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Ashoka Metcast Ltd.

BSE: 540923 Sector: Others
NSE: N.A. ISIN Code: INE760Y01011
BSE 00:00 | 18 Oct 2.05 -0.02
(-0.97%)
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2.03

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2.05

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NSE 05:30 | 01 Jan Ashoka Metcast Ltd
OPEN 2.03
PREVIOUS CLOSE 2.07
VOLUME 12000
52-Week high 5.40
52-Week low 2.03
P/E
Mkt Cap.(Rs cr) 2
Buy Price 2.03
Buy Qty 6000.00
Sell Price 2.20
Sell Qty 6000.00
OPEN 2.03
CLOSE 2.07
VOLUME 12000
52-Week high 5.40
52-Week low 2.03
P/E
Mkt Cap.(Rs cr) 2
Buy Price 2.03
Buy Qty 6000.00
Sell Price 2.20
Sell Qty 6000.00

Ashoka Metcast Ltd. (ASHOKAMETCAST) - Auditors Report

Company auditors report

TO

THE MEMBERS OF ASHOKA METCAST LIMITED

(formerly known as TANYA ESTATES PRIVATE LIMITED)

Report on the Financial Statements

We have audited the accompanying financial statements of ASHOKA METCAST LIMITED ("theCompany") which comprise the Balance Sheet as at 31/03/2018 the Statement ofProfit and Loss the cash flow statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the 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 ofthese financial statements that give a true and fair financial view of the financialposition performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified 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 of the assets of the Company and for preventingand detecting frauds and other irregularities; 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.

Auditor’s Responsibility

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

We have taken into accounting and auditing standards and matters the provisionsof the Act the which are required to be included in the audit report under the provisionsof the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

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 the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31/03/2018and its Loss and it’s cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors’ Report) Order2016("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 statements 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 31/03/2018taken on record by the Board of Directors none of the directors is disqualified as 31/03/2018from being 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 does not have any pending litigations for the year under audit.
ii. The Company has made provision as required under the applicable law or accounting standards for material foreseeable losses if any on long-term contracts including derivative contracts.
iii. There has been no delay in transferring amounts required to be transferred to the Investor Education and Protection Fund by the Company.
iv. The reporting on disclosures relating to Specified Bank Notes is not applicable to the Company for the year ended 31st March 2018.

 

FOR KEYUR BAVISHI & CO.
(Chartered Accountants)
Reg No. :131191W
KEYUR DILIP BAVISHI
Date : 30th May 2018 Proprietor
Place : AHMEDABAD M.No. : 136571

ANNEXURE - A

Reports under The Companies (Auditor’s Report) Order 2016 (CARO 2016) for theyear ended on 31st March 2018

To

The Members of ASHOKA METCAST LIMITED

( formerly known as TANYA ESTATES PRIVATE LIMITED)

(i) In Respect of Fixed Assets

(a) The company has maintained proper records showing full particulars includingquantitative details and situation of

(b) Fixed assets have been physically verified by the management at reasonableintervals; No material discrepancies were noticed on such verification.

(c) There are no immovable property held by the Company which requiresregistration.Hence the said clause of the Order is not applicable to the Company

(ii) In Respect of Inventories

There is no Inventory available with the Company hence the said clause of the Order isnot applicable to the Company.

(iii) Compliance under section 189 of The Companies Act 2013

As informed by the company company has not granted any loans secured or unsecured tofirms or other parties covered in the register maintained under section 189 of theCompanies Act 2013. However the company have granted unsecured loans to company coveredin the register maintained under section 189 of the Companies Act 2013 in pursuant toinitial public offer made by the company

(a) In our opinion as the agreement is entered into by the companies for issue ofequity shares for the amount paid hence the same can not be prejucial to the interest ofthe company.

(b) The loans granted are repayable on demand. As informed the company has notdemanded repayment of any such loan during the year thus there has been no default onthe part of the parties to whom the money has been lent. The loan given is interest free.

(c) There is no overdue amount of loans granted to company listed in the registermaintained under section 189 of the companies Act 2013..

(iv) Compliance under section 185 and 186 of The Companies Act 2013

While doing transaction for loans investments guarantees and security provisions ofsection 185 and 186 of the Companies Act 2013 have been complied with.

(v) Compliance under section 73 to 76 of The Companies Act 2013 and Rules framedthereunder while accepting Deposits

As informed to us the company has not accepted any Deposits during the period underaudit.

Consequently the provision of clause (v) of the Order is not applicable to the Company(vi) Maintenance of cost records

The Company is not required to maintain cost cecords pursuant to the Rules made by theCentral Government for the maintenance of cost records under sub-section(1) of section 148of the Companies Act 2013.

