Mar 31, 2015
We have audited the accompanying financial statements of M/S. SHREE
BHAVYA FABRICS LIMITED (FORMERLY KNOWN AS ANJANI DRAM INDUSTRMS
LIMITED) ("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 Sandalone Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act. 2013 ("the Act") with respect
to the preparation and presentation of these financial statements that
give a true and fair view of the Anancial 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 responsibi}ity
also includes maintenance of adequate accounting records in accordance
wifn the provisions of Act for safeguarding the assets of the Company
and for preventing and detecting frauds another irregularities,
selection and application of appropriate accounting policies; making
judgements and estimates that are responsible and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit. report under
the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the 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 a
true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the Company has in place an adequate internal
financial controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a for our audit opinion on the financial
statement.
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, of the state of affairs of the Company as
at 31 March 2015 and its profit and it cash flows for the year ended on
that date. Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 3 and 4 of the
Order, to the extent applicable.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
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 aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the companies (Accounts) Rules, 2014;
e) On the basis of written representations received from the directors
as on March 31, 2015 taken on record by the Board of Directors, none of
the directors is disqualified as on March 31, 2015 from being appointed
as a director in terms of Section 164 (2) of the Act; and
f) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i) The Company does not have any pending litigations for which
provision have not been made which would impact its financial position.
ii) The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any.
iii) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
Annexure to the Independent Auditor's Report
The Annexure referred to in our Independent Auditor's Report to the
members of the Company on the financial statements for the year ended
31 March 2015, we report that;
(i) In respect of Fixed Assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
(b) As per the information and explanations given to us, all the assets
have not been physically verified by the management during the year but
there is a regular programme 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.
(ii) In respect of Inventory:
(a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals. 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 nature. of its business.
(c) The company is maintaining proper records of inventory. As informed
to us there were no material discrepancies noticed on verification
between the physical stocks and the book records and any discrepancies
found has been properly dealt within the books of accounts.
(iii) The company has granted loan, unsecured loan to one company
covered in the register maintained u/s. 189 of the Companies Act :
(a) Receipt of the principal amount and interest are also regular.
(b) In respect of the said loans and interst thereon, there are no
overdue amounts.
iv) In our opinion and according to the information and explanations
given to us, there are an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory, fixed assets and sale of services. We have
not observed any major weakness in the internal control system during
the course of our audit.
v) According to the information and explanation given to us, the
company has not accepted any deposit from the public during the year.
Therefore the provisions of clause (v) of paragraph 3 of the order are
not applicable to the company.
vi) The central government has prescribed maintenance of cost records
under section 209(1)(d) of the companies act 1956 in respect of certain
manufacturing activities of the company. Company has obtained cost
audit report for the financial year 2013-14 during the year. We have
broadly reviewed the accounts and records of the company in this
connection and are of the opinion, that prima facie, the prescribed
accounts and records have been made and maintained. We have not,
however carried out detailed examination of the same.
vii)
(a) The company is generally regular in depositing the undisputed
statutory dues including Provident Fund, Employees State Insurance,
Income Tax, Wealth Tax, Sales Tax, Custom Duty, Excise Duty, Service
Tax, Value Added Tax, Cess and any other statutory dues with the
appropriate authorities. According to the information and explanations
given to us, no undisputed amounts payable in respect of afore
mentioned dues were outstanding as at 31st March 2015 for a period of
more than six months from the date they became payable.
(b) According to the information and explanations given to us, details
of statutory dues that have not been deposited on account of dispute
and the matters pending before appellate authority are as under:
Sr. Name of The Nature of Dues Amount Forum Where
No. Statute Dispute is
Pending
1. ITAT A. Y. 2009-10 Rs. 3,66,745/- ITAT
Ahmedabad
2. CIT (A) A. Y 2012-13 Rs. 1,87.140/- CIT(A)
Ahmedabad
(viii) 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.
(ix) In our opinion and according to the information and explanations
given to us. the company has not defaulted in repayment of dues to
financial institutions or banks. As there are no debentures, the
question of repayment does not arise.
(x) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
(xi) In our opinion and according to the information and explanations
given to us. the Term loans have been applied for the purpose for which
they were obtained.
(xii) According to the information and explanation given to us, no
material fraud on or by the Company has been noticed or reported during
the course of our audit.
