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Ashnoor Textile Mills Ltd.

BSE: 507872 Sector: Industrials
NSE: N.A. ISIN Code: INE372I01018
BSE 00:00 | 24 Jun 16.05 0.75
(4.90%)
OPEN

15.50

HIGH

16.05

LOW

15.50

NSE 05:30 | 01 Jan Ashnoor Textile Mills Ltd
OPEN 15.50
PREVIOUS CLOSE 15.30
VOLUME 679
52-Week high 24.35
52-Week low 11.40
P/E 4.82
Mkt Cap.(Rs cr) 20
Buy Price 14.60
Buy Qty 300.00
Sell Price 16.00
Sell Qty 20.00
OPEN 15.50
CLOSE 15.30
VOLUME 679
52-Week high 24.35
52-Week low 11.40
P/E 4.82
Mkt Cap.(Rs cr) 20
Buy Price 14.60
Buy Qty 300.00
Sell Price 16.00
Sell Qty 20.00

Ashnoor Textile Mills Ltd. (ASHNOORTEXTILE) - Auditors Report

Company auditors report

TO THE MEMBERS OF ASHNOOR TEXTILE MILLS LIMITED

Report on the standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Ashnoor TextileMills Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2018 the Statement of Profit and Loss the Statement of Changes in Equity andthe statement of Cash Flow Statement 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 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 March 31 2018 and profit changes in equity) and its cash flows for the year endedon 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 Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Responsibility of Management for the Standalone Financial 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 of thesestandalone Ind AS financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchange in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) prescribed underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation 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 is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the company's financialreporting 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.

Our responsibility is to express an opinion on these financial statements based on ouraudit.

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 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 financial statements comply with the AccountingStandards 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 the directors as on March31 2018 taken on record by the Board of Directors none of the directors is disqualifiedas on 31st March 2018 from being appointed as a director in terms of Section 164 (2) ofthe 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 A".

(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 as referred to in Note 4.1 and Note 14.1 to thefinancial statements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Agarwal & Gupta

Chartered Accountants

Sd/-

HEMENDRA KUMAR GUPTA

Partner

Membership Number: 090841

Place: New Delhi

Date : May 29 2018

ANNEXURE TO THE AUDITORS' REPORT

REFERRED TO IN PARAGRAPH 1 UNDER 'REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS' OFOUR REPORT OF EVEN DATE TO THE MEMBERS OF ASHNOOR TEXTILE MILLS LIMITED ON THE ACCOUNTS OFTHE COMPANY FOR THE YEAR ENDED MARCH 31 2018

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 the fixed assets.

(b) As explained to us fixed assets have been physically verified by the managementduring the year in accordance with the phased programme of verification adopted by themanagement which in our opinion provides for physical verification of all the fixedassets at reasonable intervals. According to the information and explanations given to usno material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us allImmovable properties are held in the name of the company.

(ii) (a) As explained to us the inventories of finished goods semi-finished goodsstores spare parts and raw materials were physically verified at the end of the year bythe Management. In case of inventories lying with third parties certificates of stocksholding have been received.

(b) In our opinion and according to the information and explanation given to us theprocedures of physical verification of inventories followed by the Management werereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.

(c) As explained to us no material discrepancies were noticed on physical verificationof stocks as compared to book records.

(iii) According to the information and explanations given to us the Company has notgranted any loans to companies firms or other parties covered in the Register maintainedunder Section 189 of the Companies Act 2013; and Therefore the provisions of Clause3(iii)[(a)(b)(c) and (d)/(f) and (g)] of the said Order are not applicable to theCompany.

(iv) The company has not given any loans guarantees and security according toprovisions of section 185 and 186 of the Companies Act 2013: and therefore the provisionof Clause 3(iv) of the said Order is not applicable to the Company.

(v) Based on our scrutiny of the company's records and according to the information andexplanation provided by the management in our opinion the Company has not accepted anydeposits from the public within the meaning of Rule 2 of the Companies (Acceptance ofDeposits) Rules 2014.

(vi) The Central Government of India has not prescribed the maintenance of cost recordsunder sub-section

(1) of Section 148 of the Act for any of the products of the Company.

