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Asian Star Company Ltd.

BSE: 531847 Sector: Consumer
NSE: N.A. ISIN Code: INE194D01017
BSE LIVE 13:25 | 27 Apr 641.00 0
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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 641.00
PREVIOUS CLOSE 641.00
VOLUME 5
52-Week high 854.00
52-Week low 601.00
P/E 25.48
Mkt Cap.(Rs cr) 1026.24
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 641.00
CLOSE 641.00
VOLUME 5
52-Week high 854.00
52-Week low 601.00
P/E 25.48
Mkt Cap.(Rs cr) 1026.24
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Asian Star Company Ltd. (ASIANSTARCO) - Auditors Report

Company auditors report

TO

THE MEMBERS OF ASIAN STAR COMPANY LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying financial statements of ASIAN STAR COMPANY LIMITED(“The Company”) which comprise the Balance Sheet as at 31 March 2016 theStatement of Profit and Loss and the Cash Flow Statement for the year ended on that dateand a summary of significant accounting policies and other explanatory information.

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 preparation ofthese standalone 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.

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 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 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 2016 and its profit/loss and its cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of subsection (11) of section 143 of the Companies Act 2013we enclose in Annexure A a statement on the matters specified in paragraphs 3 and 4 ofthe order to 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 purposes 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 and proper returns adequatefor the purposes of our audit have been received from the branches not visited by us.

c. The Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this report are in agreement with the books of account and with the returnsreceived from the branches not visited by us.

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 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.

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 30 to the financial statements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any and as required on long-term contractsincluding derivative contracts.

iii. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

FOR V. A. PARIKH & ASSOCIATES LLP
Chartered Accountants
FRNo : 112787W / W100073
JINESH J. SHAH
Place : Mumbai Partner
Date : May 19 2016 Membership No. 111155

ANNEXURE A TO THE INDEPENDENT AUDITORS’ REPORT

Re: Asian Star Company Limited

Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'section of our report of even date:

1. a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. b. As explained to us all the assetshave been physically verified by the Management at the end of the accounting year and nomaterial discrepancies were noticed on physical verification as compared to the bookrecords.

c. The title deeds of the immovable properties are in the name of the Company.

2. a. The stocks of finished goods and raw-materials have been physically verified bythe management at the end of the accounting year. In our opinion the Company hasmaintained proper records of inventory. No material discrepancies were noticed on physicalverification as compared to the book records.

3. a. The Company has granted loans unconditional and interest free to a companycovered in the register maintained under section 189 of the Act.

b. The principal amounts are repayable on demand and there is no repayment schedule. Inview of this sub clause (b) and (c) of this clause is not applicable.

4. In our opinion and according to the information and explanations given to us theCompany has not entered into any transaction which attract provisions of section 185 and186 in respect of loans investments guarantees and securities.

5. The Company has not accepted any deposits from the public during the year.

6. We have broadly reviewed the books of accounts maintained by the Company pursuant tothe Rules made by the Central Government for the maintenance of cost records u/s 148 ofthe Act and are of the opinion that prima facie the prescribed accounts and records havebeen made and maintained.

7. a. According to the records of the Company and as per information and explanationgiven to us the Company is generally regular in depositing undisputed statutory duesincluding provident fund employees' state insurance income-tax sales-tax service taxduty of customs duty of excise value added tax and any other statutory dues applicableto it with appropriate authorities and there were no undisputed dues outstanding as on31st March 2016 for a period of more than six months from the date they become payable.

b. Details of dues which have not been deposited as at 31st March2016 on account ofdisputes as given below:

Statement of Disputed Dues:

Name of the Statute Name of the the Dues Amount Period to which the amount relates Forum where the dispute is pending Remarks
(in Lacs) (if any)
The Finance Act Service Tax 446.43 May'06 to September '12 Assistant Commissioner. of Service Tax -
The Customs Act 1962 Custom Duty 331.92 December '09 to September '13 Commissioner of Customs Demand is Stayed by order of Gujarat High Court.

8. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to Government or Banks.

9. To the best of our knowledge and belief and according to the information andexplanations given to us the Company has neither obtained any term loans nor has raisedmoney by way of initial public offer or further public offer (including debt instruments).

10. In our opinion and according to the information and explanations given to us nofraud by the Company or any fraud on the Company by its officers or employees has beennoticed or reported during the year.

11. The Company is not a Nidhi Company and hence reporting under clause 3(xii) of theorder is not applicable.

12. In our opinion and according to the information and explanations given to us themanagerial remuneration has been paid /provided in accordance with the requisite approvalsmandated by the provisions of section 197 read with schedule V to the Companies Act 2013.

13. In our opinion and according to the information and explanations given to us alltransactions with the related parties are in compliance with section 177 and 188 of theCompanies Act 2013 where applicable and the details have been disclosed in the financialstatements as required by the applicable accounting standards.

14. To the best of our knowledge and belief and according to the information andexplanations given to us the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview.

15. In our opinion and according to the information and explanations given to us theCompany has not entered into any non-cash transactions with the directors or personsconnected with him.

16. The Company is not required to obtain registration under section 45IA of theReserve Bank of India Act 1934.

FOR V. A. PARIKH & ASSOCIATES LLP
Chartered Accountants
FRNo : 112787W / W100073
JINESH J. SHAH
Place : Mumbai Partner
Date : May 19 2016 Membership No. 111155

ANNEXURE B TO THE INDEPENDENT AUDITORS’ REPORT

Report on the Internal Financial Controls under clause (i) of sub-section 3 of section143 of the Companies Act 2013 (“the Act”)

We have audited the internal financial controls over financial reporting of Asian StarCompany Limited (“The Company”) as of 31st March 2016 in conjunction with ouraudit of standalone 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'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under 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 the Institute ofChartered Accountants of India. Those Standards and Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 misstatements of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide for a basis for our audit opinion on the Company's internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide a 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 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 to financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and 3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 overridecontrols 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 controlssystem over financial reporting were operating effectively as at 31st March 2016 basedon the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

FOR V. A. PARIKH & ASSOCIATES LLP
Chartered Accountants
FRNo : 112787W / W100073
JINESH J. SHAH
Place : Mumbai Partner
Date : May 19 2016 Membership No. 111155