Mar 31, 2015
We have audited the accompanying financial statements of HIGH STREET
FILATEX LTD (the Company), which comprise the Balance Sheet as at March
31,2015, 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 in
section 134(5) of the Companies 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
Companies (Accounts) Rules, 2014. This responsibility also includes the
maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the 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 internal financial control, 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 judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company''s
preparation of the financial statements that give 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 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, of the loss of the
Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
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 section143 of the Act, we give in the Annexure a
statement on the matters Specified in paragraphs 3 and 4 of the Order.
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 appears from our examination of those
books.
c) the Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the 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 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the other matters to be included in the Auditor''s
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements - Refer Note 1.2 to the
financial statements
ii. The Company did not have any long-term contracts including
derivative contracts; as such the question of commenting on any
material foreseeable losses thereon does not arise
iii There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of delay in transferring such sums does
not arise
ANNEXURE TO THE AUDITORS'' REPORT TO THE MEMBERS OF HIGH STREET
FILATEX LTD (FORMERLY KNOWN AS UNI LEGWEARS (INDIA) LTD)
On the basis of such checks as we considered appropriate and according
to the information and explanations given to us during the course of
our audit, we report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets ;
(b) As explained to us, fixed assets have been physically verified by
the management at regular intervals; as informed to us no material
discrepancies were noticed on such verification;
(ii) (a) The inventory has been physically verified during the year by
the management. 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) The company is maintaining proper records of inventory. The
discrepancies noticed in verification between the physical stocks and
the book records were not material.
(iii) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Act.
(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and for the sale of services. Further, on the
basis of our examination of the books and records of the Company and
according to the information and explanations given to us, no major
weakness has not been noticed or reported.
(v) The Company has not accepted any deposits from the public covered
under Section 73 to 76 of the Companies Act, 2013
(vi) As informed to us, the Central Government has not prescribed
maintenance of cost records under sub-section (1) of Section 148 of the
Act
(vii) (a) According to the information and explanations given to us and
based on the records of the company examined by us, the company is
regular in depositing the undisputed statutory dues, including
Provident Fund, Employees'' State Insurance, Income- tax, Sales-tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, VAT cess and other
material statutory dues, as applicable, with the appropriate
authorities in India ;
(b) According to the information and explanations given to us and based
on the records of the company examined by us, there are no dues of
Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise
Duty which have not been deposited on account of any disputes According
to the information and explanations given to us, a demand of Rs
1,42,048.00 raised by Land & Building Tax Deptt has not been deposited
by the company as the same is disputed and the matter is being
contested in appropriate court. Rs 92,035 has been deposited with ESI
under protest for period relating to Oct 07 to Dec 08 and the matter is
sub judice.
(c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of reporting delay in transferring such
sums does not arise As at 31st March, 2015,
(viii) The accumulated losses of the company are more than fifty
percent of its net worth (without considering revaluation reserve).
The company has not incurred cash losses during the financial year
covered by our audit and in the previous financial year.
(ix) According to the records of the company examined by us and as per
the information and explanations given to us, the company has not
availed of any loans from any financial institution or banks and has
not issued debentures
(x) In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loan taken by
others from a bank or financial institution during the year
(xi) In our opinion, and according to the information and explanations
given to us, the company has not raised any term loans during the year
(xii) During the course of our examination of the books and records of
the company, carried in accordance with the auditing standards
generally accepted in India, we have neither come across any instance
of fraud on or by the Company noticed or reported during the course of
our audit nor have we been informed of any such instance by the
Management
for N. BHANDARI & CO.,
Chartered Accountants
Firm Reg No : 03185C
Sd/-
(N. BHANDARI)
PLACE : JAIPUR Partner
Date : 29th May 2015 M. No. 71710
Mar 31, 2014
We have audited the accompanying financial statements of HIGH STREET
FILATEX LTD (the Company), which comprise the Balance Sheet as at March
31, 2014, 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 Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
AUDITORS'' RESPONSIBILITY
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal 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 Company''s
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that 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 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, 2014;
(b) In the case of the Statement of Profit and Loss, of the loss of the
Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company 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) issued by the Central Government of India in terms of Section
227(4A) 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, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with Accounting Standards notified
under the Act read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
e) On the basis of the written representations received from the
directors as on March 31, 2014, 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 Section 274(1)(g) of the
Act.
