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Auditor Report of Pil Italica Lifestyle Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of PEACOCK INDUSTRIES LIMITED ("the company"),which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, the 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 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 ("theOrder") issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act,2013 we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

2) As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by the Company so far as 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 included in the Auditor's Report in accordance with Rule 11 of the Companies (audit and Auditors) Rules ,2014 and to our 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 to Note 30 to the financial statements;

ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investors Education and Protection Fund by the Company,

Annexure to the independent Auditors Report of even date to the members of PEACOCK INDUSTRIES LIMITED, on the financial statement for the year ended on 31st March 2015.

Based on the audit procedures performed for the purpose of reporting a true and fair view on the financial statements of the company and taking in to consideration the information an explanations given to us and the books of account and other records examined by us in the normal course of audit, we report that:

1) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its fixed assets on the basis of available information.

(b) As explained to us, all the fixed assets have been physically verified by the management in a phased periodical manner, which in our opinion is reasonable, having regard to size of the company and nature of its assets. No material discrepancies were noticed on such physical verification.

2) (a) As explained to us that the inventory has been physically verified during the year by management. In our opinion the frequency of verification is reasonable.

b) In our opinion, the procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business;

(c) In our opinion the company is maintaining proper records of inventory, no material discrepancies were noticed on physical verification of the inventory.

3) The Company has not granted loans secured or unsecured to companies, firms or other parties covered in the register maintained under section 189of the Companies Act, 2013

4) In our opinion and according to the information and explanations given to us during the course of the audit, there are adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods. There is no major weakness in internal control system.

5) The Company has not accepted any deposits, the directions issued by the Reserve Bank Of India and the provisions of section 73 to 76 or any other relevant provisions of the companies Act and rules framed there under are not applicable.

6) The Central government has not prescribed the maintenance of the cost records under section 148 (1) of the Act for any of the products of the company.

7) (a) The undisputed statutory dues generally have been regularly deposited with appropriate authorities. And We are informed that no amount were out standing as at 31 st March,2015 towards undisputed statutory dues in respect of income tax, sales tax .wealth tax, custom Duty, excise duty, cess for a period of more than six months from the date they become payable.

(b) We are informed that the followings were outstanding as at 31 st March 2015 towards disputed statutory dues:-

(Rs. in lacs)

PARTICULARS AMOUNT REMARKS

Excise Duty 98.22 Pending at (net of predeposit) Commissionarate, Jaipur -II Penalty by 200.00 Pending at Rajasthan Enforcement High Court, Jaipur Directorate Rajasthan

c) We are informed that no amount is required to be transferred to investor education and protection fund in accordance with relevant provisions of the Companies Act 1956 ( I of 1956) and rules made there under.

8) In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The Company has not incurred cash losses during the financial year covered under our audit and during the immediately proceeding financial year.

9) In our opinion and according to the informations and explanation given to us ,the company has not defaulted in repayment of dues to a financial institution, bank.

10) We are informed that company has not given any guarantee for loans taken by others from bank or financial institution.

11) The Company has not taken term loans during the year.

12) According to 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 SAMPATI LAL BOHRA & CO. Chartered Accountants Firm Reg. No. FRN0O3324C

sd/- (SUDHIR MEHTA) PARTNER Membership No. 400920 Place: UDAIPUR Date : 30.05.2015


Mar 31, 2013

Report on the Financial Statements -

We have audited the accompanying financial statements of PEACOCK INDUSTRIES LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the financial statements :-

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 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. 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:

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 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, 2003 ("the Order") issued by the Central Government of India in terms of sub- section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books

c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) Attention is invited to Note No. 30 Regarding interest on bills payable and intercorporate deposit and loans of Rs. 185.63 lakhs (Pr. Yr. Rs- 238.72 lakhs), is not provided.

e) 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;

f) 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.

g) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

ANNEXURE "A" TO THE AUDITORS REPORT

The Annexure referred to in paragraph 1 of the Our Report of even date to the members ot PEACOCK INDUSTRIES LIMITED on the accounts of the company for the year ended 31.03.2013

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:

THE AUDITORS REPORT

1) (a) It has been informed to us that records showing full Particulars, including quantitative details and situation of its fixed assets has been misplaced by the Company and company has not provided any details of the fixed assets to us for verification However management claims that they have broadly physically verified all the major assets of the Company at such intervals as considered appropriate by the management . In view of this we are unable to express opinion about the discrepancies on physical verification and its adjustment in the bookS of account, if any. b) The Company has not disposed off any substantial part of its fixed assets, which has any effect on its going concern during the year.

