Auditor Report of Bhandari Hosiery Exports Ltd.
Mar 31, 2018
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Bhandari Hosiery Exports Limited (âthe Companyâ), which comprise the Balance Sheet as at 31st March 2018, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for 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.
Auditorâs 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 auditorâs 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 Companyâs preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances.
An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 31st March 2018, and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the â Annexure Aâ, a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by the law have been kept by the Company so far as it 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 Indian Accounting Standards(Ind AS) specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ.
(g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 2 to the financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
iv. The Company has provided requisite disclosures in the financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016. Based on audit procedures and relying on the management representation, we report that the disclosures are in accordance with books of account maintained by the Company and as produced to us by the Management -Refer Note No 13 . to the standalone financial statements.
âANNEXURE Aâ TO THE INDEPENDENT AUDITORSâ REPORT
Referred to in paragraph 1 under the heading âReport on Other Legal & Regulatory Requirementâ of our report of even date to the financial statements of the Company for the year ended March 31, 2018:
1) (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 in a phased manner, designed to cover all the items over a period of three years, which in our opinion, is reasonable having regard to the size of the company and nature of its business. Pursuant to the program, a portion of the fixed asset has been physically verified by the management during the year and no material discrepancies between the books records and the physical fixed assets have been noticed.
(c) The title deeds of immovable properties are held in the name of the company.
2) (a) The management has conducted the physical verification of inventory at reasonable intervals.
(b) No discrepancies have been noticed on physical verification of the inventory as compared to books records
3) The Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability partnerships or other parties covered in the Register maintained under section 189 of the Act. Accordingly, the provisions of clause 3 (iii) (a) to (c) of the Order are not applicable to the Company and hence not commented upon.
4) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 185 and I86 of the Companies Act, 2013 In respect of loans, investments, guarantees, and security.
5) The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.
6) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under Section 148(1)of the Companies Act, 2013, related to the manufacture of products, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the same.
7) (a) According to information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales tax, Service Tax, Duty of Customs, Duty of Excise, 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 the above were in arrears as at March 31, 2018 for a period of more than six months from the date on when they become payable.
(b) According to the information and explanation given to us, there are no dues of income tax, sales tax, service tax, duty of customs, duty of excise, value added tax outstanding on account of any dispute.
8) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks. The company has raised term loans from the banks. The Company has not taken any loan either from financial institutions or from the government and has not issued any debentures.
9) Based upon the audit procedures performed and the information and explanations given by the management.
a) The company has not raised moneys by way of initial public offer or further public offer including debt instruments. Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the Company and hence not commented upon.
b) The company has raised term loans from the banks for installation of machinery.
10) Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the company by its officers or employees has been noticed or reported during the year.
11) Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act;
12) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 3 (xii) of the Order are not applicable to the Company.
13) In our opinion, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable Indian Accounting Standards (Ind AS).
14) Based upon the audit procedures performed and the information and explanations given by the management, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.
15) Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.
16) In our opinion, the company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.
âANNEXURE Bâ TO THE INDEPENDENT AUDITORâS REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OF BHANDARI HOSIERY EXPORTS LTD
(Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ) )
We have audited the internal financial controls over financial reporting of Bhandari Hosiery Exports Limited as of March 31, 2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companyâs assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based on âthe internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of Indiaâ
Explanatory paragraph
We also have audited, in accordance with the Indian Accounting Standards issued by the Institute of Chartered Accountants of India, as specified under Section 143(10) of the Act, the financial statements of Company, which comprise the Balance Sheet as at March 31, 2018, and the related 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, and our report dated May 27, 2018 expressed an unqualified opinion thereon.
For Krishan Goel & Associates,
(Chartered Accountants)
Sd/-
Place: Ludhiana. (Manoj Jain)
Date : 29.05.2018 (Partner)
Membership No. 091621
Mar 31, 2016
INDEPENDENT AUDITORSâ REPORT
To the Members of
M/s Bhandari Hosiery Exports Limited Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of Bhandari Hosiery Exports Limited (âthe Companyâ), which comprise the Balance Sheet as at 31 March 2016, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for 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.
Auditorâs 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 there under.
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. 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 basis for our audit opinion on the standalone financial statements.
Emphasis of Matter-
We draw attention to the fact that the financial statements of the Company for the year ended March 31, 2016 were earlier approved by the Board of Directors at its meeting held on May 28, 2016. The financial statements of the Company were audited by us and our report dated May 28, 2016, addressed to the members of the Company, expressed an unmodified opinion on those financial statements. However to recommend payment of dividend for the financial year 2015-16, the Board of Directors reconsidered and approved the Financial Statements in its meeting held on 22nd July 2016. There were no other changes/corrections/revision made to financial statements except for giving effect to recommendation and payments of dividends for the year 2015-16.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 31st March 2016, and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the â Annexure Aâ, a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by the law have been kept by the Company so far as it 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 the written representations received from the and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Bâ.
