Mar 31, 2016
INDEPENDENT AUDITORS REPORT
To,
The Members of Momai Apparels Limited
We have audited the accompanying financial statements of M/s Momai Apparels Limited, which comprise the Balance Sheet as at March 31, 2016, Statement of Profit and Loss, Cash Flow Statement for the year then ended, and a summary of 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 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.
Auditorsâ 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 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 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 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 financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2016, its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
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 âAnnexure Aâ a statement on the matters specified in paragraphs 3 and 4 of the said Order.
1. As required by section 143(3) of the Act, we report that:
a) We have sought & obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;
b) In our opinion proper books of account as required by law have been kept by the Company so far as 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 written representations received from the directors as on March 31, 2016, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 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 does not have any pending litigations which would impact its financial position.
(ii) The Company does not have any long term contracts including derivative contracts for which there were any material foreseeable losses; and
(iii) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
âAnnexure Aâ to the Independent Auditor''s Report - 31.03.2016
On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:
1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.
(b) As explained to us, fixed assets have been physically verified by the management at reasonable intervals; no material discrepancies were noticed on such verification.
(c) The title deeds of immovable properties are held in the name of the Company.
2. According to the information & explanations given to us, the inventories have been physically verified by the management during the year and no material discrepancies were observed.
3. According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 189 of the Companies Act. Consequently, the provisions of clauses 3(iii)(a), 3(iii)(b) and 3(iii)(c) of the order are not applicable to the Company.
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 186 of the Companies Act, 2013 in respect of loans, investments, guarantees, and security.
5. According to the information and explanations given to us, the Company has not accepted any deposits from the public. Therefore, the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under are not applicable to the Company.
6. As informed to us, the Central Government has not prescribed maintenance of cost records under section 148(1) of the Companies Act, 2013 for the services provided by the Company.
7. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has generally been regular in depositing undisputed statutory dues including Provident Fund, Employeesâ State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, duty of customs, duty of excise, value added tax, cess to the extent applicable 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 outstanding as at March 31, 2016 for a period of more than six months from the date they became payable.
Name of the Statute |
Income Tax Act, 1961 |
Nature of Dues |
TDS |
Amount (Rs.) |
2,55,592 |
Period to which amount relates |
April 2015 to August 2015 |
Due Date |
7th of subsequent months |
Date of Payment |
30th April, 2016 |
(b) According to the information and explanations given to us, there are no dues of income tax, wealth tax, service tax, sales tax, duty of customs, duty of excise, value added tax, cess which have not been deposited 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 and financial institutions. The Company has not issued any debentures.
9. The Company has not raised any moneys by way of initial public offer during the year. Based on our audit procedures and the information & explanations given by the management, we report that the Company has applied the moneys raised from term loans for the purpose for which they were raised.
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. The Company has paid / provided the managerial remuneration 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 Nidhi Company. Therefore the provisions of clause 4 (xii) of the order are not applicable to the company.
13. Based on the audit procedures performed and the information and explanations given to us all transactions with the related parties are in compliance with section 177 and 188 of the 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. Accordingly, the provisions of clause 3 (xiv) of the Order are not applicable to the Company and hence not commented upon.
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 45IA 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.
For Bagaria & Co. LLP
Chartered Accountants
Firm Registration No - 113447W/W-100019
sd/-
Vinay Somani
Partner
M.No.143503
Mumbai, May 28th, 2016
Mar 31, 2015
We have audited the accompanying financial statements of Momai Apparels
Limited ("the Company"), which comprise the Balance Sheet as at March
31,2015, 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.
Management''s responsibility for the financial statements
The Company''s board of directors is responsible for the maters 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 safe guarding 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.
Auditors'' 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 maters 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 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 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 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.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at March 31, 2015, and its Profit and its cash flows for the year ended
on that date.
Report on other Legal and Regulatory Requirements
As required by the Companies (Auditor''s Report) Order, 2015("the
Order"), issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Act, we give in the Annexure a
statement on the maters specified in paragraphs 3 and 4 of the said
Order. As required by Section 143(3) of the Act, we report that:
a) We have sought & obtained all the information and explanations which
to the best of our knowledge and belief were necessary for the purposes
of our audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as 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 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 maters to be included in the Auditor''s
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
(i) The Company does not have any pending litigations which would impact
its financial position. (ii) The Company does not have any long term
contracts including derivative contracts for which there
were any material foreseeable losses; and (iii) There were no amounts
which were required to be transferred to the Investor Education and
Protection Fund by the Company.
For Bagaria& Co., LLP
Chartered Accountants
(Firm Registration No.113447W/W-100019)
Sd/-
Vinay Somani
Partner
Membership No.: 143503
Mumbai
21st May, 2015
Annexure to the Independent Auditor''s Report  31st March, 2015
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by the
management at reasonable intervals; no material discrepancies were
Noticed on such verification.
