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Asahi India Glass Ltd.

BSE: 515030 Sector: Industrials
NSE: ASAHIINDIA ISIN Code: INE439A01020
BSE 00:00 | 20 May 427.00 2.40
(0.57%)
OPEN

437.80

HIGH

437.80

LOW

425.00

NSE 00:00 | 20 May 427.80 2.65
(0.62%)
OPEN

431.60

HIGH

434.35

LOW

423.50

OPEN 437.80
PREVIOUS CLOSE 424.60
VOLUME 24164
52-Week high 612.70
52-Week low 289.00
P/E 34.21
Mkt Cap.(Rs cr) 10,380
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 437.80
CLOSE 424.60
VOLUME 24164
52-Week high 612.70
52-Week low 289.00
P/E 34.21
Mkt Cap.(Rs cr) 10,380
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

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 March2021 the Statement of Profit and Loss Statement of Changes in Equity and Statement ofCash Flows for the year then ended and notes to the Financial Statements including asummary of significant 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 Companies Act 2013 ("the Act") in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India of the state of affairs of the Company as at 31st March 2021 itsprofit including other comprehensive income changes in equity and its cash flows for theyear 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 Act. Our responsibilities under those SAs are furtherdescribed in the Auditors' Responsibilities for the Audit of the Standalone Ind ASFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by The Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of theStandalone Ind AS Financial Statements under the provisions of the Companies Act 2013 andthe Rules there-under and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for ouropinion.

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.

Information other than the Standalone Ind AS Financial Statements and Auditors' Reportthereon

The Company's Board of Directors are responsible for the other information. The otherinformation comprises the information included in the annual report but does not includethe Standalone Ind AS Financial Statements and our auditors' report thereon. Our opinionon the Standalone Ind AS Financial Statements does not cover the other information and wedo not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Ind AS Financial Statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the Standalone Financial Statements orour knowledge obtained in the audit or otherwise appears to be materially misstated. Ifbased on the work we have performed we conclude that there is a material misstatement ofthis other information we are required to report that fact. We have nothing to report inthis regard.

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.

Auditors' 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 auditors' 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 therisks of material misstatement of the Standalone Ind AS Financial Statements whether dueto fraud or error design and perform audit procedures responsive to those risks andobtain audit evidence that is sufficient and appropriate to provide a basis for ouropinion. The risk of not detecting a material misstatement resulting from fraud is higherthan for one resulting from error as fraud may involve collusion forgery intentionalomissions misrepresentations or the override of internal control. Obtain anunderstanding of internal control relevant to the audit in order to design auditprocedures 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 auditors' 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 auditors' 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 thatachieves fair 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 de_ciencies 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 auditors' 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 (Auditors' 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 andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. c) The Balance Sheet the Statement of Profit and Lossincluding Other Comprehensive Income and the Cash Flow Statement dealt with by this Reportare in agreement with the books of account. d) In our opinion the aforesaid StandaloneInd AS Financial Statements comply with the Indian Accounting

Standards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. e) On the basis of the written representations received from thedirectors as on 31st March 2021 taken on record by the Board of Directorsnone of the directors is disqualified as on 31st March 2021 from beingappointed as a director in terms of Section 164 (2) of the Act. f) With respect to theadequacy of the internal financial controls over financial reporting of the Company andthe operating effectiveness of such controls refer to our separate Report in"Annexure B". g) In our opinion and according to the information andexplanations given to us the remuneration paid by the Company to its directors during thecurrent year is in accordance with the provisions of Section 197 of the Act. Theremuneration paid to any director is not in excess of the limit laid down under Section197 of the Act. The Ministry of Corporate Affairs has not prescribed other details underSection 197(16) which are required to be commented upon by us. h) With respect to theother matters to be included in the Auditors' Report in accordance with Rule 11 of theCompanies (Audit and Auditors') Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: i) The Company has disclosedthe impact of pending litigations on its financial position in its Standalone Ind ASFinancial Statements - refer Note 39 to Standalone Ind AS Financial Statements. ii) TheCompany did not have any long-term contracts including derivative contracts for whichthere were any material foreseeable losses. iii) There were no amounts which were requiredto be transferred to the Investor Education and Protection Fund by the Company.

