You are here » Home » Companies » Company Overview » Ashnoor Textile Mills Ltd

Ashnoor Textile Mills Ltd.

BSE: 507872 Sector: Industrials
NSE: N.A. ISIN Code: INE372I01018
BSE 00:00 | 24 Jan 72.95 -1.90
(-2.54%)
OPEN

78.55

HIGH

78.55

LOW

71.15

NSE 05:30 | 01 Jan Ashnoor Textile Mills Ltd
OPEN 78.55
PREVIOUS CLOSE 74.85
VOLUME 6649
52-Week high 110.25
52-Week low 13.30
P/E 11.82
Mkt Cap.(Rs cr) 93
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 78.55
CLOSE 74.85
VOLUME 6649
52-Week high 110.25
52-Week low 13.30
P/E 11.82
Mkt Cap.(Rs cr) 93
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

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 ofAshnoor Textile Mills Limited ("the Company") which comprise the Balance Sheetas at March 31 2021 the Statement of Profit and Loss the Statement of Changes in Equityand the statement of Cash Flow Statement for the year then ended and notes to thefinancial statements including a summary of significant accounting policies and otherexplanatory information

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2021 and profit changes in equity) and its cashflows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the Companyin accordance 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 mattersstated in Section134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these standalone Ind AS financial statements that give a true and fairview of the financial position financial performance including other comprehensiveincome cash flows and change in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)prescribed under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing thecompany's financial reporting process

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether thefinancial 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. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs 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.

Our responsibility is to express an opinion on these financialstatements based on our audit.

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 of the Companies Act 2013 we give in the Annexure a statement on thematters specified in paragraphs 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 explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books.

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

(d) In our opinion the aforesaid financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from thedirectors as on March 31 2021 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2021 from being appointed as a director interms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure A".

(g) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its financial statements as referred to in Note 17.1 to thefinancial statements.

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

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

FOR AGARWAL & GUPTA
Chartered Accountants
(Registration Number: 017621C)
Sd/-
HEMENDRA KUMAR GUPTA
Partner
Membership Number: 090841
UDIN: 21090841AAAAC45602
Place: New Delhi
Date: June 29 2021

ANNEXURE TO THE AUDITORS' REPORT

Referred to in paragraph 1 under ‘Report on Other Legal andRegulatory Requirements' of our Report of even date to the members of Ashnoor TextileMills Limited on the accounts of the company for the year ended March 31 2021

On the basis of such checks as we considered appropriate and accordingto the information and explanations given to us during the course of our audit we reportthat:

(i) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of the fixed assets.

(b) As explained to us fixed assets have been physically verified bythe management during the year in accordance with the phased programme of verificationadopted by the management which in our opinion provides for physical verification of allthe fixed assets at reasonable intervals. According to the information and explanationsgiven to us no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanationsgiven to us all Immovable properties are held in the name of the company.

(ii) (a) As explained to us the inventories of finished goodssemi-finished goods stores spare parts and raw materials were physically verified at theend of the year by the Management. In case of inventories lying with third partiescertificates of stocks holding have been received.

(b) In our opinion and according to the information and explanationgiven to us the procedures of physical verification of inventories followed by theManagement were reasonable and adequate in relation to the size of the Company and thenature of its business.

(c) As explained to us no material discrepancies were noticed onphysical verification of stocks as compared to book records.

(iii) According to the information and explanations given to us theCompany has not granted any loans to companies firms or other parties covered in theRegister maintained under Section 189 of the Companies Act 2013; and Therefore theprovisions of Clause 3 (iii) [(a)(b)(c) and (d)/(f) and (g)] of the said Order are notapplicable to the Company.

(iv) The company has not given any loans guarantees and securityaccording to provisions of section 185 and 186 of the Companies Act 2013: and thereforethe provision of Clause 3(iv) of the said Order is not applicable to the Company.

(v) Based on our scrutiny of the company's records and accordingto the information and explanation provided by the management in our opinion the Companyhas not accepted any deposits from the public within the meaning of Rule 2 of theCompanies (Acceptance of Deposits) Rules 2014.

