Mar 31, 2015
We have audited the accompanying financial statements of Minaxi
Textiles Limited, which comprise the Balance Sheet as at March 31,
2015, the Statement of Profit and Loss and Cash Flow Statement for the
year then ended, and a summary of significant accounting policies and
other explanatory information.
2. Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in the section 134(5) of the Companies Act, 2013 ("the Act") 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 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 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 standalone
financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation of the
financial statements that give true and fair view in order to design
audit procedure 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 control 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 presentations 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.
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 March 31, 2015;
(b) In the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(c) In the case of the Cash Flow Statement, of the Cash Flow for the
year ended on that date.
5. Report on Other Legal and Regulatory Requirements
i. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of section
(11) of section 143 of the Companies Act,2013 we give in the Annexure a
statement on the matters specified in the paragraphs 3 and 4 of the
Order, to the extent applicable.
ii. As required by section 143(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 aforesaid financial statements comply with the
Accounting Standards specified under section 133 of the Act, read with
the Rule 7 of the Companies (Accounts) Rules, 2014.
e. on the basis of written representations received from the directors
as on March 31, 2015, 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)
Rules, 2014, in our opinion and to the best of our information and
accordance to the explanation given to us:
i. The company does not have pending litigations and hence company has
not disclosed the impact on financial position in its financial
statements - Refer note 27 to financial statements;
ii. The company did not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses - Refer note 32 to financial statements;
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company.
Annexure to Independent Auditors' Report
Referred to in Paragraph 5(i) under the heading of "Report on Other
Legal and Regulatory Requirements" of our report of even date.
1. In respect of Fixed Assets:
a. As informed to us, the Company is in the process of updating of
proper records showing full particulars including quantitative details
and situation of its fixed assets.
b. All the Fixed Assets of the Company have been physically verified by
the management at reasonable period during the year and no material
discrepancies have been noticed on such verification.
2. In respect of Inventories:
a. As explained to us, stock has been physically verified during the
year by the management. In our opinion, the frequency of verification
is reasonable.
b. As per information given to us, the procedures of physical
verification of stocks 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 inventory records, in our
opinion, the company is maintaining proper records of inventory. No
material discrepancies were noticed on verification between the
physical stocks and the book records.
3. In respect of Loans and Advances granted during the year
a. 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, hence provision of clause
(a) & (b) are not applicable to the company.
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 purchase of inventory and fixed assets and with
regard to sale of goods. During the course of our audit, we have not
observed any major weakness in internal control.
5. The company has not accepted the deposits from the public during the
year..
6. We have broadly reviewed the books of account relating to materials,
labour and other items of cost 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 and as required
under Companies (Cost records and Audit) Rules, 2014 and we are of the
opinion that prima facie the prescribed accounts and records have been
made and maintained. We have however not, made a detailed examination
of the records with a view to determine whether they are accurate or
complete.
7. In respect of Statutory Dues:
a. According to the information and explanations given to us and based
on the records of the company, the company is by and large regular in
depositing with appropriate authorities undisputed statutory dues
including Provident Fund, ESI, income-tax, sales tax, wealth-tax,
service tax, Custom duty, Excise duty, cess and any other statutory
dues with the appropriate authorities applicable to it.
b. According to the information and explanations given to us, no
undisputed amounts payable in respect of statutory dues were
outstanding as at 31st March 2015 for a period of more than six months
from the date they became payable.
c. According to the records of the company and on the basis of the
information and explanation given to us, there were no dues of sales
tax, custom duty, excise duty, wealth tax, service tax and cess etc,
which have not been deposited on account of any dispute.
d. During the year, the amount required to be transferred to investor's
education and protection fund has been so transferred.
8. The company has no accumulated losses and has not incurred cash
losses during the financial year covered by our audit and immediately
preceding financial year.
9. Based on our audit procedures and according to the information and
explanation given to us, the Company has not defaulted in repayment of
any dues to a financial institution, banks or debenture holders.
10.In our opinion and according to the information and explanation
given to us, the Company has not given any Guarantee for loans taken by
others from banks or financial institutions.
11.In our opinion and on the basis of information and explanations
given to us, the term loans were applied for the purpose for which the
loans were obtained.
