Mar 31, 2015
We have audited the accompanying financial statements of SHREE SHALEEN
TEXTILES LIMITED ('the Company') which comprise the Balance Sheet as at
31st March, 2015, the Statement of Profit and Loss and the Cash Flow
Statement of the Company for the year ended, and a summary of the
significant accounting policies and other explanatory information.
2. 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 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.
3. Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company's
internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
4. Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the 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:
i) in the case of the Balance Sheet, of the state of the Company's
affairs as at 31st March, 2015
ii) in the case of the Statement of Profit and Loss, of the loss of the
Company for the year ended on that date; and
iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order, 2003 ("the
Order") issued by the Central Government in terms of Section 227(4A) of
the Act, we give in the Annexure a statement on the matters specified
in paragraphs 4 and 5 of the Order.
As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanation which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as it appears from our examination of those
books.
c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
accounts;
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
notified under the Act (which continue to be applicable in respect of
Section 133 of the Companies Act, 2013 in terms of General Circular
15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs).
e) On the basis of written representations received from directors of
the Company as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of section 274 (1 )(g) of
the Act.
The Annexure referred to in our report to the members of SHREE SHALEEN
TEXTILES LIMITED (the Company') for the year Ended on 31 st March.
2015. We report that:
SI. No. Particulars Auditors Remark
1. (a) Whether the company is maintaining proper records The Company
has single units of each showing full particulars, including
quantitative details and : asset class and hence quantitative details
situation of fixed assets: is not applicable
(b) Whether these fixed assets have been physically verified by Yes me
M ment ensurcs physical the management at reasonable intervals; whether
any verification of Assets at regular intervals material discrepancies
were noticed on such verification and : and no discrepanices has been
found in if so, whether the same have been properly dealt with in the
such verifications books of account;
2. (a) Whether physical verification of inventory has been Yes, the
company conducts physical conducted at reasonable intervals by the
management; verfication of stocks and also verifies the same with the
stock in hand as per the books at reasonable intervals.
(b) Are the procedures of physical verification of inventory followed
by the management reasonable and adequate in Yes, the verification
process seems relation to the size of the company and the nature
of its business. If not, the inadequacies in such procedures should
be reported;
(c) Whether the company is maintaining proper records of Year
for inventory and whether any material discrepancies were missing No
material noticed on physical verification and if so, whether the same :
noted on h ical have been properly dealt with in the books of
account; verification
3. Whether the company has granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act. If so,
(a) Whether receipt of the principal amount and interest arc also No.
There are no regular receipt of any regular; and amount. Majority of
the loans from previous reporting period remains un received or
substantially undeceived.
(b) If overdue amount is more than rupees one lakh, whether
No Steps for recovery of the same has reasonable steps have been
taken by the company for been initiated / taken recovery of the principal
and interest;
4. Is there an adequate internal control system commensurate with The
internal control system of the the size of the company and the nature
of its business, for the company with respect to purchase of purchase
of inventory and fixed assets and for the sale of goods ; inventory and
fixed assets and sales of and services. Whether there is a continuing
failure to correct goods are adequately commensurate with major
weaknesses in internal control system. the size and nature of the
company
5. In case the company has accepted deposits, whether the directives
issued by the Reserve Bank of India and the provisions of sections 73
to 76 or any other relevant provisions of the Not Applicable as the
Company has not Companies Act and the rules framed there under, where
accepted any deposits which can be applicable, have been complied
with- I I not, the nature of covered u/s 73 to 76 of the Companies
contraventions should be stated; If an order has been passed by
Company Law Board or National Company Law Tribunal or
Reserve Bank of India or any court or any other tribunal, whether
the same has been complied with or not.
6. Where maintenance of cost records has been specified by the Central
Government under sub-section (1) of section 148 of the Companies Act,
whether such accounts and records have been made and maintained;
7. 1(a) lis the company regular in depositing undisputed statutoryl
No The company has been constantly at dues including provident fund,
employees' state insurance, defauh towards payments of statutory
income-tax, sales-tax, wealth tax, service tax, duty of dues such
as Tax Deducted at Source, customs, duty of excise, value added tax,
cess and any other Service Tax, Income Tax and VAT and statutory dues
with the appropriate authorities and if not, the penalties and interest thereof. The extent of the arrears of outstanding statutory dues as at the defaults with respect of the statutory dues last day of the financial
year concerned for a period of more remains majorly unpaid for more than
six than six months from the difte they became payable, shall be months
form the date thay bacme due to indicated by the auditor pavment
Statutory payments due for more than six months can be listed as under:
1) Income Tax
Liability (AY 2011 - 12) - Rs. 50,66,856/12 ; Income Tax Liability (AY
2012 -13) - Rs. 1,52,854/-; Income Tax Liability (AY 2013 - 14) - Rs.
