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Athena Constructions Ltd.

BSE: 539099 Sector: Infrastructure
NSE: N.A. ISIN Code: INE291R01011
BSE LIVE 14:11 | 17 Nov 44.00 3.50
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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 44.00
PREVIOUS CLOSE 40.50
VOLUME 10000
52-Week high 85.00
52-Week low 17.70
P/E 2200.00
Mkt Cap.(Rs cr) 33
Buy Price 36.50
Buy Qty 2500.00
Sell Price 44.40
Sell Qty 2500.00
OPEN 44.00
CLOSE 40.50
VOLUME 10000
52-Week high 85.00
52-Week low 17.70
P/E 2200.00
Mkt Cap.(Rs cr) 33
Buy Price 36.50
Buy Qty 2500.00
Sell Price 44.40
Sell Qty 2500.00

Athena Constructions Ltd. (ATHENACONSTRUC) - Auditors Report

Company auditors report

To the Members of ATHENA CONSTRUCTION LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of AthenaConstruction Limited (‘the Company’) which comprise the balance sheet as at31stMarch 2016 the statement of profit and loss and the cash flow statementfor the year then ended and a summary of significant accounting policies and otherexplanatory 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 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 accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

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 ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of 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 31st March 2016 and its profit and its cash flows for the year ended onthat 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) 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 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 31stMarch2016 taken on record by the Board of Directors none of the directors is disqualified ason 31stMarch 2016 from being appointed as a director in terms of Section 164(2) of the Act; and

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and 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 if any.

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

iii. The company is not required to be transfer any amount to the Investor Educationand Protection Fund by the Company.

For Motilal & Associates

Chartered Accountants

Registration No.:106584W

(Motilal Jain)

Partner

M. No. 036811

Place : Mumbai

Date : 25th May 2016

ANNEXURE A TO THE AUDITORS’ REPORT

Issued by the Central Government under sub section 11 of section 143

Of the Companies Act 2013 (18 of 2013)

- The auditor’s report on the accounts of a company to which this Order appliesshall include a statement on the following matters namely:-

i. a. The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

b. Fixed assets have been physically verified by the management at reasonableintervals; and no material discrepancies were noticed on such verification.

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

ii. The company does not hold any physical inventory during the year. Accordinglyparagraph (ii) of the order is not applicable to the company

iii. According to the information and explanations give to us and based on the auditprocedures performed by us we are of the opinion that the company has granted unsecuredloans to four 4 parties covered in the register maintained under section 189 of theCompanies Act 2013.

a. the terms and conditions of the loans are prejudicial to the company’s intereston account of the fact that the said loans are interest free;

b. There were no stipulated schedules for repayment of principal and payment ofinterest. Accordingly we cannot comment on the same.

iv. According to the information and explanations given to us and based on the auditprocedures performed by us we are of the opinion that the company has not complied withthe provisions of section 185 and 186 of the Companies Act 2013 in respect of loans.

Non-compliance of Section 185/186

Sr. No Nature Of Transaction Name of Company/ Party Amount Involved (Rs.) Balance as at Balance Sheet Remarks
1. Loan given Ravikant Rathi (Director) 3675000/- Nil -
2 Loan given Santosh Nagar (Director) 1670000/- Nil -
3 Loan given Shashikant Rathi (relative of Director) 100000/- Nil -
4 Loan given Athena Advisory Services Pvt. Ltd. 2831250/- Nil The said amount was given in the nature of loans however the same was repaid during the year

v. The company has not accepted any deposits during the year. Accordingly paragraph(v) of the order is not applicable to the company.

vi. The maintenance of cost records has not been specified to the company by theCentral Government under subsection (1) of section 148 of the Companies Act 2013

vii. a. The company is not regular in depositing undisputed statutory dues includingincome-tax service tax professional tax and any other statutory dues to the appropriateauthorities. The extent of the arrears of outstanding statutory dues as on the last day ofthe financial year concerned for a period of more than six months from the date theybecame payable are stated bellow;

Name of the Statute Natureof the Dues

Amount (Rs.)

Periodto which the amount relates

Due Date

Date of Payment

Professional Tax Act 1975 Professional Tax 9225/- F.Y 2015-2016 Various Dates Unpaid Till Date
Income Tax Act 1961 Demand u/s 143(1)(a) 57390/- F.Y 2011-2012 —— Unpaid Till Date
Income Tax Act 1961 TDS-interest on payment defaults 900/- F.Y 2012-2013 —— Unpaid Till Date
Income Tax Act 1961 TDS-Late Filing Fee u/s 234E 44280/- F.Y 2012-2013 —— Unpaid Till Date
Income Tax Act 1961 TDS-interest on payment defaults 71124/- F.Y 2013-2014 —— Unpaid Till Date
Income Tax Act 1961 TDS-Interest u/s 220(2) 8/- F.Y 2013-2014 —— Unpaid Till Date
Income Tax Act 1961 TDS Short Payment 762/- F.Y 2014-2015 —— Unpaid Till Date
Income Tax Act 1961 TDS-interest on payment defaults 115/- F.Y 2014-2015 —— Unpaid Till Date
The Finance Act 1994 Service Tax 319515/- Prior Periods* —— Unpaid Till Date
Income Tax Act 1961 TDS 228792/- F.Y 2014-2015 —— Unpaid Till Date

* The said amount has been assessed by the Company after adjusting CENVAT Credit.However the Company has not filed any Service Tax returns for the period mentioned andaccordingly the appropriate amount for the same can be at variance with the same.

b. According to the information and explanations given to us there were no dues ofincome tax or sales tax or service tax or duty of customs or duty of excise or value addedtax that have not been deposited on account of any dispute by the company.

viii. The company has not defaulted in repayment of loans or borrowing to any financialinstitution bank Government or dues to debenture holders.

ix. According to the information and explanation given to us the company did not raiseany money by way of initial public offer or further public offer (including debentures)during the period under review.

x. According to the information and explanation given to us no material fraud by thecompany or any fraud on the Company by its officers or employees has been noticed orreported during the year.

xi. According to the information and explanation given to us managerial remunerationhas been paid or provided in accordance with the provisions of section 197 read withSchedule V to the Companies Act.

xii. According to the information and explanation given to us the company is not aNIDHI Company. Accordingly paragraph 3(xii) of the order is not applicable to the company.

xiii. According to the information and explanation given to us all transactions withthe related parties are in compliance with sections 177 and 188 of Companies Act 2013where applicable and the details have been disclosed in the Financial Statements etc. asrequired by the applicable accounting standards;

xiv. According to the information and explanation given to us the company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review. Accordingly paragraph 3(xiv) of the order is notapplicable to the company.

xv. According to the information and explanation given to us the company has notentered into any non-cash transactions with directors or persons connected with him.

xvi. According to the information and explanation given to us the company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For Motilal & Associates

Chartered Accountants

Registration No.:106584W

(Motilal Jain)

Partner

M. No. 036811

Place : Mumbai

Date : 25th May 2016

ANNEXURE B TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE FINANCIAL

STATEMENTS OF ATHENA CONSTRUCTIONS LIMITED

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 ATHENACONSTRUCTIONS LIMITED ("the Company") as of March 31 2016 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. 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 as sets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 Motilal & Associates

Chartered Accountants

Registration No.:106584W

(Motilal Jain)

Partner

M. No. 036811

Place : Mumbai

Date : 25th May 2016