2) (a) As explained to us that the inventory has been physically verified during the year by manangement. In our opinion the frequency of verification is reasonable.

(b) In our opinion,the procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business;

(c) In our opinion the company is maintaining proper records of inventory ,no material discrepancies were noticed on-physical verification of the inventory.

3) The Company has not taken/granted loans from /to companies covered in the register maintained under section 301 of the Companies Act, 1956 (1 of 1956) .

4) In our opfnion and according to the information and explanations given to us during the course of the audit, there are adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale , of goods.

5) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements entered into Registers maintained under section 301 of the Companies Act,1956,and exceeding the value of Rs.5.00 lacs in respect any party.

6) The Company has not accepted any deposits from public within the meaning of section 58 A and hence the directives issued by Reserve Bank of India and the provisions of section 58 A ,58 AA or any other relevant provisions of the Act and rules framed there under are not applicable.

7) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

8) We have broadly reviewed the cost records maintained by the Company pursuant to the companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government under section 209(1) (d) of the Companies Act, 1956 and we are of the opinion that prima facie, the prescribed cost records have been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

9) (a) The undisputed statutory dues except providend fund,sales tax and income tax have been regularly deposited with appropriate authorities.

(b) We are informed that Rs. 43.03 lacs were out standing as at 31 st March,2013 towards undisputed statutory dues in respect .of income tax, sales tax .wealth tax, custom Duty .excise duty , cess for a period of more than six months from the date they become payable.

(c) We are informed that the followings were outstanding as at 31 st March 2013 towards disputed statutory dues :-

10) In our opinion,the accumulated losses of the company are more than fifty percent of its net worth. The Company has not incurred cash losses during the financial year covered under our audit and during the immediately preceeding financial year.

11) In our opinion and according to the informations and explanation given to us ,the company has not defaulted in repayment of dues to a financial institution.bank.

12) The Comapny has not granted loans and advances on the basis of security by way of pledge of shares .debentures and other securities. Therefore ,the provisions of clause 4{xiii) of the Companies (Auditor''s Report) order,2003 are not applicable to the company.

13) In our opinion, the company is not a chit fund or a nidhi/ mutual benefit fund/society. Therefore ,the prbvisions of clause 4(xiii) of the Companies (Auditor''s Report) prder,2003 are not applicable to the company.

14) In our opinion, the company is not dealing in or trading in shares.securities.debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) order,2003 are not applicable to the company.

15) During the year company has not given any guarantee for loans taken by others from banks or financial institutions.

16) During the year company has not taken term loans.

17) During the year neither short term funds were used for long term and nor long term funds for short term.

18) During the year company has not made any preferential allotment of shares.

19) During the year company has not issued debentures.

20) During the year the company has not raised money by public issues.

21) According to 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 SAMPATILAL BOHARA & CO. CHARTERED ACCOUNTANTS

FRN 003324C

SUDHIR MEHTA

PLACE : UDAIPUR PARTNER

DATE : 27.05.2013 Membership No.400920


Mar 31, 2011

We have audited the attached Balance Sheet of PEACOCK INDUSTRIES LIMITED as at 31st March, 2011, The Profit and Loss Account and also the cash flow statement of the Company for the year ended on that date annexed thereto, These financial statement 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. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. A" audit includes , examining, on a test basis, evidence supporting the amount and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

We report that :-

1. As required by the Companies (Auditor"s Report) Order, 2003 issued by the Central Government of India in terms of section 227 (4A) of the Companies Act, 1956, we enclose in the Annexure "A" a statement on the matters specified in the said order.