2,35,840/- 2) TDS-Rs. 1,10,372/-
(b) In case dues of income tax or sales tax or wealth tax or There was
a purported change in service tax or duty of customs or duty of excise
or value management on the conditions that the added tax or cess have
not been deposited on account of any Income Tax liability of the
previous to be dispute, then the amounts involved and the forum where :
divided amongst the new and previous dispute is pending shall be
mentioned. (A mere management. The outstanding Income representation to
the concerned Department shall not Tax Liability for AY 2011 - 12
pertains constitute a dispute).
to such litigation
(c) Whether the amount required to be transferred to investor education
and protection fund in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) : Not Applicable and rules made there
under has been transferred to such fund within time.
8. Whether in case of a company which has been registered for a period
not less than five years, its accumulated losses at the end
The company does not have any of the financial year are not less than
fifty per cent of its net worth accunilllgted losses It has a surplus
Free and whether it has incurred cash losses in such financial year
and Reserve of Rs. 1,66,34,741/- the immediately preceding financial year;
9. [Whether the company has defaulted in repayment of dues to all The
companv does not have any financial institution or bank or debenture
holders- If yes, the brrrowed funds from any Financial period and
amount of default to be reported; Institution of any Banks or
Debentures.
10. Whether the company has given any guarantee for loans taken by
others from bank or financial institutions, the terms and No, The
Company has not given any conditions whereof are prejudicial to the
interest of the company; ' guarantees.
11. Whether term loans were applied for the purpose for which the Not
Applicable as the company does not loans were obtained; ' have any
loans taken
12. Whether any fraud on or by the company has been noticed or
reported during the year, If yes, the nature and the amount : None
involved is to be indicated.
for SVA & Company
Chartered Accountants
Firm Regn. No. 134179W
Place: Mumbai
Date: September 02,2015 Ankit Totla
Partner
M.No. 145657
Mar 31, 2014
1. We have audited the accompanying financial statements of SHREE
SHALEEN TEXTILES LIMTED, which comprise the Balance Sheet as at March
31, 2014, and the Statement of Profit & Loss for the year then ended,
and a summary of significant accounting policies and other explanatory
information.
2. Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act") read with General Circular
15/2013 dated 13,h September 2013 of the Ministry of Corporate Affairs
in respect of Section 133 of Companies Act 2013. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
3. 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
4. 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
5. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
6. In our opinion and to the best of our information and according to
the explanations given to us the accounts the financial statements give
the information required by the Act in the manner so required and give
a true and fair view jn 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 l.oss, of the profit for
the year ended on that date.
7. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued bv 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.
8. 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 and the 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 and the Statement of Profit and
Loss comply with the Accounting Standards referred to in subsection (3Q
of section 211 of the Companies Act, 1956 read with General Circular
15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs
in respect of Section 133 of 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 TIIL AUDITORS'' REPORT
(Referred to in paragraph 7 of our report of even date)
As required by the Companies (Auditors Report)Order, 2003 as amended by
Companies (Auditors Report) (Amendment)Order, 2004 issued by the
Central Government of India in terms of sub-section (4A) of section 227
of the Companies Act, 1956 and on the basis of such checks as we
considered appropriate, we further report that:
i) As regards fixed Assets:
a. The company does not have any fixed assets and hence, compliance
related to comprehensive fixed assets register is Not Applicable.
b. The Company does not have any fixed assets, therefore, the question
of physical verification of Fixed Assets docs not arise. Therefore
discrepancies on account of physical verification cannot arise;
c. In our opinion, the company has not disposed off a substantial part
of fixed assets, which affect the going concern status of the company.
