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Ashiana Housing Ltd.

BSE: 523716 Sector: Infrastructure
NSE: ASHIANA ISIN Code: INE365D01021
BSE 00:00 | 15 Oct 95.00 -1.00
(-1.04%)
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96.00

HIGH

97.60

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95.00

NSE 00:00 | 15 Oct 94.95 -1.35
(-1.40%)
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96.45

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97.65

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OPEN 96.00
PREVIOUS CLOSE 96.00
VOLUME 3167
52-Week high 134.70
52-Week low 95.00
P/E
Mkt Cap.(Rs cr) 972
Buy Price 94.75
Buy Qty 1.00
Sell Price 100.00
Sell Qty 500.00
OPEN 96.00
CLOSE 96.00
VOLUME 3167
52-Week high 134.70
52-Week low 95.00
P/E
Mkt Cap.(Rs cr) 972
Buy Price 94.75
Buy Qty 1.00
Sell Price 100.00
Sell Qty 500.00

Ashiana Housing Ltd. (ASHIANA) - Auditors Report

Company auditors report

To the Members of

Ashiana Housing Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Ashiana HousingLimited ('the company') which comprise the Balance Sheet as at 31st March 2019 theStatement of Profit and Loss (including Other Comprehensive Income) Statement of Changesin Equity and Statement of Cash Flow for the year then ended and Notes to the financialstatements including a summary of significant accounting policies and other explanatoryinformation.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 ('Act') in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India including IndianAccounting Standards ('Ind AS') specified under section 133 of the Act of the state ofaffairs (financial position) of the company as at March 312019 and profit (financialperformance including Other Comprehensive Income) its Cash Flows and the Changes InEquity for the 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 Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India ('ICAI') together withthe ethical requirements that are relevant to our audit of the standalone financialstatements under the provisions of the Companies Act 2013 and the Rules thereunder andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our opinion.

Information other than the Financial Statements and Auditor's Report thereon

The company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual Report but does not includethe standalone financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those charged with Governance for the StandaloneFinancial Statements

The company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the state of affairs (financial position) profit or loss(financial performance including Other Comprehensive Income) Changes In Equity and CashFlows of the company in accordance with the accounting principles generally accepted inIndia including the Ind AS specified under section 133 of the Act. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding of the assets of the company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate implementationand maintenance of accounting policies; making judgments and estimates that are reasonableand prudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

In preparing the financial statements the Board of Directors 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 unlessthe Board of Directors either intends to liquidate the company or to cease operations orhas no realistic alternative but to do so. Those Board of Directors are also responsiblefor overseeing the company's financial reporting process.

Independent Auditor's Report

Auditor's Responsibilities for the Audit of Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalonefinancial 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 Standards on Auditing will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

As part of an audit in accordance with Standards on Auditing we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances.

Under section 143(3)(i) of the Companies Act 2013 we are also responsible forexpressing our opinion on whether the company has internal financial controls withreference to Financial Statements in place and the operating effectiveness of suchcontrols

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting 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 financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

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 financial statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh 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 Act we give in the Annexure A a statement on the matters specified in the paragraph3 and 4 of the order.

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] Statement of change in Equity and the Cash Flow Statement dealt with by thisReport are in agreement with the books of account;

[d] in our opinion the aforesaid standalone financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act;

[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 termsof Section 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 the requirements of section 197[16] of the Act as amended:

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the company to its directors during the year is inaccordance with the provisions of section 197 of the Act

[h] 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. the company has to the extent ascertainable disclosed the impact of pendinglitigations on its financial position in its financial statements - Refer clause [e] ofNote 12 to the financial statements;

ii. the company does not have any material foreseeable losses on long term contractsincluding derivative contracts which would impact its financial position;

iii. there has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the company.

For VMSS & ASSOCIATES
Chartered Accountants
Firm Registration No. 328952E
Mahendra Jain
Partner
Place: New Delhi Membership No. 413904
Date: 18th May 2019

Annexure - A to the Auditors' Report

The Annexure referred to in Independent Auditors' Report to the members of the companyon the standalone financial statements for the year ended 31st March 2019 wereport that:

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

(b) According to the information and explanations given to us all the assets have notbeen physically verified by the management during the year but there is a regular programof physical verification of its property plant and equipment to cover all the items ofproperty plant and equipment in a phased manner in our opinion is reasonable havingregard to the size of the company and the nature of its property plant and equipment.Pursuant to the program certain plant and Machinery is physically verified by theManagement during the year. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the company the title deeds of immovable properties areheld in the name of the company.

