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Arihant Superstructures Ltd. Auditor Report
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You can view full text of the latest Auditor's Report for the company.
Market Cap. (Rs.) 1354.99 Cr. P/BV 6.46 Book Value (Rs.) 50.96
52 Week High/Low (Rs.) 416/159 FV/ML 10/1 P/E(X) 43.15
Bookclosure 22/09/2023 EPS (Rs.) 7.63 Div Yield (%) 0.15
Year End :2023-03 

Arihant Superstructures Limited Report on the Audit of the Standalone Financial Statements

Opinion

Wo have audited the accompanying standalone financial statements of Arihant Superstructures Limited fthe Company** which comprise the Balance sheet as at 31 March, 2023, the Statement of Profit and Loss, including the statement of Other Comprehensive income, the Cash Row Statement and the Statement of Changes in Equity for the year then ended, and notes to the standalone 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 financial statements give the information required by the Companies Act. 2013, as amended (*the Act*) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with Companies <lndlan Accounting Standards) Rules. 2015 as amended and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March. 2023, its profit Including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs). as specified under Section 143<10) of ihe Act Our responsibilities under those SAs are further described in the 'Auditor's Responsibilities for the Audit of the Standalone 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 (ICAI) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act 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 basts for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional Judgement, were of most significance In our audit of the standalone financial statements for the financial year ended 31 March. 2023. These matters were addressed »n the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and wo do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter Is provided in that context

We have determined the matter described below to be the key audit matter to be communicated in our report. We have fulfilled the responsibilities desenbed in the Auditor's responsibilities for the audit of the standalone financial statements section of our report, including in relation to this matter. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of matenal misstatement of the standalone financial statements. The results of our audit procedures, including the procedures performed to address the matter below, provide the basis for our audit opinion on the accompanying standalone financial statements.

Key Audit Matter

How the matter was addressed in our audit

Inventory Valuation

The Company's inventory comprises of ongoing and completed real estate projects, unlaunched projects, and development rights As of March 31. 2023. the carrying value of nventories amounts to Rs. 13,203.04 Lakh.

The Inventories are carried at a lower of cost and net realizable value CNRV*) The determination of the NRV involves estimates based on prevailing market conditions, current price and expected date of commencement and completion of the project, the estimated future selling price, the cost to complete projects and selling costs.

Considenng the significance of the amount of carrying value of inventories in the financial statements and the involvement of significant estimation and judgment in such assessment of NRV. the same has been considered a key audit matter

Our audit procedure/testmg includes among others

- We read and evaluate the accounting policies and disclosures made in the financial statements with respect to inventories.

. Evaluating the management's valuation methodology and assessing the key estimates, data input and assumption adopted in the valuation which includes comparing expected future average selling prtce with available market data such as the recently transacted price for similar properties located in the nearby vicinity of each property development projects and sales budget plan maintained by the company.

- Verifying the NRV assessment and comparing the estimated construction costs to complete each development with the company's updated budgets.

- We have tested the NRV of the Inventories to carry value in the books on a sample basis.

Assessing the recoverability of carrying value of Investments and loans and advances made by the Company In subsidiaries and associate entities

As at March 31. 2023, the carrying values of the Company's investment in subsidiaries and other entities amounted to Rs. 8.09 Lakhs. Further, the Company has granted loans and advances to its subsidiaries and others amounting to Rs. 4,526.45 Lakhs. Management reviews on a periodical basis whether there are any indicators of impairment of such Investments and loans and advances.

For cases where impairment indicators exist, management estimates the recoverable amounts of the Investments, as being higher than fair value fewer costs or disposal, and value in use Significant judgments are required to determine the key assumptions used in the determination of fair value In use.

As the impairment assessment involves significant assumptions and judgment, we regard this as a key audit matter.

Our procedures in assessing the impairment of the investment included, among others, the following:

We read and evaluate the accounting policies with respect to Investments.

We examined the management assessment In determining whether any impairment indicators exist.

We examined the management assessment In determining whether any impairment indicators exist.

We compared the recoverable amount of the investment to the carrying value in books.

We assessed the financial condition of entities to whom loans and advances were granted by obtaining the most recent audited financial statements of such entitles.