ANNEXURE TO THE AUDITORS'' REPORT TO THE MEMBERS OF HIGH STREET FILATEX
LTD (FORMERLY KNOWN AS UNI LEGWEARS (INDIA) LTD) (REFERRED TO IN THE
PARAGRAPH 1 OF OUR REPORT OF EVEN DATE )
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is regular program of verification which, in
our opinion, is reasonable having regard to the size of the company and
the nature of its assets. No material discrepancies were noticed on
such verification.
(c) The company has not disposed off any substantial part of the fixed
assets during the year.
(ii) (a) The inventory has been physically verified during the year by
the management. 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) The company is maintaining proper records of inventory. The
discrepancies noticed in verification between the physical stocks and
the book records were not material.
(iii) (a) The company had not granted any loans, secured or unsecured
to any company, firm or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
(b) In our opinion, the rate of interest and other terms and condition
on which loans have been given by the company are, prima facie, not
prejudicial to the interest of the company.
(c) There being no such loans, receipt of principal amount, interest
and overdue amount is not applicable.
(d) The company had taken unsecured loan from 1 persons covered in the
register maintained under section 301 of the companies act, 1956. The
maximum amount involved during the year is Rs 14.01 Lacs and the
year-end balance of loans taken from such parties was Rs. 14.01 Lacs.
(f) In our opinion, the rate of interest and other terms and condition
on which the loans have been taken from parties listed in the register
maintained under section 301 of the Companies Act,1956 are not, prima
facie, prejudicial to the interest of the company.
(g) The company is regular in repaying the principal amounts as
stipulated and no interest is payable on such loan.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of its inventory, fixed assets and
with regard to the sale of goods. During the course of our audit, we
have not observed any continuing failure to correct major weakness in
internal controls.
(v) (a) In our opinion and according to the information and
explanations given to us, we are of the opinion that the particulars of
contracts or arrangements referred to in section 301 of the act have
been entered in the register required to be maintained under that
section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in the pursuance of such contracts
or arrangements and exceeding the value of rupees five lakhs in respect
of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
and has complied with the provisions of section 58A and 58AA of the
companies act, 1956 and the Companies (Acceptance of Deposits ) Rules,
1975. No order has been passed by the Company Law Board or National
Company Law Tribunal or Reserve Bank of India or any court or any other
Tribunal applicable to company in this connection.
(vii) In our opinion, the company has an internal audit system
commensurate with the nature and the size of the business.
(viii) As informed to us, maintenance of cost records has not been
prescribed by the Central Government under section 209 (1) of the
Companies Act, 1956 for such companies.
(ix) (a) The company is generally regular in depositing with
appropriate authorities undisputed statutory dues including provident
fund, investor education protection fund, employees'' state insurance,
income tax, sales tax, wealth tax, Service Tax, custom duty, excise
duty, cess and other material statutory dues applicable to it.
According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, sales tax, wealth
tax, custom duty, excise duty and cess were in arrears, as at the last
day of the financial year concerned for a period of more than six
months from the date they became payable.
(b) According to the information and explanations given to us, a demand
of Rs 1,42,048.00 raised by Land & Building Tax Deptt has not been
deposited by the company as the same is disputed and the matter is
being contested in appropriate court. Rs 92,035 has been deposited with
ESI under protest for period relating to Oct 07 to Dec 08 and the
matter is sub judice.
(x) The accumulated losses of the company are more than fifty percent
of its net worth (without considering revaluation reserve). The company
has not incurred cash losses during the financial year covered by our
audit but has incurred cash loss in the previous financial year.
(xi) The company had not defaulted in repayment of dues to bank or
financial institution during the year under reference.
(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, the company is not a chit fund or a nidhi/
mutual benefit fund/ society. Therefore, the provisions of clause 4
(xiii) of the companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
(xiv) In our opinion, the company is not generally dealing in or
trading in shares, securities, debentures and other investments. Proper
records have been maintained of the transactions and contracts and
timely entries have been made therein, in connection with occasional
investment made by the company. The investments, shares, securities etc
( if any) has been held by the company in its own name , except to the
extent of the exemption granted under section 49 of the act.
(xv)The company has not given any guarantees for loans taken by other
from banks or financial institutions.
(xvi) During the period covered by our audit report, the company has
not taken any fresh term loan.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment.
