Auditor Report of Asahi India Glass Ltd.
Mar 31, 2023
Asahi India Glass Limited
Report on the Audit of the Standalone Ind AS Financial StatementsOpinion
We have audited the Standalone Ind AS Financial Statements of Asahi India Glass Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2023, the Statement of Profit and Loss, Statement of Changes in Equity and Statement of Cash Flows for the year then ended and notes to the Financial Statements, including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Ind AS 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 31st March, 2023 and its Profit, Changes in Equity and its Cash Flows for the year ended on that date.
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors'' Responsibilities for the Audit of the Standalone Ind AS Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by The Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Standalone Ind AS Financial Statements under the provisions of the Companies Act, 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Standalone Ind AS Financial Statements of the current period. These matters were addressed in the context of our audit of the Standalone Ind AS Financial Statements as a whole and in forming our opinion thereon and we do not provide a separate opinion on these matters.
We have determined that there are no key audit matters to communicate in our report.
Management''s Responsibility for the Standalone Ind AS 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 of these Standalone Ind AS Financial Statements that give a true and fair view of the financial position, financial performance including Other Comprehensive Income, Changes in Equity and Cash Flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements 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 Standalone Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Standalone Ind AS Financial Statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company''s financial reporting process.
Auditors'' Responsibilities for the Audit of the Standalone Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS Financial Statements as a whole are free from material misstatement, whether due to fraud or error and to issue an auditors'' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these Standalone Ind AS Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the Standalone Ind AS Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors'' report to the related disclosures in the Standalone Ind AS Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained upto the date of our auditors'' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Standalone Ind AS Financial Statements, including the disclosures and whether the Standalone Ind AS Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Ind AS Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditors'' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outway the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1) As required by the Companies (Auditors'' Report) Order, 2020 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the "Annexure A", a statement on the matters specified in paragraphs 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 including Other Comprehensive Income 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 Ind AS Financial Statements comply with the Indian 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 31st March, 2023, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2023, from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".
g) In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director is not in
excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) which are required to be commented upon by us.
h) With respect to the other matters to be included in the Auditors'' 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 Ind AS Financial Statements - refer Note 37 to Ind AS Financial Statements.
ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
iv) A) The management has represented that
to the best of its knowledge and belief, other than as disclosed in the Notes to the Accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other source of funds) by the Company to or in any other person(s) or entity(ies) including foreign entities ("intermediaries") with the understanding, whether recorded in writing or otherwise, that the intermediaries shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
B) The management has represented that to the best of its knowledge and belief, other than as disclosed in the Notes to the Accounts, no funds have been received by the Company from any person(s) or entity(ies) including foreign entities ("funding parties") with the understanding, whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party ("Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries and
C) Based on such audit procedures that we have considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) contain any material misstatement.
v) The dividend declared/paid during the year by the Company is in compliance with Section 123 of the Companies Act, 2013.
vi) As proviso to Rule 3(1) of the Companies (Accounts) Rules,2014 is applicable for the Company only w.e.f April 1, 2023,reporting under this clause is not applicable.
For V S S A & Associates
Chartered Accountants (Firm Registration No. 012421N)
Place : New Delhi CA Samir Vaid
Dated: 15th May, 2023 Partner
UDIN: 23091309BGXHPY9572 Membership No. 091309
Mar 31, 2022
Asahi India Glass Limited
Report on the audit of the Standalone Ind AS Financial StatementsOpinion
We have audited the Standalone Ind AS Financial Statements of Asahi India Glass Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2022, the Statement of Profit and Loss, Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes to the Financial Statements, including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Ind AS 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 31st March, 2022 and its Profit, changes in Equity and its Cash Flows for the year ended on that date.
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in the Auditors'' Responsibilities for the Audit of the Standalone Ind AS Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by The Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Standalone Ind AS Financial Statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Standalone Ind AS Financial Statements of the current period. These matters were addressed in the context of our audit of the Standalone Ind AS Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
We have determined that there are no key audit matters to communicate in our report.
Management''s Responsibility for the Standalone Ind AS 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 of these Standalone Ind AS Financial Statements that give a true and fair view of the financial position, financial performance including Other Comprehensive Income, changes in Equity and Cash Flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements 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 Standalone Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Standalone Ind AS Financial Statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company''s financial reporting process.
Auditors'' Responsibilities for the Audit of the Standalone Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors'' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Ind AS Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the Standalone Ind AS Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors'' report to the related disclosures in the Standalone Ind AS Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained upto the date of our auditors'' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Standalone Ind AS Financial Statements, including the disclosures and whether the Standalone Ind AS Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Ind AS Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditors'' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outway the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1) As required by the Companies (Auditors'' Report) Order, 2020 ("the Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the "Annexure-A", a statement on the matters specified in paragraphs 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 including Other Comprehensive Income 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 Ind AS Financial Statements comply with the Indian 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 31st March, 2022 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2022, from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".
g) In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of
the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) which are required to be commented upon by us.
h) With respect to the other matters to be included in the Auditors'' 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 Ind AS Financial Statements - refer Note 38 to Ind AS Financial Statements.
ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
iv) i) The management has represented that to the
best of its knowledge and belief, other than as disclosed in the Notes to the Accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies) including foreign entities ("intermediaries") with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
ii) The management has represented that to the best of its knowledge and belief, other than as disclosed in the Notes to the Accounts, no funds have been received by the Company from any person(s) or entity(ies) including foreign entities ("funding parties") with the understanding whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries and
iii) Based on such audit procedures that we have considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) contain any material mis-statement.
v) The dividend declared/paid during the year by the Company is in compliance with Section 123 of the Companies Act, 2013.