(g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 2 to the financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
Referred to in paragraph 1 under the heading ''Report on Other Legal & Regulatory Requirement'' of our report of even date to the financial statements of the Company for the year ended March 31, 2016:
1) (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 in a phased manner, designed to cover all the items over a period of three years, which in our opinion, is reasonable having regard to the size of the company and nature of its business. Pursuant to the program, a portion of the fixed asset has been physically verified by the management during the year and no material discrepancies between the books records and the physical fixed assets have been noticed.
(c) The title deeds of immovable properties are held in the name of the company.
2) (a) The management has conducted the physical verification of inventory at reasonable intervals.
(b) No discrepancies have been noticed on physical verification of the inventory as compared to books records
3) The Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability partnerships or other parties covered in the Register maintained under section 189 of the Act. Accordingly, the provisions of clause 3 (iii) (a) to (c) of the Order are not applicable to the Company and hence not commented upon.
4) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 185 and I86 of the Companies Act, 2013 In respect of loans, investments, guarantees, and security.
5) The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.
6) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under Section 148(1)of the Companies Act, 2013, related to the manufacture of products, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the same.
7) (a) According to information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales tax, Service Tax, Duty of Customs, Duty of Excise, 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 the above were in arrears as at March 31, 2016 for a period of more than six months from the date on when they become payable.
(b) According to the information and explanation given to us, there are no dues of income tax, sales tax, service tax, duty of customs, duty of excise, value added tax outstanding on account of any dispute.
8) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks. The Company has not taken any loan either from financial institutions or from the government and has not issued any debentures.
9) Based upon the audit procedures performed and the information and explanations given by the management.
a) The company has not raised moneys by way of initial public offer or further public offer including debt instruments and term Loans. Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the Company and hence not commented upon.
b) The company has raised term loans from the bank for installation of machinery.
10) Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the company by its officers or employees has been noticed or reported during the year.
11) Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act;
12) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 3 (xii) of the Order are not applicable to the Company.
13) In our opinion, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.
14) Based upon the audit procedures performed and the information and explanations given by the management, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. During the year, The Company''s Equity shares of Rs. 10/- each were sub-divided into 10 equity shares of Rs. 1/- each resulting in increase in number of equity shares from 1,46,52,695 equity shares of Rs. 10/- each to 14,65,26,950 equity shares of Rs. 1/- each.
15) Based upon the audit procedures performed and the information and explanations given by the management, the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.
16) In our opinion, the company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.
âANNEXURE Bâ TO THE INDEPENDENT AUDITORâS REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OF BHANDARI HOSIERY EXPORTS LTD
(Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ) )
We have audited the internal financial controls over financial reporting of Bhandari Hosiery Exports Limited as of March 31, 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date
Managementâs Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on âthe internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of Indiaâ
Explanatory paragraph
We also have audited, in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India, as specified under Section 143(10) of the Act, the financial statements of Company, which comprise the Balance Sheet as at March 31, 2016, and the related 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, and our report dated July 22, 2016 expressed an unqualified opinion thereon.
For Vipan Kumar Aggarwal & Co.,
(Chartered Accountants)
Place: Ludhiana. (Vipan Aggarwal)
Date : 22.07.2016 (Prop.)
Membership No. 081198
Mar 31, 2015
We have audited the accompanying Financial Statements of Bhandari
Hosiery Exports Limited ('the Company') which comprise the Balance
Sheet as at 31 March 2015, the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended and a summary of
significant accounting policies and other explanatory information.
2. Management's Responsibility for the 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 of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for 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.
3. Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the Standards
on Auditing issued by the Institute of Chartered Accountants of India
and 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 there under. 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 basis for our audit opinion on the financial
statements.
4. 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 31st March, 2015
b) in the case of Statement of Profit and Loss, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Emphasis of Matter-
We draw attention to the fact that the financial statements of the
Company for the year ended March 31, 2015 were earlier approved by the
Board of Directors at its meeting held on May 29, 2015. The financial
statements of the Company were audited by us and our report dated May
29, 2015, addressed to the members of the Company, expressed an opinion
on those financial statements. However upon observing some arithmetical
errors in calculation of depreciation and some other expenses in the
Audited Financial Statements and to recommend payment of dividend for
the financial year 2014-15, the Board of Directors reconsidered and
approved the Financial Statements in its meeting held on July 22, 2015.
5. Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 issued
by the Central Government of India in terms of sub-section (11) of
Section 143 of the Act (hereinafter referred to the "Order"), and on
the basis of such checks of the books and records of the Company as we
considered appropriate and according to the information and
explanations given to us, we give in the Annexure a statement on the
matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we report that:
a. We have 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 it appears from our examination of those
books.
c. The Balance Sheet, 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
and taken on record by the Board of Directors, none of the directors is
disqualified as on March 31, 2015, from being appointed as a director
in terms of Section 164(2) of the Act.
f. with respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and
Auditors), 2014, in our opinion and to the best of our information and
according to the explanations given to us;
i. The Company has disclosed the impact of pending litigations on its
financial position in its financial statements,
ii. In our opinion and as per the information and explanations provides
to us, the Company has not entered into any long-term contracts
including derivative contracts, requiring provision under applicable
laws or accounting standards, for material foreseeable losses, and
iii. There has been no delay in transferring the amounts, required to
be transferred, to the Investor Education and Protection Fund by the
Company.
