You are here » Home » Companies » Company Overview » Ashirwad Steels & Industries Ltd

Ashirwad Steels & Industries Ltd.

BSE: 526847 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE338C01012
BSE 00:00 | 22 Jun 15.40 0
(0.00%)
OPEN

15.25

HIGH

15.40

LOW

15.25

NSE 05:30 | 01 Jan Ashirwad Steels & Industries Ltd
OPEN 15.25
PREVIOUS CLOSE 15.40
VOLUME 17050
52-Week high 20.94
52-Week low 9.85
P/E 37.56
Mkt Cap.(Rs cr) 19
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 15.25
CLOSE 15.40
VOLUME 17050
52-Week high 20.94
52-Week low 9.85
P/E 37.56
Mkt Cap.(Rs cr) 19
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ashirwad Steels & Industries Ltd. (ASHIRWADSTEELS) - Auditors Report

Company auditors report

FOR FINANCIAL YEAR 2016-17

To

The Members of

Ashirwad Steels & Industries Limited

Report on the Audit of the Standalone Financial Statements Opinion

We have audited the standalone financial statements of Ashirwad Steels & IndustriesLimited which comprise the Balance Sheet as at 31stMarch 2017 and the statement ofProfit and Loss and statement of cash flow for the year then ended and notes to thefinancial statements including a summary of significant accounting policies

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2017 and Profit and its cash flows 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

Companies Act 2013. Our responsibilities under those Standards are further describedin the Auditor's Responsibilities for the Audit of the Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India together with the ethical requirementsthat are relevant to our audit of the financial statements under the provisions of the 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.

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 and we do not provide a separate opinion on these matters.

Management's Responsibility for the Standalone Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial position financial performance and cash flows of the Companyin accepted in India including the accounting Standards specified under section 133 ofthe Act. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate implementation and maintenance of accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statement that give a true and fair view andare free from material misstatement whether due to fraud or . In preparing the financialstatements management is responsible for 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 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.

Report on Other Legal and Regulatory Requirements

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 matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

As required by Section 143(3) of the Act we report that:

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified

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 the directors as on 31stMarch 2017 taken on record by the

Board of Directors none of the directors is disqualified as on 31st March 2017 frombeing appointed as a director in terms of 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 Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us :

(i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements- Refer Note No:30(b)(c) and 36 to the financialstatements;

(ii) There were no material foreseeable losses if any on long- term contractsincluding long-term derivative contracts therefore the requirement for making anyprovision does not arise. (iii) There has been no event requiring any amount to betransferred to the Investor Education and Protection Fund by the Company.

(iv) We report that in terms notification no G.S.R 307(E) dated 30.3.2017 issued by theministry of corporate affairs Govt of India new Delhi ; the company has made requisitesdisclosures in it's financial statements ( under the caption- NOTES ON ACCOUNTS clauseno- 40) with respect to dealings in specified bank notes during the period from 8.11.2016to 30.12.2016 and that such disclosure is in accordance with the books of accountsmaintained by the company as mandated by the same ministry vide it's notification No.G.S.R. 308(E) dated 30.3.2017.

For A. PRADHAN & ASSOCIATES
Chartered Accountants
Firm's Registration Number: 325131E
A.PRADHAN
(Proprietor)
Membership Number : 053543
Place of Signature: Kolkata
Date: 19.05.2017

Annexure ‘A' to the Auditors' Report

In terms of the Annexure referred to in our report to the members of Ashirwad Steels& Industries Ltd. for the financial year ended on 31st March2017; We report that: (i)(a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed . assets (b) The fixed assets have beenphysically verified by the management as per a phased program of verification. In ouropinion the frequency of verification is reasonable having regard to the size of theCompany and the nature of its assets. The discrepancies reported on such verification werenot material and have been properly dealt with in the books of accounts.

(c) The title deeds of all the immovable properties other than self constructedimmovable Properties (Building and Factory Sheds etc.) are held in the name of thecompany.

(ii) As explained to us the management has conducted physical verification of inventoryat reasonable intervals during the year wherever possible and/or required and no materialdiscrepancies were noticed on such verification.

(iii) The requirement of clause (iii) a (iii)b and (iii)c of the order are notapplicable since no loans have been given to companies firms limited liabilitypartnerships or other parties covered under Section 189 of the Companies Act 2013.

(iv) In respect of loans given to body corporates and long term investments made inshares (quoted and un-quoted) of companies; the provisions of section 185 and 186 of theCompanies Act 2013 have been complied with. No loan has been given to any director of thecompany.

(v) In our opinion and according to the informations and explanations given to us; theCompany has not accepted any deposits within the meaning of sections 73 to 76 or any otherrelevant provisions of the Companies Act2013 and the rules framed there under.

(vi) Since the net worth of the Company is less than Rupees one hundred and fiftycrores and the turnover in respect of sponge iron is less than Rupees thirty five crorethe requirement of maintenance of cost records is not necessary as per relevant provisionscompany's Act 2013.

(vii) (a) The company is generally regular in depositing undisputed statutory duesincluding Staff Provident Fund Employees' State Insurance Income Tax VAT CST ServiceTax Excise Duty Cess duty of customs and other material statutory dues as applicable toit. There were certain delays in depositing the ESI dues. However these dues were paidwithin the year 2016-17.

(b) According to the informations and explanations given to us the following taxes werenot deposited as the same are disputed and under adjudication of Hon'ble High Court atHyderabad.

Particulars Disputed/ demanded Amount (Rs.) Forum where dispute is pending in appeal As on 31.03.2017
i) CENVAT on Capital Goods (Net of payment) 1214662 The Central Excise and Service Tax Appellate Tribunal Bangalore (CESTAT) decided this matter in favour of the company but the Excise Department has preferred an appeal with the Hon'ble High Court of Hyderabad and the matter is subjudice.

