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Asian Star Company Ltd.

BSE: 531847 Sector: Consumer
NSE: N.A. ISIN Code: INE194D01017
BSE LIVE 09:50 | 06 Dec 601.00 0
(0.00%)
OPEN

601.00

HIGH

601.00

LOW

601.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 601.00
PREVIOUS CLOSE 601.00
VOLUME 1
52-Week high 854.00
52-Week low 601.00
P/E 13.13
Mkt Cap.(Rs cr) 962.20
Buy Price 601.00
Buy Qty 4.00
Sell Price 0.00
Sell Qty 0.00
OPEN 601.00
CLOSE 601.00
VOLUME 1
52-Week high 854.00
52-Week low 601.00
P/E 13.13
Mkt Cap.(Rs cr) 962.20
Buy Price 601.00
Buy Qty 4.00
Sell Price 0.00
Sell Qty 0.00

Asian Star Company Ltd. (ASIANSTARCO) - Auditors Report

Company auditors report

ASIAN STAR COMPANY LIMITED ANNUAL REPORT 2011-2012 AUDITORS' REPORT To, The Members of Asian Star Company Limited 1. We have audited the attached Balance Sheet of ASIAN STAR COMPANY LIMITED as at 31st March, 2012, Profit and loss Account and Cash Flow Statement for the year ended on that date annexed thereto. These Financial Statements are the responsibility of the Company's management. Our responsibility is to express an opinion or these Financial Statements based on our audit. 2. We conducted our audit in accordance with Auditing Standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance whether the Financial Statements are free of material misstatements. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall Financial Statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor's Report) Order, 2003, as amended by Companies (Auditor's Report) (Amendment) Order, 2004 (together 'the order'), issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order. 4. Further to our comments in the Annexure referred to above, we report that: a) We have obtained all the information and explanations, which to the best of 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 the Company, so far as appears from our examination of those books. c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of Account. d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in the sub-section (3C) of Section 211 of the Companies Act, 1956. e) On the basis of written representations received from the Directors, as on 31st March 2012 and taken on record by the Board of Directors, we report that none of the Directors of the Company is disqualified as on 31st March, 2012 from being appointed as a Director in terms of clause (g) of subsection (1) of section 274 of Companies Act, 1956. f) In our opinion and to the best of our information and according to the explanation given to us, the said accounts read together with the notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: i) In the case of the Balance Sheet, of the state of the affairs of the Company as at 31st March, 2012: i) In the case of the Profit and Loss Account, of the profit for the year ended on that date; and ii) In the case of Cash Flow Statement, of the cash flows for the year ended on that date. FOR V.A. PARIKH & ASSOCIATES Chartered Accountants FR No: 112787W JINESH J. SHAH Place: Mumbai Partner Date : May28, 2012 Membership No. 111155 ANNEXURE TO AUDITORS' REPORT: Re: Asian Star Company Limited Referred to in paragraph 3 of our report of even date: 1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b) As explained to us, all the assets have been physically verified by the Management at the end of the accounting year and no material discrepancies were noticed on physical verification as compared to the book records. c) The assets disposed off during the year are not significant and therefore do not affect the going concern assumption. 2. a) The stocks of finished goods and raw materials have been physically verified by the management at the end of the accounting year. b) In our opinion, and according to the information and explanations given to us, the procedures of physical verifications of stocks followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business. c) In our opinion the Company has maintained proper records of inventory. No material discrepancies were noticed on physical verification as compared to the book records. 3. a) The Company has granted loans to one company covered in the register maintained under Section 301 of the Act. The maximum amount involved during the year was Rs.381.41 Lacs and the year end balance was Rs.381.41 Lacs. b) These loans are unsecured, interest free and unconditional. c) The principal amounts are repayable on demand and there is no repayment schedule. d) There is no overdue amount. In view of this sub clause (d) of this clause is not applicable. e) The Company has not taken any loan (secured or unsecured) from companies, firms or other parties covered in the register maintained under Section 301 of the Act excepting unsecured loan from five of it's Directors. The maximum amount involved during the year was Rs.5,764 Lacs and the year end balance of loans taker was Rs.5,317 Lacs. f) These loans are unsecured, interest free and unconditional. g) The principal amounts are repayable on demand and there is no repayment schedule. 4. In our opinion and according to the information and explanations given to us, the company has an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchases of inventory and fixed assets and also for sale of goods and services. During the course of our audit, no major weaknesses were noticed in the internal control system. 5. a) In our opinion and according to the information and explanations given to us, we are of the opinion that the contracts or arrangements that need to be entered into the register maintained under Section 301 have beer properly entered in the said register. b) In our opinion and according to the information and explanations given to us, the transactions entered in the register maintained under Section 301 in respect of each party have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time and as per the Company's business need and exigencies. 6. In our opinion and according to the information and explanations given to us the Company has not accepted any deposits from the public within the meaning of the directives issued by the Reserve Bank of India and provisions of Section 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and rules framed there under. 7. In our opinion the Company has internal audit system commensurate with the size and nature of it's business. 8. We have broadly reviewed the books of account maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. 9. a) According to the records of the Company and as per information and explanation given to us, the Company is generally regular in depositing with appropriate authorities undisputed amount of Provident Fund, Investor Education and Protection Fund, Employee's State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax: Custom Duty, Excise Duty, Cess and other statutory dues applicable to it and there were no undisputed dues outstanding as on 31st March, 2012 for a period of more than six months from the date they become payable. b) In our opinion and according to the information and explanation given to us, there are no dues in respect of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Service Tax, Excise Duty and Cess that have not been deposited or account of any dispute. 10. The Company neither has any accumulated losses at the end of the financial year nor it has incurred any cash loss during the financial year or immediately preceding financial year. 11. In our opinion and according to the information and explanations given to us the Company has not defaulted in repayment of dues to any Financial Institution or Bank. 12. In our opinion and according to the information and explanations given to us the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures or other securities 13. The Company is not a chit/nidhi/mutual benefit fund/society and hence clause (xiii) of the Order is not applicable. 14. In our opinion, the Company has maintained proper records of transactions and contracts in respect of dealing or trading in shares, securities and other investments and timely entries have been made therein. All shares and other investments have been held by the Company in its own name except for shares held in accordance with exemption provided under section 49 (3) of the Companies Act, 1956. 15. In our opinion and according to the information and explanations given to us, the guarantee given by the Company in respect of loans taken by others from bank, the terms and conditions thereof is not prejudicial to the interest of the Company. 16. According to the information and explanations given to us, the term loan has been applied for the purpose for which they were raised. 17. In our opinion and according to the information and explanations given to us the short term funds raised by the Company have not been used for long term investment. 18. The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. 19. The Company has not issued any debentures during the financial year. 20. The Company has not raised any money by public issue during the year. 21. In our opinion and according to the information and explanations given to us no fraud on or by the Company has been reported during the year. FOR V. A. PARIKH & ASSOCIATES Chartered Accountants FR No: 112787W JINESH J. SHAH Place: Mumbai Partner Date : May 28, 2012 Membership No. 111155

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