ii) As regards Inventories:
a. The inventories have been physically verified by the management at
reasonable intervals during the year and at the close of the year;
b. The procedures of physical verification of inventories followed by
the management as explained to us are, in our opinion, 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 of the
Company, we are of the opinion that the Company is generally
maintaining proper records of its inventory. The discrepancies noticed
on physical verification between physical stock and book records were
not material in relation to operations of the company and the same have
been properly dealt with in the books of accounts;
iii) According to the information and explanations given to us, the
company has granted and taken unsecured loans to parties required to be
mentioned in the register to be maintained i^s 301 of the Companies Act
which are enlisted as unden
Name of Nature of Opening Addition
Related Transaction Balance during the
Party year
1) Ever Loan 5,90,000 1.0(1000
Comfort Received
Travels (I)
Ltd
2)Lwson Loan 1,68,42,444 0
Trading Co. Advanced
Pvt. Ltd
3) Sarita Loan 0 1,00,000
Sharma Advanced
Name of related party Deduction during the year Closing Balance
Ever comfort Travels 3,28,876 8,18,876
(I) Ltd
Lawson Trading Co 1,06,00,000 62,42,444
Pvt. Ltd
Sarita Sharma 0 1,00,000
iv) In our opinion and according to the information and explanations
given to us, there arc adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to the purchase of inventory and fixed assets and for the sale of goods
and services. As per the information given to us, no major weaknesses
in the internal controls have been identified by the management or the
Internal Audit Department of the Company during the year. During the
course of our audit, nothing has come to our notice that may suggest
major weaknesses in the internal control system.
v) There are no contracts or arrangements with the parties to be
recorded in the register maintained under section 301 of the companies
Act, 1956.
vi) The company has not accepted deposits from the public. Hence the
directives issued by the Reserve Bank of India and the provisions of
sections 58A and 58AA or any other relevant provisions of the Companies
Act, 1956 and the rules framed there under are not applicable to the
Company.
vii) According to the information and explanations given to us, we are
of the opinion that the Company has an adequate internal audit system,
commensurate with the size and nature of its business.
viii) We are informed that the Central Government has not prescribed
maintenance of cost records under section 209 (i) (d) of the Companies
Act, 1956 for the industry to which the Company pertains.
ix) (a) According to the information and explanations given to us and
according to the
books and the records of the company examined by us, in our opinion,
the company is not regular in depositing undisputed statutory dues
including provident fund, investor education and protection fund,
employees state insurance, income tax, sales tax, wealth tax, service
tax, customs duty, excise duty, cess and other material statutory dues
as applicable with the appropriate authorities.
(b) According to the information and explanations given to us and the
records of the Company examined by us, following are the undisputed
dues on account of Income Tax, Tax Deducted at Source and Professional
Tax as at March 31, 2014, that has not been deposited :
Particulars Outstanding as on Paid During
31/03/2013 the Year
1) Professional Tax 4,575 -
2) Income Tax 82,50,000 -
3) Tax Deducted at 707094 26,103
Source
Patcular Payable Total
but not Paid Outstanding Liability
during the year
Professional Tax - 4,575
Income Tax 2,91,OOO 85,41,000
Tax Deducted at Source 21,128 65,119
* Income Tax Liability is on account of Minimum Alternative Tax as per
the provisions of
Income Tax Act, 1961.
x) As on 31rt March 2014 the company has no accumulated losses and it
has not incurred any cash losses in the financial year covered by the
audit or in the immediately preceding financial year.
xi) The company has not borrowed any funds from financial institution
and banks during the financial year under audit. Therefore, clause
4(xi) of the Companies (Auditor''s Report) Order 2003 is not applicable
to the Company.
xii) 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.
xiii) In our opinion, the Company is not a chit fund/nidhi/mutual
benefit fun
(xiv) According to information and explanation given to us, the Company
is not dealer or trader in shares, securities, debentures and other
investment. Therefore, clause 4(xiv) of the Companies (Auditor''s Report)
Order 2003 is not applicable to the 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 or financial institutions.
(xvi) According to the information & explanations given to us, company
has not taken any term loan during the year; hence clause 4(xvi) of the
order is not applicable.
(xvii) According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
(xviii) During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
(xix) The Company has not issued any debentures during the period
covered under audit; therefore, clause 4(xix) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
(xx) The Company has not raised any money by public issues during the
year; therefore, clause 4(xx) of the Companies (Auditor''s Report) Order
2003 is not applicable to the Company.
