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Auditor Report of Filatex Fashions Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of FILATEX FASHIONS LIMITED. Which comprise the balance sheet as at March 31, 2015, and the Statement of Profit and Loss for the year then ended March 2015. Cash Flow Statement and a summary of significant accounting polices and other explanation information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors 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 principles generally accepted in India. Including the Accounting Standards specified under Section 133 of Act, read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies: making judgments and estimates that are reasonable and prudent: and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for the 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 for 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 accountants 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) 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 judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error. In making those risk assessments. The auditor consider internal financial controls 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 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 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 Company as at 31 March 2015; and

b) in the case of the statement of Profit and Loss, of the profit for the year ended on that date

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Reportprder, 2015 issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act (hereinafter referred to the "other") and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, 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 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 dealt with by this Report are in agreement with the books of account;

d. In our opinion, the aforesaid financial statement comply with the Accounting Standards under section 133 of the Companies Act, 2013 read with the rule 7 of 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 Companies Act.

f. With respect of the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors), 2014, in our opinion and to the best of our information and according to the explanations given to us.

i) The Company has disclosed the impact of pending litigations on its financial position in its financial statements.

ii) In our opinion and as per the information and explanation provides to us, the Company has not entered into any long term contracts including derivative contracts, requiring provision under applicable laws or accounting standards, for material foreseeable losses, and

iii) There has been no delay in transferring the amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

ANNEXURE referred to in our report of even date

Re : FILATEX FASHIONS LIMITED ( THE COMPANY)

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details

and situation of fixed assets.

(b) All the assets have been physically verified by the management during the year No material discrepancies were notice on such verification.

(ii) (a) The inventories have 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) The Company has maintained proper records of inventories. As per the information and explanation given to us, no material discrepancies were noticed on physical verification.

(iii) As informed to us, the company has not granted any loans, secured or unsecured, to companies, firm or other parties covered in register maintained under section 189 of companies act.

(iv) In our opinion and according to the information and explanations given to us, there exists and adequate internal control system commensurate with the size of the company and the nature of its business, with regard to purchase of fixed assets and purchase of goods and service. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system of the company.

(v) The Company has not accepted any public deposits during the year under consideration: therefore there is no requirement to the company to comply with the provision of sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the Companies (acceptance of Deposits) Rules.

(vi) To the best of our knowledge and explanation given to us, the central Government has not prescribed maintenance of Cost Records under Sub-Section (1) of Section 148 of the Companies Act 2013.

(vii) a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including income tax and other material statutory dues applicable to it.

Further since the Central Government has till date not prescribed the amount of cess payable under section 441A of the Companies Act, 1956. we are not in a position to comment upon the regularity or otherwise of the company in depositing the same.

b) According to the information and explanations given to us, there are arrears of undisputed amounts payables in respect of income tax, as at 31.03.2015 for a period of more than six months from the date they became payable.

Assessment Year Amount (Rs.)

2014-15 5,06,750.00

2013-14 1,22,730.00

2012-13 9,18,150.00

2011-12 8,31,750.00

c) According to the information and explanations given to us, there are dues of memos tax which have not been deposited on account of dispute.

The assistant commissioner of income-tax raised a demand for Rs.36,79,565/- for the assessment year 2012-2013, order dated 25/03/2015. Against this order an appeal was filed with commissioner of income-tax (Appeals)-V date 29/04/2015.

Viii) The Company does not have accumulated losses as at 31.03.2015 and has not incurred any cash losses during the financial year ended on date and previous year.

ix) In our opinion and according to the information and explanations given to us, the company has not borrowed any sums from financials institution, bank or debentures holders.

x) According to the information and explanation given to us. the company has not given guarantees for loans taken by others form banks or financial institutions.

xi) According to the information and explanation given to us, the company has not raised any term Loan during the year.

xii) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit.

for NG Rao & Associates Chartered Accountants ICAIFRN:009399S

CA. G. Nageswara Rao Partner M No:207300

Place:Hyderabad Date : 20.05.2015


Mar 31, 2014

We have audited the accompanying financial statements of Filatex Fashions Limited („the Company") which comprise the balance sheet as at 31 March 2014, the statement of profit and loss and the cash flow statement for the year then ended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility of the Financial Statements

Management is responsible of 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") read with the General Circular 15/2013 dated 13 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.

