Mar 31, 2015
I have conducted audited the accompanying financial statement of M/s
Vogue Textiles Limited " the Company"), which comprise the Balance
Sheet as at 31st March, 2015, , the Statement of profit and loss and
Cash Flow Statement for the year than ended.
Management 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 flow of the Company in
accordance with the Accounting Standards notified under the Companies
Act,1956 ("the Act") (which continue to be applicable in respect of
Section 133 of the Companies Act,2013 in terms of General Circular
15/2013 dated September13,2013 of the Ministry of Corporate Affairs)
.The 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 Responsibility
Our responsibility is to express as opinion on these financial based on
our audit . We conducted our audit in accordance with the Standard 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 statement are free form 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's including the
assessment of the risk of material misstatement of the financial
statement, whether due to fraud or error. In making those risk
preparation and presentation of the financial statements of the in
order to design audit procedures that are appropriate in the
circumstance , but not for the purpose of expressing an opinion on the
effectiveness of the Company's internal control. An and the
reasonableness of the accounting estimates made by the 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 a for our audit opinion.
Opinion
In our and to the best of our information and according to the
explanation 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 principals
generally accepted in India:
(i) In case of the Balance Sheet, of the state of affairs of the
Company as at March,31,2015.
(ii) In case of the Statement of Profit and Loss of the profit of the
Company for the year ended on that date;
(iii) In the case of the Cash Flow Statements, of the cash flow of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements.
1. As required by the manufacturing and other companies (Auditor's
Report) Order, 2003 issued by the Company Law Board interims of Section
227 (4) of the Companies Act, 1956, we annex thereto a statement on the
matter specified in paragraph 4 & 5 of the said order.
2. Further to our comments in the Annexure referred to in Paragraph 1
above.
(i) We have obtained all the information and explanation, 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 law have
been kept by the company, so far as appear from our examination of the
books;
(iii) The Balance Sheet and Profit and Loss Account dealt with by the
report are in agreement with the books of accounts;
(iv) In our opinion, the Balance Sheet and the Profit and Loss Account
and Cash flow statement comply with the Accounting Standards notified
under the Act, ( Which continue to be applicable in respect of Section
133 of Companies Act,2013 in terms of General Circular15/2013 dated
September,13,2013 of the Ministry of Corporate Affairs.
On the basis of written representation received from the directors, as
on 31st March 2015 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March 2015
from being appointed as a director in terms of clause (g) of subsection
(1) of section 274(1) ( of the Companies Act, 1956;
(v) In our opinion and to the best of our information and according to
the explanation given to us, in manner so required and give a true and
fair view in conformity with the accounting principle accepted in
India:
(a) In the case of Balance Sheet, of the state of affair of the company
as at 31st March 2015
(b) In the case of the Profit and Loss account, of the Profit/Loss for
the year ended on that date; and
(c) In the case of the cash flow statement, of the cash flow for the
year ended on that date.
ANNEXURE TO THE AUDITOR S REPORT
(Referred to in Paragraph 1 under the heading of 'Report on Other Legal
and Regulatory Requirements' of our report of even date)
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its
fixed assets.
(b) As explained to us, these fixed assets have been physically
verified by the management at reasonable intervals; and no material
discrepancies were noticed upon such verification.
2. (a) Physical verification of inventory has been conducted at
reasonable intervals by the management at site.
(b) The Procedures of physical verification of inventory are followed
by the management 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 and no
material discrepancies were noticed on physical verification and we
have received written declaration for the same.
3. (a) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 189 of the
Companies Act.
(b) Since the company has not granted any loan. So this point is not
applicable on the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the Company and the nature of its
business with regard to purchase of fixed assets & for sale of goods.
During the course of our audit we have not observed any continuing
failure to correct major weakness in internal control of the Company.
5. The Company has not accepted any deposits from the public covered
under section 73 to 76 and any other relevant provisions of the
Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules
2014.
6. As per information and explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under sub-section (1)of section 148 of the Act.
7. (a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities.
(b) According to the information and explanations given to us there
were no outstanding statutory dues(except Environment and health cess)
as on 31st of March, 2015 for a period of more than six months from the
date they became payable.