(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) During the period covered by our audit report, the company has
not issued any debentures.
(xx) During the period covered by our audit report, the company has not
raised any money by public issues.
(xxi) 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 N. BHANDARI & CO.,
Chartered Accountants
Firm Reg No : 03185C
(N. BHANDARI)
PLACE : JAIPUR Partner
Date : 28th May 2014 M. No. 71710
Mar 31, 2013
We have audited the attached Balance Sheet of HIGH STREET FILATEX LTD
(formerly known as Uni Legwears (India) Ltd.) as at March 31, 2013 and
also the profit and loss account for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company''s management. Our responsibility is to express an opinion
on these financial statements based on our audit.
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 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.
1. As required by the Companies (Auditor''s Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
2. Further to our comments in the Annexure referred to above, we
report that:
i. We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii. 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;
iii. The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
iv. In our opinion, the Balance Sheet and 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 Companies Act, 1956;
v. On the basis of written representations received from the directors,
as on March 31, 2013, and taken on record by the Board of Directors, we
report that 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;
3. In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements, 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 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; and
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date.
ANNEXURE TO THE AUDITORS'' REPORT TO THE MEMBERS OF HIGH STREET FILATEX
LTD (FORMERLY KNOWN AS UNI LEGWEARS (INDIA) LTD) (REFERRED TO IN THE
PARAGRAPH 1 OF OUR REPORT OF EVEN DATE)
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is regular program of verification which, in
our opinion, is reasonable having regard to the size of the company and
the nature of its assets. No material discrepancies were noticed on
such verification.
(c) The company has not disposed off any substantial part of the fixed
assets during the year.
(ii) (a) The inventory has been physically verified during the year by
the management. 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) The company is maintaining proper records of inventory. The
discrepancies noticed in verification between the physical stocks and
the book records were not material.
(iii) (a) The company had not granted any loans, secured or unsecured
to any company, firm or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
(b) In our opinion, the rate of interest and other terms and condition
on which loans have been given by the company are, prima facie, not
prejudicial to the interest of the company.
(c) There being no such loans, receipt of principal amount, interest
and overdue amount is not applicable.
(d) The company had taken unsecured loan from 1 person covered in the
register maintained under section 301 of the companies act, 1956. The
maximum amount involved during the year is Rs 7.17 Lacs and the
year-end balance of loans taken from such parties was Rs. 0.09 Lacs.
(f) In our opinion, the rate of interest and other terms and condition
on which the loans have been taken from parties listed in the register
maintained under section 301 of the Companies Act,1956 are not, prima
facie, prejudicial to the interest of the company.
(g) The company is regular in repaying the principal amounts as
stipulated and no interest is payable on such loan.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of its inventory, fixed assets and
with regard to the sale of goods. During the course of our audit, we
have not observed any continuing failure to correct major weakness in
internal controls.
(v) (a) In our opinion and according to the information and
explanations given to us, we are of the opinion that the particulars of
contracts or arrangements referred to in section 301 of the act have
been entered in the register required to be maintained under that
section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in the pursuance of such contracts
or arrangements and exceeding the value of rupees five lakhs in respect
of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
and has complied with the provisions of section 58A and 58AA of the
companies act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 . No order has been passed by the Company Law Board or National
Company Law Tribunal or Reserve Bank of India or any court or any other
Tribunal applicable to company in this connection.
(vii) In our opinion, the company has an internal audit system
commensurate with the nature and the size of the business.
(viii) As informed to us, maintenance of cost records has not been
prescribed by the Central Government under section 209 (1) of the
Companies Act, 1956 for such companies.
(ix) (a) The company is generally regular in depositing with
appropriate authorities undisputed statutory dues including provident
fund, investor education protection fund, employees'' state insurance,
income tax, sales tax, wealth tax, Service Tax, custom duty, excise
duty, cess and other material statutory dues applicable to it.
According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, sales tax, wealth
tax, custom duty, excise duty and cess were in arrears, as at the last
day of the financial year concerned for a period of more than six
months from the date they became payable.
(b) According to the information and explanations given to us, a demand
of Rs 1,42,048.00 raised by Land & Building Tax Deptt has not been
deposited by the company as the same is disputed and the matter is
being contested in appropriate court. Rs 92,035 has been deposited with
ESI under protest for period relating to Oct 07 to Dec 08 and the
matter is sub judice. According to the information and explanations
given to us, a demand of Rs. 5,94,250.00 was raised by Sub Registrar
for deficiency in stamp duty paid which as per company is not leviable
on them. Company has deposited Rs. 148563 only and the matter is being
contested in appropriate court.
