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 31 2018the statement of profit and loss and the cash flow statement for the year then ended anda 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 Section 134(5) of the Companies Act 2013 ("the Act") with respect to the preparation andpresentation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting 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.
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 of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating 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.
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 2018 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 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the "Annexure A" statement on the matters specifiedin 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 2018 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2018 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
(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.
| ||For P.C. SURANA & CO. |
| ||Chartered Accountants |
| ||(Registration No. 110631W) |
| ||(Sunil Bohra) |
|Place: Mumbai ||Partner |
|Date : 31st May 2018 ||Membership No.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 ("TheCompany") on the standalone Financial Statements of the Company for the year ended31st March 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) 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.
(vii) In respect of Statutory Dues a. According to the records of the company in ouropinion the company has been generally regular in depositing undisputed statutory duesincluding Provident Fund Employees' State Insurance Income Tax Sales Tax Service TaxCustoms Duty Excise Duty Value Added Tax cess and any other statutory dues with theappropriate 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 2018 for aperiod of more than six months from the date they become payable
|Name of the Statute ||Natureof the Dues ||Amount ||Period ||Date of Payment |
| || ||(Rs.) || || |
|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.
(viii) 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.
(ix) 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.
(x) 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.
(xi) 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.
(xii) 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.
(xiii) 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.
(xiv) 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.
(xv) 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.
(xvi) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company isnot 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 : 31st May 2018 ||Membership No. 39761 |