Mar 31, 2015
We have audited the accompanying financial statements of Euro Leder
Fashion Limited. ("the Company"), Which comprise the Balance Sheet as
at March 31, 2015, 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.
Management's Responsibility for the Financial statements
The Company's Board of Directors is responsible for the matters stated
in section 134(5) of the Company's act, 2013 ("the act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the company in accordance with the accounting principles
generally accepted in India, including the accounting standards
specified under Section 133 of the Act, read with Rule 7 of the
Company's (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the act for safe guarding the assets of the Company and
for preventing and detecting frauds and other irregularities;
selections and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement whether due to fraud or error.
Auditor's responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the act and the rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgement, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give a true and Fair view
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) in the case of the statement of Profit and Loss Account, of the
profit 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 (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in 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, 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 aforesaid 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 March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of Section 164 (2) of the Act; and
f) 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 information and according
to the explanations given to us:
i) the Company has disclosed the impact of pending litigations on its
financial positions in its financial statements in note no. D to the
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 has been no delay in transferring amounts, required to be
transferred, to the Investors Education and Protection Fund by the
Company.
Annexure referred to in paragraph 1 of Our Report of even date to the
members of Euro Leder Fashion Limited on the accounts of the company
for the year ended 31st March, 2015.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
2. (a) The inventory has been physically verified during the year by
the management at reasonable intervals. In our opinion the frequency of
verification is reasonable.
(b) The procedures of physical verification of inventories followed by
the management are reasonable and adequate in relation to the size of
the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 189 of
the Companies Act, 2013.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods and services. During the course of our
audit, no major instance of continuing failure to correct any
weaknesses in the internal controls have been noticed or reported.
5. The Company has not accepted any deposits from the public covered
under section 73 to 76 of the Companies Act, 2013.
6. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under Section 148(1) of the Act.
7. (a) According to the information and explanation given to us and
based on the records of the company, the company has been regular in
depositing undisputed statutory dues including Provident Fund,
Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues with the appropriate authorities. According to the
information and explanations given to us there were no outstanding
statutory dues as on 31st of March, 2015 for a period of more than six
months from the date they became payable.
(b) According to the information and explanations given to us, there is
no undisputed amounts payable in respect of income tax, wealth tax,
service tax, sales tax, customs duty and excise duty which have not
been deposited on account of any disputes.
8. The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses in the financial year
and in the immediately preceding financial year.
9. The Company has not defaulted in repayment of dues to banks.
10. The Company has not given any guarantees for loan taken by others
from banks or financial institution.
11. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
12. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the course of our audit, nor have
been informed of such case by the management.
Place: Chennai For N.VENKATESAN ASSOCIATES
Date: 29.05.2015 CHARTERED ACCOUNTANTS
Firm Regn.No.004632S
(N.VENKATESAN)
Partner.
Membership No.22021
Mar 31, 2014
We have audited the accompanying financial statements of Euro Leder
Fashion Limited. Which comprise the Balance Sheet as at March 31, 2014,
and the Statement of Profit and Loss and Cash Flow Statement for the
year ended, and a summary of significant accounting policies and other
explanatory information.
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.
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 auditor''s judgement, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. 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 the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
In our opinion and to the best of our information and according to the
explanations given to us, the 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 Profit and Loss Account, of the profit 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.
1. As required by the Companies (Auditor''s Report) Order, 2003
("theOrder") 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
subsection (3C) of section 211 of the Companies Act, 1956;
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.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Euro Leder Fashion Limited on the accounts of the
company for the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
off by the Company during the year and the sale does not affect the
going concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceed five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not arise.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company does not have any accumulated losses at the end of the
Financial Year and has not incurred cash losses in the financial year
covered by our audit and has incurred cash loss in the immediately
preceding Financial Year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is manufacturing leather products. Proper records & timely entries have
been maintained in this regard & further, investments specified are
held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short- term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have been informed of
such case by the management.
Place: Chennai For N.VENKATESAN ASSOCIATES
Date : 30.05.2014 CHARTERED ACCOUNTANTS
Firm Regn.No.004632S
(N.VENKATESAN)
Partner.
Membership No.22021
Mar 31, 2013
We have audited the accompanying financial statements of Euro Leder
Fashion Limited. Which comprise the Balance Sheet as at March 31, 2013,
and the Statement of Profit and Loss and Cash Flow Statement for the
year ended, and a summary of significant accounting policies and other
explanatory information. 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.
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 andperform 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 auditor''s judgement, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. 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 the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
In our opinion and to the best of our information and according to the
explanations given to us, the 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 Profit and Loss Account, 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.