12.Based upon the audit procedures performed and information and
explanations 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 RRS & Associates
Chartered Accountants
(Registration No. 118336W)
Rajesh R. Shah
Partner
Membership No.: 034549
Ahmedabad
Date: 07th May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of Minaxi
Textiles Limited, which comprise the Balance Sheet as at March 31,
2014, the Statement of Profit and Loss and Cash Flow Statement for the
year then ended, and a summary of significant accounting policies and
other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) In the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(c) In the case of the Cash Flow Statement, of the Cash Flow for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in the 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 the Act read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
e. on the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure to Independent Auditors'' Report Referred to in Paragraph 1
under the heading of "Report on Other Legal and Regulatory
Requirements" of our report of ever date.
1. a. As informed to us, the Company is in the process of updating of
proper records showing full particulars including quantitative details
and situation of its fixed assets.
b. All the Fixed Assets of the Company have been physically verified
by the management at reasonable period during the year and no
material discrepancies have been noticed on such verification.
c. In our opinion and according to the information and explanation
given to us, substantial part of fixed assets has not been disposed
off by the company during the year.
2. a. As explained to us, stock has been physically verified during
the year by the management. In our opinion, the frequency of
verification is reasonable.
b. As per information given to us, the procedures of physical
verification of stocks 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 inventory records, in our
opinion, the company is maintaining proper records of inventory. No
material discrepancies were noticed on verification between the
physical stocks and the book records.
3. a. The company has not granted any loans, secured or unsecured, to
/ from firms or other parties covered in the register maintained under
section 301 of the Companies Act, 1956, hence provision of clause (a)
are not applicable to the company.
b. During the year the company has taken unsecured loan of Rs. 46.00
lacs from one party covered in the register maintained under section
301 of the Companies Act, 1956.The maximum amount outstanding during
the year in respect of the all the parties were Rs. 46.00 lacs and the
yearend . balance was Rs. 46.00 lacs.
c. In our opinion and according to the information and explanation
given to us, the rate of interest of such loans taken, and other
terms & conditions are not prima facie prejudicial to the interest
of the Company.
d. In our opinion and according to the information and explanation
given to us, the interest payments are regular and the principal
amount is repayable on demand.
4. In our opinion, there are adequate internal control procedures
Commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory and fixed assets and with
regard to sale of goods. During the course of our audit, we have not
observed . any major weakness in internal control.
5. a. According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Company Act, 1956 have
been so entered.
b. In our opinion and according to the information and explanation
given to us the above transactions, wherever they exceed the threshold
limit specified, are made at prices which are not prejudicial to the
interest of the company
6. As per the explanations given to us, the company has not accepted
deposits from the public.
7. The Company does not have any Internal Auditor or any special
department/cell for Internal Audit, but looking towards the quantum &
value of transactions and the Internal Control Procedures, we are of
the opinion that the Company has enough control over the transactions
of the business.
8. We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under section 209(1)(d) of the Company Act,
1956 and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained. We have however not, made a
detailed examination of the records with a view to determine whether
they are accurate or complete.
9. a. According to the information and explanations given to us,
undisputed statutory dues including Provident Fund, ESI, Income-tax,
Wealth-tax, Custom duty, Excise duty, cess and any other material
statutory dues have been generally regularly deposited with the
appropriate authorities and there are no undisputed dues outstanding as
at the last day of the financial year for a period of more than six
months from the date they become payable.
b. According to the records of the company and on the basis of the
information and explanation given to us, there were no dues of sales
tax, custom duty, excise duty, wealth tax, and cess, which have not
been deposited on account of any dispute.
10. In our opinion and according to the records of the company, the
company has not incurred cash losses during the financial year covered
by our audit and immediate preceding financial year.
11. In our opinion and according to the information and explanation
given to us, the Company has not defaulted in repayment of any dues to
a financial institution, banks or debenture holders.
12. In our opinion and according to the information and explanation
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.
13. In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provision of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
14. In our opinion , the company is not dealing /trading in units of
mutual funds, Therefore clause 4(xiv) of the companies (Auditor''s
Report ) Order, 2003 are not applicable to the company.
15. In our opinion and according to the information and explanation
given to us, the Company has not given any Guarantee for loans taken by
others from banks or financial institutions.
16. In our opinion, on the basis of information and explanations given
to us, the term loans were applied for the purpose for which the loans
were obtained.
17. 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 and no long-term funds have been used to finance
short- term assets except permanent working capital.
18. As the Company has not made any preferential allotment of share,
hence the provision of clause 4(xviii) of the Companies (Auditor''s
Report) Order, 2003 is not applicable to the company.
