We have audited the accompanying financial statements of ASAHI
INDUSTRIES LIMITED. (the Company), which comprise the Balance Sheet
as on 31st March, 2015 the Statement of Profit and Loss for the period
1st April 2014 to 31st March 2015 and the Cash Flow Statement for the
period ending, and a summary of the significant accounting policies and
other explanatory information.
Management''s Responsibility for the Financial Statements:
The management and Board of Directors of the Company are responsible
for the matters stated in Section 134(5) of the Companies Act, 2013
(''the act'') with respect to 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 principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
rule 7 of Companies (Accounts) Rules, 2014.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 :
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder. We conducted our
audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act. 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
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor''s 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 auditor considers 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 Company''s internal control.
An audit also includes evaluating the appropriateness of the accounting
policies used and the reasonableness of the accounting estimates made
by the Management, as well as evaluating the overall presentation of
the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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 2015.
(b) in the case of the Statement of Profit and Loss, of the loss of the
Company for the period ending on that date: and
(c) in the case of the Cash Flow Statement, of the Company for the
period ending on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2015 (the
Order) issued by the Central Government in terms of Sub-section (11)
of section 143 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we further report that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
notified under the Act (which continue to be applicable in respect of
Section 133 of the Companies Act, 2013 in terms of General Circular
15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs).
(e) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) (g) of
Annual Report 2014 -15 Annexure to the Independent Auditors'' Report
1) In respect of its fixed assets
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets except in
respect of additions made during the year which are in the process of
b) As informed to us by the management the Company has a policy of
physically verifying fixed assets in a phased manner over a period
which, in our opinion, is reasonable having regard to the size of the
Company and the nature of its assets. We are informed that there was no
material discrepancies noticed on such verification which were
accounted in the financial statements.
2) In respect of its inventories:
a) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
b) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and the discrepancies noticed on such physical verification
between physical stock and book records were not material and have been
adequately dealt with in the books of account.
3) According to the information and explanations given to us, the
Company has not granted any loan, secured or unsecured, to companies,
firms or other parties covered in the register maintained under section
189 of the Companies Act, 2013 and hence, clause 3(iii) of the Order is
not applicable to the Company.
4) In our opinion and according to the information and explanations
given to us, there exist an adequate internal control system
commensurate with the size of the Company and nature of its business
with regard to purchases of inventory, fixed assets and for the sale of
goods and services. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
5) The Company has not accepted any deposit from public. No order has
been passed by Company Law Board or National Company Law Tribunal or
Reserve Bank of India or any Court or any other Tribunal.
6) We have broadly reviewed the books of accounts maintained by the
Company pursuant to the rules prescribed by the Central Government for
maintenance of cost records under 148(1) of the Companies Act, 2013 in
relation to products manufactured, and are of the opinion that, prima
facie, the prescribed accounts and records have been made and
maintained. We have not made a detailed examination of the records with
a view to determine whether they are accurate and complete.
7) According to the information and explanations given to us:
a) The Company has generally been regular in depositing undisputed
statutory dues, including Provident Fund, Employees State Insurance,
Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise
Duty, Value Added Tax, Cess and other material statutory dues with the
appropriate authorities during the year. There are no undisputed
amounts payable in respect of aforesaid material statutory dues as at
31st March 2015, which were in arrears for a period of more than six
months from the date they became payable.
b) On the basis of our examination of the documents and records of the
Company, there are no dues of Income Tax, Sales Tax, Wealth Tax,
Service Tax, Customs Duty, Excise (The Annexure referred to in para 1
under the heading Report on Other Legal and Regulatory Requirements
of our report of even date to the Members of on the financial
statements for the year ended 31st March 2015.) 63 Financial Statements
Corporate Overview Statutory Reports Standalone Financial Statements
Notice Duty, Value Added Tax and Cess which have not been deposited on
account of a dispute, except as enumerated herein below which are
pending before respective authorities as mentioned there against:
Amount* Period to which Forum where
Name of the Nature Of ( in Rs. amount relate dispute is
statute the Dues Crore) pending
- - - - -
- - - - -
- - - - -
- - - - -
*Net of amounts paid under protest or otherwise. Amount as per demand
order including interest and penalty wherever quantified.
c) The amounts which were required to be transferred to the investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules there under
has been transferred to such fund within time.
8) The Company has accumulated losses as at 31st March, 2015 as the
debit balance of statement of Profit or Loss Rs.306.15 Lacks has been
adjusted against reserve and surplus (Refer Note No.2.2).
9) Based on our audit procedures, information and explanations given to
us, in our opinion the Company has not defaulted in repayment of dues
to financial institutions and banks. The Company does not have any
outstanding debentures during the year
10) According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions.
11) According to the information and explanations given to us, the
Company has not taken any term loan during the year.
12) To the best of our knowledge and according to the information and
explanations given to us, no fraud on or by the Company has been
noticed or reported during the course of our audit.
FOR A.F.KHASGIWALA & CO
Place : Mumbai PARTNER
Date :16/05/2015 Membership. No.6491
Firm Regn no.105114