(xxi) To the best of our knowledge and belief and according to the
information and explanations given to us, we have neither come across
any instances of fraud on or by the Company, noticed or reported during
the year that causes the financial statements to be materially
misstated.
for SVA & Company
(Chartered Accountants)
FR. No.; 134179W
Sd/-
Ankit Naresh Totla
(Partner)
M. No. 145657
Place: Mumbai
Date: 30th May, 2014
Mar 31, 2012
We have audited the attached Balance Sheet of SHREE SHALEEN TEXTILES
LIMITED, as at 31st March, 2012 and aiso the Statement of Profit and
Loss Account and the Cash Flow Statement for the year ended on that
date annexed thereto. These financial statements are the responsibility
of the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India, Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies {Auditor's Report) Order 2003 issued by
the Central Government of India In terms of sub-section (4A) of section
227 of the Companies Act 1953, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said Order on the
basis of information and explanations received by us.
Further to our comments in the Annexure referred to above, we report
that:
(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(b) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of the
books of accounts;
(c) The Balance Sheet dealt with by this report are in agreement with
the books of accounts;
(d) In our opinion, the Balance Sheet of the company comply with the
Accounting Standards as referred in Sub- Section (3C.) of Section 211
of the Companies Act, 1956, to the extent applicable;
(e) As per information and explanations given to us, none of the
directors of the company are disqualified from being appointed as a
director under clause (g) of Sub-Section (1) of Section 274 or the
Companies Act, 1956;
(f) In our opinion and to the best of our information and according to
explanations given to us, the said accounts, read together with
Significant Accounting Policies and Notes forming part of Accounts,
give the information required by the Companies Act, 1956 in the manner
so required, and give a true and fair view in conformity with the
accounting principles generally accepted in India,
(i) in case of Balance Sheet, of the state of the affairs of the
company as at 31st March 2012 .
(ii) In case of Profit and Loss Account, of the Loss of the Company for
the year ended on that date.
(iii) in the case of Cash Flow Statement, of the cash flows for the
year ended on that date.
ANNEXURE TO AUDITORS' REPORT
Referred to in paragraph 1 of our report of even date:
1. in respect of Its fixed assets:
a. The Company has maintained proper records showing full particulars
including quantitative details & situation of Fixed Assets
b. All the fixed assets have been physically verified by the
management during the year & there is a regular programme of
verification which in our opinion is reasonable having regard to the
size of the Company and the nature of its business. No material
discrepancies were noticed on such verification.
c. During the year, the Company has not disposed off any substantial
fixed assets.
2. In respect of its inventories:
a. As explained to us, inventories have been physically verified by
the management at regular intervals during the year
b. In our opinion and according to the information and explanations
given to us. the procedures of verification of inventories followed by
the management are reasonable in relation to the size of the Company
and the nature of its business.
c. The Company has maintained proper records of Inventories As
explained to us, no discrepancies have been noticed on physical
verification of inventories with the book records.
3. a. As informed to us, the Company has granted interest-free
unsecured loans to companies, firms or other parties listed in the
register maintained under section 301 of the Companies Act, 1958 The
maximum balance outstanding at any time during the year was Rs.
4,99,06,422/-
b. In the case of loan granted to companies, firms or other parties
listed in the register maintained under Section 301, the terms of
arrangement do not stipulate any repayment schedule and is repayable on
demand Accordingly, paragraph 4(iii)(c) of the Order is not applicable
to the Company in respect of repayment of the principal amount, ææ
c. There is no overdue amount of the loan granted to companies, firms
or other parties listed in the register maintained under Section 301 of
the Companies Act, 1956.
d. The Company has not taken any loans, secured or unsecured from
companies, firms or other parties covered in the register maintained
under Section 301 of the Act, Accordingly, paragraphs 4{iii)(e) to
4(iii)(g) of the Order are not applicable.
4. In our opinion and according to the information & explanations
given to us, there are adequate internal control procedures
commensurate with the size of the Company and nature,of its business
with regards to the purchase of inventories, fixed assets and
equipments & for sale of goods. During the course of our audit, we have
not observed any major weakness in internal controls.
5. In respect of transactions covered under Section 301 of the
Companies Act. 1956.
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 Companies Act. 1956 have
been so entered, b In our opinion and according to the information and
explanations given to us. the transactions of purchase & sale of goods
and services, made in pursuance of contracts or arrangements entered in
the register maintained under section 301 of the Companies Act, 1956 as
aggregating during the year to Rs, 5,00,000/- or more in respect of
each party have been made at prices which are reasonable having regard
to the prevailing market prices except certain transactions of sales of
goods which are below the prevailing market price.