As per our Report of Even Date
For and on Behalf of
For, Nahta Jain & Associates
Chartered Accountants
Firm Regn. No. 106801W
Place : Ahmedabad (CA. I. C. Nahta)
Date : 15/06/2015 Partner
M. No. 070023
Mar 31, 2014
Report on the Financial Statements
We have audited the accompanying financial statements of M/S. ANJANI
DHAM INDUSTRIES LIMITED (FORMERLY KNOWN AS ANJANI FABRICS LIMITED)
("the Company"), which comprise the Balance Sheet as at March 31, 2014,
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") read with General Circular No
15/2013 dated 13 Sept 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 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, 2014;
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
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) 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; read with
General Circular No. 15/2013 dated 13 Sept. 2013 of the Ministry of
Corporate Affairs in respect of section 133 of the Companies Act, 2013.
e) on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure to Auditor''s Report (Referred to in our report of even Date)
i.) In respect of Fixed Assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) The Fixed Assets have been physically verified by the management
during the year and we are informed that no material discrepancies were
noticed on such verification.
c) The company has not disposed off any substantial fixed Assets during
the year; hence the going concern status does not affect. ''
ii) In respect of its inventories:
a) Physical verification of Inventory has been conducted by the
management at reasonable intervals during the year. 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 nature of its business.
c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
iii) in respect of the loans, secured or unsecured, granted or taken by
the company to / from companies, firms or other parties covered in the
register maintained u/s. 301 of the Companies Act, 1956 :
a) The Company had taken unsecured loans from one party having
aggregating outstanding balance of'' 2.92 Crore as listed in the
register maintained u/s 301 of the companies Act, 1956
b) In our opinion, the rate of interest and other terms and conditions
on which loans were accepted from firm and other parties listed in the
register maintained u/s 301 of the Companies Act 1956 are not, prima
facie, prejudicial to the interest of the company.
c) That payment of the principal amounts and interest, wherever
applicable, was also regular.
d) There has been no overdue amount during the year.
e) The company has not granted any loan, secured loan or unsecured loan
to companies, firms or other parties in the register maintained under
section 301 of the companies Act, 1956 and accordingly information
required under clause f & g are not applicable.
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 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 weaknesses in
internal controls.
v) In respect of the contract or arrangement referred to in section 301
of the companies Act, 1956 :
a) The transactions that need to be entered into the register
maintained under section 301 of the Companies Act, 1956 have been so
entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangement entered in the register maintained under section 301 of the
Company Act, 1956 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) The Company has not accepted any deposit from the public during the
year.
vii) In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
vi) We are informed that the maintenance of cost records under section
209(1) (d) of the Companies Act, 1956 are not required for the company.
ix) In respect of statutory dues:
a) The company is generally regular in depositing the undisputed
statutory dues including Provident Fund, Employees State Insurance,
Income Tax, Sales Tax, Custom Duty, Excise Duty, Cess, service tax and
any other statutory dues with the appropriate authorities except
outstanding wealth tax which has not been paid so far.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of afore mentioned dues were in
arrears, as 31st March 2014 for a period of more than six months from
the date they became payable except outstanding wealth tax which has
not been paid so far.
c) According to the information and explanations given to us, following
statutory dues have not been deposited on account of dispute are as
under:
S. Name of Nature Amount Forum Remark
No. the Status of Dues Where
dispute
is pending
1 CIT (A) A. Y. Rs.3,66,745/ - CIT(A)
2009-10 Ahmedabad
2. CIT (A) A. Y. Rs.3,47,480/- CIT(A)
2010-11 Ahmedabad
x)In our opinion, the company does not have any accumulated losses and
has not incurred cash losses during the financial year covered by our
audit and the immediately preceding financial year.
xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution or banks. As there are no debentures, the
question of repayment does not arise.
xii) The company has not granted 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 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.
xv) In our opinion and according to the information and explanations
given to us, the terms and conditions on which the company has given
guarantee for loans taken by others from banks or financial
institutions are not prima-facie prejudicial to the interest of
Company.
xvi) In our opinion and according to the information and explanations
given to us, the term loans availed by the company were, prima facie,
applied by the company during the year for the purposes for which the
loans were obtained.
xvii) According to the information and explanation 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. No Long term funds have been used to finance short
term assets except permanent working capital
xviii) The company has not made preferential allotment of shares to
parties and companies covered in the register- maintained under section
301 of the companies Act, 1956. The company has not issued shares to
parties covered in the register maintained under section 301 of the
companies Act, 1956
xix) The company has not issued any debentures during the year and
therefore clause 4(xix) of the companies (Auditor''s Report) order,
2003 is not applicable.
xx) The Company has not raised money during the year.
xxi) According to the information and explanations give to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
As per our Report of Even Date
For and on Behalf of
NAHTAJAIN & ASSOCIATES
Chartered Accountants
FRN 106801W
Place: Ahmedabad
Date : 07.08.2014
(CA. I. C. Nahta)
Partner
M.No.070023
211, New Cloth Market,
O/s. Raipur Gate,
Ahmedabad.