For V S S A & Associates
Chartered Accountants {Firm Registration No 012421N}
Place : New Delhi CA Samir Vaid
Dated: 25th May, 2022 Partner
UDIN: 22091309AJOWPH4226 Membership No. 091309
Mar 31, 2021
To the Members of Asahi India Glass Limited
Report on the Audit of the Standalone Ind AS Financial Statements
We have audited the Standalone Ind AS Financial Statements of Asahi India Glass Limited (âthe Company"), which comprise the Balance Sheet as at 31st March, 2021, the Statement of Profit and Loss, Statement of Changes in Equity and Statement of Cash Flows for the year then ended, and notes to the Financial Statements, including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Ind AS Financial Statements give the information required by the Companies Act, 2013 (âthe 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 31st March, 2021, its profit including other comprehensive income, changes in equity and its cash flows for the year ended on that date.
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditors'' Responsibilities for the Audit of the Standalone Ind AS Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by The Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Standalone Ind AS Financial Statements under the provisions of the Companies Act, 2013 and the Rules there-under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Standalone Ind AS Financial Statements of the current period. These matters were addressed in the context of our audit of the Standalone Ind AS Financial Statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on these matters.
We have determined that there are no key audit matters to communicate in our report.
Information other than the Standalone Ind AS Financial Statements and Auditors'' Report thereon
The Company''s Board of Directors are responsible for the other information. The other information comprises the information included in the annual report, but does not include the Standalone Ind AS Financial Statements and our auditors'' report thereon.
Our opinion on the Standalone Ind AS Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone Ind AS Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Management''s Responsibility for the Standalone Ind AS Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134 (5) of the Companies Act, 2013 (âthe Act") with respect to the preparation of these Standalone Ind AS Financial Statements that give a true and fair view of the financial position, financial performance including Other Comprehensive Income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements 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 Standalone Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
to modify our opinion. Our conclusions are based on the audit evidence obtained upto the date of our auditors'' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Standalone Ind AS Financial Statements, including the disclosures and whether the Standalone Ind AS Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Ind AS Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditors'' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outway the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors'' Report), Order, 2016 (âthe Order") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the âAnnexure-A", a statement on the matters specified in paragraphs 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 including Other Comprehensive Income 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 Ind AS Financial Statements comply with the Indian Accounting
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 Standalone Ind AS Financial Statements - refer Note 39 to Standalone Ind AS Financial Statements.
ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
For V S S A & Associates
Chartered Accountants (Firm Registration No. 012421N)
Place: New Delhi CA Samir Vaid
Dated: 16th June, 2021 Partner
UDIN: 21091309AAAADH2144 Membership No. 091309
In preparing the Standalone Ind AS Financial Statements, management is responsible for assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company''s financial reporting process.
Auditors'' Responsibilities for the Audit of the Standalone Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors'' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Ind AS Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the Standalone Ind AS Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors'' report to the related disclosures in the Standalone Ind AS Financial Statements or, if such disclosures are inadequate,
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 31st March, 2021 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2021, from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure B".
g) In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) which are required to be commented upon by us.
h) With respect to the other matters to be included in the Auditors'' Report in accordance with Rule 11 of
Mar 31, 2018
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying Standalone Ind AS Financial Statements of Asahi India Glass Limited (âthe Companyâ), which comprise the Balance Sheet as at 31st March, 2018, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementsâ Responsibility for the Standalone Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134 (5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these Standalone Ind AS Financial Statements that give a true and fair view of the state of affairs (financial position), profit or loss (financial performance including Other Comprehensive Income), cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements 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 Standalone Ind AS Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorsâ Responsibility
Our responsibility is to express an opinion on these Standalone Ind AS 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 of the Standalone Ind AS Financial Statements 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 Standalone Ind AS Financial Statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Standalone Ind AS Financial Statements. The procedures selected depend on the auditorsâjudgement, including the assessment of the risks of material misstatement of the Standalone Ind AS Financial Statements, whether due to fraud or error. In making those risk assessments, the auditors considers internal financial control relevant to the Companyâs preparation of the Standalone Ind AS Financial Statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the Standalone Ind AS 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 Ind AS Financial Statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Ind AS 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 including the Ind AS, of the state of affairs (financial position) of the Company as at 31st March, 2018 and its profit (financial performance including Other Comprehensive Income), its cash flows and the changes in equity for the year ended on that date.
Other Matters
The comparative financial information of the Company for the year ended 31st March, 2017 and the transition date opening balance sheet as at 1st April, 2016 included in these Standalone Ind AS Financial Statements prepared in accordance with the Companies (Accounting Standards) Rules, 2006 audited by the predecessor auditor whose report for the year ended 31st March, 2017 and 31st March, 2016 dated 24th May, 2017 and 24th May, 2016 respectively expressed an unmodified opinion in those Standalone Financial Statements, as adjusted for the differences in the accounting principles adopted by the Company on transition to the Ind AS which have been audited by them.
Our opinion is not modified in respect of these matters.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report), Order, 2016 (âthe Orderâ) issued by the Central Government in terms of Section 143 (11) of the Act, we give in the âAnnexure-Aâ, 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 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 including Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid Standalone Ind AS Financial Statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act.
e) On the basis of the written representations received from the directors, as on 31st March, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018, from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the Internal Financial Controls over Financial Reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ.
g) With respect to the other matters to be included in the Auditorâs 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 Standalone Ind AS Financial Statements -refer Note 40 to Standalone Ind AS Financial Statements.
ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
Annexure A to the Independent Auditorsâ Report
(Referred to in paragraph 1 under Report on other Legal and Regulatory Requirements of our Report of even date)
i. a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
b) The Company has a regular program of physical verification of its fixed assets through which all fixed assets are verified, in a phased manner over a period of three years. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. As informed to us, no material discrepancies were noticed on such verification as carried out under the above program during the current year.
c) The title deeds of immovable properties are held in the name of the Company.
ii. The inventories except goods in transit have been physically verified by the management at reasonable intervals during the year, and no material discrepancies were noticed on physical verification.
iii. The Company has not granted any loans, secured or unsecured to companies, firms, limited liability partnerships or other parties covered in the register maintained under Section 189 of the Companies Act, 2013 as per information and explanations given to us. Consequently the provisions of clauses 3(iii)(a), (iii)(b) and (iii)(c) of the Order are not applicable.
iv. In our opinion and according to the information and explanations given to us, in respect of investments, guarantees and security provisions of Section 185 and 186 of the Companies Act, 2013 have been complied with.
v. As per information and explanations given to us, the Company has not accepted any deposits from the public under Section 73 to 76 of the Companies Act, 2013 and hence the provisions of clause 3 (v) of the Order are not applicable.
vi. We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the Company prescribed by the Central Government under Section 148 (1) of the Companies Act, 2013 and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. However, we are not required to and have not carried out any detailed examination of such accounts and records.
vii. a) According to the information and explanations given to us and the records of the Company examined by us, the Company has been generally regular in depositing undisputed statutory dues, including Provident Fund, Employeesâ State Insurance, Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax, Goods and Services Tax, Cess and other statutory dues with the appropriate authorities during the year except some delays in respect of Service Tax, Sales Tax, Excise duty, Goods and Services Tax and Tax Deducted at Source . We are informed that there are no undisputed statutory dues as at the year end, outstanding for a period of more than six months from the date they become payable.
b) There are no dues in respect of Income Tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Value Added Tax and Goods and Services Tax that have not been deposited with the appropriate authorities on account of any dispute other than those mentioned below:-
|
Nature Of dues |
Amount (Rs.Lakhs) |
Period to which amount relates |
Forum where the dispute is pending |
|
Sales Tax/ VAT |
970 |
2002-03 and 2003-04 |
High Court |
|
Sales Tax/ VAT |
453 |
2005-06 to 2007-08, 2011-12 to 2012-13 |
Deputy/Joint Commissioner/ VAT Tribunal |
|
Excise Duty and Service Tax |
655 |
2002-03 to 2015-16 |
Commissioner of Central Excise/Service Tax/Additional Director General/CESTAT |
|
Others |
15 |
Commissioner Customs |
|
|
External Development charges for Land |
377 |
2015-16 to 2017-18 |
Haryana State Industrial and Infrastructure Development Corporation Ltd. |
viii. According to the records of the Company examined by us and on the basis of information and explanations given to us, the Company has not defaulted in repayment of dues to banks, financial institutions and Government. The Company has not obtained any borrowings by way of debentures.
ix. In our opinion and according to the information and explanations given to us, term loans have been applied for the purpose for which they were raised. The Company has not raised any monies by way of initial public offer or further public offer (including debt instruments).
x. To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and material fraud on the Company by its officers or employees has been noticed or reported during the year.
xi. In our opinion and according to the information and explanations given to us, managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Companies Act, 2013.
xii. In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company. Therefore, the provisions of clause (xii) of the Order are not applicable to the Company.
xiii. In our opinion and according to the information and explanations given to us all transactions with the related parties are in compliance with Sections 177 and 188 of the Companies Act, 2013, where applicable and details have been disclosed in the Financial Statements etc. as required by the applicable accounting standards.
xiv. According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, provisions of clause 3(xiv) of the Order are not applicable to the Company.
xv. According to the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with them and hence provisions of clause 3(xv) of the Order are not applicable to the Company.
xvi. In our opinion and according to the information and explanations given to us, the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
Annexure B to the Independent Auditorâs Report of even date on the Standalone Financial Statements of Asahi India Glass Limited
Report on the Internal Financial Controls under Clause (i) of Sub-Section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Asahi India Glass Limited (âthe Companyâ) as of 31st March, 2018 in conjunction with our audit of the Standalone Ind AS Financial Statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (âthe ICAIâ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting and the standards on auditing, issued by ICAI and deemed to be prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls both issued by the Institute of Chartered Accountants of India. Those standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgement, including the assessment of the risks 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 to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A Companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Financial Statements for external purposes in accordance with Generally Accepted Accounting Principles. A Companyâs internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Financial Statements in accordance with Generally Accepted Accounting Principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companyâs assets that could have a material effect on the Financial Statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March, 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting by the ICAI.
For V S S A & Associates
Chartered Accountants
{Firm Registration No. 012421N}
CA Samir Vaid
Place: New Delhi Partner
Dated: 25th May, 2018 Membership No. 091309
Mar 31, 2017
Report on the Standalone Financial Statements
We have audited the accompanying Standalone Financial Statements of Asahi India Glass Ltd. ("the Company"), which comprise the Balance Sheet as at 31st March, 2017, 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.
Managements'' 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 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 of 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.
Auditors'' Responsibility
(i) Our responsibility is to express an opinion on these Standalone Financial Statements based on our audit.
(ii) 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.
(iii) 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.
(iv) 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 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 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. 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.
(v) 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 31st March, 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 (Auditors Report), Order, 2016 ("the Order") issued by the Central Government of India in terms of Section 143 (11) 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 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 written representations received from the directors, as on 31st March, 2017 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2017 from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the Internal Financial Controls over Financial Reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure-B.
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 Note 28- Contingent Liabilities of its Financial Statements.
ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii) No amounts are required to be transferred to the Investor Education and Protection Fund by the Company.
iv) The Company has provided requisite disclosures in the Financial Statements as to holdings as well as dealings in specified bank Notes during the period from 8th November, 2016 to 30 th December, 2016. Based on audit procedures and relying upon management representation, we report that the disclosures are in accordance with the books of accounts maintained by the Company and as produced to us by the Management.
i) a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
b) The Company has a regular program of physical verification of its fixed assets through which all fixed assets are verified, in a phased manner over a period of three years. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. As informed to us, no material discrepancies were noticed on such verification as carried out under the above program during the current year.
c) The title deeds of immovable properties are held in the name of the Company.
ii) The inventories except goods in transit have been physically verified by the management at reasonable intervals during the year, and no material discrepancies were noticed on physical verification.
iii) The Company has not granted any loans, secured or unsecured to companies, firms, limited liability partnerships or other parties covered in the register maintained under Section 189 of the Companies Act, 2013 as per information and explanations given to us. Consequently, the provisions of clauses 3(iii)(a), (iii)(b) and (iii)(c) of the Order are not applicable.
iv) In our opinion and according to the information and explanations given to us, in respect of loans, investments, guarantees and security provisions of Section 185 and 186 of the Companies Act, 2013 have been complied with.
v) As per information and explanations given to us, the Company has not accepted any deposits from the public under Section 73 to 76 of The Companies Act, 2013 and hence the provisions of clause 3 (v) of the Order are not applicable.
vi) We have broadly reviewed the books of account relating to materials, labour and other items of cost maintained by the Company prescribed by the Central Government under Section 148 (1) of The Companies Act, 2013 and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. However, we are not required to and have not carried out any detailed examination of such accounts and records.
vii) a) According to the information and explanations given to us and the records of the Company examined by us, the Company has been generally regular in depositing undisputed statutory dues, including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other statutory dues with the appropriate authorities during the year except some delays in respect of Service Tax, Sales Tax, Excise duty and Tax Deducted at Source. We are informed that there are no undisputed statutory dues as at the year end, outstanding for a period of more than six months from the date they become payable.
b) There are no dues in respect of Income Tax, Sales Tax, Service Tax, Duty of Custom, Duty of Excise and Value Added Tax that have not been deposited with the appropriate authorities on account of any dispute other than those mentioned below:-
|
Nature of dues |
Amount (Rs. Lakhs) |
Period to which amount relates |
Forum where the dispute is pending |
|
Income Tax |
3 |
2005-06 and 2007-08 |
Income Tax Appellate Tribunal |
|
Income Tax |
2 |
2010-11 |
Asstt. Commissioner of Income Tax |
|
Sales Tax/ Vat |
970 |
2002-03 and 2003-04 |
High Court |
|
Sales Tax/ |
544 |
2005-06 to 2010-11, |
Deputy/Joint |
|
Vat |
2013-14 to 2015-16 |
Commissioner /VAT/Tribunal |
|
|
Excise Duty and Service Tax |
481 |
2002-03 to 2014-15 |
Commissioner of Central Excise/ Service Tax/ Additional Director General/ CESTAT |
|
Others |
15 |
Commissioner Customs |
viii) According to the records of the Company examined by us and on the basis of information and explanations given to us, the Company has not defaulted in repayment of dues to banks, financial institutions and Government. The Company has not obtained any borrowings by way of debentures.
ix) In our opinion and according to the information and explanations given to us, term loans have been applied for the purpose for which they were raised. The Company has not raised any monies by way of initial public offer or further public offer (including debt instruments).
x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and material fraud on the Company by its officers or employees has been noticed or reported during the year.
xi) In our opinion and according to the information and explanations given to us, managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Companies Act, 2013.
xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company. Therefore, the provisions of clause (xii) of the Order are not applicable to the Company.
xiii) In our opinion and according to the information and explanations given to us all transactions with the related parties are in compliance with Sections 177 and 188 of the Companies Act, 2013, where applicable and details have been disclosed in the Financial Statements etc. as required by the applicable Accounting Standards.
xiv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year review. Accordingly, provisions of clause 3(xiv) of the Order are not applicable to the Company.
xv) According to the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with them and hence provisions of clause 3(xv) of the Order are not applicable to the Company.
xvi) In our opinion and according to the information and explanations given to us, the Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.
For Jagdish Sapra & Co LLP
Chartered Accountants
(Firm Registration
No. 001378N/N500037)
Jagdish Sapra
Place: New Delhi Partner
Dated: 24th May, 2017 Membership No. 009194
Mar 31, 2014
Report on the Financial Statements
We have audited the accompanying Financial Statements of Asahi India
Glass Limited (Âthe Company"), which comprise the Balance Sheet as at
March 31, 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.
Managements'' Responsibility for the Financial Statements
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 notified under the Companies Act, 1956 (Âthe
Act") read with the General Circular 15/2013 dated 13th September, 2013
of the 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
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.
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 controls 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 accounting policies used and the reasonableness of the accounting
estimates made by Management, as well as evaluating the overall
presentation of the Financial Statements.