(c) According to the information and explanations given to us, there is
no dues payables in respect of income tax, wealth tax, service tax,
sales tax, customs duty, excise duty and cess which have not been
deposited on account of any disputes except the following-
8. According to the information and explanations given to us, the
company has not defaulted in repayment of dues to a financial
institution or bankordebenture holders.
9. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
10. Based on our audit procedures and on the information given by the
management, we report that the Company has not raised any term loans
during the year and no long term loan is outstanding.
11. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Bahl & Batra
Chartered Accountants
(Registration No. 18250N)
Place: New Delhi (RajeshBahl)
Date: 03th October, 2015 Partner
Membership. No.: 83700
Mar 31, 2014
We have audited the accompanying financial statement of (M/s Vogue
Textiles Limited " the Company"), which comprise the Balance Sheet
as at 31st March, 2014,, the Statement of profit and loss and Cash Flow
Statement for theyearthan ended.
Management Responsibility forthe 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 flow of the Company in
accordance with the Accounting Standards notified under the Companies
Act,1956 ("the Act") (which continue to be applicable in respect of
Section 133 of the Companies Act,2013 in terms of General Circular
15/2013 dated September13,2013 of the Ministry of Corporate Affairs)
The 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 Responsibility
Our responsibility is to express as opinion on these financial based on
our audit . We conducted our audit in accordance with the Standard 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 statement are free form 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''s including the
assessment of the risk of material misstatement of the financial
statement, whether due to fraud or error. In making those risk
preparation and presentation of the financial statements of the in
order to design audit procedures that are appropriate in the
circumstance , but not for the purpose of expressing an opinion on the
effectiveness of the Company''s internal control. An and the
reasonableness of the accounting estimates made by the 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 a for our audit opinion.
Opinion
In our and to the best of our information and according to the
explanation 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 principals
generally accepted in India:
i) In case of the Balance Sheet, of the state of affairs of the Company
as at March,31,2014.
ii) In case of the Statement of Profit and Loss of the profit of the
Company for the year ended on that date;
iii) In the case of the Cash Flow Statements , of the cash flow of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements.
1. As required by the manufacturing and other companies (Auditor''s
Report) Order, 2003 issued by the Company Law Board interims of Section
227 (4) of the Companies Act, 1956, we annex thereto a statement on the
matter specified in paragraph 4 & 5 of the said order.
2. Further to our comments in the Annexure referred to in Paragraph 1
above.
(i) We have obtained all the information and explanation, 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 law have
been kept by the company, so far as appear from our examination of the
books;
(iii) The Balance Sheet and Profit and Loss Account dealt with by the
report are in agreement with the books of accounts;
(iv) In our opinion, the Balance Sheet and the Profit and Loss Account
and Cash flow statement comply with the Accounting Standards notified
under the Act, ( Which continue to be applicable in respect of Section
133 of Companies Act,2013 in terms of General Circular15/2013 dated
September,13,2013 of the Ministry of Corporate Affairs.
On the basis of written representation received from the directors, as
on 31st March 2014 and taken on record by the Board of Directors, we
report that none of the directors is disqualified as on 31st March 2014
from being appointed as a director in terms of clause (g) of subsection
(1) of section 274(1) ( of the Companies Act, 1956;
(v) In our opinion and to the best of our information and according to
the explanation given to us, in manner so required and give a true and
fair view in conformity with the accounting principle accepted in
India: (a)ln the case of Balance Sheet, of the state of affair of the
company as at 31st March 2014
(b) ln the case of the Profit and Loss account, of the Profit/Loss for
the year ended on that date; and
(c) In the case of the cash flow statement, of the cash flow for the
year ended on that date.
ANNEXURE TO THE AUDITOR''S REPORT TO THE MEMBERS OF VOGUE TEXTILES
LIMITED (Referred to in paragraph 3 of our report of even date)
(i) (a) The Company has maintained proper records showing full
particulars in including quantitative detail and situation of fixed
assets.
(b) All the assets have not been physically verified by the management
during the year but there is a regular program me of verification
which, in our opinion, is reasonable having regard to the size of the
company and the returns of its assets. No material discrepancies were
noticed on such verification.
(c) During the year, the company has not disposed off any plant and
machinery, according to the information and explanation given to us.
(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 on verification between the physical stocks and
the books records were not material.
(iii) The company had not taken any loan during the year from companies
covered in the register maintained under section 301 of the Companies
Act, 1956.