Auditor's 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 pot,' n 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 auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity'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 the 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:

(i) in the case of the balance sheet, of the state of affairs of the Company as at 31 March 2014;

(ii) in the case of the statement of profit and loss, of the profit 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.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2003 ("the Order"), as amended, 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 of 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 read with the General Circular 15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.; and

e. on the basis of written representations received from the directors as on 31 March 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on 31 March 2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1955.

Annexure to the Auditors' Report

The Annexure referred to in our report to the members of Filatex Fashions Limited („the Company ") (for the year ended 31 March 2014. We report that:

(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 yearly. In accordance with this programme, fixed assets were verified during the year and no material discrepancies were noticed on such verification.

(c) No Fixed assets were disposed off during the year.

(ii) (a) The Company has not granted loans to bodies corporate covered in the register maintained under section 301 of the Companies Act, 1956 („the Act").

(b) The Company has not taken any loans, secured or unsecured from companies, firms or parties covered in the register maintained under section 301 of the Act. Accordingly, paragraphs 4(iii)(e) to 4(iii)(g) of the Order are not applicable.

(iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets and sale of goods. We have not observed any major weakness in the internal control system during the course of the audit.

(v) In our opinion and according to the information and explanations given to us, 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.

(vi) The Company has not accepted any deposits from the public.

(vii) In our opinion, the Company has no internal audit system commensurate with the size and the nature of its business.

(viii) The Central Government of India has not prescribed the maintenance of cost records under Section 209(l)(d) of the Act for any of the products manufactured by the Company.

(ix) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the company having the following Statutory dues

Sales Tax Payable- Rs.8,13,974/-

TDS Payable - Rs. 16,77,969/-

(x) 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.

(xi) The Company did not have any outstanding dues to any financial institution, banks or debenture holders during the year.

(xii) The Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion and according to the information and explanations given to us, the Company is not a chit fund/ nidhi/mutual benefit fund/ society.

(xiv) According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debentures and other investments.

(xv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions.

(xvi) The Company did not have any term loans outstanding during the year.

(xvii) The Company has not raised any funds on short-term basis.

(xviii) The Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act

(xix) The Company did not have any outstanding debentures during the year.

(xx) The Company has not raised any money by public issues during the year.

(xxi) According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of our audit.

for NG Rao & Associates

Chartered Accountants Firm's registration number: 00993S

G Nageswara Rao

Partner

Membership number: 207300

Hyderabad-03-12-2014


Mar 31, 2010

1. We have audited the attached Balance Sheet and Profit & Loss A/c of M/s FILATEX FASHIONS LIMITED Hyderabad as at 31st March ,2010 for the year ended on that date and report that 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 have conducted 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 from 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 Company Law Board in terms of Section 227(4A) of the Companies Act, 1956, we annex a Statement on the matters specified in Paragraphs 4 and 5 of the said Order.

4. Further to our comments in paragraph 1 above:

(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 accounts, as required by law, have been kept by the company so far as it appears from our examination of those books;

(c) The said Balance Sheet & Profit & Loss A/c is in agreement with the books of accounts;

(a) In our opinion the Balance Sheet comply with the Accounting Standards referred to in Sub-section 3(C) of Section 211 of the Companies Act, 1956;

(b) On the basis of written representation received from the directors and taken on record by the board of directors, we report that none of the directors is disqualified as at 31st March, 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

(c) 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, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view.

i) In the case of the Balance Sheet, of the State of Affairs of the Company as on 31st March,2010

II) In the Case of Profit & Loss Account as on 31st March,2010 iii) in the case of cash flow as on 31st March,2010

ANNEXURE TO THE AUDITORS REPORT

(Referred to in Paragraph (3) of our Report of even date to the members of Filatex Fashions Limited)

(1) a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) During the year the management has carried out physical verification of fixed assets.No material discrepancies were noticed on such verification.

