring such sums does not arise as at 31st March 2015.

(viii)The Company does not have accumulated losses of more than 50% of its net worth ason 31st March 2015 and company has incurred cash losses during the financial year endedon the date. However the company has not incurred cash losses in the immediatelypreceeding financial year.

(ix) The Company did not have any outstanding dues to financial institutions banks ordebenture holders during the year.

(x) In our opinion and according to the information and explanations given to us thecompany has not raised any term loans during the year and did not have any term loansoutstanding during the year.

(xi) According to the information and explanations given to us no material fraud on orby the Company has been noticed or reported during the course of our audit.

For SUNIL JOHRI & ASSOCIATES

CHARTERED ACCOUNTANTS

FIRM REG. NO. 005960C

(BIVOR KUMAR)

PARTNER

M .No: 422898

PLACE: RAIPUR

DATED: 28/05/2015

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