(ii) According to the information and explanations given to us the management hasconducted physical verification of inventory at reasonable intervals during the yearwhich in our opinion is reasonable having regard to the size of the company and natureof its business. No material discrepancies were noticed on such verification.

(iii) The company has not granted secured/unsecured loans to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under section189 of the Companies Act 2013 ('the Act').

(iv) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013in respect of loans investments guarantees and securities made by the company.

(v) In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits within the meaning of Sections 73 to 76 of theCompanies Act 2013 Act and the Companies (Acceptance of Deposits) Rules 2014 (asamended).

(vi) As certified by a Cost Accountant the company has maintained cost records for theyear under review as prescribed under sub-section (1) of Section 148 to the extentapplicable to the company. We have however not made a detailed examination of suchrecords.

(vii) (a) According to the records of the company the company is generally regular indepositing with appropriate authorities undisputed statutory dues including providentfund employees' state insurance income-tax Goods and Service Tax duty of customs Cessand other material statutory dues as applicable and no such statutory dues wereoutstanding as at the last day of the financial year under review for a period of morethan six months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofincome-tax Goods and Service Tax duty of customs and cess as applicable which have notbeen deposited on account of any dispute except the following:

Name of the Statute Amount (Rs. in lakhs) Relating to the year Forum where dispute pending
Income Tax Act 1961 64.83 2015-16 Deputy Commissioner of Income Tax (petition to be filed)
Finance Act 1994 77.2 2010-11 to 2012-13 Central Excise and Service Tax Appellate Tribunal
Finance Act 1994 0.82 2012-13 to 2014-15 Central Excise and Service Tax Appellate Tribunal
Finance Act 1994 0.79 2015-16 Central Excise and Service Tax Appellate Tribunal
Finance Act 1994 1.41 2014-15 Commissioner (Appeals) Central Excise
Finance Act 1994 1.37 2016-17 Commissioner (Appeals) Central Excise
Finance Act 1994 0.65 2012-13 to 2015-16 Commissioner (Appeals) Central Excise
TNVAT Act 2006 12.42 2015-16 Deputy Commissioner (Appeals) Commercial Tax
Finance Act 1994 1.02 2012-13 to 2014-15 Commissioner (Appeals) Central Excise
RVAT Act 2003 31.56 201 3-14 to 2016-2017 Assistant Commissioner Commercial Tax
GVAT Act 2003 0.87 2014-15 Deputy Commissioner (Appeals) Commercial Tax
TNVAT Act 2006 4.68 2016-17 Assistant Commissioner (Appeals) Commercial Tax

(viii) In our opinion and according to the information and explanations given to usthe company has not defaulted in repayment of loans or borrowing to a financialinstitution bank Government or dues to debenture holders.

(ix) In our opinion and according to the information and explanation given to us thecompany did not raise any money by way of initial public offer or further public offer(including debt instruments) during the year under review. Further term loans have beenapplied for the purposes for which those were raised.

(x) According to the information and explanations given to us no fraud by the companyor on the company by its officers or employees have been noticed or reported during theyear.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the company the company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanations given to us thecompany is not a nidhi company.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the company transactions with the related parties are incompliance with sections 177 and 188 of the Act and the details of such transactions havebeen disclosed in the financial statements as required by the applicable accountingstandards.

(xiv) According to the information and explanations give to us and based on ourexamination of the records of the company the company has made preferential allotment orprivate placement of non convertible debentures during the year under review and section42 of the Companies Act 2013 have been complied with and the amount raised have been usedfor the purposes for which the funds were raised.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the company the company has not entered into non-cashtransactions with directors or persons connected with him.

(xvi) In our opinion the company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934.

For VMSS & ASSOCIATES
Chartered Accountants
Firm Registration No. 328952E
Mahendra Jain
Partner
Place: New Delhi Membership No. 413904
Date: 18th May 2019

Annexure - B to the 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 AshianaHousing Limited ("the company") as of 31st March 2019 in conjunctionwith our audit of the standalone financial statements of the company for the year ended onthat 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 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 controls systemover financial reporting.

Annexure - B to the Auditors' Report

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide 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 interna! financial control over financial reporting includes those policiesand procedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company's assets that could have a material effecton 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 31st March 2019based on the internal control over financial reporting criteria established by the companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For VMSS & ASSOCIATES
Chartered Accountants
Firm Registration No. 328952E
Mahendra Jain
Partner
Membership No. 413904
Place: New Delhi
Date: 18th May 2019