ANNEXURE TO THE INDEPENDENT AUDITORS'REPORT
(Referred to in Paragraph 1 under section (Report on Other Legal and
Regulatory Requirements, of our report ofn ven date)
1.1. The company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
1.2. All the fixed assets have been physically verified by the
management at reasonable intervals and no material discrepancies were
noticed on such verification.
2.1. The inventories have been physically verified at reasonable
intervals by the management.
2.2. In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
2.3. In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of its
inventories and no material discrepancies were noticed on such physical
verification.
3. As informed to us, the company has not granted any loans, secured
or unsecured, to companies, firms or other parties covered in the
register maintained under section 189 of the Companies Act, 2013.
Accordingly, the sub-clauses (a) and (b) are not applicable to the
company.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the company and the nature of its business for the
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weaknesses in internal control
system.
5. According to the information and explanations given to us, the
Company has not accepted any deposits in terms of directives issued by
Reserve Bank of India and the provisions of Sections 73 to 76 or any
other relevant provisions of the Companies Act, 2013 and the rules
framed there under.
6. We have broadly reviewed the books of account maintained by the
Company pursuant to sub-section (1) of Section 148 of the Companies
Act, 2013, and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained.
7.1 The company is generally regular in depositing undisputed statutory
dues including provident fund, employees state insurance, income tax,
sales tax, wealth tax, service tax, duty of customs, duty of excise,
value added tax, cess and any other statutory dues with the appropriate
authorities and we have been informed that there are no arrears of
outstanding statutory dues as at the last day of the financial year
under audit for a period of more than six months from the date they
became payable.
7.2 According to the information and explanations given to us, no
undisputed amount is payable in respect of income tax or sales tax or
wealth tax or service tax or duty of customs or duty of excise or value
added tax or cess as at March 31, 2015, . An amount of Rs. 397265.00 on
account of Income Tax has not been deposited due to appeals pending
before the Appellate Authorities
7.3 In our opinion and according to the information and explanations
given to us, amounts required to be transferred to investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and Rules made thereunder have been
transferred to such fund within time,
8. The Company has no accumulated losses at the end of the financial
year under audit. The company has not incurred cash losses during the
financial year covered by audit and in the immediately preceding
financial year.
9. According to the information and explanations given to us, the
Company has not defaulted in repayment of dues to a financial
institution or bank.
10. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks or financial institutions, where the terms and conditions are
prejudicial to the interest of the Company.
11. According to the information and explanations given to us, the term
loans have been applied for the purpose for which they have been
obtained.
12. Based upon the audit procedures performed and according to the
information and explanations given to us, no fraud on or by the company
has been noticed or reported during the year of our audit.
For Vipan Kumar Aggarwal & Co.,
(Chartered Accountants)
Place : Ludhiana. (Vipan Aggarwal)
Date : 22.07.2015 (Prop.)
Membership No. 081198
Mar 31, 2014
1. Report on the Financial Statements
We have audited the accompanying Financial Statements of Bhandari
Hosiery Exports Limited (''the Company'') which comprise the Balance
Sheet as at 31 March 2014, the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended and a summary of
significant accounting policies and other explanatory information.
2. 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 notified under Companies Act, 1956 ("the Act")
read with the General Circular 15/2013 dated 13th September, 2013 of
the Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013. 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.
3. 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.
4. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2014;
(ii) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
5. Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub-section (4A) of section 227 of the Act, and sub-section (11) of
Section 143 of the Companies Act, 2013, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order,
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 notified under
Companies Act, 1956 read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013; and
e) on the basis of written representations received from the Directors
as on 31st March 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956 and sub-section (2) of Section
164 of the Companies Act, 2013.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
Referred to in paragraph 5 of our report of even date on the accounts
for the year ended 31st March, 2014 of M/s BHANDARI HOSIERY EXPORTS
LIMITED
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of the fixed
assets.
(b) According to the information and explanations given to us, the
management during the year has physically verified fixed assets. No
material discrepancies were noticed on such verification. In our
opinion, the frequency of physical verification of fixed assets is
reasonable having regard to the size of the company and the nature of
its business.
2. (a) According to the information and explanations given to us
inventories have been physically verified during the year by the
management at the close of the year.
(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 as evidenced by the written procedures and
instructions are reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) On the basis of our examination of the records of the company, we
are of the opinion that the company is maintaining proper records of
inventory. Discrepancies in inventories noticed during verification has
been properly dealt with and accounted for.
3. (a) According to the information and explanations given to us, the
company has not accepted any loans from its directors covered in the
register maintained under Section 301 of the Companies Act, 1956 and/or
Section 189 of the Companies Act, 2013.