19. The Company has not issued any debenture during the year.
20. The Company has not raised any money by public issue during the
year.
21. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanation given to us, we have neither came across any instance of
fraud on or by the Company, nor such type of the case been reported or
informed to us by the management.
For RRS & Associates
Chartered Accountants
(Registration No. 118336W)
Rajesh R. Shah
Partner
Membership No.: 034549
Ahmedabad
Date: 30th May, 2014
Mar 31, 2013
Report On the Financial Statements
We have audited the accompanying financial statements of Minaxi
Textiles Limited, which comprise the Balance Sheet as at March 31.
2013, the Statement of Profit and Loss and Cash Flow Statement for the
year then ended, and a summary of significant accounting policies and
other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparatior 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 rekrred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This respotsibility includes
the design, implementation and maintenance of internal cntrol relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. Wc 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 mana as
evaluating the overall presentation of the finnncial statements.
We believe that the audit evidence we have btained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet of the state of affairs of the
Company as at March 31, 2013;
(b) In the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(c) In the case of the Cash Flow Statement, of the Cash Flow for the
year ended on that date.
Report on Other Legal and Regulatory Requirements J
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central i Government of India in terms of
sub-section (4A) of section 227 of the Act, the said order is
applicable to the company during the year under review and report on
the same is annexed to our Audit Report.
2. As required by section 227(3) of the Act, we report that: I
a. we have obtained all the information and explanations which to the
best of our knowledge and J belief were necessary for the purpose of
our audit; J
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 I Report are in agreement with the books
of account. I
d. in our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement J comply with the Accounting Standards referred
to in subsection (3 C) of section 211 of the J Companies Act, 1956; ''
e. on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from
being appointed as a director in terms of clause (g) of sub-section (1)
of section - 274 of the Companies Act, 1956.
ANNEXURETO INDEPENDENT AUDITORS'' REPORT
[Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory] Requirements" of our report of ever date.
1. a. As informed to us, the Company is in the process of updating of
proper records showing full particulars including quantitative details
and situation of its fixed assets.
b. All the Fixed Assets of the Company have been physically verified
by the management at reasonable period during the year and no material
discrepancies have been noticed on such verification.
c. In our opinion and according to the information and explanation
given to us, substantial part of fixed assets has not been disposed off
by the company during the year.
2. a. As explained to us, stock has been physically verified during
the year by the management. In our opinion, the frequency of
verification is reasonable.
b. As per information given to us, the procedures of physical
verificationof stocks 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 inventory records, in our
opinion, the company is maintaining proper records of inventory. No
material discrepancies were noticed on verification between the
physical stocks and the book records.
3. a. The company has not granted I taken any loans, secured or
unsecured, to / from finns or other parties covered in the register
maintained under section 301 of the Companies Act, 1956, hence
provision of clause (a) and (b) are not applicable to the company.
4. In our opinion, there are adequate internal control procedures
Commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory and fixed assets and with
regard to sale of goods. During the course of our audit, we have not
observed any major weakness in internal control.
5. a. According to the information and explanations given to us, we
are of the opinion that .the transactions that need to be entered into
the register maintained under section 301 of the Company Act, 1956 have
been so entered.
b. In our opinion and according to the information and explanation
given to us the above transactions, wherever they exceed the threshold
limit specified, are made at prices which are not prejudicial to the
interest of the company
6. As per the explanations given to us, the company has not accepted
deposits from the public.
7. The Company does not have any Internal Auditor or any special
department/cell for Internal Audit, but looking to words the quantum &
value of transactions and the Internal Control procecure we are of the
opinion that the Company has enough control over the transactions of
business.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT
[Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory]
Requirements" of our report of ever date.
8. We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under section 209(1 )(d) of the Company
Act, 1956 and we are of the opinion that prima facie the prescribed
accounts and records have been made and maintained. We have however
not, made a detailed examination of the records with a view to
determine whether they are accurate or complete.
9. a. According to the information and explanations given to us,
undisputed statutory dues including
Provident Fund, ESI, Income-tax, Wealth-tax, Custom duty, Excise duty,
cess and any other material statutory dues have been generally
regularly deposited with the appropriate authorities and there are no
undisputed dues outstanding as at the last day of the financial year
for a period of more than six months from the date they become payable.
b. According to the records of the company and on the basis of the
information and explanation given to us, there were no dues of sales
tax, custom duty, excise duty, wealth tax, and cess, which have not
been deposited on account of any dispute.