1. As required by the Companies (Auditor''s Report) Order, 2003
("theOrder") 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
subsection (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.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of Euro Leder Fashion Limited on the accounts of the
company for the year ended 31st March, 2013.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub-section (1) of section 209 of the
Act.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2013 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company does not have any accumulated loss and has incurred
cash loss during the financial year covered by our audit and not in the
immediately preceding financial year.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
is manufacturing leather products. Proper records & timely entries have
been maintained in this regard & further, investments specified are
held in their own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long- term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have been informed of
such case by the management.
Place: Chennai
Date : 30.05.2013
Mar 31, 2012
We have audited the attached Balance Sheet of M/s. EURO LEDER FASHION
LIMITED as at 31st March 2012 and the relative Profit and Loss Account
and Cash Flow statement for the year ended on that date, which we have
signed under reference to this report. 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.
1. We conducted our audit in accordance with auditing standards
generally accepted in India. These 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.
2. As required by the Companies (Auditor's Report) Order, 2003, issued
by the Government of India in terms of Section 227(4A) of the Companies
Act, 1956, and as amended, we enclose in the annexure a statement on
the matters specified in paragraphs (4) and (5) of the said Order, to
the extent applicable to the Company.
3. Further to our comments in the Annexure referred to in paragraph 2
above, we report that:
1. 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;
2. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
3. The Balance Sheet, Profit and Loss Account and cash flow statement
dealt with by this report are in agreement with the books of account;
4. 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.
5. 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
March 31, 2012 from being appointed as director in terms of clause (g)
of sub-section (1) of Section 274 of the Companies Act, 1956.
6. In our opinion and to the best of our information and according to
the explanations given to us, the said accounts 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 March 31, 2012;
ii. in the case of the Profit and Loss Account, of the Profit for the
year ended on that date; 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 2 of our report of even date to the members
of M/S.EURO LEDER FASHION LIMITED)
(i) (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The Fixed assets of the Company have been physically verified
during the year by the management and no material discrepancies between
the book records and the physical inventory have been noticed.
(c) No substantial part of fixed assets of the company has been
disposed of during the year.
(ii) (a) The inventories of the company at all its location have been
physically verified by the management during the year.
(b) In our opinion the procedures of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the company and nature of its business.
(c) The Company has maintained proper records of inventories and the
discrepancies between the physical inventories and the books records
which have been properly dealt with in the books of account were not
material.
(iii) The company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms and other parties covered in the
register maintained under section 301 of the Act.
(iv) In our opinion, there is an adequate internal control procedure
commensurate with the size of the Company and the nature of its
business for purchase of inventories and fixed assets and for the sale
of goods.
(v) (a) In our opinion, the transactions that need to be entered in the
register maintained under section 301 of the act have been so entered.
(b) In our opinion, the aforesaid transactions have been made at prices
which are reasonable having regard to the prevailing market prices.
(vi) The company has not accepted any deposit from the public.
(vii) In our opinion, the company's present internal audit system is
commensurate with its size and nature of its business. (viii) The
provision of the order made by the Central Government of the
maintenance of cost records under section 209(1) (d) of the companies
Act, 1956 do not apply to the Company.
(ix) The company has been regular in depositing undisputed statutory
dues including provident fund, employees state insurance, income tax,
sales tax, wealth tax, customs duty, excise duty, cess and other
statutory dues with the appropriate authorities in India.
(x) The company does not have any accumulated losses at the end of the
financial year, nor had it incurred any cash loss during the financial
year or in the immediately preceding financial year.
(xi) Based on our audit procedures and the information and explanations
given to us, we are of the opinion that the Company has not defaulted
in the repayment of dues to banks or financial institutions.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of share and other securities.
(xiii) The company has not given any guarantee for loans taken by
others, from banks or financial institutions.
(xiv) To the best of our knowledge and belief and according to the
information and the explanations given to us, term loans availed by
Company were, prima facie, applied by the company during the year for
the purposes for which the loans were obtained.
(xv) According to the cash flow statement and other records examined by
us and the information and the explanations given to us, on an overall
basis, funds raised on short term basis have, prima facie, not been
used during the year for long term investment.
(xvi) According to the information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under section 301 of
the Companies Act, 1956.
(xvii) The Company has not issued any debentures during the year
(xviii) The Company has not raised any money by issue of shares during
the year.
(xix) Based upon the audit procedures performed and information and
explanations given by the management, we report that no fraud on or by
the Company has been noticed or reported during the year.