(vi) The Central Government of India has not prescribed the maintenanceof cost records under subsection (1) of Section 148 of the Act for any of the products ofthe Company.

(vii) In respect of statutory dues:

(a) According to the records of the Company and information andexplanations given to us the Company has generally been regular in depositing undisputedstatutory dues including Provident Fund Employees State Insurance (ESI) InvestorEducation and Protection Fund Income Tax Tax Deducted at Sources Tax Collected atSource Sales Tax Value Added Tax Wealth Tax Service Tax Custom Duty Excise DutyCess and other material statutory dues applicable to it with the appropriate authorities.

(b) According to the information and explanations given to us therewere no undisputed amounts payable in respect of Income-tax and other material statutorydues in arrears /were outstanding as at 31 March 2021 for a period of more than sixmonths from the date they became payable.

(viii) In our opinion and according to the information and explanationsgiven to us the Company has not defaulted in the repayment of dues to financialinstitutions banks and debenture holders.

(ix) The Company has not raised any money by public issues during theyear. 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 andexplanations given to us no fraud by the Company and no material fraud on the Company hasbeen noticed or reported during the year.

(xi) Managerial remuneration has been paid in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act 2013.

(xii) As the provisions of any special statute applicable to chit fund/nidhi/ mutual benefit fund/ societies are not applicable to the Company the provisions ofClause 4(xiii) of the Order are not applicable to the Company.

(xiii) Transactions with the related parties are in compliance withsections 177 and 188 of Companies Act 2013 and disclosed in Note No -29 of FinancialStatements for the year ended March 31 2021.

(xiv) The Company has not entered into any non-cash transactions withdirectors or persons connected with him.

(xv) The company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934.

FOR AGARWAL & GUPTA
Chartered Accountants
(Registration Number: 017621C)
Sd/-
HEMENDRA KUMAR GUPTA
Partner
Membership Number: 090841
UDIN: 21090841AAAAC45602
Place: New Delhi
Date: June 29 2021

ANNEXURE A TO THE AUDITORS' REPORT

Report on the Internal Financial Controls Under Clause (I) of subsection (3) of Section 143 of The Companies Act 2013 (‘the Act')

We have audited the internal financial controls over financialreporting of Ashnoor Textile Mills Limited ("the Company") as of March 312021in conjunction with our audit of the standalone financial statements of the Company forthe year ended on that date.

Management's Responsibility for the Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note of Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (‘ICAI').These responsibilities include design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to the 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.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting based on our audit.

We conducted our audit in accordance with Guidance Note of Audit ofInternal Financial Controls over Financial Reporting (the ‘Guidance Note') andthe Standards on Auditing issued by the ICAI and deemed to be prescribed under Section143(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 were established and maintained and if such controls operatedeffectively in all material aspects.

Our audit involves performing procedures to obtain audit evidence aboutadequacy of the internal financial controls over financial reporting and their operatingeffectiveness.

Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditors' judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting isa process designed reasonable assurance regarding the reliability of financial reportingand preparation of financial statements for external purpose in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting included those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddisposition of the assets of the company; (2) provide reasonable assurance thattransaction 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 authorizations of theManagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detections of unauthorized accusation use or disposition of thecompany's assets that could have a material effect on the financial statement.

Inherent Limitations of Internal Financial Control over FinancialReporting

Because of the inherent limitations of internal financial control overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of internal financial control 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 adequatethe internal financial controls system over financial reporting and such internalfinancial controls over financial reporting were operating effectively as at 31 March2021 based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote of Audit of Internal Financial Controls over Financial Reporting issued by theInstitute of Chartered Accountants of India.

FOR AGARWAL & GUPTA
Chartered Accountants
(Registration Number: 017621C)
Sd/-
HEMENDRA KUMAR GUPTA
Partner
Membership Number: 090841
UDIN: 21090841AAAAC45602
Place: New Delhi
Date: June 29 2021

.