(b) In our opinion and according to the information and explanations
given to us no loan have been taken from the parties listed in the
registers maintained under Section 301 of the Companies Act 1956 and/or
Section 189 of the Companies Act, 2013.
(c) No loans has been taken from or granted to the companies, firm or
other parties listed in the registers maintained under Section 301 of
the Companies Act 1956 and/or Section 189 of the Companies Act, 2013.
4. 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 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
procedures.
5. Based on the audit procedures applied by us and according to the
information and explanations given to us, the transactions that need to
be entered into the register maintained under section 301 of the
Companies Act, 1956, have been so entered.
6. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
agreements entered in the registers maintained under section 301 of the
Companies Act 1956 and/or Section 189 of the Companies Act, 2013 and
exceeding the value of five lakh rupees in respect of any party during
the year have been made at prices which are reasonable having regard to
the prevalent market prices at the relevant time.
7. In our opinion and according to the information and explanations
given to us, the company has not invited or accepted any deposits from
the public.
8. In our opinion, the company has internal audit system commensurate
with the size and nature of its business.
9. We have broadly reviewed the books of account maintained by the
Company in respect of products where, pursuant to the rules made by the
Central Government, the maintenance of cost records has been prescribed
under section 209(1) (d) of the Companies Act, 1956 and are of the
opinion that, prima facie, the prescribed accounts and records have
been made and maintained.
10. (a) According to the records of the company, the company is regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, employees'' state insurance, income-tax,
sales-tax, custom duty, excise-duty, cess and other statutory dues
applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income-tax, wealth-tax, sales
tax, custom duty and excise duty were outstanding, as at 31.03.2014 for
a period of more than six months from the date they became payable.
(c) According to the records of the company, there are no dues of sales
tax, , custom tax/wealth-tax, excise duty/cess as on 31-03-2014. An
amount of Rs. 11,48,751.00 (Rs. 7,51,486/- for year 2004-05 and Rs.
3,97,265/- for year 2008-09) on account of Income Tax has not been
deposited due to appeals pending before the Appellate Authorities .
11. There are no working losses to the company. The company has not
incurred any cash losses during the financial year covered by our audit
and in the immediately preceding financial year.
12. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of interest and principal dues
to the banks.
13. Based on our examination of documents and records, we are of the
opinion that the company has not granted loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
14. The company is a manufacturing company and therefore, the provision
of Clause 4 (xiii) of the Companies (Auditors'' Report) Order 2003 in
regard to the Nidhi and chit funds, are not applicable to the company.
15. According to the information and explanations given to us, the
Company has not dealt or traded in shares, securities, debentures and
other investments. Therefore, the provisions of clause 4 (xiv) of the
Companies (Auditors'' Report) Order, 2003 are not applicable to the
company.
16. The company has not given any guarantee for loans taken by others
from bank or financial institutions.
17. To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion, 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.
18. According to the information and explanations given to us and on an
overall examination of the balance sheet of the company, we report that
the no funds raised on short-term basis have been used for long-term
investment. Further no long-term funds have been used to finance
short-term assets
19. Based on our examination of records and the information provided to
us by management we report that the company has not made any
preferential allotment of shares to parties and companies covered in
the register maintained under section 301 of the Companies Act 1956
and/or Section 189 of the Companies Act, 2013.
20. During the year under review, covered by our audit report, the
company has not issued any debentures. The question of creation of any
security in the respect of debentures does not arise.
21. During the year under review, the company has not raised any money
by public issue. Therefore the provisions of clause 4(xx) of the
Companies (Auditor Report), order 2003 are not applicable to the
company.
22. Based upon the audit procedures performed and information and
explanation given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For Vipan Kumar Aggarwal & Co.
(Chartered Accountants)
Sd/-
Place : Ludhiana. (Vipan Aggarwal)
Date : 30.05.2014 (Prop.)
Membership No. 081198
Mar 31, 2013
1. We have audited the attached Balance Sheet of M/s Bhandari Hosiery
Exports Limited. as at 31st March 2013, and also the Statement of
Profit and Loss and Cash Flow Statement 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.
2. We have conducted our audit in accordance with auditing standards
generally accepted in India. These Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, the evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
3. As required by the Companies (Auditor''s Report ) Order, 2003 issued
by the Central Government of India in terms of sub section (4A) of
section 227 of the Companies Act, 1956 we enclose in the Annexure a
statement on the matters specified by in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to above, we
report that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(b) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books.
(c) The Balance Sheet and the Statement of Profit and Loss and Cash
Flow Statement dealt with by this report are in agreement with the
books of accounts.
(d) In our opinion, the Balance Sheet and the Statement of Profit and
Loss and Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub section (3C) of Section 211 the
Companies Act, 1956
(e) On the basis of written representations received from all the
directors as on 31st March 2013 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2013 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 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:- (i) In the case of the Balance Sheet, of
the state of affairs of the company as at 31st March 2013; and (ii) In
the case of the Statement of Profit and Loss , of the Profit for the
year ended on that date. (iii) In the case of the Cash Flow Statement,
of the cash flows of the Company for the year ended on that date.
