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Arihant Superstructures Ltd.

BSE: 506194 | NSE: ARIHANTSUP |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE643K01018 | SECTOR: Construction & Contracting - Real Estate

BSE Live

Dec 07, 16:00
191.40 4.95 (2.65%)
Volume
AVERAGE VOLUME
5-Day
68,590
10-Day
70,759
30-Day
55,909
71,589
  • Prev. Close

    186.45

  • Open Price

    187.50

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 07, 15:45
189.95 3.05 (1.63%)
Volume
AVERAGE VOLUME
5-Day
238,946
10-Day
290,155
30-Day
247,648
224,932
  • Prev. Close

    186.90

  • Open Price

    188.60

  • Bid Price (Qty.)

    189.95 (152)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2008

Auditor's Report

1. We have audited the accompanying financial statements of M/s Arihant Superstructures Limited (''the Company''), which comprise the Balance Sheet as at 31st March, 2014 and the Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summary of significant accounting policies and other explanatory information, which we have signed under reference to this report. Management''s Responsibility for the Financial statements 2. The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of ''the Companies Act, 1956'' of India (the Act) read with the General Circular 15/2013 dated 13 September 2013 of Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditors'' Responsibility 3. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. 4. An audit involves performing procedures to obtain audit evidence, about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors'' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Management, as well as evaluating the overall presentation of the financial statements. 5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion Opinion 6. In our opinion, and to the best of our information and according to the explanations given to us, the accompanying financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014 (b) In the case of the Statement of Profit and Loss, of the profit for the year ended on that date; (c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements 7. As required by ''the Companies (Auditor''s Report) Order, 2003'', as amended by ''the Companies (Auditor''s Report) (Amendment) Order, 2004'', issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act (hereinafter referred to as the Order), and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order. 8. As required by section 227(3) of the Act, we report that: (a) We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit; (b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books; (c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account; (d) In our opinion, the Balance Sheet and Statement of Profit and Loss dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 read with General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.; and (e) On the basis of written representations received from the directors as on 31st March, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act. Annexure to the Auditors'' Report of Arihant Superstructure Limited (Referred to in paragraph 1 of our Report of even date) 1 a) According to the information and explanation given to us the company has maintained proper records showing full particulars including quantitative details & situation of fixed assets. b) All the assets have been physically verified by management during the year and no material discrepancies were noticed on such verification. c) During the year the company has not disposed any substantial part of fixed assets affecting going concern of the company. d) None of the fixed assets have been revalued during the year. 2 a) As per the information and explanation given to us, the inventory is physically verified during the year by the management of the company. In our opinion, the frequency of such verification is reasonable. b) The procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of company and nature of its business c) As per explanation given to us the company is maintaining proper records of inventory and no discrepancies were noticed on verification between physical inventories and books records. 3 a) The company has granted unsecured loan to its six subsidiary companies. The maximum balance outstanding during the year was Rs. 9,768.27 Lakhs. And year-end balance of such loans amounted to Rs. 4,751.16 Lakhs. b) In our opinion, the rate of interest and terms and conditions of such loans are prima facie not prejudicial to the interest of the company. c) The receipt of principal amounts and interest has been as per stipulation. d) There is no amount overdue in respect of loan granted to companies, firms or other parties listed in the register maintained under section 301 of the Act. e) The Company has taken loan from three entities covered in the registered maintained under section 301 of the Act. The maximum amount outstanding during the year was Rs 3208.32 Lakhs and the year end balance was Rs 967.70 Lakhs. f) In our opinion, the rate of interest and other terms and condition for such loan are prima facie not prejudicial to the interest of the company. g) In respect of loan taken, the company is regular in paying the principal amounts and interest as per terms and condition agreed. 4 In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and its nature of its business with regard to purchase of inventory, fixed assets and with regards to sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal controls. 5 According to the information and explanation given to us, In case of transaction exceeding the value of Rs. 5 Lakhs in the financial year in respect of a party that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956: a) The transaction that needs to enter in the register maintained u/s 301 of the company Act, 1956 have been so entered. b) In our opinion, each of these transactions has been made at prices which are reasonable having regard to prevailing market prices at the relevant time. 6 In our opinion, and according to information and explanation given to us, the company has not taken any deposits in accordance with section 58A, 58AA of the companies'' act 1956 during the year. 7 In our opinion the company has an internal audit system commensurate with its size and nature of its business. 8 The central government of India has not prescribed the maintenance of cost records under clause (d) of sub section (1) of section 209 of the Act for any of the product of the company. 9 a) According to the information and explanation given to us, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, profession tax, tax deducted at sources, wealth tax, service tax and other material statutory dues applicable to it. b) According to information and explanation given to us there is no amount payable in respect of income tax, sales tax, service tax and other statutory dues that have not been deposited with appropriate authorities on account of any dispute. 10 The company has no accumulated losses. The company has not incurred any cash losses during the financial year ended on that date or in the immediately preceding financial year. 11 Based on our audit procedures and on the information and explanation given by management, we are of the opinion that the company has not defaulted in repayment of its due to any financial institution and bank during the year. 12 As informed, the Company has not granted loans and advances on the basis of securities by way of pledge of shares, debenture and other securities. Accordingly, the provision of clause 4 (xiii) of the order are not applicable. 13 In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditors Report) (Amendment) Order 2004 are not applicable to the Company. 14 In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) (Amendment) Order 2004 are not applicable to the Company. 15 The company has given guarantee of Rs. 16,60,00,000/- for loan taken by subsidiary (Arihant Technoinfra Pvt. Ltd.) from Bank. In our opinion, the terms and conditions whereof are not prejudicial to the interest of the company. 16 According to the information and explanation given to us , terms loans were applied for the purpose for which the loan were obtained.. 17 According to the information and explanation given to us and on an overall examination of Balance Sheet of the Company, we report that the no funds raised on short-term basis have been used for long-term investment. 18 During the year, the company has not made preferential allotment of shares to parties & Companies covered in the Register maintained U/s 301 of the Companies Act, 1956. 19 The Company has not issued any debentures during the year and does not have any debentures outstanding as at the beginning of the year and at the year end. Accordingly, the provisions of Clause 4(xix) of the Order are not applicable to the Company. 20 We have verified the end use of money raised by right issue from the draft prospectus filed with SEBI, the offer document and as documents and as disclosed in the notes to the financial statements. 21 We have been informed that there is no fraud on or by the Company has been either noticed or reported during the financial year 2013-2014. For and on behalf of KAILASH CHAND JAIN & CO. CHARTERED ACCOUNTANTS Firm Reg. No.112318W. Sd/- DIPESH MEHTA PARTNER Mem. No. 134607 Place : Mumbai Dated : 28/04/2014