6. The Company has not accepted any deposits from the public,
7. The affairs of the Company are conducted by the directors
themselves. The Company does not have a formai system of internal audit
but there are adequate checks and controls at all levels, _
8. We have broadly reviewed the books of accounts 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 Companies
Act, 1956 and are of the opinion that prima-facie, the prescribed
accounts and records have been made and maintained,
9. In respect of the statutory' dues:
a. According to the records of the Company, undisputed statutory dues
Including Provident Fund, Employees' State Insurance. Income-tax,
Sales-tax, Cess and other statutory dues have been generally regularly
deposited with the appropriate authorities.
b. According to the information and explanations given to us, there
are no undisputed amount payabie in respect the aforesaid dues which
have remained outstanding as at 31st March, 2012 for a period more than
six months from the date they became payable.
c. On the basis of our examination of the documents and records of the
Company and the information and explanations given to us upon our
inquiries in this regard, no disputed amounts is payabie in respect of
income tax, sales tax, wealth tax, service tax, custom duty, excise
duty and cess which have not been deposited with the appropriate
authorities are Nil.
10. The Company has neither accumulated losses nor it has not incurred
cash losses during the financial year covered by our audit and in the
immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, we are of the opinion that the Company has not defaulted
in repayment of dues io financial Institutions and banks. There are no
debentures issued by the Company and as such the question of default in
payment to debenture-holders does not arise.
12. in our opinion and according to the information & explanations
given to us, no loans and advances have been granted by the Company 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, a nidhi, mutual
benefit fund or a society. Accordingly clause (xiii) of paragraph 4 of
the Order is not applicable to the Company.
14. In our opinion and according to the information and explanations
given to us, the Company is not a dealer or trader in securities.
15. 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,
16. The Company has not taken any term loan. Accordingly clause 4(xvi)
of the Order is not applicable to the Company.
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 no funds raised on short term basis have been used for long term
investments. The Company has not raised any long-term funds during the
year.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures. Accordingly clause
4(xix) of the Order is not applicable to the Company
20. According to the information and explanations given to us, during
the period covered by our audit, the Company has not raised any money
by way of public issue during the year.
21. According to the information and explanations given to us, no
fraud on or by the Company has Deen noticed at reported during the
year.
for SATISH SON! AND CO,
Chartered Accountants
SATISH SONI
(Proprietor)
M.No: 044391
Date :31 Aug 2012
Place: Mumbai
Mar 31, 2011
We have audited the attached Balance Sheet of M/S. SHREE SHALEEN
TEXTILE LIMITED, as at 31st March, 2011, and also the Profit & Loss
A/c of he Company for the year ended on that date annexed thereto. These
financial statements are the responsibility of the companies'
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with accounting standards
generally accepted in India. Those standards required that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are true from material misstatement.
An audit also includes examining, on a test basis, evidence supporting
the amount and disclosure in the financial statements. An audit also
includes assessing the accounting principle used and significant
estimates made by the management, as well as evaluating the over all
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
I.As required by the Companies (Auditors Report) Order, 2003 issued by
the Company Law Board in terms of Section 227(4A) of the Companies Act,
1956 we enclose in the Annexure a Statement on the matters specified in
paragraph 4 & 5 of the said order
II. Further to our comments in the Annexure referred to in paragraph (1)
above, we state that:-
a) We have obtained all the information and explanations that to the
best of our knowledge and Beliefs were necessary for the purpose of the
audit.
(b) In our opinion, proper books of accounts as required by law have
been kept by the Company as appears from our examination of books of
the Company.
(c) The Balance Sheet and the Profit & Loss Account referred to in this
report are in agreement with the books of accounts.
(d) In our opinion the Profit & Loss Account and the Balance Sheet
comply with the Accounting Standards referred to in sub-section (3C) of
section 211 of the Companies Act, 1956.
(e) Based on representations from the Directors of the Company and the
information and explanations as made available, Directors of the
Company do not prima-facie have any disqualification as referred to in
clause (g) of sub section (1) of section 274 of the Act.
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view :
(i) In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011.
(ii) In the case of the Profit & Loss Account, of the profit of the
Company for the year ended 31st March, 2011.