10. In our opinion and according to the records of the company, the
company has not incurred cash losses during the financial year covered
by our audit and immediate preceding financial year.
11. In our opinion and according to the information and explanation
given to us, the Company has not defaulted in repayment of any dues to
a financial institution, banks or debenture holders.
12. In our opinion and according to the information and explanation
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.
13. In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provision of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
14. In our opinion , the company is not dealing /trading in units of
mutual funds, Therefore clause 4(xiv) of the companies (Auditor''s
Report) Order, 2003 are not applicable to the company.
15. In our opinion and according to the information and explanation
given to us, the Company has not given any Guarantee for loans taken by
others from banks or financial institutions.
16. In our opinion, on the basis of information and explanations given
to us, the term loans were applied for the purpose for which the loans
were obtained.
17. 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 and no long-term funds have been used to finance
short- term assets except permanent working capital.
[Referred to in Paragraph 1 under the heading of "Report on Other Legal
and Regulatory]
Requirements" of our report of ever date.
18. As the Company has not made any preferential allotment of share,
hence the provision of clause 4(xviii) of the Companies (Auditor''s
Report) Order, 2003 is not applicable to the company.
19. The Company has not issued any debenture during the year.
20. The Company has not raised any money by public issue during the
year.
21. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanation given to us, we have neither came across any instance of
fraud on or by the Company, nor such type of the case been reported or
informed to us by the management.
For RRS & Associates
Chartered Accountants
(Registration No. 118336W)
Rajesh R Shah
Partner
Membership No.: 034549
Ahmedabad
Date : 30 May, 2013
Mar 31, 2012
We have audited the attached Balance Sheet of Minaxi Textiles Ltd. as
at 31st March, 2012 the Profit & Loss A/c and also the cash flow
statement of the company for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company s Management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We have conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examination, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As require by the Companies (Auditor s Report) Order, 2003 issued by
the Central Government of India in terms of sub section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
Further to our comment in Annexure referred to above, we report that:
(i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(ii) In our opinion, proper books of accounts as required by the law
have been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, and Profit & Loss and cash flow statement
dealt with by this report are in agreement with the books of Account;
AUDITOR S REPORT
(i) In our opinion Balance Sheet, Profit & Loss A/c and cash flow
statement dealt with this report comply with the accounting standards
referred to in sub section (3C) of section 211 of Companies Act, 1956.
(ii) On the basis of written representations received from the
directors, as on 31st March, 2012 and taken on record by the Board of
Directors, we report that none of the Directors are disqualified as on
31/03/2012 from being appointed as Directors in terms of clauses (g) of
sub sections (1) of section 274 of the Companies Act, 1956.
(iii) In our opinion and to the best of our information and according
to the explanation given to us, the said accounts read together with
the notes thereon and appearing in Schedule of Accounting Policies and
Notes on Accounts gives 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 prof it and loss account, of the profit for the
period ended on that date.
(iii) In the case of the cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
2011 2012
[Referred to in paragraph 1 of our report of even date]
1. a. As informed to us, the Company is in the process of updation of
proper records showing full particulars including quantitative details
and situation of its fixed assets.
b. All the Fixed Assets of the Company have been physically verified
by the management at reasonable period during the year and no material
discrepancies have been noticed on such verification.
c. In our opinion and according to the information and explanation
given to us, substantial part of fixed assets has not been disposed off
by the company during the year.
2. a. As explained to us, stock has been physically verified during
the year by the management.
In our opinion, the frequency of verification is reasonable.
b. As per information given to us, the procedures of physical
verification of stocks 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 inventory records, in our
opinion, the company is maintaining proper records of inventory. No
material discrepancies were noticed on verification between the
physical stocks and the book records.
3. a. The company has not granted / taken any loans, secured or
unsecured, to / from firms or other parties covered in the register
maintained under section 301 of the Companies Act, 1956, hence
provision of clause (a) and (b) are not applicable to the company.
4. In our opinion, there are adequate internal control procedures
Commensurate with the size of the Company and the nature of its
business with regard to purchase of inventory and fixed assets and with
regard to sale of goods. During the course of our audit, we have not
observed any major weakness in internal control.