We believe that audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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 March 31, 2014;
b) In the case of the Statement of Profit and Loss, of the loss for the
year ended on that date; and
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
1. As required by the Companies (Auditors'' Report) Order, 2003 (Âthe
Order") issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Act, we give in the Annexure, a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. 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, Statement of Profit and Loss, and
the Cash Flow Statement comply with the Accounting Standards notified
under the Companies Act, 1956 read with the General Circular 15/2013
dated 13th September, 2013 of the Ministry of Corporate Affairs in
respect of Section 133 of the Companies Act, 2013;
e) On the basis of written representations received from the directors,
as on March 31, 2014 and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956;
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under Section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said Section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
Annexure to the Independent Auditors'' Report
(Referred to in paragraph 1 under Report on other Legal & Regulatory
requirements Section of our Report of even date)
i. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The Company has a regular programme of physical verification of its
fixed assets through which all fixed assets are verified, in a phased
manner over a period of three years. In our opinion, this periodicity
of physical verification is reasonable having regard to the size of the
Company and the nature of its assets. As informed to us , no material
discrepancies were noticed on such verification as carried out under
the above programme during the current year.
c) Fixed assets disposed off during the year are not significant and
therefore do not affect the going concern status of the Company.
ii. a) The inventories except goods in transit have been physically
verified during the year by the Management. In our opinion the
frequency of such verification is reasonable.
b) 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.
c) On the basis of our examination of the records of inventories, we
are of the opinion that the Company has maintained proper records of
inventories and the discrepancies noticed on such verification between
physical stocks and book records were not material.
iii. a) There are no companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956 to
which the Company has granted any loans, secured or unsecured, as per
information and explanations given to us. Consequently the provisions
of clauses 4(iii) (b), (iii) (c) and (iii) (d) of the Order are not
applicable.
b) The Company has not taken any loan secured or unsecured from
companies, firms and other parties covered in the register maintained
under Section 301 of the Companies Act, 1956 as per information and
explanations given to us. Consequently the provisions of clauses
4(iii) (e), (iii) (f) and (iii) (g) of the Order are not applicable.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
with regard to purchase of inventories, fixed assets and for the sale
of goods. There is no sale of services during the year. During the
course of our audit we have not observed any major weakness in such
internal control system.
v. a) According to the information and explanations given to us, we are
of the opinion that the particulars of contracts or arrangements
referred to in Section 301 of the Companies Act, 1956, have been
entered in the register required to be maintained under that Section.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees Five Lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market price at the relevant
time.
vi. As the Company has not accepted any deposits from the public, the
provisions of clause 4 (vi) of the Order are not applicable.
vii. In our opinion the internal audit functions carried out during the
year by a firm of Chartered Accountants appointed by the Management
have been commensurate with the size of the Company and nature of its
business.
viii. We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the Company
pursuant to the Companies (Cost Accounting Records) Rules, 2011
prescribed by the Central Government for maintenance of cost records
under clause (d) of sub section (1) of Section 209 of the Companies
Act, 1956 and are of the opinion that prima facie the prescribed
accounts and records have been made and maintained. However, we are not
required to and have not carried out any detailed examination of such
accounts and records.
ix. a) According to the information and explanations given to us and
the records of the Company examined by us, the Company has been
generally regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees''
State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise
Duty, Cess, Service Tax and other material statutory dues with the
appropriate authorities during the year except some delays in respect
of Service Tax, Sales Tax, Excise duty and Tax Deducted at Source. We
are informed that there are no undisputed statutory dues as at the year
end, outstanding for a period of more than six months from the date
they become payable except Tax Deducted at Source due of Rs.12 Lakhs.
x. The accumulated losses of the Company as at the end of the financial
year are less than 50% of its net worth. The Company has not incurred
cash loss during the current year and during the immediately preceding
financial year.
xi. According to the records of the Company examined by us and on the
basis of information and explanations given to us, the Company has not
defaulted in term loan repayment of dues to banks and financial
institutions. The Company has not obtained any borrowings by way of
debentures.
xii. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii. 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 Order are not applicable.
xiv. 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 Order are not applicable.
xv. According to the information and explanations given to us, the
terms and conditions on which the Company has given guarantees for
loans taken by others from banks are not prejudicial to the interest of
the Company.
xvi. In our opinion and according to the information and explanations
given to us, term loans have been applied for the purpose for which
they were raised.
xvii. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no short term funds have been used for long term investments.
xviii. According to the information and explanations given to us no
preferential allotment of shares has been made by the Company to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956.
xix. The Company has not issued any debentures during the year.
xx. The Company has not raised any money by way of public issue during
the year.
xxi. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, we have not come across any instance of fraud on or
by the Company nor have we been informed by the Management of any such
instance being noticed or reported during the year.
For Jagdish Sapra & Co.
Chartered Accountants
(Firm Registration No. 001378N)
Jagdish Sapra
Place : New Delhi Partner
Dated : 22nd May, 2014 Membership No. 009194
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying Financial Statements of Asahi India
Glass Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2013, 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.
Managements'' Responsibility for the Financial Statements
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 ("the Act"). 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 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.
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 controls 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. 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.
We believe that audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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 March 31, 2013;
b) In the case of the Statement of Profit and Loss, of the loss for the
year ended on that date; and
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
1. As required by the Companies (Auditors'' Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Act, we give in the Annexure, a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. 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, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956;
e) On the basis of written representations received from the directors,
as on March 31, 2013 and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31 , 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956;
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said Section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
i. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) The Company has a regular programme of physical verification of its
fixed assets through which all fixed assets are verified, in a phased
manner over a period of three years. In our opinion, this periodicity
of physical verification is reasonable having regard to the size of the
Company and the nature of its assets. As informed to us, no material
discrepancies were noticed on such verification as carried out under
the above programme during the current year.
c) Fixed assets disposed off during the year are not significant and
therefore do not affect the going concern status of the Company.
ii. a) The inventories except goods in transit has been physically
verified during the year by the Management. In our opinion the
frequency of such verification is reasonable.
b) 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.
c) On the basis of our examination of the records of inventories, we
are of the opinion that the Company has maintained proper records of
inventories and the discrepancies noticed on such verification between
physical stocks and book records were not material.
iii. a) There are no companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956 to
which the Company has granted any loans, secured or unsecured, as per
information and explanations given to us and register under Section 301
of the Companies Act, 1956 produced before us. Consequently the
provisions of clauses 4(iii)(b), (iii)(c) and (iii)(d) of the Order are
not applicable to the Company.