ANNEXURE TO THE AUDITORS' REPORT
M/S. SHREE SHALEEN TEXTILE LIMITED
As required by the Companies ( Auditor's Report ) Order 2003, issued by
the Central Government of India in terms of section 227 (4 A) of the
Companies Act, 1956 : -
1. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. As
explained to us, the fixed assets have been physically verified by the
management during the period and no material discrepancies were noticed
on such verification.
2. The procedure of physical verification of the finished goods
followed by the Management is in Our opinion reasonable and adequate.
There is no discrepancy between the physical stock and stock records.
The valuation of above-mentioned inventories is in our opinion fair and
proper in accordance with the normally accepted accounting principles.
3. (a) According to the information and explanation given to us, the
company has not granted unsecured or secured loans to firm and other
parties as listed in the register maintained under section 301 of the
Companies Act, 1956. There is no closing balance.
(b) According to the information and explanation given to us, the
company has not taken any loans secured or unsecured from companies,
firms or other parties covered in the register maintained under section
301 of the Act. Hence sub clause (e) , (f) , & (g) of clause 4 (iii) of
the order not applicable.
4. In our opinion and according to the information and explanations
given to us, there are Adequate internal control system commensurate
with the size of the company and the nature of its business with regard
to the purchases of finished goods and other assets, and for the sale
of Goods and services. During the course of our audit, no major
weakness has been noticed in the Internal control system of these
areas.
5. According to the information and explanations given to us, we are
of the opinion that there were no transactions that needs to be entered
in the register maintained under section 301 of the companies Act,
1956. hence clause 4 (v) of the order is not applicable.
6. As the company has not accepted any deposits from the public, the
directive issued by the Reserve bank Of India and the provisions of
Section 58-A and 58AAor any other relevant provisions of the companies
act, 1956, and the rules framed there under are not applicable.
7. In our opinion, the company has an internal audit system
commensurate with the size and the nature of its business.
8. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of the cost
records under section 209 (1) (d) of the Companies act, 1956 for any of
the products manufactured by the company. Hence clause, 4 (viii) of the
order is not applicable.
9. (a) According to the information and explanations given to us and
according to the records of the company, statutory dues including
provident fund, investor education and protection fund, employees state
insurance, income tax, sales tax, wealth tax, service tax, custom
duty, excise duty, cess and any other statutory dues applicable to the
company have generally been regularly deposited by the company have
generally been regularly deposited by the company with the appropriate
authorities.
(b) At the last day of the financial year, there are no amount in
respect of disputed income Tax, wealth tax, sales tax, custom duty and
excise duty which were due for more than six months from the date they
became payable under Income Tax Act, 1961.
10. The company has no accumulated losses and has not incurred any
cash losses during the financial year or immediately preceding
financial year.
11. Based on the audit procedures and according to the information and
explanations given to us, we are of the opinion that the company has
not defaulted in repayment of dues to financial institutions and banks
12. In our opinion and according to the information and explanations
given to us and based on the information available, no loans and
advances have been granted by the company on the basis of security by
way of pledge of shares and securities.
13. The company is not a chit fund or a nidhi / mutual benefit fund /
society. Therefore, this clause is not applicable.
14. The company is not dealing and trading in shares. Hence clause 4
(xiv) of the order is not applicable.
15. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by other from bank
or financial institutions.
16. The company has no term loans.
17. No fund raised on short term basis have been used for long term
investments. No long term funds have been used to finance short term
assets except permanent working capital.
18. The company has not made any preferential allotment of shares
during the period.
19. The company has no secured debentures issued hence, clause 4 (xix)
of the order is not applicable.
20. The company has not raised any monies by way of public issue
during the year.
21. In our opinion 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 Sanjay B Sharma & Co.
Chartered Accountants
Sd/-
Sanjay B Sharma
Proprietor
Place: Mumbai
Date: 17th August, 2011.
Mar 31, 2010
1.We have audited the attached Balance Sheet of SHREE SHALEEN TEXTILE
LIMITED as at 31st March, 2010 and also the Profit and Loss Account 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.
2. We conducted our audit in accordance with auditing standards
generally accepted in v India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
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.