(x) The accumulated losses of the company are more than fifty percent
of its net worth (without considering revaluation reserve). The company
has incurred cash losses during the financial year covered by our audit
but no cash loss was incurred in the previous financial year.
(xi) The company had not defaulted in repayment of dues to bank or
financial institution during the year under reference.
(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, the company is not a chit fund or a nidhi/
mutual benefit fund/ society. Therefore, the provisions of clause 4
(xiii) of the companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
(xiv) In our opinion, the company is not generally dealing in or
trading in shares, securities, debentures and other investments. Proper
records have been maintained of the transactions and contracts and
timely entries have been made therein, in connection with occasional
investment made by the company. The investments, shares, securities etc
(if any) has been held by the company in its own name , except to the
extent of the exemption granted under section 49 of the act.
(xv) The company has not given any guarantees for loans taken by other
from banks or financial institutions.
(xvi) During the period covered by our audit report, the company has
not taken any fresh term loan.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for long-
term investment.
(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) During the period covered by our audit report, the company has
not issued any debentures.
(xx) During the period covered by our audit report, the company has not
raised any money by public issues.
(xxi) 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 N. BHANDARI & CO.,
Chartered Accountants
Firm Reg No : 03185C
(N. BHANDARI)
PLACE : JAIPUR Partner
Date : May 29, 2013 M. No. 71710
Mar 31, 2012
We have audited the attached Balance Sheet of HIGH STREET FILATEX LTD
(formerly known as Uni Legwears (India) Ltd.) as at 31st March, 2012
and also the profit and loss account for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
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 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.
1. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
2. Further to our comments in the Annexure referred to above, we
report that:
i. We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii. 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;
iii. The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
iv. In our opinion, the Balance Sheet and 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 Companies Act, 1956;
v. On the basis of written representations received from the directors,
as on 31st March, 2012, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March,
2012 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
3. In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements, 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 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 31st March, 2012; and
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT TO THE MEMBERS OF HIGH STREET FILATEX
LTD (FORMERLY KNOWN AS UNI LEGWEARS (INDIA) LTD)
(REFERRED TO IN THE PARAGRAPH 1 OF OUR REPORT OF EVEN DATE)
(i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is regular program of verification which, in
our opinion, is reasonable having regard to the size of the company and
the nature of its assets. No material discrepancies were noticed on
such verification.
(c) The company has not disposed off any substantial part of the fixed
assets during the year.
(ii) (a) The inventory has been physically verified during the year by
the management. 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) The company is maintaining proper records of inventory. The
discrepancies noticed in verification between the physical stocks and
the book records were not material.
(iii) (a) The company had not granted any loans, secured or unsecured
to any company, firm or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
(b) In our opinion, the rate of interest and other terms and condition
on which loans have been given by the company are, prima facie, not
prejudicial to the interest of the company.
(c) There being no such loans, receipt of principal amount, interest
and overdue amount is not applicable.
(d) The company had taken unsecured loan from 1 person covered in the
register maintained under section 301 of the companies act, 1956. The
maximum amount involved during the year is Rs 7.18 Lacs and the
year-end balance of loans taken from such parties was Rs. 7.18 Lacs.
(f) In our opinion, the rate of interest and other terms and condition
on which the loans have been taken from parties listed in the register
maintained under section 301 of the Companies Act, 1956 are not, prima
facie, prejudicial to the interest of the company.
(g) The company is regular in repaying the principal amounts as
stipulated and no interest is payable on such loan.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of its inventory, fixed assets and
with regard to the sale of goods. During the course of our audit, we
have not observed any continuing failure to correct major weakness in
internal controls.
(v) (a) In our opinion and according to the information and
explanations given to us, we are of the opinion that the particulars of
contracts or arrangements referred to in section 301 of the act have
been entered in the register required to be maintained under that
section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in the pursuance of such
contracts or arrangements and exceeding the value of rupees five lakhs
in respect of any party during the year have been made at prices
which are reasonable having regard to prevailing market prices at the
relevant time.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
and has complied with the provisions of section 58A and 58AA of the
companies act, 1956 and the Companies (Acceptance of Deposits ) Rules,
1975 . No order has been passed by the Company Law Board or National
Company Law Tribunal or Reserve Bank of India or any court or any other
Tribunal applicable to company in this connection.