b) The Company has not taken any loan secured or unsecured from
companies, firms and other parties covered in the register maintained
under Section 301 of the Companies Act, 1956 as per information and
explanations given to us and register under Section 301 of the
Companies Act, 1956 produced before us. Consequently the provisions of
clauses 4(iii) (e), (iii) (f) and (iii) (g) the Order are not
applicable to the Company.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
with regard to purchase of inventories, fixed assets and for the sale
of goods. There is no sale of services during the year. During the
course of our audit we have not come across any continuing failure to
correct major weaknesses in internal control system.
v. a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in Section 301 of the Companies Act, 1956, have been
entered in the register required to be maintained under that Section.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rs. 5 Lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market price at the relevant
time.
vi. As the Company has not accepted any deposits from the public, the
provisions of clause 4 (vi) of the Order are not applicable to the
Company.
vii. In our opinion the internal audit functions carried out during the
year by a firm of Chartered Accountants appointed by the Management
have been commensurate with the size of the Company and nature of its
business.
viii. We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the Company
pursuant to the Rules made by the Central Government for maintenance of
cost records under clause (d) of sub-section (1) of Section 209 of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed accounts and records have been made and maintained. However,
we are not required to and have not carried out any detailed
examination of such accounts and records.
ix. a) According to the information and explanations given to us and
the records of the Company examined by us, the Company has been
generally regular in depositing undisputed statutory dues, including
Provident Fund, Investor Education and Protection Fund, Employees''
State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise
Duty, Cess, Service Tax and other material statutory dues with the
appropriate authorities during the year except some delays in respect
of Service Tax, Sales Tax, Excise duty and Tax Deducted at Source .
We are informed that there are no undisputed statutory dues as at the
year end, outstanding for a period of more than six months from the
date they become payable except Tax Deducted at Source due of Rs. 100
Lakhs and Service Tax dues of Rs. 17 Lakhs respectively.
b) There are no dues in respect of Income Tax, Sales Tax, Wealth Tax,
Service Tax, Customs Duty, Excise Duty and Cess that have not been
deposited with the appropriate authorities on account of any dispute
other than those mentioned below:-
Nature Amount Period to which Forum where the
Of Dues (Rs. Lakhs) amount relates dispute is pending
Income Tax 0.35 2005-06 Appellate Tribunal
378.87 2006-07 & Commissioner of
2007-08 Income Tax (Appeals)
Sales Tax/ 967.95 2002-03 & High Court
Vat 2003-04
18.85 2005-06 Joint Commissioner
150.30 2007-08 Deputy Commissioner
Custom Duty 67.37 2000-01 & Commissioner
2011-12 of Customs
Excise Duty 311.46 1995-96 to 2000-01 Supreme Court
and Service
1091.94 2000-01 to Commissioner of
Tax 2012-13 Central Excise/Ser-
vice Tax/CESAST
38.49 2003-04 to Additional Director
2005-06 & 2008-09 General
x. The Company has no accumulated losses as at the end of the
financial year. The Company has not incurred cash loss during the
current year and during the immediately preceding financial year.
xi. According to the records of the Company examined by us and on the
basis of information and explanations given to us, the Company has not
defaulted in term loan repayment of dues to banks and financial
institutions. The Company has not obtained any borrowings by way of
debentures.
xii. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii. 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 Order are not applicable to the Company.
xiv. 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 Order are not applicable to the
Company.
xv. According to the information and explanations given to us, the
terms and conditions on which the Company has given guarantees for
loans taken by others from banks are not prejudicial to the interest of
the Company.
xvi. In our opinion and according to the information and explanations
given to us, term loans have been applied for the purpose for which
they were raised.
xvii. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that short term funds of Rs. 15989 Lakhs have been used for long term
investments.
xviii. According to the information and explanations given to us no
preferential allotment of shares has been made by the Company to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956.
xix. The Company has not issued any debentures during the year.
xx. The Company has not raised any money by way of public issue during
the year.
xxi. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, we have not come across any instance of fraud on or
by the Company nor have we been informed by the Management of any such
instance being noticed or reported during the year.
For Jagdish Sapra & Co.
(Firm Registration No. 001378N)
Chartered Accountants
Jagdish Sapra
Place : New Delhi Partner
Dated : 21st May, 2013 Membership No. 009194
Mar 31, 2012
1. We have audited the attached Balance Sheet of Asahi India Glass
Limited as at 31st March, 2012, the Statement of Profit and Loss and
the Cash Flow Statement for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company's Management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with the Auditing Standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by Management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors' Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure, a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to above, 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 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 appears from our examination of those
books;
c) The Balance Sheet, the 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, the Statement of Profit and Loss
and Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956;
e) On the basis of written representations received from the Directors,
as on 31st March, 2012 and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st March,
2012 from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Notes thereon, and attached thereto give the information required by
the Companies Act, 1956, in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India :
i. in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
ii. in the case of the Statement of Profit and Loss, of the Loss of
the Company for the year ended on that date; and
iii. in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Annexure to the Auditors' Report
(Referred to in paragraph 3 of Auditors' Report of even date)
i. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) Verification of fixed assets is being conducted in a phased
programme by the Management designed to cover all assets over a period
of three years, which in our opinion is reasonable having regard to the
size of the Company and the nature of assets. Pursuant to the
programme, fixed assets at certain locations were physically verified
by the Management during the year and no material discrepancies between
the book records and the physical inventory have been noticed.
c) The fixed assets disposed off during the year are not significant
and therefore do not affect the going concern status of the Company.