ANNEXURE TO THE AUDITORS'' REPORT
Referred to in paragraph 3 of our report of even date on the accounts
for the year ended 31st March, 2013 of M/s BHANDARI HOSIERY EXPORTS
LIMITED
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of the fixed
assets. (b) According to the information and explanations given to us,
the management during the year has physically verified fixed assets. No
material discrepancies were noticed on such verification. In our
opinion, the frequency of physical verification of fixed assets is
reasonable having regard to the size of the company and the nature of
its business.
2. (a) According to the information and explanations given to us
inventories have been physically verified during the year by the
management at the close of the year.
(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 as evidenced by the written procedures and
instructions are reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) On the basis of our examination of the records of the company, we
are of the opinion that the company is maintaining proper records of
inventory. Discrepancies in inventories noticed during verification has
been properly dealt with and accounted for.
3. (a) According to the information and explanations given to us, the
company has not accepted any loans from its directors covered in the
register maintained under Section 301 of the Companies Act, 1956. (b)
In our opinion and according to the information and explanations given
to us no loan have been taken
from the parties listed in the registers maintained under Section 301
of the Companies Act 1956. (c) No loans has been taken from or granted
to the companies, firm or other parties listed in the registers
maintained under Section 301 of the Companies Act 1956.
4. 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 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
procedures.
5. Based on the audit procedures applied by us and according to the
information and explanations given to us, the transactions that need to
be entered into the register maintained under section 301 have been so
entered.
6. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
agreements entered in the registers maintained under section 301 of the
Companies Act 1956 and exceeding the value of five lakh rupees in
respect of any party during the year have been made at prices which are
reasonable having regard to the prevalent market prices at the relevant
time.
7. In our opinion and according to the information and explanations
given to us, the company has not invited or accepted any deposits from
the public.
8. In our opinion, the company has internal audit system commensurate
with the size and nature of its business.
9. We have broadly reviewed the books of account maintained by the
Company in respect of products where, pursuant to the rules made by the
Central Government, the maintenance of cost records has been prescribed
under section 209(1) (d) of the Companies Act, 1956 and are of the
opinion that, prima facie, the prescribed accounts and records have
been made and maintained.
10. (a) According to the records of the company, the company is regular
in depositing with appropriate authorities undisputed statutory dues
including provident fund, employees'' state insurance, income-tax,
sales-tax, custom duty, excise-duty, cess and other statutory dues
applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income-tax, wealth-tax, sales
tax, custom duty and excise duty were outstanding, as at 31.03.2013 for
a period of more than six months from the date they became payable.
(c) According to the records of the company, there are no dues of sales
tax, , custom tax/wealth-tax, excise duty/cess as on 31-03-2013. An
amount of Rs. 11,48,751.00 (Rs. 7,51,486/- for year 2004-05 and Rs.
3,97,265/- for year 2008-09) on account of Income Tax has not been
deposited due to appeals pending before the Appellate Authorities .
11. There are no working losses to the company. The company has not
incurred any cash losses during the financial year covered by our audit
and in the immediately preceding financial year.
12. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of interest and principal dues
to the banks.
13. Based on our examination of documents and records, we are of the
opinion that the company has not granted loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
14. The company is a manufacturing company and therefore, the provision
of Clause 4 (xiii) of the Companies (Auditors'' Report) Order 2003 in
regard to the Nidhi and chit funds, are not applicable to the company.
15. According to the information and explanations given to us, the
Company has not dealt or traded in shares, securities, debentures and
other investments. Therefore, the provisions of clause 4 (xiv) of the
Companies (Auditors'' Report) Order, 2003 are not applicable to the
company.
16. The company has not given any guarantee for loans taken by others
from bank or financial institutions.
17. To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion, 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.
18. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment. Further no long-term funds have been used to
finance short-term assets
19. Based on our examination of records and the information provided to
us by management we report that the company has not made any
preferential allotment of shares to parties and companies covered in
the register maintained under section 301 of the Companies Act 1956.
20. During the year under review, covered by our audit report, the
company has not issued any debentures. The question of creation of any
security in the respect of debentures does not arise.
21. During the year under review, the company has not raised any money
by public issue. Therefore the provisions of clause 4(xx) of the
Companies (Auditor Report), order 2003 are not applicable to the
company.
22. Based upon the audit procedures performed and information and
explanation given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For Vipan Kumar Aggarwal & Co.,
(Chartered Accountants)
Sd/-
Place : Ludhiana. (Vipan Aggarwal)
Date : 29.05.2013 (Prop.)
Membership No. 081198
Mar 31, 2012
1. We have audited the attached Balance Sheet of M/s Bhandari Hosiery
Exports Limited. as at 31st March 2012, and also the Statement of
Profit and Loss and Cash Flow Statement 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.
2. We have conducted our audit in accordance with auditing standards
generally accepted in India. These Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, the evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
3. As required by the Companies (Auditor's Report ) Order, 2003 issued
by the Central Government of India in terms of sub section (4A) of
section 227 of the Companies Act, 1956 we enclose in the Annexure a
statement on the matters specified by in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to above, we
report that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(b) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books.