For N. VENKATESASN ASSOCIATES
CHARTERED ACCOUNTANTS
Firm Regn.No.004632S
(K.S.RAMESH BABU)
Partner
Membership No.27855
Place: Chennai
Date : 31.05.2012
Mar 31, 2010
We have audited the attached Balance Sheet of M/s. EURO LEDER FASHION
LIMITED. At 31st March 2010 and the relative Profit and Loss Account
and Cash Flow statement for the year ended on that date, which we have
signed under reference to this report. 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.
1. We conducted our audit in accordance with 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 4est 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.
2. As required by the Companies (Auditors Report) Order, 2003, issued
by the Government of India in terms of Section 227(4A) of the Companies
Act, 1956, of India (the Act) and on the basis of such checks as we
considered appropriate and according to the information and
explanations given to us, we set out in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the said Order.
3. Further to our comments in the Annexure referred to in paragraph 2
above, we report that:
1. 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;
2. In our opinion, proper books of accounts as required by law have
been kept by the Company so far as appears from our examination of
those books;
3. The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
4. In our opinion, the Balance Sheet, Profit and Loss Account dealt
with by this report comply with the accounting standards referred to in
sub-section (3C) of Section 211 of the Act, 1956.
5. On the basis of written representations received from the
Directors, as on 31st March 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2010 from being appointed as director in terms of clause (g)
of sub-section (1) of Section 274 of the Companies Act, 1956.
6. In our opinion and to the best of our information and according to
the explanations given to us, the-said accounts 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 March 31, 2010; ii. in the case of the Profit and Loss
Account, of the Profit for the year ended on that date; iii. in the
case of the Cash Flow statement of the cash flow for the year ended on
that date.
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 2 of our report of even date to the members
of) M/S.EURO LEDER FASHION LIMITED)
(i) (a) The Company has maintained proper records show full particulars
including quantitative details and situation of fixed assets.
(b) The Fixed assets of the Company have been physically verified
during the year by the management and no material discrepancies between
the book records and the physical inventory have been noticed.
(c) No substantial part of fixed assets of the company has been
disposed of during the year.
(ii) (a) The inventories of the company at all its location have been
physically verified by the management during the year.
(b) in our opinion the procedures of physical verification of
inventories followed by the management are reasonable and adequate in
relation to the size of the company and nature of its business.
(c) The Company has maintained proper records of inventories and the
discrepancies between the physical inventories and the books records
which have been properly dealt with in the books of account were not
material.
(iii) The company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms are other parties covered in the
register maintained under section 301 of the Act.
(iv) In our opinion , there is an adequate internal control procedure
commensurate with the size of the company and the nature of its
business for purchase of inventories and fixed assets and for the sale
of goods.
(v) (a) In our opinion, the transactions that need to be entered in the
register maintained under section 301 of the act have been so entered.
(b) In our opinion, the aforesaid transactions have been made at prices
which are reasonable having regard to the prevailing market prices.
(vi) The company has not accepted any deposit from the public.
(vii) In our opinion, the companys present internal audit system is
commensurate with its size and nature of its business.
(viii) The provision of the order made by the Central Government of the
maintenance of cost records under section 209(1) (d) of the companies
Act, 1956 do not apply to the Company..
(ix) The company has been regular in depositing undisputed statutory
dues including provident fund, employees state insurance, income tax,
sales tax, wealth tax, customs duty, excise duty, cess and other
statutory dues with the appropriate authorities in India.
(x) The company did not have any accumulated losses at the end of the
financial year, nor had it incurred any cash loss during the financial
year or in the immediately proceeding financial year.
(xi) According to the records produced the company has not defaulted in
repayments of its dues to any financial institutions or banks during
the year.
(xii) The company has not granted any loans and advances on the basis
of security by way of pledge of share, and other securities.
(xiii) The company has not given guarantee for loans taken by others,
from banks or financial institutions.
(xiv) On the basis of review of utilization of funds on an overall
basis, in our opinion, the terms loans taken by the company were
applied for the purposes for which the loans were, obtained.
(xv) On the basis of review of utilization of funds on an overall basis
in our opinion the funds raised on short term basis have not been used
for long term investment or vice versa during the year.
(xvi) The company has not issued any shares during the year and hence
the question of any Preferential allotment of shares to parties in the
register maintained under section 301 of the Companies Act, 1956 does
notarise.
(xvii) During the course of our examination 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 being informed by the management of any such
instants being noticed or reported during the year.
(xviii) The Company has not issued any debentures during the year
(xix) The Company has not raised any money by issue of shares during
the year.
(xx) According to the information and explanations given to us, no
fraud on or by the Company has been noticed or reported during the
year.
Clauses (xiii) (xiv) of the aforesaid Order are not applicable to the
Company.
Place: Chennai
Date: 29.05.2010