2. (a) The inventories, except goods-in-transit, have been physically
verified by the management during the year. In our opinion, the
frequency of such verification is reasonable.
(b) The procedures for the physical verification of inventory followed by
management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
(c) The Company has maintained proper records of inventory. The
discrepancies Noticed on verification between physical stocks and book
records were not material.
3. In respect of the loans, secured or unsecured, granted by the
Company to companies, firms or other parties covered in the register
maintained under Section 189 of the Companies Act: According to the
information and explanations given to us and on the basis of our
examination of the books of account, the Company has not granted any
loans, secured or unsecured, to companies, firms or other parties listed
in the register maintained under Section 189 of the Companies Act.
Consequently, the provisions of clauses 3(iii)(a) & 3(iii)(b) of the
order are not applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control system
commensurate with the size of the Company and the nature of its
business with regard to purchase of inventories and fxed assets and
sale of goods and services. We have not observed any major weakness in
the internal control system during the course of the audit.
5. The Company has not accepted any deposits from the public in
accordance with the provisions of Sections 73 to 76 of the Act and the
rules framed there under.
6. The Company does not belong to list of Companies as prescribed
under Section 148(1) of the Companies Act, and therefore clause 3(vi) of
the order is not applicable.
7. (a) According to the records of the Company, 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 to the extent applicable and any other statutory
dues have generally been regularly deposited with the appropriate
authorities. According to the information and explanations given to us
there were outstanding statutory dues as on 31st of March, 2015 for a
period of more than six months from the date they became payable.
Details of the same are given below:
Nature of Amount Period to
which
Name of the
Statute Dues
(Rs.) amount
relates
Income Tax Act,
1961 TDS 6,11,967 March 2014
Finance Act,
1994 Service
Tax 15,544 April 2014 to
September 2014
Name of the
Statute Date of
Due Date Payment
Income Tax
Act,1961 30-Apr-14 Pending
Finance Act,
1994 6th of subsequent Pending
months
(b) According to the information and explanations given to us, the
followings are the amounts payable mentioned below in respect of income
tax or wealth tax or service tax or sales tax or duty of customs or
duty of excise or value added tax or cess which have not been deposited
on account of any disputes.
(c) There are no funds required to be deposited in Investor Education
and Protection Fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made there under has been
transferred to such fund within time.
8. The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
9. Based on our audit procedures and according to the information and
explanations given to us, we report that 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 guarantees for loan taken by others from a
bank or financial institution.
11. Based on our audit procedures and on the information given by the
management, we report that the Company has applied the term loans to
the purpose for which they were obtained.
12. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been Noticed or reported during the year, nor have we been informed
of such case by the management.
For Bagaria & Co., LLP Chartered Accountants
(Firm Registration No.113447W/W-100019)
Sd/-
Vinay Somani
Partner
Membership No.: 143503
Mumbai
21st May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of Momai Apparels
Limited ("the Company"), which comprise the Balance Sheet as at March
31, 2014, and the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated 13 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.
Auditors'' 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 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 Statement of Profit and Loss, of the profit/ loss
for the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1, As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order"), as amended, issued by the Central Government of India in terms
of sub- section (4A)of section 227 of the Act, we give in the Annexure
a statement on the matters specified in paragraphs 4 and 5 of the
Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
sub- section (3C) of section 211 of the Companies Act, 1956 read with
the General Circular 15/2013 dated 13 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 are disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
Annexure to Auditor''s Report
(Referred to in our report of even date)
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets. The company is in process of preparing its fixed asset
register,
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed off during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories have been physically verified
during the year by the management at reasonable intervals.
(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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii (c) and iii (d) of the order are not applicable to the
Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from parties covered in the register maintained under
Section 301 of the Companies Act, 1956.
(c) The terms and conditions of the unsecured loan taken, by the
company are not prejudicial to the interest of the company.
(d) As informed to us, in respect of such aforesaid loans taken by the
Company, there are no such atipulation terms for the repayment of the
loan; however the Company is regular in repaying the principle amount.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business,
8. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Employees'' State Insurance, Income-tax,
Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to
the extent applicable and any other statutory dues have generally been
regularly deposited with the appropriate authorities.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
9. The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
10. 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 a financial
institution or banks.
11. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
12. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
13. According to information and explanations given to us, the Company
is not trading in any Shares, Mutual funds & other Investments during
the current financial year.
14. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
15. Based on our audit procedures and on the information given by the
management, we report that the Company has raised loans during the year
for the purpose of business as disclosed in the financial statement for
the year ended March 31st 2014.
16. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
17. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has made preferential allotment of Equity shares in accordance with the
provisions of companies act 1956 & 2013 to the extent applicable.
