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Ashirwad Steel and Industries Ltd.

BSE: 526847 | NSE: | Series: NA | ISIN: INE338C01012 | SECTOR: Steel - Sponge Iron

BSE Live

Oct 22, 16:00
9.95 0.20 (2.05%)
Volume
AVERAGE VOLUME
5-Day
6,544
10-Day
8,860
30-Day
7,461
6,945
  • Prev. Close

    9.75

  • Open Price

    10.70

  • Bid Price (Qty.)

    9.70 (2)

  • Offer Price (Qty.)

    9.95 (1049)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

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  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

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Ashirwad Steel and Industries is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2010 2009 2008 2006

Auditor's Report

We have audited the accompanying standalone financial statements of Ashirwad Steels & Industries Limited (''the Company''), which comprise the balance sheet as at 31 March 2015, the statement of profit and loss and the cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Standalone 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 and presentation of these standalone 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 the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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. Auditor''s Responsibility Our responsibility is to express an opinion on these standalone 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 there under. 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 financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, 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 on the standalone financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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, of the state of affairs of the Company as at 31 March 2015 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, 2015 (the Order) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters 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 best of 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 the Company 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 statement dealt with by this Report are in agreement with the books of account; (d) in our opinion, the aforesaid standalone financial statements comply with the Accounting Standards 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 31 March 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2015 from being appointed as a director in terms of Section 164 (2) of the Act; (f) In our opinion the Company has adequate internal financial control system in place and the operating effectiveness of such controls; and (g) with respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and 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 financial position in its financial statements - Refer Note 29(b) to the financial statements; ii. There were no material foreseeable losses, if any, on long-term contracts including long- term derivative contracts, therefore the requirement for making any provision does not arise. iii. There has been no event requiring any amount to be transferred, to the Investor Education and Protection Fund by the Company. Annexure to the Auditors'' Report The Annexure referred to in our report to the members of Ashirwad Steels & Industries Ltd. for the year ended on 31st March,2015. We report that: (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The fixed assets have been physically verified by the management as per a phased program of verification. In our opinion, the frequency of verification is reasonable having regard to the size of the Company and the nature of its assets. The discrepancies reported on such verification were not material and have been properly dealt with in the books of accounts. (ii) As explained to us the management has conducted physical verification of inventory at reasonable intervals during the year wherever possible and/or required. (iii) The requirement of clause (iii) a and (iii) b of the order are not applicable since no loans have been given to companies, firms or parties covered under Section 189 of the Companies Act, 2013. (iv) In our opinion and according to the information and explanations given to us, having regard to the explanation that some of the items purchased are of special nature and suitable alternative sources do not exist for obtaining comparable quotation, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for the purchase of inventory, fixed assets and with regard to the sale of goods. During the course of our audit, no major weakness has been observed in the internal controls regarding purchase of inventory and fixed assets and sale of goods. (v) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits within the meaning of sections 73 to 76 or any other relevant provisions of the Companies Act,2013 and the rules framed there under. (vi) Since the net worth of the Company is less than Rupees one hundred and fifty crores and the turnover in respect of sponge iron is less than Rupees twenty five crore, the requirement of maintenance of cost records is not considered necessary. (vii) (a) The company is generally regular in depositing undisputed statutory dues including Staff Provident Fund, Employees'' State Insurance, Income Tax, VAT, CST, Service Tax, Excise Duty, Cess, duty of customs and other material statutory dues as applicable to it. (b) According to the information and explanations given to us the following taxes were not deposited as the same were disputed in appeal at the end of the year: Particulars Disputed Forum where dispute Amount (Rs.) is pending in appeal As on 31.03.2015 i) VAT Tax on Coal 15,08,910 Appellate Dy. purchase (Net of Commissioner (CT), payment) Hyderabad Rural Division. ii) Income Tax for: Asst. Yr. 2003-04 2,43,395 Hon''ble Income Tax Appellate Tribunal, Kolkata. Asst. Yr. 2008-09 1,49,196 C.I.T. (Appeals) -C-IM, Kolkata. Asst. Yr. 2010-11 8,00,230 C.I.T. (Appeals) -C-IM, Kolkata. iii) CENVAT on Capital 12,14,662 Commissioner of Goods(Net of Customs, Central payment) Excise and Service Tax (Appeals III ), Hyderabad. (c) In our opinion there is no amount required to be transferred to Investor education and protection fund in accordance with the relevant provisions of the Companies Act,1956 and rules framed thereunder. (viii) The Company does not have any accumulated past losses at the end of the financial year under review and has not incurred cash loss in the current financial year. There was no cash loss incurred in the immediately preceding financial year. (ix) According to the information and explanations given to us and the records examined by us, the Company has not defaulted in repayment of dues to banks or any financial institutions. The company has not accepted any fund on account of issue of debentures. (x) According to the information and explanations given to us and the records examined by us, the Company has not given any guarantees for loans taken by others from banks or financial institutions, the terms and conditions whereof could have been prima facie prejudicial to the interest of the Company. (xi) As informed to us, the company has not taken any term loans during the year. (xii) According to the information and explanations given to us no fraud on or by the Company has been noticed or reported during the year. For A. Pradhan & Associates Chartered Accountants Firm''s registration number: 325131E Place- 28B Kalidas Patitundi Lane Kolkata -700026 Date- 29th May , 2015. A. Pradhan (Proprietor) Membership number: 053543