5. a. According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Company Act, 1956 have
been so entered.
b. In our opinion and according to the information and explanation
given to us the above transactions, wherever they exceed the threshold
limit specified, are made at prices which are not prejudicial to the
interest of the company
6. As per the explanations given to us, the company has not accepted
deposits from the public.
7. The Company does not have any Internal Auditor or any special
department/cell for Internal Audit, but looking towards the quantum &
value of transactions and the Internal Control Procedures, we are of
the opinion that the Company has enough control over the transactions
of the business.
8. We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under section 209(l)(d) of the Company Act,
1956 and we 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 records with a view to determine whether
they are accurate or complete.
9. a. According to the information and explanations given to us,
undisputed statutory dues including Provident Fund, ESI, Income tax,
Wealth tax, Custom duty, Excise duty, cess and any other material
statutory dues have been regularly deposited except slight delay in few
cases with the appropriate authorities and there are no undisputed dues
outstanding as at the last day of the financial year for a period of
more than six months from the date they become payable. b. According
to the records of the company and on the basis of the information and
explanation given to us, there were no dues of sales tax, custom duty,
excise duty wealth tax, and cess, which have not been deposited on
account of any dispute.
10. In our opinion and according to the records of the company, the
company has not incurred cash losses during the financial year covered
by our audit and immediate preceding financial year.
11. In our opinion and according to the information and explanation
given to us, the Company has not defaulted in repayment of any dues to
a financial institution, banks or debenture holders.
12. In our opinion and according to the information and explanation
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.
13. In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provision of clause 4(xiii) of
the Companies (Auditor s Report) Order, 2003 are not applicable to the
company.
14. In our opinion, the company is not dealing/trading in units of
mutual funds, Therefore clause 4(xiv) of the companies (Auditor s
Report) Order, 2003 are not applicable to the company.
15. In our opinion and according to the information and explanation
given to us, the Company has not given any Guarantee for loans taken by
others from banks or financial institutions.
16. In our opinion, on the basis of information and explanations given
to us, the term loans were applied for the purpose for which the loans
were obtained.
17. 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 and no long term funds have been used to finance short
term assets except permanent working capital.
18. As the Company has not made any preferential allotment of share,
hence the provision of clause 4(xviii) of the Companies (Auditor s
Report) Order, 2003 is not applicable to the company.
19. The Company has not issued any debenture during the year.
20. The Company has not raised any money by public issue during the
year.
21. Duringthe course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanation given to us, we have neither came across any instance of
fraud on or by the Company, nor such type of the case been reported or
informed to us by the management.
FOR R R S & ASSOCIATES
CHARTERED ACCOUNTANTS
FRN NO. 118336W
Sd/
( RAJESH R. SHAH )
PLACE: AHMEDABAD PARTNER
DATE : 30th July, 2012 MEMBERSHIP NO. 34549
Mar 31, 2010
We have audited the attached Balance Sheet of Minaxi Textiles Ltd. as
at 31st March, 2010 the Profit & Loss A/c and also the cash flow
statement of the company for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Companys Management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We have conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examination, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As require by the Companies (Auditors Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
Further to our comment in Annexure referred to above, we report that: ,
(i) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
(ii) In our opinion, proper books of accounts as required by the law
have been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, and Profit & Loss and cash flow statement
dealt with by this report are in agreement with the books of Account;
(iv) In our opinion Balance Sheet, Profit & Loss A/c and cash flow
statement dealt with this report comply with the accounting standards
referred to in sub-section (3C) of section 211 of Companies Act, 1956.
(v) On the basis of written representations received from the
directors, as on 31* March, 2001 and taken on record by the Board of
Directors, we report that none of the Directors are disqualified as on
31/03/2010 from being appointed as Directors in terms of clauses (g) of
sub sections (1) of section 274 of the Companies Act, 1956.
(vi) In our opinion and to the best of our information and according to
the explanation given to us, the said accounts read together with the
notes thereon and appearing in Schedule of Accounting Policies and
Notes on Accounts gives 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 profit and loss account, of the profit for the
period ended on that date.
(iii) In the case of the cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT 2009-10
[Referred to in paragraph 1 of our report of even date]
1. a. As informed to us, the Company is in the process of updation of
proper records showing full part culars including quantitative details
and situation of its fixed assets.
b. All the Fixed Assets of the Company have been physically verified
by the management at reasonable period during the year and no material
discrepancies have been noticed on such verification.
c. in our opinion and according to the information and explanation
given to us, a substantial part of fixed assets has not been disposed
off by the company during the year.
