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Ashirwad Capital Ltd.

BSE: 512247 Sector: Financials
NSE: N.A. ISIN Code: INE894A01026
BSE 00:00 | 07 Dec 5.32 0
(0.00%)
OPEN

5.54

HIGH

5.55

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NSE 05:30 | 01 Jan Ashirwad Capital Ltd
OPEN 5.54
PREVIOUS CLOSE 5.32
VOLUME 55965
52-Week high 6.14
52-Week low 1.98
P/E 25.33
Mkt Cap.(Rs cr) 21
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.54
CLOSE 5.32
VOLUME 55965
52-Week high 6.14
52-Week low 1.98
P/E 25.33
Mkt Cap.(Rs cr) 21
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ashirwad Capital Ltd. (ASHIRWADCAP) - Auditors Report

Company auditors report

To the Members of

ASHIRWAD CAPITAL LIMITED Opinion

We have audited the accompanying financial statements of ASHIRWAD CAPITAL LIMITED("the Company") which comprise the Balance Sheet as at March 31 2020 theStatement of Profit and Loss and Cash Flow Statement and the Statement of changes inEquity for the year ended and a summary of significant accounting policies and otherexplanatory information. In our opinion and to the best of our information and accordingto the explanations given to us the aforesaid 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 Indian Accounting Standards prescribedunder section 133 of the Act read with the Companies (Indian Accounting Standards) Rules2015 as amended ("Ind AS") and accounting principles generally accepted inIndia of the state of affairs of the Company as at March 31 2020 and its Profit /lossincluding Other Comprehensive Income Cash Flow and the changes in equity for the yearended 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 theFinancial 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 thefinancial statements under the provisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon. There are no other key audit matters and we do not provide aseparate opinion on these matters.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the 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 financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Responsibility of Management for the Financial Statements

The Company's Management and Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance cash flows and changes in equity of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards prescribed under Section 133 of the Act. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror. In preparing the financial statements management and Board of Director areresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so. Board of Directors is alsoresponsible for overseeing the company's financial reporting process.

Auditor's Responsibility for the Audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

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

Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal controls.

Obtain an understanding of internal financial controls relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act 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 the 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 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'sHowever future events or conditions may cause the Company to cease to continue as a goingconcern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually 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 financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen 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.

OTHER MATTERS

We draw attention to Note No.27 which describes the uncertainty caused by NovelCoronavirus (COVID-19) pandemic with respect to the estimates of company's businessoperations and that such estimates may be affected by the severity and duration of thepandemic. Our opinion is not modified in respect of this matter.

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 specifiedin paragraphs 3 and 4 of the Order.

2. As required by section 143 (3) of the Act based on our audit we report that: a. wehave sought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit; b. in our opinion properbooks of account as required by law have been kept by the Company so far as it appearsfrom our examination of those books; c. the Balance Sheet the Statement of Profit andLoss including Other Comprehensive Income the Cash Flow Statement and Statement ofchanges in Equity dealt with by this Report are in agreement with the books of account; d.in our opinion the aforesaid financial statements comply with the Accounting Standardsspecified under section 133 of the Act as applicable. e. On the basis of writtenrepresentations received from the directors as on March 31 2020 taken on record by theBoard of Directors none of the directors is disqualified as on March 31 2020 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 "AnnexureB". g. With respect to the other matters to be included in the Auditor's Reportin accordance with the requirements of section 197(16) of the Act as amended: In ouropinion and to the best of our information and according to the explanation gives to usthe Company has not paid remuneration to its directors during the year. h. With respect tothe other matters to be included in the Auditor's 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 does not haveany pending litigations which would impact its financial position. ii. Company did nothave any long-term contracts including derivative contracts for which there were anymaterial foreseeable losses. iii. There has been no delay in transferring amountsrequired to be transferred to the Investor Education and Protection Fund by the Company.