For V S S A & Associates
Chartered Accountants
(Firm Registration No. 012421N)
Place: New Delhi CA Samir Vaid
Dated: 16th June 2021 Partner
UDIN: 21091309AAAADH2144 Membership No. 091309

Annexure A to the Independent Auditors' Report on the Standalone Ind AS FinancialStatements of Asahi 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 Companyhas a regular program of physical verification of its fixed assets through which all fixedassets are verified in a phased manner over a period of three years. In our opinion theperiodicity of physical verification is reasonable having regard to the size of theCompany and the nature of its assets. As informed to us no material discrepancies werenoticed on such verification during the year. c) According to the information andexplanations given to us and on the basis of our examination of the records of theCompany the title deeds of immovable properties included in property plant and equipmentare held in the name of the Company. In respect of immovable properties taken on lease anddisclosed as right-of-use-assets in the Standalone Financial Statements the leaseagreements are in the name of the Company. ii. The inventories except goods in transithave been physically verified by the management at reasonable intervals during the yearand no material discrepancies were noticed on physical verification. iii. According to theinformation and explanations given to us the Company has granted loans to itssubsidiaries only covered in the register maintained under Section 189 of the CompaniesAct 2013 in respect of which: a) The terms and conditions of such loans are in ouropinion prima-facie not prejudicial to the Company's interest. b) The schedule ofrepayment of principal and payment of interest has been stipulated. No repayment orreceipt of such loan was made or stipulated during the year. c) There is no amount overduefor more than 90 days at Balance Sheet date. iv. In our opinion and according to theinformation and explanations given to us in respect of investments loans guarantees andsecurity provisions of Section 185 and 186 of the Companies Act 2013 have been compliedwith. 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 Act and are of the opinion that prima facie theprescribed accounts and records have been made and maintained. However we are notrequired 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 recordsof the 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 usthere are no dues of Income Tax Goods and Services Tax Sales Tax Service Tax Duty ofCustoms Duty of Excise Value Added Tax as on 31st March 2021 which have notbeen deposited with the appropriate authorities on account of any dispute other than thosementioned below:-

Nature of dues Amount ( Rs Lakhs) Period to which amount relates Forum where the dispute is pending
Sales Tax/VAT 970 2002-03 & 2003-04 High Court
Sales Tax/VAT 3801 2006-07 to 2017-18 Deputy/Joint Commissioner/VAT Tribunal
Excise Duty and Service Tax 4101 2002-03 to 2015-16 Commissioner of Central Excise/Service Tax/ Additional Director General/ CESTAT
Customs Duty 405 2016-17 to 2020-21 Commissioner Customs
Others 21 2016-17 & 2017-18 Maharashtra Municipal Corporation

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 andexplanations given to us term loans have been applied for the purpose for which they wereraised. The Company has not raised any monies by way of initial public offer or furtherpublic offer (including debt instruments). x. To the best of our knowledge and accordingto the information and explanations given to us no fraud by the Company and materialfraud on the Company by its officers or employees has been noticed or reported during theyear. 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 tous the Company is not a Nidhi Company. Therefore the provisions of clause (xii) of theOrder are not applicable to the Company. xiii. In our opinion and according to theinformation and explanations given to us all transactions with the related parties are incompliance with Sections 177 and 188 of the Companies Act 2013 where applicable. Thedetails of such related party transactions have been disclosed in the Ind AS FinancialStatements as required by the applicable accounting standards. xiv. According to theinformation and explanations given to us and based on our examination of the records ofthe Company the Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.Accordingly provisions of clause 3(xiv) of the Order are not applicable to the Company.xv. According to the information and explanations given to us the Company has not enteredinto any non-cash transactions with directors or persons connected with them and henceprovisions of clause 3(xv) of the Order are not applicable to the Company. xvi. In ouropinion and according to the information and explanations given to us the Company is notrequired to be registered under Section 45-IA of the Reserve Bank of India Act 1934.

For V S S A & Associates
Chartered Accountants
(Firm Registration No. 012421N)
Place: New Delhi CA Samir Vaid
Dated: 16th June 2021 Partner
UDIN: 21091309AAAADH2144 Membership No. 091309

Annexure B to the Independent Auditors' Report of even date on the Standalone Ind ASFinancial Statements of Asahi India Glass 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 Asahi IndiaGlass Limited ("the Company") as of 31st March 2021 in conjunctionwith our audit of the Standalone Ind AS Financial Statements of the Company for the yearended 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 ("the ICAI"). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to Company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required 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 as specified under Section143(10) of the Act to the extent applicable to an audit of internal financial controlsboth issued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively 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 reporting assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditors' judgement including theassessment of the risks of material misstatement of the Financial Statements whether dueto 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 controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting with reference to theseStandalone Ind AS Financial Statements

A Company's internal financial control over financial reporting with reference to theseStandalone Ind AS Financial Statements is a process designed to provide reasonableassurance regarding the reliability of financial reporting and the preparation ofFinancial Statements for external purposes in accordance with Generally AcceptedAccounting Principles. A Company's internal financial control over financial reportingincludes those policies and procedures that (1) pertain to the maintenance of recordsthat 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 of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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 withreference to these Standalone Ind AS Financial Statements

Because of the inherent limitations of internal financial controls over financialreporting with reference to these Standalone Ind AS Financial Statements including thepossibility of collusion or improper management override of controls materialmisstatements 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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31st March 2021 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 V S S A & Associates
Chartered Accountants
(Firm Registration No. 012421N)
Place: New Delhi CA Samir Vaid
Dated: 16th June 2021 Partner
UDIN: 21091309AAAADH2144 Membership No. 091309

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