(iv) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and 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) No transactions have been entered during the year in the register
maintained in pursuance of Section 301 of the Companies Act,1956 and
based on the audit procedures applied by us and according to the
information and explanations given and the representations made to us,
we have not come across any transaction that need to be entered into
the register maintained in pursuance of Section 301 of the Companies
Act,1956 Accordingly, sub-clause (b) is not applicable.
(vi) The Company has not accepted any deposit under Section 58(A) of
the company act.1956, during the year.
(vii) In our Opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Company has not maintained the books of accounts relating to
materials, labour and other items of cost pursuant to the rules made by
the Central Government for the maintenance of cost records under
section 209 (1) (d) of the Companies Act, 1956.
(ix) (a) The company is depositing with appropriate authorities
undisputed statutory dues including provident fund, investor education protection fund, employees'' state insurance, income tax, sales tax,
wealth tax, custom duty, excise duty, cess and other material statutory
dues applicable to it.
(b) According to information and explanations given to us, Company is
having an Income Tax demand of Rs. 6.24 Lacs raised by department, out
of which 3.13 Lacs (50%) is deposited by Company and has appealed
against the order. In a Service Tax related matter company has
contested the penalty of Rs. 1.25 Lacs imposed by department in the
Tribunal. There were no Sales Tax, wealth tax, Custom duty, or cess
were in arrear, as at March 31st, 2014.
(c) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty, wealth tex, excise
duty, and cess, which have not been deposited on account on any
dispute.
(x) In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth. The company has not incurred cash
losses during the financial year covered by our audit.
(xi) In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues
toafinancial institution, bankor debenture holder.
(xii) We are of the opinion that the company has maintained adequate
records where the company has 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 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 or trading in shares,
securities, debentures and other investments. Accordingly, the
provision of clause 4 (xiv) of the Companies (Auditor''s Report) Order,
2003 are not applicable to the company.
(xv) In our opinion, the terms and conditions on which the company has
given guarantees for loans taken by others from banks or financial
institutions are not prejudicial to the interest of the company.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(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 haven been used for long
term investment. No long term funds have been used to finance short
term assets except permanent working capital.
(xviii) According to information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register under section 301 of the Act.
xix) According to the information and explanations given to us, during
the period covered by our audit report, the company had not issued any
debentures.
(xx) The company has not raised money from public in public issue.
(XXI) According to the information and explanation given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit
For Bahl & Batra
Chartered Accountants
(Registration No. 18250N)
Place: New Delhi (Rajesh Bahl)
Date: 12th August, 2014 Partner
Membership. No.: 83700
Mar 31, 2013
We have audited the attached balance sheet of M/s vogue Textiles
Limited as on 31st March,2013 and the attached profit and loss account
of the company for the year ended on that date annexed there of theses
financial statements are the responsibility of the company''s management
Our responsibility financial statements statements based on our audit.
1. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those financial statements are free of
material misstatement An audit including reasonable assurance about
whether the supporting the amount and disclosure in the financial
statements An audit examining-on a test bus''s. evidence accounting
principles used and significant estimates mad eye management includes
assessing ,he financial statement presentation. We believe that our
audit provide We believe that our audit provides a reasonable basic for
our opinion.
2. As required by the manufacturing and other reasonable basis for our
opinion. Company Law Board interims of Section 227 (4) of the
companies Act,1956 we annex thereto a statement Report) 0rder'' 2003
issued by the on the matters our specified in the Annexure 4& 5 pf the
said order.
3. Further to our comments in the Annexure referred to in paragraph 1
above
1. We have obtained all the information and explanation 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 law have been
kept by the company so far as appear from our examination of the books:
iii) The Balance sheet and profit and loss Account seal with by the
report are in agreement with the books of accounts.
iv) In our opinion the Balance sheet and the profit and loss Account
complies with the mandatory Accounting standards referred to in section
211 (3C) of companies Act,1956.
