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Asahi India Glass Ltd.

BSE: 515030 Sector: Industrials
NSE: ASAHIINDIA ISIN Code: INE439A01020
BSE 00:00 | 24 Jan 248.75 8.35
(3.47%)
OPEN

245.00

HIGH

251.35

LOW

240.65

NSE 00:00 | 24 Jan 249.05 8.15
(3.38%)
OPEN

242.90

HIGH

251.75

LOW

239.15

OPEN 245.00
PREVIOUS CLOSE 240.40
VOLUME 3514
52-Week high 282.75
52-Week low 170.00
P/E 34.79
Mkt Cap.(Rs cr) 6,047
Buy Price 248.75
Buy Qty 95.00
Sell Price 251.00
Sell Qty 10.00
OPEN 245.00
CLOSE 240.40
VOLUME 3514
52-Week high 282.75
52-Week low 170.00
P/E 34.79
Mkt Cap.(Rs cr) 6,047
Buy Price 248.75
Buy Qty 95.00
Sell Price 251.00
Sell Qty 10.00

Asahi India Glass Ltd. (ASAHIINDIA) - Auditors Report

Company auditors report

To the Members of

Asahi India Glass Limited

Report on the audit of the Standalone Ind AS Financial

Statements

Opinion

We have audited the Standalone Ind AS Financial Statements of Asahi India Glass Limited("the Company") which comprise the Balance Sheet as at 31st March 2019 theStatement of Profit and Loss Statement of Changes in Equity and Statement of Cash Flowsfor the year then ended and notes to the Financial Statements including a summary ofsignificant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Ind AS Financial Statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2019 and its profit changes in equity and its cash flows forthe year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theStandalone Ind AS Financial Statements section of our report. We are independent ofthe Company in accordance with the Code of Ethics issued by The Institute ofChartered Accountants of India together with the ethical requirements that are relevant toour audit of the Standalone Ind AS Financial Statements under the provisions of theCompanies Act 2013 and the Rules there-under and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgement were of mostsignificance in our audit of the Standalone Ind AS Financial Statements of the currentperiod. These matters were addressed in the context of our audit of the Standalone Ind ASFinancial Statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters.

We have determined that there are no key audit matters to communicate in our report.

Management's Responsibility for the Standalone Ind AS Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese Standalone Ind AS Financial Statements that give a true and fair view of thefinancial position financial performance including Other Comprehensive Income changes inequity and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder Section 133 of the Act. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgements andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the Standalone Ind AS Financial Statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

In preparing the Standalone Ind AS Financial Statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone Ind ASFinancial Statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these Standalone Ind AS Financial Statements.

As part of an audit in accordance with SAs we exercise professional judgement andmaintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Standalone Ind ASFinancial Statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

Evaluate the appropriateness of accounting policies used and reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe Standalone Ind AS Financial Statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained upto the dateof our auditor's report. However future events or conditions may cause the Company tocease to continue as a going concern.

Evaluate the overall presentation structure and content of the Standalone Ind ASFinancial Statements including the disclosures and whether the Standalone Ind ASFinancial

Statements represent the underlying transactions and events in a manner that achievesfair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Standalone Ind AS FinancialStatements of the current period and are therefore the key audit matters. We describethese matters in our auditor's report unless law or regulation precludes public disclosureabout the matter or when in extremely rare circumstances we determine that a mattershould not be communicated in our report because the adverse consequences of doing sowould reasonably be expected to outway the public interest benefits of such communication.

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 Companies Act 2013 we give in the "Annexure-A" a statement on the mattersspecified in paragraphs 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 including Other ComprehensiveIncome and the Cash Flow Statement dealt with by this Report are in agreement with thebooks of account.

d) In our opinion the aforesaid Standalone Ind AS Financial Statements comply with theIndian Accounting 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 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in terms ofSection 164 (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 Standalone Ind AS Financial Statements - refer Note 39 to Standalone IndAS Financial Statements.