(c) The Balance Sheet and the Statement of Profit and Loss and Cash
Flow Statement dealt with by this report are in agreement with the
books of accounts.
(d) In our opinion, the Balance Sheet and the Statement of Profit and
Loss and Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub section (3C) of Section 211 the
Companies Act, 1956
(e) On the basis of written representations received from all the
directors as on 31st March 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2012 from being appointed as a director in terms of clause
(g) of sub section (1) of section 274 of the Companies Act, 1956.
(f) 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:-
(i) In the case of the Balance Sheet, of the state of affairs of the
company as at 31st March 2012; and
(ii) In the case of the Statement of Profit and Loss , of the Profit
for the year ended on that date.
(iii) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Referred to in paragraph 3 of our report of even date on the accounts
for the year ended 31st March, 2012 of M/s BHANDARI HOSIERY EXPORTS
LIMITED
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of the fixed
assets.
(b) According to the information and explanations given to us, the
management during the year has physically verified fixed assets. No
material discrepancies were noticed on such verification. In our
opinion, the frequency of physical verification of fixed assets is
reasonable having regard to the size of the company and the nature of
its business.
2. (a) According to the information and explanations given to us
inventories have been physically verified during the year by the
management at the close of the year.
(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 as evidenced by the written procedures and
instructions are reasonable and adequate in relation to the size of the
company and the nature of its business.
(c) On the basis of our examination of the records of the company, we
are of the opinion that the company is maintaining proper records of
inventory. No discrepancies have been noticed on such verification of
the physical stocks.
3. (a) According to the information and explanations given to us, the
company has not accepted any loans from its directors covered in the
register maintained under Section 301 of the Companies Act, 1956.
(b) In our opinion and according to the information and explanations
given to us no loan have been taken from the parties listed in the
registers maintained under Section 301 of the Companies Act 1956.
(c) No loans has been taken from or granted to the companies, firm or
other parties listed in the registers maintained under Section 301 of
the Companies Act 1956.
4. 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 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
procedures.
5. Based on the audit procedures applied by us and according to the
information and explanations given to us, the transactions that need to
be entered into the register maintained under section 301 have been so
entered.
6. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
agreements entered in the registers maintained under section 301 of the
Companies Act 1956 and exceeding the value of five lakh rupees in
respect of any party during the year have been made at prices which are
reasonable having regard to the prevalent market prices at the relevant
time.
7. In our opinion and according to the information and explanations
given to us, the company has not invited or accepted any deposits from
the public.
8. In our opinion, the company has internal audit system commensurate
with the size and nature of its business.
9. The Maintenance of cost records has not been prescribed by the
Central Government U /s 209(1)(d) of the Companies Act 1956, in respect
of the Company's Products
10. (a) According to the records of the company, the company is
regular in depositing with appropriate authorities undisputed statutory
dues including provident fund, employees' state insurance, income-tax,
sales-tax, custom duty, excise-duty, cess and other statutory dues
applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income-tax, wealth-tax, sales
tax, custom duty and excise duty were outstanding, as at 31.03.2012 for
a period of more than six months from the date they became payable.
(c) According to the records of the company, there are no dues of sales
tax, , custom tax/wealth-tax, excise duty/cess as on 31-03-2012. An
amount of Rs. 1148751.00 on account of Income Tax has not been
deposited due to appeals pending before the Appellate Authorities
11. There are no working losses to the company. The company has not
incurred any cash losses during the financial year covered by our audit
and in the immediately preceding financial year.
12. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of interest and principal dues
to the banks.
13. Based on our examination of documents and records, we are of the
opinion that the company has not granted loans and advances on the
basis of security by way of pledge of shares, debentures and other
securities.
14. The company is a manufacturing company and therefore, the
provision of Clause 4 (xiii) of the Companies (Auditors' Report) Order
2003 in regard to the Nidhi and chit funds, are not applicable to the
company.
15. According to the information and explanations given to us, the
Company has not dealt or traded in shares, securities, debentures and
other investments. Therefore, the provisions of clause 4 (xiv) of the
Companies (Auditors' Report) Order, 2003 are not applicable to the
company.
16. The company has not given any guarantee for loans taken by others
from bank or financial institutions.
17. To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion, 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.
18. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the no funds raised on short-term basis have been used for
long-term investment. Further no long-term funds have been used to
finance short-term assets
19. Based on our examination of records and the information provided
to us by management we report that the company has not made any
preferential allotment of shares to parties and companies covered in
the register maintained under section 301 of the Companies Act 1956.
20. During the year under review, covered by our audit report, the
company has not issued any debentures. The question of creation of any
security in the respect of debentures does not arise.
21. During the year under review, the company has not raised any money
by public issue. Therefore the provisions of clause 4(xx) of the
Companies (Auditor Report), order 2003 are not applicable to the
company.