2. a. As explained to us, Stock of Finished goods, stores, spare
parts and raw materials have been physically verified during the year
by the management. In our opinion, the frequency of verification is
reasonable.
b. As per information given to us, the procedures of physical
verification of stocks 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 inventory records, in our
opinion, the company is maintaining proper records of inventory. No
material discrepancies were noticed on verification between the
physical stocks and the book records.
3. a. The Company has neither granted nor taken any loans to or from
the firms, companies or the parties covered in the register maintained
under Section 301 of the Companies Act, 1956, hence provision of clause
(a) and (b) is not applicable to the Company.
b. The Company has taken loan from one party covered in the register
maintained under section 301 to the companies Act, 1956, In respect of
said loan, the maximum amount outstading at any time during the year is
Rs. 10.00 lacs and the ended balance is 10.00 lacs.
4. In our opinion, there is adequate internal control procedures
Commensurate with the size of the Company and the nature of its
business with regard to purchase of stores, raw materials, including
components, plant and machinery, equipment, other assets, and with
regard to sale of goods. During the course of our audit, we have not
observed any major weakness in internal control.
5. a. According to the information and explanations given to us, we
are of the opinion that the transactions that need to be entered into
the register maintained under section 301 of the Company Act, 1956 have
been so entered.
b. In our opinion and according to the information and explanations
given to us the above transactions, Wherever they exceed the threshold
limit speified, are made at prices which are not prejudicial to the
interest of the Company.
6. As per the explanations given to us, the company has not accepted
deposits form the public.
7. The company does not have any internal Auditor or any special
department/cell for Internal Audit, but looking towards the quantum &
value of transactions and the Internal Control Procedures, we are of
the opinon that the Comapny has enough control over the transactions of
the business.
8. We have broadly reviewed the books of account relating to
materials, labour and other items of cost maintained by the company
pursuant to the Rules made by the Central Government for the
maintenance of cost records under section 209(1)(d) of the Company Act,
1956 and we are of the opinion that prima facie the prescribed accounts
and records have been made and maintained.
9. a. According to the information and explanations given to us,
undisputed statutory dues including Provident Fund, ESI, Income-tax,
Wealth-tax, Custom duty, Excise duty, cess and any other material
statutory dues have been regularly deposited with the appropriate
authorities and there are no undisputed dues outstanding as at the last
day of the financial year for a period of more than six months from the
date they become payable.
b. According to the records of the company and on the basis of the
information and explanation given to us, there were no dues of sales
tax, custom duty, excise duty, wealth tax, and cess, which have not
been deposited on account of any dispute.
10. In our opinion and according to the records of the company, the
company has not incurred cash losses during the financial year covered
by our audit and immediate preceding financial year.
11. In our opinion and according to the information and explanation
given to us, the Company has not defaulted in repayment of any dues to
a financial institution, banks or debenture holders.
12. In our opinion and according to the information and explanation
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.
13. In our opinion, the company is not a chit fund or a nidhi / mutual
benefit fund / society. Therefore, the provision of clause 4(xiii) of
the Companies (Auditors Report) Order, 2003 are not applicable to the
company.
14. In respect of dealing / trading in units of mutual funds in our
opinion and according to the information and explanation given to us,
proper records have been maintained of the transactions and contracts
and timely entries have been made therein.
15. In our opinion and according to the information and explanation
given to us, the Company has not given any Guarantee for loans taken by
others from banks or financial institutions.
16. In our opinion, on the basis of information and explanations given
to us, the term loans were applied for the purpose for which the loans
were obtained.
17. 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 and no long- term funds have been used to finance
short-term assets except permanent working capital.
18. As the Company has not made any preferential allotment of share,
hence the provision of clause 4(xviii) of the Companies (Auditors
Report) Order, 2003 is not applicable to the company.
19. The Company has not issued any debenture during the year.
20. The Company has not raised any money by public issue during the
year.
21. During the course of our examination of the books and records of
the company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanation given to us, we have neither came across any instance of
"fraud on or by the Company, nor such type of the case been reported or
informed to us by the management.
FOR R. R. S. & ASSOCIATES
CHARTERED ACCOUNTANTS
(RAJESH R. SHAH)
PLACE : AHMEDABAD PARTNER
DATE : 31st JULY, 2010. MEMBERSHIP NO. 34549