On the basis of written representation received from the directors is
disqualified as on 31st March 2013 from by the Board of Directors we
report that none of the directors is disqualified as on in terms of
clause (g) of subsection (1) of section 274 of the companies ACT,1956;
(V) In our opinion and to the best of our information and according to
the explanation given to us in manner so required and give a true and
fair view in conformity with the accounting principle accepted in
India;
(a) In the case of the Profit Sheet of the state of affair of the
company as at 31st March 2013
(b) In the case of the profit and loss account of the profit/loss for
the year ended on that date; and
(c) In the case of the cash flow statement of the cash flow for the
year ended on that date;
TO THE MEMBERS OF VOGUE TEXTILES LIMITED
(Referred to in paragraph 3 of our report of even dale)
(i) (a) The company has maintained proper records showing full
particulars in 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 a regular program me of verification in
our opinion is reasonable in including quantitative detail and full All
the assets have not been physically verified by the on such
verification.
(c) During the year the company has disposed off some part of the plant
and machinery Accounting to the information and explanation given
concern statues of the company.
(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 physically verification of inventories followed
by the management in our opinion the frequency of verification is
reasonable.
(c) The company is maintaining proper records of inventory The
discrepancies noticed on verification between the physically stocks and
the books records were not material.
(iii) The Company had not taken any loan from companies covered in the
register maintained under section 301 of the companies Act,1956.
(iv) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the sale of goods During the course of
our audit we have not observed any containing failure to correct major
weaknesses in internal controls.
(v) No transactions have been entered during the year in the register
maintained in pursuance of section 301 of the companies Act,1956 and
based on the audit procedures applied by us and according to the
information and explanations given and the representations made to us
we have not come across any transaction that need to sub-clause into
the register maintained in pursuance of section 301 of the companies
Act,1956 ACCORINGLY SUB-CLAUSE (B) IS NOT APPLICABLE
(VI) In our opinion and according to the information and explanting
given to us the company has complied with the provision of section 58 A
and 58 AA of the companies Act,1956 and the companies (Acceptance of
Deposits) Rules 1975 with regard to the deposits accepted from the
public No order has been passed by the Company Law Board.
(vii) In our opinion the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The company has not maintained the books of accounts relating to
materials labor and other items of coat pursuant to the rules made by
the central government for the maintained of cost records under section
209 (1) (d) off the rules companies Act,1956.
(ix) (a) The company is 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, custom duty excise duty cess and other material
statutory dues applicable to it.
(b) According to information and explanations given to us company is
having an income tax demand of Rs, 6.24 Lacs raised by department, out
of which 3.13 Lacs (50%) is deposited by Company and has appealed
against the order. In a Service Tax related matter company has
contested the penalty of Rs. 1.25 Lacs imposed by department in the
Tribunal. There were no Sales Tax, wealth tax. Custom duty, or cess
were in arrear, as at 31st March 2013.
(c) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax. excise
duty, and cess, which have not been deposited on account on any dispute
(x) In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth. The company has not incurred cash
losses during the financial year covered by our audit.
(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, bank or debenture holder.
(xii) We are of the opinion that the company has maintained adequate
records where the company has 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 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 or trading in shares,
securities, debentures and other investments.
Accordingly, the provision of clause 4 (xiv) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
(xv) In our opinion, the terms and conditions on which the company has
given guarantees for loans taken by others from banks or financial
institutions are not prejudicial to the interest of the company.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(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 haven been used for long
term investment. No long term funds have been used to finance short
term assets except permanent working capital.
(xvii) According to information and explanations given to us. the
company has not made any preferential allotment of shares to parties
and companies covered in the register under section 301 of the Act.
xix) According to the information and explanations given to us. during
the period covered by our audit report, the company had not issued any
debentures.
(xx) The company has not raised money from public in public issue.
According to the information and explanation given to us. no fraud on
or by the company has been noticed or reported during the course of our
audit.
For Bahl & Batra
Chartered Accountants
Firm Regd. No. 18250N
For Vogue Textiles Limited
(Rajesh Bahl)
Place: New Delhi
Date:20 August 2013 Managing Director partner
Membership No.: 83700
Mar 31, 2012
We have audited the attached balance sheet of M/s Vogue Textiles
Limited as on 31st March, 2012, and the , attached profit and loss
account of the company 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.
1. We conducted our audit in accordance with the 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 amount and
disclosure in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
2. As required by the manufacturing and other companies (Auditor's
Report) Order, 2003 issued by the Company Law Board interims of Section
227 (4) of the Companies Act, 1956, we annex thereto a statement on the
matter specified in paragraph 4 & 5 of the said order.