18. The Company has no outstanding debentures during the period under
audit.
19. The Company has not raised any money by public issue during the
year.
20. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Bagaria & Co., LLP
Chartered Accountants
(Firm Registration No.113447W/W-100019)
Datehan Agrawal
Partner
Membership No 135405
Mumbai
15th May 2.014
Mar 31, 2013
We have audited the accompanying financial statements of MOMAI APPARELS
PRIVATE LIMITED, ("the Company"), which comprise the Balance Sheet as
at March 31, 2013, and the Statement of Profit and Loss for the year
then ended, and a summary of significant accounting policies and other
explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement,
whether due to fraud or error,
Auditors'' 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 circumstances. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, as well
as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2013;
b) in the case of the Statement of Profit and Loss, of the profit/ loss
for the year ended on that date; and
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, Statement of Profit and Loss, 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,
comply with the Accounting Standards referred to in subsection (3C) of
section 211 of the 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.
Annexure to Auditor''s Report
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that;
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets. The company is in process of preparing its fixed asset
register.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification,
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed off during the year and
therefore does not affect the going concern assumption,
2. (a) As explained to us, inventories have been physic-ally verified
during the year by the management at reasonable intervals.
(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) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii (c) and iii (d) of the order are not applicable to the
Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
taken loans from 2 parties covered in the register maintained under
Section 301 of the Companies Act, 1956, In respect of the said loans,
the amount outstanding at the end of the year is Rs.853.97 lakhs.
(c) The terms and conditions of the unsecured loan taken, by the
company are not prejudicial to the interest of the company.
(d) As informed to us, in respect of such aforesaid loans taken by the
Company, there are no such stipulation terms for the repayment of the
loan; however the Company is regular in repaying the principle amount.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58 AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Employees'' State Insurance, Income-tax,
Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to
the extent applicable and any other statutory dues have generally been
regularly deposited with the appropriate authorities. According to the
information and explanations given to us TDS amounting to Rs 7,22,060/-
were outstanding as on 31st of March, 2013 for a period of more than
six months from the date they became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
9. The Company does not have any accumulated loss and has not incurred
cash loss during the financial year covered by our audit and in the
immediately preceding financial year.
10. 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 a financial
institution or banks.
11. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
12. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
13. According to information and explanations given to us, the Company
is not trading in any Shares, Mutual funds & other Investments during
the current financial year.
14. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
15. Based on our audit procedures and on the information given by the
management, we report that the Company has raised loans during the year
for the purpose of business as disclosed in the financial statement for
the year ended March 31st2013.
16. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2013, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
17. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
18. The Company has no outstanding debentures during the period under
audit.
19. The Company has not raised any money by public issue during the
year.
20. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Bagaria and Co.
Chartered Accountants
FRN: 113447W
Darshan Agrawal
Place: Mumbai Partner
Date: 19.07.2013 Membership No: 135405
Mar 31, 2012
We have audited the attached Balance Sheet of M/S. MOMAI APPARELS
PRIVATE LIMITED as on 31st March, 2012, and also the Profit & Loss
Account 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 auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also Indudes
assessing the accounting principles used and significant estimates made
by the management as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
As required by Companies (Auditors Report) (Amendment) Order, 2004
issued by the Central Government of India in terms of section 227 (4A)
of the Companies Act, 1956, we have enclosed in the Annexure a
Statement on the matters specified in Paragraph 4 and 5 of the said
order.
Further to our comments 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 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, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956;
v) 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 of the Company is disqualified as
on 31st March, 2012, from being appointed as director in terms of
clause (g) of sub-section (1) of section 274 of the Companies Act,
1956;
vi) In bur opinion and to the best of our information and according to
the explanations given to us, and subject to the Notes on Accounts
forming part of the Balance Sheet, the said accounts give the
information required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the
Company as on 31st March, 2012;
b) In the case of Profit & Loss account, of the profit for the year
ended on that date.
RE: MOMAI APPARELS PRIVATE LIMITED
ANNEXURE REFERRED TO IN PARAGRAPH (3) OF EVEN DATE
As required fay the Companies (Auditors Report) Order, 2004 and
according to the information and explanations given to us during the
course of the audit & on the basis of such checks as were considered
appropriate we report that:
(i) (a) The Company had maintained proper records showing full
particulars including quantitative details and situation of fixed
assets;
(b) As explained to us, the assets have been physically verified by the
management in accordance with a phased programme of verification,
considering the size and the nature of its business. The frequency of
verification is reasonable and no material discrepancies have been
noticed on such physical verification.
ii) (a) The inventories have been physically verified by the management
during the year at reasonable intervals, except materials lying with
third parties, where confirmations are obtained.