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 which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For V S S A & Associates
Chartered Accountants
{Firm Registration No. 012421N}
CA Samir Vaid
Place: New Delhi Partner
Dated: 22nd May 2019 Membership No. 091309

Annexure A to the Independent Auditors' Report on the Ind AS Financial Statements ofAsahi India Glass Limited

(Referred to in paragraph 1 under Report on other Legal and Regulatory Requirements ofour Report of even date) i. a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

b) The Company has a regular program of physical verification of its fixed assetsthrough which all fixed assets are verified in a phased manner over a period of threeyears. In our opinion the periodicity of physical verification is reasonable havingregard to the size of the Company and the nature of its assets. As informed to us nomaterial discrepancies were noticed on such verification. c) The title deeds of immovableproperties are held in the name of the Company.

ii. The inventories except goods in transit have been physically verified by themanagement at reasonable intervals during the year and no material discrepancies werenoticed on physical verification.

iii. The Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained underSection 189 of the Companies Act 2013 as per information and explanations given to us.Consequently the provisions of clauses 3(iii)(a) (iii)(b) and (iii)(c) of the Order arenot applicable.

iv. In our opinion and according to the information and explanations given to us inrespect of investments guarantees and security provisions of Section 185 and 186 of theCompanies Act 2013 have been complied with.

v. As per information and explanations given to us the Company has not accepted anydeposits from the public under Section 73 to 76 of the Companies Act 2013 and hence theprovisions of clause 3 (v) of the Order are not applicable.

vi. We have broadly reviewed the records maintained by the Company pursuant to theRules prescribed by the Central Government for maintenance of cost records under SubSection (1) of Section 148 of the Companies Act 2013 and are of the opinion that primafacie the prescribed accounts and records have been made and maintained. However we arenot required to and have not carried out any detailed examination of such accounts andrecords.

vii. a) According to the information and explanations given to us and the records ofthe Company examined by us the Company has been generally regular in depositingundisputed statutory dues including Provident Fund Employees' State Insurance IncomeTax Duty of Customs Goods and Services Tax Cess and other statutory dues with theappropriate authorities during the year. We are informed that there are no undisputedstatutory dues as at the year end outstanding for a period of more than six months fromthe date they become payable.

b) According to the information and explanations given to us there are no dues ofIncome Tax Goods and Services Tax Sales Tax Service Tax Duty of Customs Duty ofExcise Value Added Tax as on 31st March 2019 which have not been deposited with theappropriate authorities on account of any dispute other than those mentioned below:-

Nature Of dues Amount (` Lakhs) Period to which amount relates Forum where the dispute is pending
Sales Tax/VAT 970 2002-03 and 2003-04 High Court
Sales Tax/VAT 3933 2006-07 2007- 08 2011-12 to 2014-15 Deputy/Joint Commissioner/ VAT Tribunal
Excise Duty and Service Tax 4117 2002-03 to 2015-16 Commissioner of Central Excise/Service Tax/ Additional Director General/CESTAT
Others 15 Commissioner Customs

viii. According to the records of the Company examined by us and on the basis ofinformation and explanations given to us the Company has not defaulted in repayment ofdues to banks financial institutions and Government. The Company has not obtained anyborrowings by way of debentures.

ix. In our opinion and according to the information and explanations given to us termloans have been applied for the purpose for which they were raised. The Company has notraised any monies by way of initial public offer or further public offer (including debtinstruments).

x. To the best of our knowledge and according to the information and explanations givento us no fraud by the Company and material fraud on the Company by its officers oremployees has been noticed or reported during the year.

xi. In our opinion and according to the information and explanations given to usmanagerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the CompaniesAct 2013.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Therefore the provisions of clause (xii) of the Order arenot applicable to the Company.

xiii. In our opinion and according to the information and explanations given to us alltransactions with the related parties are in compliance with Sections 177 and 188 of theCompanies Act 2013 where applicable. The details of such related party transactions havebeen disclosed in the Ind AS Financial Statements as required by the applicable accountingstandards.

xiv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review. Accordingly provisions of clause 3(xiv) of the Order are notapplicable to the Company.

xv. According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with them andhence provisions of clause 3(xv) of the Order are not applicable to the Company.

xvi. In our opinion and according to the information and explanations given to us theCompany is not required to be registered under Section 45-IA of the Reserve Bank of IndiaAct 1934.

For V S S A & Associates
Chartered Accountants
{Firm Registration No. 012421N}
CA Samir Vaid
Place: New Delhi Partner
Dated: 22nd May 2019 Membership No. 091309