Mar 31, 2010
1. We have audited the attached Balance Sheet of ANJANi FABRICS
LIMITED at 31st March 2010 and the Profit & Loss Account and also the
cash flow statement 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.
2. 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 statements
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 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 & 5 of the said
order.
4. Further to our comments in the Annexure referred to above, we
report that ;
i) 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;
ii) In our opinion proper books of accounts as required by the law have
been kept by the company so far as its appears from our examination of
the books;
iii) The Balance Sheet and Profit & Loss Account and Cash Flow
Statement dealt with by this report are in agreement with such books of
accounts of the Company;
iv) In our opinion, the Balance Sheet and Profit & Loss Account "Except
in case of retirement benefits as refer to in Note No. 2(vii) in
Schedule "R" as the Company follows "pay as you go basis" comply with
the accounting standards referred to in Sec. 211(3) of the Companies
Act, 1956.
v) On the basis of representations received from the Directors of the
company, we report that, no director is disqualified as on 31-3-2010
from being appointed as a director of the company under the clause (g)
of sub section (1) of section 274 of the companies Act 1956.
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India.
a) In the case of Balance Sheet, of the state of affairs of the Company
as at 31 st March 2010.
b) In the case of Profit & Loss Account, of the profit for the year
ended on that date; and
c) In the case of Cash Flow statement, of the cash flows for the year
ended on that date.
Annexure to Auditors Report (Referred to in 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) The Fixed Assets have been physically verified by the management
during the year and we are informed that no material discrepancies were
noticed on such verification.
c) The company has not disposed off any substantial fixed Assets during
the year; hence the going concern status does not affect.
ii) a) Physical verification of Inventory has been conducted by the
management at reasonable intervals during the year. 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 nature of its business.
c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
iii) a) The company has taken unsecured loan of Rs.7,23,08,194/- from
Two parties in the register maintained under section 301 of the
Companies Act, 1956. The Amount outstanding as at year ending was
Rs.7.23 Crores. The company has not granted any loan, secured loan or
unsecured loan to companies, firm or other parties in the register
maintained under section 301 of the companies Act, 1956.
b) In our opinion, the rate of interest wherever applicable and other
terms & conditions on which loans have been accepted from firm and
other parties covered in the register maintained under section 301 are
not prejudicial to the interest of the company.
c) The payment of principal and interest is regular wherever
applicable.
d) There has been no overdue amount during the year.
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 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 weaknesses in
internal controls.
v) a) The transactions that need to be entered into the register
maintained under section 301 of the Companies Act, 1956 have been so
entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangement entered in the register maintained under section 301 of the
Company Act, 1956 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) The Company has not accepted any deposit from the public during the
year.
vii) In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
viii) We are informed that the maintenance of cost records under
section 209(1) (d) of the Companies Act, 1956 are not required for the
company.
ix) a) The company is generally regular in depositing the undisputed
statutory dues including Provident Fund, Employees State Insurance,
Income Tax, Sales Tax, Custom Duty, Excise Duty, Cess and any other
statutory dues with the appropriate authorities.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of afore mentioned dues were in
arrears, as 31 St March 2010 for a period of more than six months from
the date they became payable.
c) According to the information and explanations given to us, no
statutory dues have not been deposited on account of dispute.
x) In our opinion, the company does not have any accumulated losses and
has not incurred cash losses during the financial year covered by our
audit and the immediately preceding financial year.
xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution or banks. As there are no debentures, the
question of repayment does not arise.
xii) The company has not granted 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 (Auditors Report) Order, 2003 are not applicable to the
company.
xiv) 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 (Auditors Report) Order,
2003 are not applicable to the company.
xv) In our opinion and according to the information and explanations
given to us, the terms and conditions on which the company has given
guarantee for loans taken by others from banks or financial
institutions are not prima- facie prejudicial to the interest of
Company.
xvi) In our opinion and according to the information and explanations
given to us, the term loans availed by the company were, prima facie,
applied by the company during the year for the purposes for which the
loans were obtained.
xvii) According to the information and explanation 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. No Long term funds have been used to finance short
term assets except permanent working capital.
xviii) The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the companies Act, 1956. The company has not issued shares to
parties covered in the register maintained under section 301 of the
companies Act, 1956
xix) The company has not issued any debentures during the year and
therefore clause 4(xix) of the companies (Auditors Report) order, 2003
is not applicable.
xx) The Company has not raised money during the year.
xxi) According to the information and explanations give to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
As per our Report of Even Date
For and on Behalf of
Nahta Jain & Associates
Chartered Accountants
Firm Regn.No. 106801W
(CA.GAURAV NAHTA)
Place .Ahmedabad Partner
Date: 01.08.2010 M.No.116735
Mar 31, 2009
1. We have audited the attached Balance Sheet of ANJANI FABRICS
LIMITED at 31st March 2009 and the Profit & Loss Account and also the
cash flow statement 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.