We performed inquiries with management on the project status and future business plan of entities to whom loans and advances were granted to evaluate their recoverability.

We assessed the disclosures made In the standalone financial statements regarding such investments and loans and advances

Other Information

The Company's Management and Board of Directors are responsible for the other information. The other information comprises the information included in the Company's annual report, but does not include the standalone financial statements and our auditors'report thereon.

Our opinion on the standalone 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 me standalone financial statements, our responsibility is to read the other information Identified above when »t becomes available and. In doing so. consider whether such other information is materially Inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated ir. 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.

Responsibilities of Management for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(S) of the Act with respect to the preparation of these standalone financial statements that give a true and fair \new 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) specified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules. 201S. as amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding ot 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 arc reasonable and prudent, and the 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 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 financial statements, the Company's Management and Board of Directors are responsible for assessing the company's ability co continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but co do so.

The Board of Directors are also responsible for overseeing the company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are (roe 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 «n the aggregate, they could reasonabJy be expected to Influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs. we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone 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(3X0 of the Act. we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls

• Evaluate the appropriateness of accounting policies used and the 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 auditor's report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's 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 financial statements. Including the disclosures, and whether the standalone 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.

Wo 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 financial statements for the financial year ended March 31. 2023 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 »n our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2020 ('the Order*), issued by the Central Government of India in terms of Section 143 (11) of the Act. we give in the "Annexurc AM, 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 the Statement of Other Comprehensive income, the Cash Row Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account-

id) in our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified under Section 133 of the Act. read with Companies {Indian Accounting Standards) Rules. 201S, as amended;

(e) On the basis of the written representations received from the directors as on March 31. 2023. taken on record by the Board of Directors, none of the directors arc disqualified as on March 31, 2023, from bemg appointed as a director in terms of Section 164 (2) of the Act;

{0 With respect to the adequacy of the internal financial controls with reference to these standalone financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexurc B" to this report;

(g) In our opinion, the managerial remuneration for the year ended March 31. 2023 has been paid/provided by the Company to Its directors In accordance wtth the provisions of Section t97 read with Schedule V to the Act;

(h) With respect to the other matters to be Included in the Aud«tor*s Report In accordance with Rule 11 of the Companies lAudit and Auditors) Rules, 2014. as amended, in our opinion and to the best of our information and according to the explanations given to us:

I. The company has. to the extent ascertainable, disclosed the impact of pending litigations on its financial position in its standalone financial statements Refer Note 35 to the standalone financial statements;

ii. The Company did not have any long-term contracts including derivative contracts for which there can be any material foreseeable losses:

111. The company Is required to transfer Rs. 0.01 Lakhs to the Investor Education and Protection Fund;

iv. {i> The Management has represented that to the best of its knowledge and belief, 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/entity, including foreign entities ('Intermediaries'), with the understanding whether recorded in writing or otherwise, that the Intermediary has. 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 likeon behalf of the Ultimate Beneficiaries;

(ii) The Management has represented that, to the best of its knowledge and belief, no funds have been received by the Company from any person/entity, including foreign entities, with the understanding, whether recorded in writing or otherwise. as on the date of this audit report, that the company has 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

(ill) Based on our audit procedures which we have considered reasonable and appropriate In the circumstances and according to the information and explanations provided to us by the Management in this regard, nothing has come to the notice that has caused us to believe that the representations made by the Management under sub-clause (i) and (ii) contain any material misstatement.

v. As stated in Note 47 to the standalone financial statements:

(I) The Company has not paid any drvdend during the year; and

(Ii) The Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The amount of dMdend proposed is in accordanco with section 123 of the Act, as applicable.

w. Proviso to Rule 3(1) of the Companies (Accounts) Rules. 2014 for maintaining books of account using accounting software which has a feature of recording audit trail (edit log) facility Is applicable to the Company w«th effect from April l. 2023. and accordingly, reporting under Rule 11(g) of Companies {Audit and Auditors) Rules. 2014 Is not applicable for the financial year ended March 31,2023.

For Kailash Chand Jain & Co.

Chartered Accountants

Firm Registration No.: 112318V/

Saurabh Chouhan

Partner

Membership No.: 167453

UDIN : 23167453BGRWCQ4537

Place : Navi Mumbai

Date : May 22, 2023


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