3. As required by the Companies (Auditors Report) Order, 2003 as
amended by the Companies (Auditors Report) (Amendment) Order, 2004
(together the said Order) issued by the Central Government of India in
terms of Section 227 (4A) of the Companies Act, 1956 and on the basis
of such checks as we considered appropriate, and according to the
information and explanations given to us, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:-
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b) In our opinion, proper books of 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 and the Profit and Loss Account dealt with by this
report are in ag^ejognt with the books of account;
d) In our opinion, the Balance Sheet and the Profit and Loss Account
dealt with by this report comply with all Accounting Standards referred
to in section 211 (3C) of the Companies Act, 1956.
e) According to the information and explanation given to us and on the
basis of written representation received from the Directors of the
Company, as on 31st March, 2010 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March, 2010 from being appointed as a Director under clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956.
f) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and other notes thereon, give the
information required by the Companies Act, 1956 in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India :
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010 and,
ii) in the case of the Profit and Loss Account, of the Profits of the
Company for the Year ended on that date.
ANNEXURE TO THE AUDITORS REPORT (Referred to in Paragraph 3 of our
report of even date to the Members of on the accounts for the year
ended March 31, 2010)
1. The company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets. As
explained to us, the fixed assets have been physically verified by the
management during the period and no material discrepancies were noticed
on such verification.
2. The Company is not having any inventories hence verification of
inventories is not applicable to the company.
3. The company has neither granted nor taken any loan, secured or
unsecured to/from a company, firm or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, clause (iii) (a), (b), (c) (d) (e) (f) and (g) of the
Order are not applicable.
4. In our opinion, and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with size of the Company and the nature of its business for the
purchase and sale of goods and services. During the course of our
audit, no major weakness has been noticed in the internal controls.
5.(a) In our opinion and according to the information and explanation
given to us, there are no transactions made in pursuance of contracts
or arrangements, that needed to be entered into the register maintained
under section 301 of the Companies Act, 1956.
(b) In view of above, clause (v) b of the Order is not applicable.
6. The Company has not accepted any deposits from the public to which
the directives issued by the Reserve Bank of India, the provision of
Sections 58A and 58AA or any other relevant provisions of the Companies
Act, 1956 and the rules framed there under apply.
7. Clause (vii) of the Order relating to internal audit system is not
applicable to the company during the year under audit.
8. We have been informed that the Central Government has not
prescribed for maintenance of cost records under section 209 (1) (d) of
the Companies Act, 1956 in respect of goods or services of the company.
(b) According to the information and explanations given to us, there
are no dues in respect of sales tax, income tax, service tax, customs
duty, wealth tax, excise duty and cess that have not been deposited
with the appropriate authorities on account of any dispute.
10. The Company does not have accumulated losses as at the end of the
financial year The Company has incurred cash losses in the current
financial year.
11. Based on our audit procedures and the information and explanations
given by the management, the are no liabilities from banks financial
institutions or debenture holders, and hence there is no default in
repayment of the same.
12. Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and/or
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 Company or
nidhi/mutual benefit fund/society. Therefore the provisions of Clause
(xiii) of the Order are not applicable to the Company.
14. In our opinion, the Company is trading in equity shares of listed
companies. Accordingly, the provisions of clause (xiv) of the Order are
not applicable to the Company.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The Company has not obtained any Term Loans.
17. According to the information and explanations given to us and on
an overall examination of the balance sheet of the Company, we are of
the opinion that fund raised on short term basis have not been used for
long term investments.
20. During the period covered by our audit report, the Company has not
raised any money by public issues.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the course of our audit.
For,
San jay Sharma & Co,
Chartered Accountants,
Membership No.
042298
Place : Mumbai
Date .06/09/2010
Mar 31, 2009
1. We have audited the attached Balance Sheet of Shree Shaleen
Textiles Ltd. as at 31st March, 2009 and also the Profit and Loss
Account 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.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 as
amended by the Companies (Auditors Report) (Amendment) Order, 2004
(together the said Order) issued by the Central Government of India in
terms of Section/ 227 (4A) of the Companies Act, 1956 and on the
basisNpf such checks as we considered appropriate, and according to the
information .and explanations given to us, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:-
a) we have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b) in our opinion, proper books of 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 and the Profit and Loss Accoun^ealt^witrr ^this
report are in agreement with the books of account;]
d) In our opinion, the Balance Sheet and the Profit and Loss Account
dealt with by this report comply with all Accounting Standards referred
to in section 211 (3C) of the Companies Act, 1956.
e) According to the information and explanation given to us and on the
basis of written representation received from the Directors of the
Company, as on 31st March, 2009 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as on
31st March, 2009 from being appointed as a Director under clause (g) of
sub- section (1) of Section 274 of the Companies Act, 1956.
f) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with the
Significant Accounting Policies and other notes thereon, give the
information required by the Companies Act, 1956 in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India :
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2009 and,
ii) in the case of the Profit and Loss Account, of the Profits of the
Company for the Year ended on that date.