(b) The procedure of physical verification of the inventories followed
by the management is reasonable and adequate in the relation to the
size of the Company and nature of its business;
(c) The Company has maintained proper records of inventories and
discrepancies noticed on physical verification of inventories as
compared to books records were not material.
(iii) (a) The Company has not-granted Secured or Unsecured loans to
parties covered in the register maintained under section 301 of the
Companies Act, 1956.
(b) The rate of interest and other terms and conditions of loan given
by the company, secured or unsecured are not prima facie prejudicial to
the interest of company.
(c) The receipts of the principal amount and interest are also regular.
(d) There is no stipulation for repayments so the there is no overdue
amount hence, the steps for recovery of principal and interest does not
arise.
(e) The Company has taken loan from parties covered in the Register,
maintained under Section 301 of the Companies Act, 1956, the maximum
outstanding being Rs. 8000/- during the year 2011-2012, and the
outstanding balance as on 31/03/2012 being Rs. 8000/-.
f) The rate of interest and other terms and conditions in respect of
loans taken by the Company, are in our opinion, prima facie not
prejudicial to the interest of the Company.
(g) In respect of loans taken by the Company, payments of principal
amount and interest are regular as per terms.
IV) (a)In our opinion, and according to explanation given to us, there
are adequate internal control systems commensurate with the size of the
Company and the nature of its business, for the purchase of inventories,
fixed assets and for the sale of goods. There is no continuing failure
to correct the major weakness in the internal control system.
V) (a) In our opinion and explanation given to us, the transactions
"made in pursuance of contracts or arrangements, that, need to be
entered into th,e registered maintained under Section 301 of the
Companies Act, 1956 have been recorded in the register;
(b) In our opinion, and according to explanation given to us all the
transactions have been made in pursuance of such contracts or
arrangements have been made at prices which are reasonable having regard
to prevailing market prices at the relevant time.
vi) In our opinion and explanation given to us, during the year under
review the company has not accepted any deposits from the public. The
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any court or any other Tribunal has passed however that the
management has certified that they have complied the provisions of
section 58A & 58AA or any other relevant provisions of the Act and there
is no order during the year.
vii) The company does not have a formal Internal Audit department as
such, however the control procedures enables reasonable internal
checking of its financial and other records which is commensurate with
the size of the business.
viii) We have been informed that Central Government has not prescribed
maintenance of Cost records under Section 209(1) (d) of the Companies
Act, 1958.
ix) (a) According to the record of the Company, the Company is regular
in depositing undisputed statutory dues including Provident Fund,
Investor Education and Protection Funds, Employees State Insurance,
Income Tax, Sales Tax, Wealth-Tax, Service Tax Customs Duty, Excise
Duty, Cess and other statutory due with appropriates authorities.
According to the information and explanation given to us, there are no
undisputed amounts payable in respect of such statutory dues which have
remained outstanding as at 31st.March,2012 for the period more than six
month from the date they become payable except Professional Tax of Rs.
7,500/-
(b) Accordingly information given to us, there is no Disputed Income
tax, Sales tax, Wealth tax, Service tax, Customs Duty and Excise Duty.
X) In our opinion, the accumulated losses of the company are not more
than fifty percent of its net worth. The Company has no incurred cash
tosses in the immediately preceding financial year.
xi) Based on o.ur audit procedure and the information and the
explanation given by the management, we are of the opinion that the
Company has not defaulted in repayment of its dues to financial
institution and banks.
xii) Based on examination of records and the information and the
explanation given by the. management the Company has not granted any
loans or advance on the basis of security by way of pledge of shares,
debenture or other securities.
xiii) The provisions of any Special Statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund/Societies are not applicable to the
Company.
xiv) The Company is not dealing or trading in shares, securities,
debenture or other investments. The company has maintained proper
records of the transactions and timely entries made therein. The shares,
securities and other investments are held in the name of company.
xv) According to the information and explanations given to us, the
Company has not-given any guarantee for loans taken by others from
banks and financial institutions.
xvi) According to the information and explanations given to us, the
company has and on an overall examination of the balance sheet of the
company. No funds raised on short-term basis have been used for
long-term investment.
(xvii) According to the information and explanations given to us, the
Company has not taken any Term Loan during the year.
xviii) According to the information and explanations given to us, the
Company has made preferential allotment of share to parties and
companies covered in the register maintained under Section 301 of the
year.
x) According to the information and explanations given to us, during
the period covered by our audit report, no debentures have been issued,
x) The Company has not raised any money by way of public issues during
the year.
xi) On the basis of our examination 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.
For JDNG-& ASSOCIATES
CHARTERED ACCOUNTANTS
FRN: 104315W
CA JAYESH S.RAWAL
PARTNER
Membership No: 104738
PLACE: MUMBAI
DATE: 3rd September,2012.
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