2. Further to our comments in the annexure referred to above, we report that:

a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the 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, Profit and Loss Account and cash flow statement dealt with by this Report are in agreement with the books of account;

d) Attention is invited to schedule-14:- Note No. 5 Regarding interest on bills payable and intercorporate deposit and loans of Rs. 238.72 lakhs (Pr.Yr. Rs. 238.72 lakhs), is not provided.

e) In our opinion.the Balance sheet, Profit and loss account and cash Flow Statement dealt with by this report comply with the accounting standrads referred to in sub section (3C) of section 211 of the Companies Act,1956.

f) On the basis of written representations received from the Directors as on 31st March 2011 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31 st March 2011 from being appointed as a Director in terms of clause (g) of sub section (1) of section 274 of the Companies Act, 1956.

g) 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 and accounting policies given in schedule-14, 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, the state of affairs of the Company as at 31st March, 2011;

ii) In the case of the Profit and Loss Account of the profit of the Company for the year ended on that date; and

iii) In the case of the cash flow statement, of the cash flows for the year ended on that date.

ANNEXURE "A" TO THE AUDITORS REPORT

1) (a) It has been informed to us that records showing full particulars, including quantitative details and situation of its fixed assets has been misplaced by the Company and company has not provided any details of the fixed assets to us for verification, However management claims that they have broadly physically verified all the major assets of the Company at such intervals as considered appropriate by the management. In view of this we are unable to express opinion about the discrepancies on physical verification and its adjustment in the books of account, if any.

b) The Company has not dispossed off any substantial part of its fixed assets, which has any effect on its going concern during the year.

2) (a) As explained to us that the inventory has been physically verified during the year by manangement. In our opinion the frequency of verification is reasonable.

(b) In our opinion, the procedure of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the company and nature of its business;

(c) In our opinion the company is maintaining proper records of inventory, no material discrepancies were noticed on physical verification of the inventory.

3) The Company has not taken/granted loans from /to companies covered in the register maintained under section 301 of the Companies Act, 1956 (1 of 1956).

4) In our opinion and according to the information and explanations given to us during the course of the audit, there are adequate internal control procedure commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods.

5) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements entered into Registers maintained under section 301 of the Companies Act,1956, and exceeding the value of Rs.5.00 lacs in respect any party.

6) The Company has not accepted any deposits from public within the meaning of section 58 A and hence the directives issued by Reserve Bank Of India and the provisions of section 58 A, 58 AA or any other relevant provisions of the Act and rules framed there under are not applicable.

7) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

8) We are informed that the Central Government has not prescribed the maintenance of cost records under Section 209(1) (d) of the Companies Act, 1956, for any of the products of the Company

(9) (a) The undisputed statutory dues except providend fund, sales tax and income tax have been regularly deposited with appropriate authorities.

(b) We are informed that Rs.284.97 lacs were out standing as at 31st March, 2011 towards undisputed statutory dues in respect of income tax, sales tax, wealth tax, custom Duty, excise duty, cess for a period of more than six months from the date they become payable.

(C)We are informed that the followings were outstanding as at 31st March 2011 towards disputed statutory dues :-

Particulars amount Remarks

Excise Duty 108.22 Pending at Commissionarate, Jaipur -II Rajasthan

Penalty by 200.00 Pending at Rajasthan Enforcement High Court, Jaipur Directorate

10) In our opinion, the accumulated losses of the company are more than fifty percent of its net worth. The Company has not incurred cash losses during the financial year covered under our audit and during the immediately proceeding financial year.

11) In our opinion and according to the informations and explanation given to us, the company has not defaulted in repayment of dues to a financial institution, bank.

12) The Comapny has not granted loans and advances on the basts of security by way of pledge of shares, debentures and other securities. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) order, 2003 are not applicable to the company.

13) 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.

14) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor's Report) order, 2003 are not applicable to the company.

15) During the year company has not given any guarantee for loans taken by others from banks or financial institutions .

16) During the year company has taken term loans and term loan used for the purpose of settlement of secured creditors.

17) During the year neither short term funds were used for long term and nor long term funds for short term.

18) During the year company has not made any prefential allotment of shares.

19) During the year company has not issued debentures.

20) During the year the company has not raised money by public issues.

21) According to 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 SAMPATILAL BOHARA & COMPANY

CHARTERED ACCOUNTANTS

SUDHIR MEHTA

PARTNER Membership No. 400920

PLACE : UDAIPUR DATE : 28.05.2011

 
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