ANNEXURE TO THE AUDITORS REPORT (Referred to in Paragraph 3 of our
report of even date to the Members of on the accounts for the year
ended March 31, 2009)
1.(a) The company is maintaining proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) We have been informed that most of fixed assets have been
physically verified by the management during the year. In our opinion
the frequency of the verification is reasonable. No material
discrepancies were noticed on such verification.
(c) During the year there was no disposal of substantial/major part of
the fixed assets.
2.(a) As per the information furnished, the inventories have been
physically verified during the period by the management except for
inventories lying with third-parties from whom confirmations have been
received. In our opinion, having regard to the nature and location of
stocks, the frequency of the physical verification is reasonable.
(b) In our opinion, and according to the information and explanation
given to us, the procedure of physical verification of the inventory
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 according to the information and explanations
given to us the company is maintaining proper records of the inventory
and no material discrepancies were noticed on physical verification of
such stocks as compared to book records.
3.(a) The company has neither granted nor taken any loan, secured or
unsecured to/from a company, firm or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly, clause (iii) (a), (b), (c) (d) (e) (f) and (g) of the
Order are not applicable.
4. In our opinion, and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with size of the Company and the nature of its business for the
purchase of inventory and fixed assets and for the sale of goods.
During the course of our audit, no major weakness has been noticed in
the internal controls.
5.(a) In our opinion and according to the information and explanation
given to us, there are no transactions made in pursuance of contracts
or arrangements, that needed to be entered into the register maintained
under section 301 of the Companies Act, 1956.
In view of above, clause (v) b of the Order is not applicable.
6. The Company has not accepted any deposits from the public to which
the directives issued by the Reserve Bank of India, the provision of
Sections 58A and 58AA or any other relevant provisions of the Companies
Act, 1956 and the rules framed there under apply.
7. Clause (vii) of the Order relating to. internal audit system is not
applicable to the company during the year under audit.
8. We have been informed that the Central Government has not
prescribed for maintenance of cost records under section 209 (1) (d) of
the Companies Act, 1956 in respect of goods or services of the company.
9.(a) According to the information and explanations given to us, and on
the basis of our examination of the books of account, the Company is.
generally regular in depositing with appropriate authorities undisputed
statutory dues including provident fund, investor education and
protection fund, employees state insurance, income tax, sales tax,
service tax, wealth tax, custom duty, excise duty, cess and other
material statutory dues applicable to it. According to the information
and explanations given to us, no undisputed dues payable in respect of
Income tax, wealth tax, sales tax, service tax, custom duty, excise
duty and cess are in arrears as at 31st March, 2009 for a period of
more than six months from the date triey became payable.
(b) According to the information and explanations given to us, there
are no dues in respect of sales tax, income tax, service tax, customs
duty, wealth tax, excise duty and cess that have not been deposited
with the appropriate authorities on account of any dispute.
10. The Company neither has accumulated losses as at the end of the
financial year nor has incurred cash losses in the current financial
year or in the immediately preceding financial year.
11. Based on our audit procedures and 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, bank or
debenture holders as at the balance sheet date.
12. Based on our examination of the records and the information and
explanations given to us, the Company has not granted any loans and/or
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 Company or
nidhi/mutual benefit fund/society. Therefore the provisions of Clause
(xiii) of the Order are not applicable to the Company.
14. In our opinion, the Company is not dealing in or trading in
shares, securities, debentures and other investments. Accordingly, the
provisions of clause (xiv) of the Order are not applicable to the
Company.
15. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
16. The Company has not obtained any Term Loans.
17. According to the information and explanations given to us and on an
overall examination of the balance sheet of the Company, we are of the
opinion that fund raised on short term basis have not been used for
long term investments.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
19. The Company has not issued any debentures during the year under
review.
20. During the period covered by our audit report, the Company has not
raised any money by public issues.
21. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has beennoticed or reported during the course of our audit.
For, Sanjay Sharma & Co,
Chartered Accountants,
Membership No. 42298
Place: Mumbai
Date : 28th August, 2009.