For S.P. JAIN & ASSOCIATES
Chartered Accountants
FRN No. 103969W
KAPIL JAIN
Place : Mumbai Partner
Dated: 29th July 2020 M. No. 108521
UDIN : 20108521AAAACP6595

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in Paragraph 1 under the heading "Report on other legal and regulatoryrequirements" of our Independent Auditor's Report of even date to the members ofASHIRWAD CAPITAL LIMITED. On the financial statements as of and for the year ended31.03.2020

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As explained to us fixed assets have been physically verified by the managementduring the year and no material discrepancies were noticed on such verification.

(c) According to information and explanations given to us and on the basis of ourexamination of records the title deeds of immovable properties are held in the name of thecompany. (ii) The Company does not have any inventory and hence the clause (ii) ofParagraph 3 of the said order is not applicable.

(iii) The company has not granted any loans or advances in the nature of loans to partycovered in the register maintained under section 189 of the Companies Act 2013. Henceclause (iii) of Paragraph 3 is not applicable to the company.

(iv) In our opinion and according to the information and explanation give to us thecompany has complied with section 185 and section 186 of the companies Act 2013 in respectof corporate guarantee given in connection with the loan taken by the others from bank orfinancial institutions and investment in other related party.

(v) The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable.

(vi) To the best of our knowledge and belief the Central Government has not specifiedmaintenance of cost records under section 148 (1) of the Companies Act 2013.

(vii) (a) According to the information and explanations given to us the Company isgenerally regular in depositing undisputed statutory dues including provident fundemployees' state insurance income-tax goods and services tax and any other statutorydues with the appropriate authorities. (b) According to the information and explanationsgiven to us there are no dues of income-tax goods and services tax wealth tax whichhave not been deposited on account of any dispute.

(viii) In our opinion and according to the information and explanations given to usthe Company did not have any loan or borrowing from government and Debenture holders. TheCompany has not defaulted in the repayment of dues to Banks and financial institution.(ix) In our opinion according to the information and explanations given to us the companyhas not raised money by way of public issue/ follow-on offer (including debt instruments)and any term loans hence clause (ix) of Paragraph 3 is not applicable to the company.

(x) During the course of our examination of the books and records of the companycarried in accordance with auditing standard generally accepted in India we have neithercome across any instance of fraud by the company or on the Company by its officers oremployees noticed or reported during the course of our audit nor have we been informed ofany such instance by the management.

(xi) According to the information and explanations given to us the company has notpaid any managerial remuneration during the year hence clause (xi) of Paragraph 3 is notapplicable to the company.

(xii) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 3 (xii) of the Order are not applicable to the Company.

(xiii) In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards. (xiv) The companyhas not made any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review. (xv) Based upon the audit proceduresperformed and the information and explanations given by the management the company hasnot entered into any non-cash transactions with directors or persons connected with him.Accordingly the provisions of clause 3 (xv) of the Order are not applicable to theCompany. (xvi) According to the information and explanations given to us The Company isduly registered under section 45-IA of the Reserve Bank of India Act 1934.

For S.P. JAIN & ASSOCIATES
Chartered Accountants
FRN No. 103969W
KAPIL JAIN
Place : Mumbai Partner
Dated: 29th July 2020 M. No. 108521
UDIN : 20108521AAAACP6595

"Annexure B" to the Independent Auditor's Report of even date on theFinancial Statements of ASHIRWAD CAPITAL 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 ASHIRWADCAPITAL LIMITED ("the Company") as of March 31 2020 in conjunction with ouraudit 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 assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

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 internal financial control over financialreporting includes those policies and procedures that (1) pertain to the 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 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

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 or for otherreasons.

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 2020 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 S.P. JAIN & ASSOCIATES
Chartered Accountants
FRN No. 103969W
KAPIL JAIN
Place : Mumbai Partner
Dated: 29th July 2020 M. No. 108521
UDIN : 20108521AAAACP6595

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