(vii) In respect of statutory dues:

(a) According to the records of the Company and information and explanations given tous the Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund Employees State Insurance (ESI) Investor Education andProtection Fund Income Tax Tax Deducted at Sources Tax Collected at Source Sales TaxValue Added Tax Wealth Tax Service Tax Custom Duty Excise Duty Cess and othermaterial statutory dues applicable to it with the appropriate authorities.

(b) According to the information and explanations given to us there were no undisputedamounts payable in respect of Income-tax and other material statutory dues in arrears/were outstanding as at 31 March 2018 for a period of more than six months from the datethey became payable.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of dues to financial institutions banksand debenture holders.

(ix) The Company has not raised any money by public issues during the year.Accordingly the provisions of Clause 4(ix) of the Order are not applicable to theCompany.

(x) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company has been noticedor reported during the year.

(xi) Managerial remuneration has been paid in accordance with the requisite approvalsmandated by the provisions of section 197 read with Schedule V to the Companies Act 2013.

(xii) As the provisions of any special statute applicable to chit fund/ nidhi/ mutualbenefit fund/ societies are not applicable to the Company the provisions of Clause4(xiii) of the Order are not applicable to the Company.

(xiii) Transactions with the related parties are in compliance with sections 177 and188 of Companies Act 2013 and disclosed in Note No -28 of Financial Statements for theyear ended March 31 2018.

(xiv) The Company has not made any preferential allotment of shares to parties andcompanies covered in the register maintained under Section 301 of the Act during the year.Accordingly the provisions of (xiv) of the Order are not applicable to the Company.

(xv) The Company has not entered into any non-cash transactions with directors orpersons connected with him.

(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

FOR AGARWAL & GUPTA

Chartered Accountants

(Registration Number: 017621C)

Sd/-

HEMENDRA KUMAR GUPTA

Partner

Membership Number: 090841

Place: New Delhi

Date: May 29 2018

ANNEXURE A TO THE AUDITORS' REPORT

Report on the Internal Financial Controls Under Clause (I) of sub section (3) ofSection 143 of The Companies Act 2013 ('the Act')

We have audited the internal financial controls over financial reporting of AshnoorTextile Mills Limited ("the Company") as of March 31 2018 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for the Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on internal control over financial reporting criteria establishedby the Company considering the essential components of internal control stated in theGuidance Note of Audit of Internal Financial Controls over Financial Reporting issued bythe Institute of Chartered Accountants of India ('ICAI'). These responsibilities includedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the 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.

Auditor's 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 accordance with Guidance Note of Audit of Internal FinancialControls over Financial Reporting (the 'Guidance Note') and the Standards on Auditingissued by the ICAI and deemed to be prescribed under Section 143(10) of the Companies Act2013 to the extent applicable to an audit of internal financial controls both applicableto an audit of Internal Financial Controls and both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting were established andmaintained and if such controls operated effectively in all material aspects.

Our audit involves performing procedures to obtain audit evidence about adequacy of theinternal financial controls over financial reporting and their operating effectiveness.

Our audit 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 auditors' judgment including the assessment of the risks of materialmisstatement 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.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedreasonable assurance regarding the reliability of financial reporting and preparation offinancial statements for external purpose in accordance with generally accepted accountingprinciples. A company's internal financial control over financial reporting included thosepolicies and procedures that (1) pertain to the maintenance of records that in reasonabledetail accurately and fairly reflect the transactions and disposition of the assets ofthe company; (2) provide reasonable assurance that transaction are recorded as necessaryto permit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorizations of the Management and directors of the company; and(3) provide reasonable assurance regarding prevention or timely detections of unauthorizedaccusation use or disposition of the company's assets that could have a material effecton the financial statement.

Inherent Limitations of Internal Financial Control over Financial Reporting

Because of the inherent limitations of internal financial control 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 internal financial control over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the company has in all material respects an adequate the internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note of Audit ofInternal Financial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

FOR AGARWAL & GUPTA

Chartered Accountants

(Registration Number: 017621C)

Sd/-

HEMENDRA KUMAR GUPTA

Partner

Membership Number: 090841

Place: New Delhi

Date: May 29 2018