22. Based upon the audit procedures performed and information and
explanation given by the management, we report that no fraud on or by
the company has been noticed or reported during the course of our
audit.
For Vipan Kumar Aggarwal & Co.,
(Chartered Accountants)
Sd/-
Place : Ludhiana. (Vipan Aggarwal)
Date : 29.05.2012 (Prop.)
Membership No. 081198
Mar 31, 2011
1. We have audited the attached Balance Sheet of M/s Bhandari Hosiery
Exports Limited as at 31st March 2011,the Profit and 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
Company's Management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We have conducted our audit in accordance with the auditing
standards generally accepted in India. These standards require that we
plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining on test basis, the evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management as well as evaluating the overall financial statement
presentation. We believe that our audit provides 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 by in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to above, we
report that: -
a) We have obtained all the information and explanations which, to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of accounts as required by law have
been kept by the company so far as it appears from our examination of
those books.
c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with books of accounts.
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the 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 Directors 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 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 said accounts, read with the notes
appearing in Schedule-U give the information required by the Companies
Act, 1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:-
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2011, and
ii) In the case of the Profit & Loss Account, of the Profit of the
Company for the year ended on that date.
iii) In the case of the Cash Flow Statement, of the cash flows
of the Company for the year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
Referred to in paragraph (3) of our report of even date on the accounts
for the year ended 31st March, 2011 of Bhandari Hosiery Exports
Limited.
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of the fixed
assets.
(b) According to the information and
explanations given to us, the management during the year has physically
verified fixed assets. No discrepancies were noticed on such
verification. In our opinion, the frequency of physical verification of
fixed assets is reasonable having regard to the size of the company and
the nature of its business.
2. (a) According to the information and explanations given to us,
inventories have been physically verified during the year by the
management at the close of the year.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) On the basis of our examination of the records of the company, we
are of the opinion that the company is maintaining proper records of
inventory. No material discrepancies have been noticed on verification
between the physical stocks & book records.
3. (a) According to the information and explanations given to us, the
company has not accepted any loans from its directors covered in the
register maintained under Section 301 of the Companies Act, 1956 and
the year end balance of loans taken from such parties was NIL.
(b) In our opinion and according to the information and explanations
given to us no loans have been taken from the party listed in the
registers maintained under Section 301 of the Companies Act, 1956.
(c) The company has not taken any loans from the parties listed in the
register under Section 301 of the Companies Act, 1956
(d) No loans has been taken from or granted to the companies, firms or
other parties listed in the registers maintained under Section 301 of
the Companies Act, 1956.
4. 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 control procedures.
5. Based on the audit procedures applied by us and according to the
information and explanations given to us, the transactions that need to
be entered in the register maintained under Section 301 of the
Companies Act, 1956, have been so entered.
6. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
agreements entered in the registers maintained under Section 301 of the
Companies Act, 1956 and exceeding the value of five lakh rupees in
respect of any party during the year have been made at prices which are
reasonable having regard to the prevalent market prices at the relevant
time.
7. In our opinion and according to the information and explanations
give to us, the company has not invited or accepted any deposits from
the public during the year under review.
8. In our opinion, the company has internal audit system commensurate
with the size and nature of its business.
9. The maintenance of cost records has not been prescribed by the
Central Government u/s 209 (1) (d) of the Companies Act, 1956 in
respect of the Company's products.
10. (a) According to the records of the company, the company is
regular in depositing with appropriate authorities undisputed statutory
dues including Provident Fund, Employees' State Insurance, Income Tax,
Sales Tax, Customs Duty, Excise Duty, Cess and other statutory dues
applicable to it.
(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, wealth tax, sales
tax, customs duty and excise duty were outstanding as at 31st March,
2011 for a period of more than six months from the date they become
payable.
(c) According to the records of the company, there are no dues of sales
tax, custom duty tax, wealth tax, excise duty/ Cess . An amount of Rs.
1148751/- on account of Income Tax has not been deposited due to
appeals pending before the appellate authorities.
11. There are no accumulated losses of the company and the company has
not incurred any cash losses during the year covered by our audit and
in the immediately preceding financial year under review.
12. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to banks.
13. According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
14. The company is a manufacturing company and therefore, the
provisions of Clause 4 (xiii) of the Companies (Auditors' Report)
Order, 2003 are not applicable to the company.
15. According to the information and explanations given to us, the
Company has not dealt or traded in shares, securities, debentures and
other investments except sale of old written off investments.
16. The company has not given any guarantee for loans taken by others
from bank or financial institutions.
17. To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion, 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.
18. In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet of the
company, we report that no funds raised on short term basis have been
used for long term investment. Further no long term funds raised have
been used to finance short term assets.
19. During the year under review, the company has not issued any
debentures. No creation of any security in respect of any debentures
was made.
20. The company has not raised any money by way of public issue during
the year. However company has issued 2609495 equity shares of Rs. 10/-
each as fully paid Bonus shares by capitalizing the equal amount from
Share premium & General Reserves .
