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Athena Constructions Ltd.

BSE: 539099 Sector: Infrastructure
NSE: N.A. ISIN Code: INE291R01011
BSE 00:00 | 22 Jun 12.80 -0.30
(-2.29%)
OPEN

12.75

HIGH

12.80

LOW

12.75

NSE 05:30 | 01 Jan Athena Constructions Ltd
OPEN 12.75
PREVIOUS CLOSE 13.10
VOLUME 10000
52-Week high 76.95
52-Week low 12.75
P/E 213.33
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 12.75
CLOSE 13.10
VOLUME 10000
52-Week high 76.95
52-Week low 12.75
P/E 213.33
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Athena Constructions Ltd. (ATHENACONSTRUC) - Auditors Report

Company auditors report

To the Members of

Athena Constructions Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Athena ConstructionsLimited (‘the Company’) which comprise the balance sheet as at March 312017 the statement of profit and loss and the cash flow statement for the year thenended and a summary of 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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified 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.

Auditor’s Responsibility

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

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of 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 material misstatement.

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 March31 2017 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A" statement on thematters specified in the paragraph 3 and 4 of the Order to the extent applicable.

2. 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 2017 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164 (2) of theAct; and

(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 if any

ii. The Company does not have any material foreseeable losses on long-term contractsincluding derivative contracts and

iii. The Company is not required to transfer any funds to the Investor Education andProtection Fund.

iv. The Company has provided requisite disclosures in its financial statements as toholdings as well as dealings in specified banks notes during the period from 8th November2016 to 30th December 2016 and these are in accordance with the books of accountsmaintained by the company.

For P.C. SURANA & CO.
Chartered Accountants
(Registration No. 110631W)
(Sunil Bohra)
Place: Mumbai Partner
Date : 26th May 2017 MembershipNo.39761

Annexure - A to Independent Auditors’ Report

Referred to in paragraph 9 of the IndependentAuditors’ Report of even date to the Members of Athena Constructions Limited("The Company") on the standalone Financial Statements of the Company for theyear ended 31st March 2017.

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) In respect of Fixed Assets

a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b.As explained to us the management during the year has physically verified the fixedassets in a phased periodical manner which in our opinion is reasonable having regard tothe size of the Company and nature of its assets. No material discrepancies were noticedon such physical verification.

c. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) According to the information and explanation given to us the Company does not holdany Physical Inventory. Accordingly the provisions of the Clause 3(ii) of the order isnot applicable to the Company hence not commented upon.

(iii) The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the Register maintained under Section 189 of the CompaniesAct 2013 and hence the paragraph 3(iii) of the Order is not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of sections 185 and 186 of the Act with respectto the loans investments and guarantees made.

(v) The company has not accepted any deposits from the public. Accordingly paragraph3(v) of the order is not applicable to the company and hence not commented upon.

(vi) As per the information and explanation given to us the maintenance of costrecords specified by the Central Government under sub-section (1) of section 148(1) of theCompanies Act 2013 is not applicable to the Company and hence not commented upon.

In respect of Statutory Dues

a. According to the records of the company in our opinion the company has beengenerally regular in depositing undisputed statutory dues including Provident FundEmployees’ State Insurance Income Tax Sales Tax Service Tax Customs Duty ExciseDuty Value Added Tax cess and any other statutory dues with the appropriate authorities.

According to the information and explanation given to us except for followings noundisputed amounts payable in respect of Provident Fund Employees’ State InsuranceIncome Tax Sales Tax Wealth Tax Service Tax Customs Duty Excise Duty Value AddedTax Cess and other material statutory dues were in arrears as at 31 March 2017 for aperiod of more than six months from the date they become payable

Name of the Statute Nature of the Dues Amount (Rs.) Period Date of Payment
The Finance Act 1994 Service Tax 311660/- F.Y. 2015-16 Unpaid Till Date
The Finance Act 1994 Service Tax 452304/- F.Y 2016-17 Unpaid Till Date

b. According to the information and explanations given to us and based on the auditprocedures conducted by us there are no material dues of any statutory payment which havenot been deposited with the appropriate authorities on account of any dispute.

(vii) According to the information and explanations given to us the Company has notdefaulted in repayment of loans or borrowings from financial institution banksgovernment or debenture holders during the year.

(viii) According to the information and explanation given to us the Company has notraise any money by way of initial public offer or further public offer (including debtinstruments) and term loans during the year. Accordingly paragraph 3(ix) of the Order isnot applicable to the company and hence not commented upon.

(ix) Based on the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that there were no material fraud by the Company or onthe Company by its officers or employees has been noticed or reported during the yearunder review.

(x) According to the information and explanations given by the management and based onour examination of the record of the company the company has paid Rs. 180000/- to Mr.Ravi Rathi Managing Director and CEO as Managerial remuneration in accordance with therequisite approvals mandate by the provisions of section 197 read with Schedule V of theCompanies Act 2013.

(xi) In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company. Consequently paragraph 3(xii) of the Order is notapplicable to the company.

(xii) According to the information and explanations given by the managementtransactions with the related parties are in compliance with sections 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the FinancialStatements as required by the applicable accounting standards.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review and hence reporting under clause 3 (xiv) are not applicable to thecompany and hence not commented upon.

(xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him as referred to in section 192 ofCompanies Act 2013.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company is not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934.

For P.C. SURANA & CO.
Chartered Accountants
(Registration No. 110631W)
SUNIL BOHRA
Place: Mumbai Partner
Date: 26.05.2017 Membership No.39761

Annexure - B to Independent Auditors’ Report

Referred to in paragraph 10(f) of theIndependent Auditors’ Report of even date to the Members of Athena ConstructionsLimited ("the Company") on the standalone Financial Statements of the Companyfor the year ended 31st March 2017.

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 AthenaConstructions Limited ("the Company") as of March 31 2017 in conjunction withour audit of the financial statements of the Company 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 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). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company’s policies the safeguarding of its assetsthe prevention 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.

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 whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects. Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. 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 auditor’s 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 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 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

a. pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

b. 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 authorizations of management and directors of the company; and

c. Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements. d.

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 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.

For P.C. SURANA & CO.
Chartered Accountants
(Registration No. 110631W)
SUNIL BOHRA
Place: Mumbai Partner
Date : 26.05.2017 MembershipNo.39761