ii. a) The inventory except goods in transit has been physically
verified during the year by the Management. In our opinion the
frequency of verification is reasonable.
b) 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.
c) On the basis of our examination of the records of inventories, we
are of the opinion that the Company has maintained proper records of
inventory and the discrepancies noticed on such verification between
physical stocks and book records were not material.
iii. a) There are no companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956 to
which the Company has granted any loans, secured or unsecured, as per
information and explanations given to us and register under Section 301
of the Companies Act, 1956 produced before us. Consequently paras 4
(iii) (b), (iii) (c) and (iii) (d) of the Order are not applicable to
the Company.
b) The Company has not taken any loan secured or unsecured from
companies, firms and other parties covered in the register maintained
under Section 301 of the Companies Act, 1956 as per information and
explanations given to us and register under Section 301 of the
Companies Act, 1956 produced before us. Consequently paras 4 (iii) (e),
(iii) (f) and (iii) (g) of the Order are not applicable to Company.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
with regard to purchase of inventory, fixed assets and for the sale of
goods. There is no sale of services during the year. During the course
of our audit we have not come across any continuing failure to correct
major weaknesses in internal control system.
v. a) According to the information and explanations given to us, we
are of the opinion that the particulars of contracts or arrangements
referred to in Section 301 of the Companies Act, 1956, have been
entered in the register required to be maintained under that Section.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rs. 5 Lakhs in respect
of any party during the year have been made at prices which are
reasonable having regard to prevailing market price at the relevant
time.
vi. As the Company has not accepted any deposits from the public,
paragraph 4 (vi) of the Order is not applicable.
vii. In our opinion the internal audit functions carried out during the
year by a firm of Chartered Accountants appointed by the Management
have been commensurate with the size of the Company and nature of its
business.
viii. We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the Company
pursuant to the Rules made by the Central Government for maintenance of
cost records under clause (d) of sub-section (1) of Section 209 of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed accounts and records have been made and maintained. However,
we are not required to and have not carried out any detailed
examination of such accounts and records.
ix. a) According to the information and explanations given to us and
the records of the Company examined by us, the Company has been
generally regular in depositing undisputed statutory dues, including
Provident Fund, Investor Education and Protection Fund, Employees'
State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise
Duty, Cess, Service Tax and other material statutory dues with the
appropriate authorities during the year except some delays in respect
of Service Tax and Tax Deducted at Source. We are informed that there
are no undisputed statutory dues as at the year end, outstanding for a
period of more than six months from the date they become payable except
Tax Deduced at Source dues of Rs. 74.55 Lakhs and Service Tax dues of Rs.
74.12 Lakhs respectively.
b) There are no dues in respect of Income Tax, Sales Tax, Wealth Tax,
Service Tax, Customs Duty, Excise Duty and Cess that have not been
deposited with the appropriate authorities on account of any dispute
other than those mentioned below :
Nature of Dues Period to which Forum where Amount
the amount the dispute (Rs. Lakhs)
relates is pending
Income Tax 2001-02 High Court 7.83
2005-06 Appellate
Tribunal 0.35
2006-07and Commiss
ioner of 378.86
2007-08 Income Tax
(Appeals)
Sales Tax/VAT 2002-03 and High Court 967.95
2003-04
2005-06 Joint Commis
sioner 18.85
2007-08 Deputy Commiss
ioner 103.83
Excise Duty and 1995-96 to Supreme Court 311.46
Service Tax 2000-01
2000-01 to Commissioner of 958.50
2011-12 Central Excise/
Service Tax
2003-04 to Additional
Director 58.16
2005-06 and General
2008-09
x. The Company has no accumulated losses as at the end of the
financial year. The Company has not incurred cash losses during the
current and the immediately preceding financial year.
xi. According to the records of the Company examined by us and on the
basis of information and explanations given to us, the Company has not
defaulted in term loan repayment of dues to banks and financial
institutions. The Company has not obtained any borrowings by way of
debentures.
xii. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii. The Company is not a chit fund or nidhi/mutual benefit
fund/society and hence paragraph 4 (xiii) of the Order is not
applicable to the Company.
xiv. As the Company is not dealing in or trading in shares, securities,
debentures and other investments hence paragraph 4 (xiv) of the Order
is not applicable to the Company.
xv. According to the information and explanations given to us, the
terms and conditions on which the Company has given guarantees for
loans taken by others from banks or financial institutions are not
prejudicial to the interest of the Company.
xvi. In our opinion and according to the information and explanations
given to us, term loans have been applied for the purpose for which
they were raised.
xvii. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that short term funds of Rs. 3056 Lakhs have been used for long term
investments.
xviii. According to the information and explanations given to us no
preferential allotment of shares has been made by the Company to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956.
xix. The Company has not issued any debentures during the year.
xx. The Company has not raised any money by way of public issue during
the year.
xxi. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, we have not come across any instance of fraud on or
by the Company nor have we been informed by the Management of any such
instance being noticed or reported during the year.
For Jagdish Sapra & Co.
Chartered Accountants
(Firm Registration No. 001378N)
Jagdish Sapra
Place : New Delhi Partner
Dated : 17th May, 2012 Membership No. 009194
Mar 31, 2011
1. We have audited the attached Balance Sheet of Asahi India Glass
Limited as at 31st March, 2011, the Profit and Loss Account and the
Cash Flow Statement for the year ended on that date annexed thereto.