(vii) In our opinion, the company has an internal audit system
commensurate with the nature and the size of the business.
(viii) As informed to us, maintenance of cost records has not been
prescribed by the Central Government under section 209 (1) of the
Companies Act, 1956 for such companies.
(ix) (a) The company is generally regular in depositing with
appropriate authorities undisputed statutory dues including provident
fund, investor education protection fund, employees' state insurance,
income tax, sales tax, wealth tax, Service Tax, custom duty, excise
duty, cess and other material statutory dues applicable to it.
According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, sales tax, wealth
tax, custom duty, excise duty and cess were in arrears, as at the last
day of the financial year concerned for a period of more than six
months from the date they became payable.
(b) According to the information and explanations given to us, a
demand of Rs 1,42,048.00 raised by Land & Building Tax Deptt has not
been deposited by the company as the same is disputed and the matter
is being contested in appropriate court. Rs 92,035 has been deposited
with ESI under protest for period relating to Oct 07 to Dec 08 and the
matter is sub judice.
(x) The accumulated losses of the company are more than fifty percent
of its net worth (without considering revaluation reserve). The company
has not incurred cash losses during the financial year covered by our
audit or in the previous financial year..
(xi) The company had not defaulted in repayment of dues to bank or
financial institution during the year under reference.
(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, the company is not a chit fund or a nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4 (xiii) of
the companies (Auditor's Report) Order, 2003 are not applicable to the
company.
(xiv) In our opinion, the company is not generally dealing in or
trading in shares, securities, debentures and other investments. Proper
records have been maintained of the transactions and contracts and
timely entries have been made therein, in connection with occasional
investment made by the company. The investments, shares, securities etc
(if any) has been held by the company in its own name , except to the
extent of the exemption granted under section 49 of the act.
(xv) The company has not given any guarantees for loans taken by other
from banks or financial institutions.
(xvi) During the period covered by our audit report, the company has
not taken any fresh term loan.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for long-
term investment.
(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) During the period covered by our audit report, the company has
not issued any debentures.
(xx) During the period covered by our audit report, the company has not
raised any money by public issues.
(xxi) 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 N. BHANDARI & CO.,
Chartered Accountants
Firm Reg No : 03185C
(N. BHANDARI)
Partner
M. No. 71710
PLACE : JAIPUR
Date : August 22, 2012
Mar 31, 2010
We have audited the attached Balance Sheet of HIGH STREET FILATEX LTD
(formerly known as Uni Legwears (India) Ltd.) as at 31st March, 2010
and also the profit and loss account for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Companys management. Our responsibility is to express an opinion
on these financial statements based on our audit.
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 or 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 s reasonable basis for
our opinion.
1 As required by the Companies (Auditors Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said order.
2. Further to our comments in the Annexure referred to above, we
report that:
i. We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii. 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;
iii. The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account;
iv. In our opinion, the Balance Sheet and 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 Companies Act, 1956;
v. 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 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;
3. In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements, read
together with the notes thereon give the information required by the
Companies Act, 1956, In the manner so required and give s 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 31st March, 2010; and
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT TO THE MEMBERS OF HIGH STREET FILATEX LTD
(FORMERLY KNOWN AS UNI LEGWEARS (INDIA) LTD) (REFERRED TO IN THE
PARAGRAPH 1 OF OUR REPORT OF EVEN DATE)
i) (a) The company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is regular program of verification which, in
our opinion, is reasonable having regard to the size of the company and
the nature of its assets. No material discrepancies were noticed on
such verification.
(c) The company has not disposed off any substantial part of the fixed
assets during the year.
(ii) (a) The Inventory has been physically verified during the year by
the management. 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) The company is maintaining proper records of inventory. The
discrepancies noticed in verification between the physical stocks and
the book records were not material.
(iii) (a) The company had not granted any loans, secured or unsecured
to any company, firm or other parties covered in the register
maintained under section 301 of the Companies Act, 1956.
(b) In our opinion, the rate of interest and other terms and condition
on which loana have been given by the company are, prima facte, not
prejudicial to the interest of the company.