(c) In our opinion there is no amount required to be transferred to Investor educationand protection fund in accordance with the relevant provisions of the Companies Act2013and rules framed there under.

(viii) According to the information's and explanations given to us and the recordsexamined by us the Company has not defaulted in repayment of dues to banks any financialinstitutions government or dues to debenture holders. The company has not accepted anyfund on account of issue of debentures.

(ix) During the year no amount was raised by way of initial public offer or furtherpublic offer (including debt instruments) and term loans.

(x) According to the informations and explanations given to us no fraud on or by theCompany by its officers or employees has been noticed or reported during the year.

(xi) The managerial remuneration paid during the year to the Managing Director of thecompany is in accordance with the requisite approval mandated by the provisions of section197 read with schedule v to the Companies Act2013 and applicable rules.

(xii) The company is not a Nidhi Company and therefore clause (xii) of the order is notapplicable to the company.

(xiii) There were some transactions with the related parties during the year as definedunder provision of section 177 and

188 of the Companies Act2013 and disclosure of the same as required under AS- 18 andsection 133 of the said Act read with Rule – 7 of the Companies (Accounts) Rules2014 is made in the Notes on Accounts under clause – 24.

(xiv) During the year the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures.

(xv) During the year company has not entered into any non-cash transaction withdirectors or person connected with him. (xvi) The company is not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934.

For A. PRADHAN & ASSOCIATES
Chartered Accountants
Firm's Registration Number: 325131E
A. PRADHAN
(Proprietor)
Membership Number : 053543
Place of Signature: Kolkata
Date:19.05.2017

"Annexure B" to the Independent Auditor's Report of even date on theFinancial Statements of Ashirwad Steels & Industries Limited (For the Financial Year2016-17)

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 AshirwadSteels & Industries Limited ("the Company") as of March 31 2017 inconjunction with our audit of the financial statements of the Company for the year endedon 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 include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act

2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over audit. We conducted our audit in accordance with the Guidance Note on Auditof Internal Financial Controls Over Financial Reporting (the "Guidance Note")and the Standards on Auditing issued by ICAI and deemed to be prescribed under section

143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued 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 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 judgement 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 sufficientand 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

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 principles and that receipts and expenditures of the company are beingmade only in accordance with authorisations of management and directors of the company;and (3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.

Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based 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 A. PRADHAN & ASSOCIATES
Chartered Accountants
Firm's Registration Number: 325131E
A. PRADHAN
(Proprietor)
Membership Number : 053543
Place of Signature: Kolkata
Date:19.05.2017

Auditor's Report on Quarterly Financial Results and Year to Date Results of the CompanyPursuant to the Regulation 33 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 for the Financial Year ended on 31st March 2017.

To

The Board of Directors of

Ashirwad steels & Industries Limited 6 Waterloo Street Kolkata – 700 069.

1. We have audited the quarterly financial results of Ashirwad Steels & IndustriesLimited (‘the Company) for the quarter ended March 31 2017 and the financial resultsfor the year ended March 31 2017 attached herewith being submitted by the Companypursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations andDisclosure

Requirements) Regulations 2015. The quarterly financial results are the derivedfigures between respect of the year ended March 31 2017 and the published year-to-datefigures date of the end of the third quarter of the financial year which were subjectedto a limited review for the quarter ended March 31 2017 have been prepared on the basisof the financial results for the nine-month period ended December 31 2016 the auditedannual financial statements as at and for the year ended March 31 2017 and the relevantrequirements of Regulation 33 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 and are the responsibility of the Company's management andhave been approved by the Board of Directors of the Company. Our responsibility is toexpress an opinion on these financial results based on our review of the financial resultsfor the nine-month period ended December 31 2016 which was prepared in accordance withthe recognition and measurement principles laid down in Accounting Standard (AS)25InterimFinancialReportingspecifiedunder the Section 133 of the Companies Act 2013 readwith relevant rules issued there under and other accounting principles generally acceptedin India our audit of the annual financial statements as at and for the year ended March31

2017; and the relevant requirements of Regulation 33 of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015.

2. We conducted our audit in accordance with the auditing standards generally acceptedin India. Those Standards require that we plan and perform the audit to obtain reasonableassurance about whether the financial results are free from material misstatements. Anaudit includes examining on a test basis evidence supporting the amounts disclosed asfinancial results. An audit includes assessing the accounting principlesusedandsignificantestimates made by management. We believe that our audit provides areasonable basis for our opinion.

3. In our opinion and to the best of our informations and according to the explanationsgiven to us these quarterly financial results as well as the year to date results : i) Arepresented in accordance with the requirements of Regulation 33 of the SEBI (ListingObligations and Disclosure Requirements) Regulations 2015; and ii) give a true and fairview of the net loss and other financial information for the quarter ended March 31 2017and of net profit for the full Financial year ended March 31 2017.

Further read with paragraph 1 above we report that the figures for the quarter endedMarch 31 2017 derived figures between the audited figures in respect of the financialyear ended March 2017 and the to-date figures up to December 31 2016 being the date ofthe end of the third quarter of the financialyear which were subjected to a limitedreview as stated in Paragraph 1 above as required under Regulation 33 of the SEBI ListingObligations and Disclosure Requirements) Regulations 2015.

For A. PRADHAN & ASSOCIATES
Chartered Accountants
Firm's Registration Number: 325131E
A. PRADHAN
(Proprietor)
Membership Number : 053543
Place of Signature: Kolkata
Date:19.05.2017