These financial statements are the responsibility of the Companys
Management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with the Auditing Standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by Management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure, a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to above, 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 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 appears from our examination of those
books;
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
e) On the basis of written representations received from the directors,
as on 31st March, 2011 and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2011 from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Notes thereon, and attached thereto give the information required by
the Companies Act, 1956, in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India :
i. In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011;
ii. In the case of the Profit and Loss Account, of the Profit of the
Company for the year ended on that date; and
iii. In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Annexure to the Auditors Report
(Referred to in paragraph 3 of Auditors Report of even date)
i. a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
b) Verification of fixed assets is being conducted in a phased
programme by the Management designed to cover all assets over a period
of three years, which in our opinion is reasonable having regard to the
size of the Company and the nature of assets. Pursuant to the
programme, fixed assets at certain locations were physically verified
by the Management during the year and no material discrepancies between
the book records and the physical inventory have been noticed.
c) The fixed assets disposed off during the year are not significant
and therefore do not affect the going concern status of the Company.
ii. a) The inventory except goods in transit has been physically
verified during the year by the Management. In our opinion the
frequency of verification is reasonable.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the Managment are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) On the basis of our examination of the records of inventories, we
are of the opinion that the Company has maintained proper records of
inventory and the discrepancies noticed on such verification between
physical stocks and book records were not material.
iii. a) There are no companies, firms or other parties covered in the
register maintained under Section 301 of the Companies Act, 1956 to
which the Company has granted any loans, secured or unsecured, as per
information and explanations given to us and register under Section 301
of the Companies Act, 1956 produced before us. Consequently paras
4 (iii) (b), (iii) (c) and (iii) (d) of the Order are not applicable to
the Company.
b) The Company has not taken any loan secured or unsecured from
companies, firms and other parties covered in the register maintained
under Section 301 of the Companies Act, 1956 as per information and
explanations given to us and register under Section 301 of the
Companies Act, 1956 produced before us. Consequently paras 4(iii) (e),
(iii) (f) and (iii) (g) of the Order are not applicable to Company.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature of its business
with regard to purchase of inventory, fixed assets and for the sale of
goods. There is no sale of services during the year. During the course
of our audit we have not come across any continuing failure to correct
major weaknesses in internal control system.
v. a) According to the information and explanations given to us, we are
of the opinion that the particulars of contracts or arrangements
referred to in Section 301 of the Companies Act, 1956, have been
entered in the register required to be maintained under that Section.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 and exceeding the value of Rupees Five Lakhs in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market price at the relevant
time.
vi. As the Company has not accepted any deposits from the public,
paragraph 4 (vi) of the Order is not applicable.
vii. In our opinion the internal audit functions carried out during
the year by a firm of Chartered Accountants appointed by the Management
have been commensurate with the size of the Company and nature of its
business.
viii. We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the Company for
manufacture of Automotive Glass pursuant to the Rules made by the
Central Government for maintenance of cost records under clause (d) of
sub section (1) of Section 209 of the Companies Act, 1956 and are of
the opinion that prima facie the prescribed accounts and records have
been made and maintained. However, we are not required to and have not
carried out any detailed examination of such accounts and records.
ix. a) According to the information and explanations given to us and
the records of the Company examined by us, the Company has been
generally regular in depositing undisputed statutory dues, including
Provident Fund, Investor Education and Protection Fund, Employees
State Insurance, Income Tax, Sales Tax, Wealth Tax, Custom Duty, Excise
Duty, Cess, Service Tax and other material statutory dues with the
appropriate authorities during the year . We are informed that there
are no undisputed statutory dues as at the year end, outstanding for a
period of more than six months from the date they become payable.
b) There are no dues in respect of Income Tax, Sales Tax, Wealth Tax,
Service Tax, Customs Duty, Excise Duty and Cess that have not been
deposited with the appropriate authorities on account of any dispute
other than those mentioned below :
Name of Nature Amount Forum where
the statute of dues (Rs. Lakhs) the dispute is pending
The Central Excise
Act Excise Duty 312 Supreme Court of India
/Custom & Central Excise
Settlement Commission
The Central Excise
Act Excise Duty 1035 Joint/Assistant/
Commissioner Central
Excise
Income Tax Act Income Tax 367 Income Tax Appellate
Act Tribunal/Commissioner
of Income Tax (Appeals)
Sales Tax Act Sales Tax/ 987 Sales Tax Authorities
VAT
x. The Company has no accumulated losses as at the end of the financial
year. The Company has not incurred cash losses during the current and
the immediately preceding financial year.
xi. According to the records of the Company examined by us and on the
basis of information and explanations and bank certificates given to
us, the Company has not defaulted in term loan repayment of dues to
banks and financial institutions. The Company has not obtained any
borrowings by way of debentures.
xii. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
xiii. The Company is not a chit fund or nidhi/mutual benefit
fund/society and hence paragraph 4 (xiii) of the Order is not
applicable to the Company.
xiv. As the Company is not dealing in or trading in shares, securities,
debentures and other investments hence paragraph 4 (xiv) of the Order
is not applicable to the Company.
xv. According to the information and explanations given to us, the
terms and conditions on which the Company has given guarantees for
loans taken by others from banks are not prejudicial to the interest of
the Company.
xvi. In our opinion and according to the information and explanations
given to us, term loans have been applied for the purpose for which
they were raised.
xvii. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the Company, we report
that no funds raised on short term basis have been used for long term
investments.
xviii.According to the information and explanations given to us no
preferential allotment of shares has been made by the Company to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956.
xix. The Company has not issued any debentures during the year.
xx. The Company has not raised any money by way of public issue during
the year.
xxi. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, we have not come across any instance of fraud on or
by the Company nor have we been informed by the Management of any such
instance being noticed or reported during the year.
For Jagdish Sapra & Co.
Chartered Accountants
(Firm Registration No. 001378N)
Vipal Kalra
Place : New Delhi Partner
Dated : 16th May, 2011 M. No. 084583
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