Asutosh Enterprises Ltd.
|BSE: 512433||Sector: Others|
|NSE: N.A.||ISIN Code: INE508W01018|
|BSE 05:30 | 01 Jan||Asutosh Enterprises Ltd|
|NSE 05:30 | 01 Jan||Asutosh Enterprises Ltd|
|BSE: 512433||Sector: Others|
|NSE: N.A.||ISIN Code: INE508W01018|
|BSE 05:30 | 01 Jan||Asutosh Enterprises Ltd|
|NSE 05:30 | 01 Jan||Asutosh Enterprises Ltd|
To The Members of Asutosh Enterprises Limited
Report on the Standalone Financial Statements
i have audited the standalone financial statements of Asutosh Enterprises Limited (theCompany") which comprise the Balance Sheet as at 31st March 2021 the statement ofProfit and Loss statement of changes in equity and statement of cash flows for the yearthen ended and notes to the financial statements including a summary of the significantaccounting policies and other explanatory information.
In my opinion and to the best of my information and according to the explanations givento me the aforesaid financial statements give the information required by the Act in themanner 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 31stMarch 2021 and profit changes in equity and its cash flows for the year ended on thatdate.
Basis for opinion
I conducted my audit in accordance with Standards of Auditing (SAs) specified undersection 143(10) of the Companies Act 2013. My responsibilities under those Standards arefurther described in the Auditor's Responsibilities for the Audit of the FinancialStatements section of my report. I am independent of the company in accordance withthe Code of Ethics issued by the institute Of Chartered Accountants of Indiatogether with ethical requirements that are relevant to my audit of the financialstatements under the provisions of the Companies Act 2013 and the rules there under andI have fulfilled my other ethical responsibilities in accordance with these requirementsand the code of Ethics. I believe that the audit evidence I have obtained is sufficientand appropriate to provide a basis for my opinion.
Key Audit Matters
I am of the view that there are no Key Audit Matters to communicate in my audit reportManagement's Responsibility 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 ofthese standalone financial statements that give a true and fair view of the financialposition financial performance changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingJudgments and estimates that are reason-able 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 statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.
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.
My objectives are to obtain reasonable assurance about whether the financial statementsas a whole are free from material misstatement whether due to fraud or error and toissue an auditor's report that includes my opinion. Reasonable assurance is a high levelof assurance but is not a guarantee that an audit conducted in accordance with SAs willalways detect a material misstatement when it exists. Misstatements can arise from fraudor error and are considered material if individually or in the aggregate they couldreasonably be expected to influence the economic decisions of users taken on the basis ofthese financial statements.
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 Companies Act 2013 I give in the Annexure A' a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable
2. As required by Section 143 (3) of the Act I report that:
a) I have sought and obtained all the information and explanations which to the best ofmy knowledge and belief were necessary for the purposes of my audit.
b) In my 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 my 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 1stApril 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 from being appointed as a director in terms of Section164 (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 my opinionand to the best of my information and according to the explanations given to me:
i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Clause (a) of Note19 to the financialstatements;
ii) The Company did not have any long term contracts including derivative contract asat 31st March 2021.
iii) There were no amount which were required to be transferred to the InvestorsEducation and Protection Fund by the company as at 31st March 2021.
ANNEXURE A' TO THE INDEPENDENT AUDITOR'S REPORT
(Referred to Paragraph 1 of Report on Other Legal and Regulatory Requirements of ourReport of even date)
Referred to in paragraph 1 under the heading Report on Other Legal &Regulatory Requirement' of my report of even date:
1) The company did not have any fixed assets during the year under review.
2) a) inventories were physically verified during the year by the management atreasonable intervals.
b)The Company maintained proper records of inventory and all discrepancies noticed onphysical verification were properly dealt with in the books of account.
As per information and explanations given to me the Company did not grant any loanssecured or unsecured to company firms limited liability partnership or other partiescovered in the Register maintained under section 189 of the Companies Act 2013 during theyear under audit.
According to the information and explanations given to me the provisions of section185 and 186 of the
Companies Act 2013 related to loans investments guarantees and securities werecomplied with.
2) According to the information and explanations given to me the Company did notaccept any deposits from the public and hence the directives issued by the Reserve Bank ofIndia and the provisions of Sections 73 to 76 or any other relevant provisions of theCompanies Act 2013 and the rules framed there under were not applicable.
3) As explained to me. the maintenance of Cost Records has not been specified by theCentral Government under sub-section (1) of Section 148 of the Act in respect of theactivities carried on by the company
4) (a) As per records of the company and according to information and explanationsgiven to me the Company was generally regular in depositing undisputed statutory duesincluding Income-Tax Sales tax. Goods and Service Tax Duty of Customs Cess and anyother statutory dues with the appropriate authorities and there were no undisputed amountpayable which were outstanding as on 31.03.2019 for a period of more than six monthsfrom file date they became payable.
(b) According to the information and explanation given to me the disputed statutorydues in respect of Income Tax amounting to Rs13.30 Lakhs for Assessment Years 2002 - 032003 -04 and 2006 - 07 were not deposited as appeals were pending before the Commissionerof Income tax (Appeals) vide appeal nos. 636/XIICir-408-09 637/XII/Cir-408-09 and194/CIT(A)-IV/2008-09.
5) According to the information and explanations given to me the Company did notdefault in re-payment of dues to banks. The Company did not take any loan either fromfinancial institutions or from file government and did not issue any debentures
6) Based upon the information and explanations given by the management the company didnot raise moneys by way initial public offer or further public offer including debtinstruments and term Loans.
7) Based upon the audit procedures performed and according to the information andexplanations given by the management no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.
8) Based upon the information and explanations given by the management the company hasnot paid any managerial remuneration except sitting fees of Directors.
9) As per information and explanations given to me the Company is not a NidhiCompany.
10) As per information and explanations given to me transactions with the relatedparties are in compliance with sections 177 and 183 of Companies Act 2013 and the detailshave been disclosed in the Notes to Financial Statements as required by the applicableaccounting standards.
11) Based upon the audit procedures performed and according to the information andexplanations given by the management the company has not made any preferential allotmentor private placement of shares or fully or partly convertible debentures during the yearunder review.
12) Based upon the audit procedures performed and according to the information andexplanations given by the management the company has not entered into any non-cashtransactions with directors or persons connected with him.
13) During the period under review the Company was not required to be registered undersection 45-1A of the Reserve Bank of India Act
ANNEXURE B' TO THE INDEPENDENT AUDITOR'S REPORT
Report on the Internal Financial Controls under Clause (f) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act").
I have audited the internal financial controls over financial reporting of AsutoshEnterprises Limited ("the Company") as of 31 March 2021 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.
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 (ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.
My responsibility is to express an opinion on the Company's internal financial controlsover financial reporting based on my audit. I conducted my audit in accordance with theGuidance Note on Audit of Internal Financial Controls over Financial Reporting (the"Guidance Note") and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that I comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.
My audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. My 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 judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.
I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance 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.
In my opinion the Company has in ail material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2021 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.