(c )There being no such loans, receipt of principal amount, interest
and overdue amount is not applicable. (d) The company had taken
unsecured loan from 3 persons covered in the register maintained under
section 301 of the companies act, 1956. The maximum amount involved
during the year is Rs 30150274 and the year-end balance of loans taken
from such parties was Rs. 30132274r
(f) In our opinion, the rate of interest and other terms and condition
on which the loans have been taken from parties listed in the register
maintained under section 301 of the Companies Act, 1956 are not, prima
facie, prejudicial to the interest of the company.
(g) The company is regular in repaying the principal amounts as
stipulated and no interest is payable on such loan.
(iv) In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of its inventory, fixed assets and
with regard to the sale of goods. During the course of our audit, we
have not observed any continuing failure to correct major weakness in
internal controls.
(v) (a) In our opinion and according to the information and
explanations given to us, we are of the opinion that the particulars of
contracts or arrangements referred to in section 301 of the act have
been entered in the register required to be maintained under that
section. (b) In our opinion and according to the information and
explanations given to us, the transactions made in the pursuance of
such contracts or arrangements and exceeding the value of rupees five
lakhs in respect of any party during the year have been made at prices
which are reasonable having regard to prevailing market prices at the
relevant lime.
(vi) In our opinion and according to the information and explanations
given to us, the company has not accepted any deposits from the public
and has compiled with the provisions of section 58A and 58AA of the
companies act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 . No order has been passed by the Company Law Board or National
Company Law Tribunal or Reserve Bank of India or any court or any other
Tribunal applicable to company in this connection.
(vii) In our opinion, the company has an Internal audit system
commensurate with the nature and the size of the business.
(viii) As informed to us, maintenance of cost records has not been
prescribed by the Central Government under section 209 (1) of the
Companies Act, 1956 for such companies.
(ix) (a) The company is generally regular in depositing with
appropriate authorities undisputed statutory dues including provident
fund, investor education protection fund, employees state insurance,
income lax, sales tax, wealth tax, Service Tax, custom duly, excise
duty, cess and other material statutory dues applicable to it.
According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, sales tax, wealth
tax, custom duty, excise duty and cess were in arrears, as at the last
day of the financial year concerned for a period of more than six
months from the date they became payable. (b) According to the
information and explanations given to us, a demand of Rs 1,42,046.00
raised by Land & Building Tax Deptt has not been deposited by the
company as the same is disputed and the matter is being contested in
appropriate court.
(x) The accumulated losses of the company are more than fifty percent
of its net worth (without considering revaluation reserve). The company
has not incurred cash losses during the financial year covered by our
audit and but has incurred cash losses in the immediately preceding
financial year.
(xi) The company had defaulted in repayment of dues to Industrial
Development Bank of India (IDBl). The entire term loan was recalled by
the IDBI vide its letter dtd 30.3.2001 hence the entire outstanding
amount was in default. Subsequently loan of the company was
transferred to Stresses Assets Stabilisation Fund (SASF) by IDBI A
settlement was arrived at with the SASF but default was also made in
repayments as per terms of settlement. Subsequently the company made a
revised settlement with the SASF and upto 31st March 2010 entire
outstandings were paid in terms of revised settlement.
(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, the company is not a chit fund or a nidh mutual
benefit fund/ society. Therefore, the provisions of clause 4 (xiii) of
the companies (Auditors Report) Order, 2003 are not applicable to the
company.
(xiv) In our opinion, the company is not generally dealing in or
trading in shares, securities, debentures and other investments. Proper
records have been maintained of the transactions and contracts and
timely entries have been made therein, in connection with occasional
investment made by the company. The investments, shares, securities
etc ( if any) has been held by the company in Its own name, except to
the extent of the exemption granted under section 49 of the act.
(xv) The company has not given any guarantees for loans taken by other
from banks or financial institutions.
(xvi) During the period covered by our audit report, the company has
not taken any fresh term loan.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for long-
term investment.
(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) During the period covered by our audit report, the company has
not issued any debentures.
(xx) During the period covered by our audit report, the company has not
raised any money by public issues .
(xxi) 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 N.BHANDARI & CO.,
Chartered Accountants
Firm RegNo :03185C
(N. BHANDARI)
PLACE : JAIPUR Partner
Date : 29 May, 2010 M. No. 71710
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