(c) The company has not affected any substantial sale of assets during the year.

(2) In our opinion and according to the information and explanations made available to us the Company is maintaining inventories and during the Verification of Stocks no Material Discrepancies were noticed and as per the Explanations given by the Management there was no Scrap was realized during this period. In Our View the Systems and Procedures followed by the Company are adequate with regards to Verification of Stocks.

(3) (a) In our opinion and according to the information and explanations given to us, the company has not granted unsecured to parties covered in the register maintained under section 301 of the Act.

(b) In our opinion, the company has not taken any loans, secured or unsecured, from companies,firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. As Company has not taken any loans from parties listed in the register maintained u/s 301 of the Companies Act, 1956, paragraph 3(b), (c) and (d) of the Order are not applicable in respect of loans taken.

(c) As no loans were granted/accepted during the financial Clause 3(c) & (d) of the Order is not applicable to the company for the year.

(4) In our opinion and according to the information and explanations given to us, during the course of our audit, there are adequate internal control procedures commensurate with the size of the company and the nature of its business, for the purchase of goods and fixed assets and for the sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weakness in such internal controls.

(5) In our opinion and according to the information and explanations given to us in respect of transactions to be entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956 :

(a) The transactions that need to be entered into the register have been so entered.

(b) The transactions have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

(6) The Company has not accepted any deposits from public within the meaning of Section 58A and 58AA of the Companies Act, 1956 and Companies (Acceptance of Deposits) Rules 1975 with regard to the deposits accepted form public.

(7) The Company is introducing the internal audit system commensurate with the size and nature of business.

(8) The Central Government has not prescribed maintenance of Cost records under Section 209(1 )(d) of the Companies Act, 1956 for any of the products of the Company.

(9) (a) According to information and explanations given to us, the provisions of Provident Fund, Act& ESI is applicable to the company and depositing regularly by the Company for the period of Audit.

(b) According to the information and explanations given to us, there are no dues of Income Tax, Sales Tax or any other Statutory Dues not been deposited on account of any dispute.

10. The Company does not have its accumulated losses as on 31s1 March,2010

11. In our opinion and according to the information and explanations made available to us, the Company has not defaulted in repayment of dues to Financial Institution or Bank.

12. In our opinion the Company has not granted any 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, nidhi/mututal benefit fund/ society and therefore the provisions of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

14. According to the information and explanations given to us, the company is not dealing or trading in shares, securities, debentures and other investments. Accordingly provisions of clasue 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

15. In our opinion and according to the information and explanations given to us, the Company has not given guarantees for loans taken by other from banks or financial institutions.

16. In our opinion and according to the information and explanations given to us, the Company has taken term loan& Working Capital loans from Banks and during the year they have cleared all the Loans which were taken earlier. During the year the company has taken a Vehicle loan and they utilized for the purpose for which they have taken.

17. In our opinion and according to the information and explanations given to us, the company has not raised any short term loans and hence clause 17 of the Order is not applicable to the Company.

18. According to information and explanations given to us, the Company has made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956 during the year.

19. In our opinion and according to information and explanations given to us, the Company has not issued any secured debentures during the period covered by the report. Accordingly, Clause 19 of the Companies (Auditors Report) Order, 2003 is not applicable to the Company.

20. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit for the year ended on 31st March,2010

For N.G. Rao & Associates Chartered Accountants,

SD/-

G.Nageswara Rao Partner

Membership No.: 207300

PLACE : Hyderabad, DATE : 06-12-2010

 
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