3. Further to our comments in the Annexure referred to in Paragraph 1
above.
(i) We have obtained all the information and explanation, 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 law have
been kept by the company, so far as appear from our examination of the
books;
(iii) The Balance Sheet and Profit and Loss Account dealt with by the
report are in agreement with the books of accounts;
(iv) In our opinion, the Balance Sheet and the Profit and Loss Account
complies with the mandatory Accounting Standards referred to in Section
211 (3c) of Companies Act 1956.
On the basis of written representation 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 subsection
(1) of section 274 of the Companies Act, 1956;
(v) In our opinion and to the best of our information and according to
the explanation given to us, in manner so required and give a true and
fair view in conformity with the accounting principle accepted in
India:
a) In the case of Balance Sheet, of the state of affair of the company
as at 31" March 2012
b) In the case of the Profit and Loss account, of the Profit / Loss for
the year ended on that date; and
c) In the case of the cash flow statement, of the cash flow for the
year ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT
TO THE MEMBERS OF VOGUE TEXTILES LIMITED
(Referred to in paragraph 3 of our report of even date)
(i) a) The Company has maintained proper records showing full
particulars in including quantitative detail and situation of fixed
assets.
b) All the assets have not been physically verified by the management
during the year but there is a regular program me of verification
which, in our opinion, is reasonable having regard to the size of the
company and the returns of its assets. No material discrepancies were
noticed on such verification.
c) During the year, the company has not disposed off a major part of
the plant and machinery. According to the information and explanation
given to us, we are of the opinion that the sale of the said part of
plant and machinery has not affected the going concern status of the
company.
(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 on verification between the physical stocks and
the books records were not material.
(iii) The company had not taken any loan from companies covered in the
register maintained under section 301 of the Companies Act, 1956.
(iv) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and 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) No transactions have been entered during the year in the register
maintained in pursuance of Section 301 of the Companies Act,1956 and
based on the audit procedures applied by us and according to the
information and explanations given and the representations made to us,
we have not come across any transaction that need to be entered into
the register maintained in pursuance of Section 301 of the Companies
Act, 1956 Accordingly, sub-clause (b) is not applicable.
(vi) In our opinion and according to the information and explanation
given to us, the company has complied with the provision of section 58
A and 58 AA of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules 1975 with regard to the deposits accepted from the
public. No order has been passed by the Company Law Board.
(vii) In our Opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Company has not maintained the books of accounts relating to
materials, labour and other items of cost pursuant to the rules made by
the Central Government for the maintenance of cost records under
section 209 (1) (d) of the Companies Act, 1956.
(ix) a) The company is 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, custom duty, excise duty, cess and other
material statutory dues applicable to it.
b) According to information and explanations given to us, Company is
having an Income Tax demand of Rs. 6.24 Lacs raised by department, out
of which 3.13 Lacs (50%) is deposited by Company and has appealed
against the order. In a Service Tax related matter company has
contested the penalty of Rs. 1.25 Lacs imposed by department in the
Tribunal. There were no Sales Tax, wealth tax, Custom duty, or cess
were in arrear, as at 31st March 2012.
c) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, excise
duty, and cess, which have not been deposited on account on any
dispute.
(x) In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth, The company has not incurred cash
losses during the financial year covered by our audit.
(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, bank or debenture holder.
(xii) We are of the opinion that the company has maintained adequate
records where the company has 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 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 or trading in shares,
securities, debentures and other investments. Accordingly, the
provision of clause 4 (xiv) of the Companies (Auditor's Report) Order,
2003 are not applicable to the company.
(xv) In our opinion, the terms and conditions on which the company has
given guarantees for loans taken by others from banks or financial
instructions are not prejudicial to the interest of the company.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(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 haven been used for long
term investment. No long term funds have been used to finance short
term assets except permanent working capital.
(xviii) According to information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register under section 301 of the Act.
xix) According to the information and explanations given to us, during
the period covered by our audit report, the company had not issued any
debentures.
(xx) The company has not raised money from public in public issue.
(xxi) According to the information and explanation given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For Bahl & Batra
Chartered Accountants
(Rajesh Bahl)
Partner
M.No. : 83700
Place: New Delhi
Date : 17th August, 2012
Mar 31, 2011
We have audited the attached balance sheet of M/s Vogue Textiles
Limited as on 31st March, 2011, and the attached profit and loss
account of the company 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.