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For Vipan Kumar Aggarwal & Co.,
(Chartered Accountants)
Sd/-
(Vipan Aggarwal)
(Prop.)
Membership No. 081198
Place : Ludhiana.
Date : 27.08.2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of M/s Bhandari Hosiery
Exports Limited as at 31st March 2010,the Profit and 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 have conducted our audit in accordance with the auditing
standards generally accepted in India. These standards require that we
plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining on test basis, the evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management as well as evaluating the overall financial statement
presentation. We believe that our audit provides 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 by in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to above, we
report that: -
a) We have obtained all the information and explanations which, to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of accounts as required by law have
been kept by the company so far as it appears from our examination of
those books.
c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with books of accounts.
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the 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 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 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 said accounts, read with the notes
appearing in Schedule-U give the information required by the Companies
Act, 1956, in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India:-
i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2010, and ii) In the case of the Profit & Loss
Account, of the Profit of the Company for the year ended on that
date.
iii) In the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
Referred to in paragraph (3) of our report of even date on the accounts
for the year ended 31st March, 2010 of Bhandari Hosiery Exports
Limited.
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of the fixed
assets.
(b) According to the information and explanations given to us, the
management during the year has physically verified fixed assets. No
discrepancies were noticed on such verification. In our opinion, the
frequency of physical verification of fixed assets is reasonable having
regard to the size of the company and the nature of its business.
2. (a) According to the information and explanations given to us,
inventories have been physically verified during the year by the
management at the close of the year.
(b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) On the basis of our examination of the records of the company, we
are of the opinion that the company is maintaining proper records of
inventory. No discrepancies have been noticed on verification between
the physical stocks & book records.
3. (a) According to the information and explanations given to us, the
company has not accepted any loans from its directors covered in the
register maintained under section 301 of the Companies Act, 1956 and
the year end balance of loans taken from such parties was Rs. NIL.
(b) In our opinion and according to the information and explanations
given to us no loans have been taken from the party listed in the
registers maintained under Section 301.
(c) The company has not taken any loans from the parties listed in the
register under sec 301 of the Companies Act 1956
(d) No loans has been taken from or granted to the companies, firms or
other parties listed in the registers maintained under Section 301 of
the Companies Act, 1956.
4. 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 control procedures.
5. Based on the audit procedures applied by us and according to the
information and explanations given to us, the transactions that need to
be entered in the register maintained under Section 301 have been so
entered.
6. In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts or
agreements entered in the registers maintained under Section 301 and
exceeding the value of five lakh rupees in respect of any party during
the year have been made at prices which are reasonable having regard to
the prevalent market prices at the relevant time.
7. In our opinion and according to the information and explanations
give to us, the company has not invited or accepted any deposits from
the public during the year under review. *
8. In our opinion, the company has internal audit system commensurate
with the size and nature of its business.
9. The maintenance of cost records has not been prescribed by the
Central Government u/s 209 (1) (d) of the Companies Act, 1956 in
respect of the Companys products.
10. (a) According to the records of the company, the company is
regular in depositing with appropriate authorities undisputed statutory
dues including Provident Fund, Employees State Insurance, Income Tax,
Sales Tax, Customs Duty, Excise Duty, Cess and other statutory dues
applicable to it. (b) According to the information and explanations
given to us, no undisputed amounts payable in respect of income tax,
wealth tax, sales tax, customs duty and excise duty were outstanding as
at 31st March, 2010 for a period of more than six months from the date
they become payable.
(c) According to the records of the company, there are no dues of sales
tax, income tax, custom duty tax , wealth tax, excise duty/ Cess which
have not been deposited on account of any dispute.
11. There are no accumulated losses of the company and the company has
not incurred any cash losses during the year covered by our audit and
in the immediately preceding financial year under review.
12. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that the
company has not defaulted in repayment of dues to banks.
13. According to the information and explanations given to us, the
company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
14. The company is a manufacturing company and therefore, the
provisions of Clause 4 (xiii) of the Companies (Auditors Report)
Order, 2003 are not applicable to the company.
15. According to the information and explanations given to us, the
Company has not dealt or traded in shares, securities, debentures and
other investments. Therefore, the provisions of Clause 4 (xiv) of the
Companies (Auditors Report) Order, 2003 are not applicable to the
company.
16. The company has not given any guarantee for loans taken by others
from bank or financial institutions.
17. To the best of our knowledge and belief and according to the
information and explanations given to us, in our opinion, 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.
18. In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet of the
company, we report that no funds raised on short term basis have been
used for long term investment. Further no long term funds have been
used to finance short term assets.
19. During the year under review, the company has not issued any
debentures. No creation of any security in respect of any debentures
was made.
20. The company has not raised any money by way of public issue during
the year. Therefore, the provisions of Clause 4 (xx) of the Companies
(Auditors Report) Order, 2003 are not applicable to the company.
21. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For Vipan Kumar Aggarwal & Co.,
(Chartered Accountants)
Sd/-
Place : Ludhiana. (Vipan Aggarwal)
Date : 13.08.2010 (Prop.)
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