(vii) Deposit of Statutory Dues

(a) The company is regular in depositing the undisputed statutory dues includingprovident fund employees` state insurance income tax sales tax wealth tax servicetax custom duty excise duty. Cess and other statutory dues applicable to the Companywith the appropriate authorities.

No undisputed amounts payable in respect of the aforesaid statutory dues wereoutstanding as at the last day of the financial year for a period of more than six monthsfrom the date they became payable.

(b) As informed to us by the management of the Company there are no dispute pendingwith revenue authorities regarding any duty or tax payable.

36

(viii) Repayment of Loans and Borrowings There is no borrowing made by the Company fromBanks Financial Institutions Government or Debenture holders during the period underaudit. Hence the said clause is not applicable to the Company.

(ix) Utilization of

During the year the company has raised amount by way of loans which were converted intoequity shares the money raised are applied for the purpose of which it was raised. Furtherduring the year the company has raised amount by way of initial public offer theutilisation as at 31st March 2018 is as following : ( Rs. In Lakhs)

Sr. No. Particulars Projected utilization of funds (as stated in the prospectus) Actual utilization of funds till 31.03.2018 Unutilised funds as at 31.03.2018 *
1 Issue expenses 50.00 50.00 NIL
2 Investment in Subsidiary 740.00 205.25 534.75
(under process of Investment)
3 Repayment of loans 210.00 210.00 NIL
4 Funding expenditure for General Corporate Purposes 200.00 17.72 182.28

* According to the information and explanation given by the management unutilized fundas at 31.03.2018 are invested in liquid funds temporarily as the project is underimplementation as at 31.03.2018.

(x) Reporting of Fraud During the Year

According to information and explanation given to us and the records of the Companyexamined by us neither fraud on or by the Company has been noticed or reported during theyear.

(xi) Managerial Remunearion

During the year company has not paid any amount by way of managerial remuneration hencethis clause of the Order is not applicable.

(xii) Compliance by Nidhi Company Regarding Net Owned Fund to Deposits Ratio Accordingto the information and explanation the provisions of Clause (xii) of paragraph 3 of theOrder are not applicable to the Company.

(xiii) Related party compliance with Section 177 and 188 of

Yes All transactions with the related parties are in compliance with section 177 and188 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards.

(xiv) Compliance under section 42 of Companies Act - 2013 regarding Private placementof Shares or Debentrues As per information and records available with us the Company hasmade preferential allotment of equity shares during the period under audit and further therequirements of Section 42 of the Companies Act 2013 have been complied with. As perinformation and records produced by the management the amount raised have been used forthe purpose for which the funds were raised.

(xv) Compliance under section 192 of Companies Act - 2013 to us and the records of theCompany examined by and explanation According to information us the Company has notentered into any non-cash transaction with directors or persons connected with him.Consequently requirement of clause (xv) of paragraph 3 of the Order is not applicable tothe Company.

(xvi) Requirement of Registration under 45-IA of Reserve Bank of India Act 1934

According to information and explanation given us the Company is not undertaking anyactivity which requires registration under Section 45-IA of the Reserve Bank of India Act1934. Consequently requirement of clause (xvi) of paragraph 3 of the Order is notapplicable to the Company.

FOR KEYUR BAVISHI & CO.
(Chartered Accountants)
Reg No. :131191W
KEYUR DILIP BAVISHI
Date : 30th May 2018 Proprietor
Place : AHMEDABAD M.No. : 136571

"Annexure B" to the Independent Auditor’s Report of even date on theStandalone Financial Statements of ASHOKA METCAST LIMITED ( formerly known as TANYAESTATES PRIVATE LIMITED)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section

Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting

(formerly known as TANYA ESTATES PRIVATE LIMITED) ("The Company") as of March31 2018 in conjunction with our audit of the standalone financial statements of theCompany 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 established by the Company considering the essential on theinternal control over components of internal control stated in the Guidance Note on Auditof Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India. These responsibilities include the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the orderly and efficient conduct of its business including adherence tocompany’s policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable 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 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 amout the adequacy ofthe internal financial control system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reportingassessing the risk that a material weakness exists and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend upon on theauditor’s judgment including the assessment of the risks of material misstatement ofthe 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition material effect on thefinancial 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 evaluationof 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 2018 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 issues by the Institute of CharteredAccountants of India.

FOR KEYUR BAVISHI & CO.
(Chartered Accountants)
Reg No. :131191W
KEYUR DILIP BAVISHI
Date : 30th May 2018 Proprietor
Place : AHMEDABAD M.No. : 136571