2. 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 statements
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 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 & 5 of the said
order.
4. Further to our comments in the Annexure referred to above, we
report that :
i) 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;
ii) In our opinion proper books of accounts as required by the law have
been kept by the company so far as its appears from our examination of
the books;
iii) The Balance Sheet and Profit & Loss Account and Cash Flow
Statement dealt with by this report are in agreement with such books of
accounts of the Company;
iv) In our opinion, the Balance Sheet and Profit & Loss Account "Except
in case of retirement benefits as refer to in Note No. 2(vii) in
Schedule "R" as the Company follows "pay as you go basis" comply with
the accounting standards referred to in Sec. 211 (3) of the Companies
Act, 1956.
v) On the basis of representations received from the Directors of the
company, we report that, no director is disqualified as on 31-3-2009
from being appointed as a director of the company under the clause (g)
of sub section (1) of section 274 of the companies Act 1956.
vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India.
a) In the case of Balance Sheet, of the state of affairs of the Company
as at 31 st March 2009.
b) In the case of Profit & Loss Account, of the profit for the year
ended on that date; and
c) In the case of Cash Flow statement, of the cash flows for the year
ended on that date.
Annexure to Auditors Report (Referred to in 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) The Fixed Assets have been physically verified by the management
during the year and we are informed that no material discrepancies were
noticed on such verification.
c) The company has not disposed off any substantial fixed Assets during
the year; hence the going concern status does not affect.
ii) a) Physical verification of Inventory has been conducted by the
management at reasonable intervals during the year. 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 nature of its business.
c) The company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
iii) a) The company has taken unsecured loan of Rs.9,49,12,7697- form
sixteen company in the register maintained under section 301 of the
Companies Act, 1956. The company has not granted any loan, secured loan
or unsecured loan to companies, firm or other parties in the register
maintained under section 301 of the companies Act, 1956.
b) In our opinion, the rate of interest wherever applicable and other
terms & conditions on which loans have been accepted from firm and
other parties covered in the register maintained under section 301 are
not prejudicial to the interest of the company.
c) The payment of principal and interest is regular wherever
applicable.
d) There has been no overdue amount during the year.
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 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 weaknesses in
internal controls.
v) a) The transactions that need to be entered into the register
maintained under section 301 of the Companies Act, 1956 have been so
entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
arrangement entered in the register maintained under section 301 of the
Company Act, 1956 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) The Company has not accepted any deposit from the public during the
year.
vii) In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
viii) We are informed that the maintenance of cost records under
section 209(1) (d) of the Companies Act, 1956 are not required for the
company.
ix) a) The company is generally regular in depositing the undisputed
statutory dues including Provident Fund, Employees State Insurance,
Income Tax, Sales Tax, Custom Duty, Excise Duty, Cess and any other
statutory dues with the appropriate authorities.
b) According to the information and explanations given to us, no
undisputed amounts payable in respect of afore mentioned dues were in
arrears, as 31st March 2009 for a period of more than six months from
the date they became payable.
c) According to the information and explanations given to us, no
statutory dues have not been deposited on account of dispute.
x) In our opinion, the company does not have any accumulated losses and
has not incurred cash losses during the financial year covered by our
audit and the immediately preceding financial year.
xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to a
financial institution or banks. As there are no debentures, the
question of repayment does not arise.
xii) The company has not granted 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 (Auditors Report) Order, 2003 are not applicable to the
company.
xiv) 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 (Auditors Report) Order,
2003 are not applicable to the company.
xv) In our opinion and according to the information and explanations
given to us, the terms and conditions on which the company has given
guarantee for loans taken by others from banks or financial
institutions are not prima- facie prejudicial to the interest of
Company.
xvi) In our opinion and according to the information and explanations
given to us, the term loans availed by the company were, prima facie,
applied by the company during the year for the purposes for which the
loans were obtained.
xvii) According to the information and explanation 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. No Long term funds have been used to finance short
term assets except permanent working capital.
xviii) The company has not made preferential allotment of shares to
parties and companies covered in the register maintained under section
301 of the companies Act, 1956. The company has not issued shares to
parties covered in the register maintained under section 301 of the
companies Act, 1956
xix) The company has not issued any debentures during the year and
therefore clause 4(xix) of the companies (Auditors Report) order, 2003
is not applicable.
xx) The Company has raised money by making private placement of shares
totally to 3250000 during the year.
xxi) According to the information and explanations give to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
As per our Report of Even Date
For and on Behalf of
Nahta Jain & Associates
Chartered Accountants
(GAURAV NAHTA)
Place : Ahmedabad Partner
Date : 01/09/2009 M. No. 116735