1. We conducted our audit in accordance with the 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 amount and
disclosure in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by the Manufacturing and other companies (Auditor's
Report) Order, 1988 issued by the Company Law Board interims of Section
227 (4) of the Companies Act, 1956, we annex thereto a statement on the
matter specified in paragraph 4 & 5 of the said order.
3. Further to our comments in the Annexure referred to in Paragraph 1
above.
i) We have obtained all the information and explanation, 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 law have
been kept by the company, so far as appear from our examination of the
books;
iii) The Balance Sheet and Profit and Loss Account dealt with by the
report are in agreement with the books of accounts;
iv) In our opinion, the Balance Sheet and the Profit and Loss Account
complies with the mandatory Accounting Standards referred to in Section
211 (3c) of Companies Act 1956.
On the basis of written representation 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 31st March 2011
from being appointed as a director in terms of clause (g) of subsection
(1) of section 274 of the Companies Act, 1956;
v) In our opinion and to the best of our information and according to
the explanation given to us, in manner so required and give a true and
fair view in conformity with the accounting principle accepted in
India:
a) In the case of Balance Sheet, of the state of affairs of the company
as on 31st March 2011 (b) In the case of the Profit and Loss account,
of the Profit / Loss for the year ended on that date; and c) In the
case of the cash flow statement, of the cash flow for the year ended on
that date.
ANNEXURE TO THE AUDITOR'S REPORT
TO THE MEMBERS OF VOGUE TEXTILES LIMITED
(Referred to in paragraph 3 of our report of even date)
(i) a) The Company has maintained proper records showing full
particulars in including quantitative detail and situation of fixed
assets.
b) 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 returns of its assets. No material discrepancies were noticed
on such verification.
c) During the year, the company has not disposed off a major part of
the plant and machinery. According to the information and explanation
given to us, we are of the opinion that the sale of the said part of
plant and machinery has not affected the going concern status of the
company.
(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 on verification between the physical stocks and
the books records were not material.
(iii) The company had not taken any loan from companies covered in the
register maintained under section 301 of the Companies Act, 1956.
(iv) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and 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) No transactions have been entered during the year in the register
maintained in pursuance of Section 301 of the Companies Act, 1956 and
based on the audit procedures applied by us and according to the
information and explanations given and the representations made to us,
we have not come across any transaction that need to be entered into
the register maintained in pursuance of Section 301 of the Companies
Act,1956. Accordingly, sub-clause (b) is not applicable.
(vi) In our opinion and according to the information and explanation
given to us, the company has complied with the provision of section 58
A and 58 AA of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules 1975 with regard to the deposits accepted from the
public. No order has been passed by the Company Law Board.
(vii) In our Opinion, the company has an internal audit system
commensurate with the size and nature of its business.
(viii) The Company has not maintained the books of accounts relating to
materials, labour and other items of cost pursuant to the rules made by
the Central Government for the maintenance of cost records under
section 209 (1) (d) of the Companies Act, 1956.
(ix) a) The company is 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, custom duty, excise duty, cess and other
material statutory dues applicable to it.
b) According to information and explanations given to us, no undisputed
amounts payable in respect of income tax, wealth tax, sales tax, custom
duty, and cess were in arrear, as at 31st March 2011 for a period of
more than six months from the date they became payable.
c) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute.
(x) In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth.The company has not incurred cash
losses during the financial year covered by our audit.
(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, bank or debenture holder.
(xii) We are of the opinion that the company has maintained adequate
records where the company has 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 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 or trading in shares,
securities, debentures and other investments. Accordingly, the
provision of clause 4 (xiv) of the Companies (Auditor's Report) Order,
2003 are not applicable to the company.
(xv) In our opinion, the terms and conditions on which the company has
given guarantees for loans taken by others from banks or financial
institutions are not prejudicial to the interest of the company.
(xvi) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvii) According to the information and explanations given to us an on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short term basis haven been used for long
term investment. No long term funds have been used to finance short
term assets except permanent working capital.
(xviii) According to information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register under section 301 of the Act.
(xix) According to the information and explanations given to us, during
the period covered by our audit report, the company had not issued any
debentures.
(xx) The company has not raised money from public in public issue.
(xxi) According to the information and explanation given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For BAHL & BATRA
Chartered Accountants
(RAJESH BAHL)
Partner
M.No.: 83700
Place: New Delhi
Date : 17th August, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of M/s Vogue Textiles
Limited as on 31st March 2010 and also the Profit & Loss account and
cash flow statement for the year ended on that date, both 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.
1. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
2. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India In terms of Sub- section (4A) of
Section 227 of the Companies Act, 1956, we annex hereto a statement on
the matter specified in paragraphs 4 and 5 of the said Order.
3. Further to our comments in the annexure referred to in paragraph 3
above.
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
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 & Loss account and Cash Flow statement
dealt with by report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss account and Cash
FJow statement dealt with by this report comply with mandatory
Accounting Standards referred to in sub-section (3C) of section 211 of
the Companies Act, 1956
e) On the basis of written representations received from the directors,
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
f) In our opinion and to the best of our information and according to
the explanations given to us, the
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 31st March, 2010
b. In the case of the Profit &, Loss account, of the profit of the
company 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.
ANNEXURE TO THE AUDITORS REPORT TO THE MEMBERS OF VOGUE TEXTILES
LIMITED
(Referred to in our Report of even date)
(i) a) The Company has maintained proper records showing full
particulars in including quantitative detail and situation of fixed
assets.
b) 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 returns of its assets. No material discrepancies were noticed
on such verification.
c) During the year, the company has not disposed off a major part of
the plant and machinery. According to the information and explanation
given to us, we are of the opinion that the sale of the said part of
plant and machinery has not affected the going concern status of the
company.
(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 on verification between the physical stocks and
the books records were not material.
(iii) The company had not taken any loan from companies covered in the
register maintained under section 301 of the Companies Act, 1956.
(iv) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures
commensurate with the size of the company and 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) No transactions have been entered during the year In the register
maintained in pursuance of Section 301 of the Companies Act, 1956 and
based on the audit procedures applied by us and according to the
information and explanations given and the representations made to us,
we have not come across any transaction that need to be entered into
the register maintained In pursuance of Section 301 of the Companies
Act, 1956. Accordingly, sub-clause (b) is not applicable.
(vi) In our opinion and according to the information and explanation
given to us, the company has complied with the provision of section 58
A and 58 AA of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules 1975 with regard to the deposits accepted from the
public. No order has been passed by the Company Law Board.
(vii) In our Opinion, the company has an internal audit system
commensurate with the size and nature of Its business.
(viii) The Company has not maintained the books of accounts relating to
materials, labour and other items of cost pursuant to the rules made by
the Central Government for the maintenance of cost records under
section 209 (1) (d) of the Companies Act, 1956.
(Ix) a) The company is 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, custom duty, excise duty, cess and other
material statutory dues applicable to it.
b) According to information and explanations given to us, no undisputed
amounts payable in respect of income tax, wealth tax, sales tax, custom
duly, and cess were in arrear, as at 31 st March 2010 for a period of
more than six months from the date they became payable.
c) According to the information and explanation given to us, there are
no dues of sales tax, income tax, customs duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute,
(x) In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth. The company has not incurred any
cash losses during the financial year covered by our audit.
(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, bank or debenture holder.
(xii) We are of the opinion that the company has maintained adequate
records where the company has 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 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 or trading in shares,
securities, debentures and other investments.
Accordingly, the provision of clause 4 (xiv) of the Companies
(Auditors Report) Order, 2003 are not applicable to the company.
(xv) In our opinion, the term loans have been applied for the purpose
for which they were raised.
(xvi) According to the information and explanations given to us an on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short term basis haven been used for long
term investment. No long term funds have been used to finance short
term assets except permanent working capital.
(xvii) According to information and explanations given to us, the
company has not made any preferential allotment of shares to parties
and companies covered in the register under section 301 of the Act.
(xvlii) According to the information and explanations given to us,
during the period covered by our audit report, the company had not
issued any debentures.
(xix) The company has not raised money from public in public issue.
(xx) According to the information and explanation given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.
For BAHL&BATRA
Chartered Accountants
Place : New Delhi (RAJESH BAHL)
Date: 14th August, 2010 Partner
M.No.: 83700
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