Mar 31, 2016
To the Members of Visagar Polytex Limited
Report on the Financial Statements
We have audited the accompanying financial statements of Visagar Polytex Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2016, the Statement of Profit, and Loss and Cash Flow Statement for the year ended and a summary of significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The management and Board of Directors of the Company are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (''the act'') with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with rule 7 of Companies (Accounts) Rules, 2014. This responsibility 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; design, implementation and maintenance of adequate internal financial controls, that are 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.
Auditor''s 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 disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements, that give a true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company''s management and Board of 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.
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 31st March 2016, its loss and its 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, 2016 ("the Orderâ), as amended, issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the "Annexure Aâ a statement on the matters specified in par agraphs 3 and 4 of the Order.
2. As required by section 143 (3) of the Act, we report that:
1) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;
2) 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;
3) 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
4) in our opinion, the aforesaid (Standalone) financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
5) On the basis of written representations received from the directors as on March 31, 2016 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.
6) 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 "Annexure Bâ.
7) With respect to the other matters to be in clouded 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 did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
"Annexure Aâ to the Independent Auditors'' Report
Referred to in paragraph 1 under the heading ''Report on Other Legal & Regulatory Requirement'' of our report of even date to the financial statements of the Company for the year ended 31st March, 2016:
1) a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets;
b) The Fixed Assets have been physically verified by the management in a phased manner, designed to cover all the items over a period of three years, which in our opinion, is reasonable having regard to the size of the company and nature of its business. Pursuant to the program, a portion of the fixed asset has been physically verified by the management during the year and no material discrepancies between the books records and the physical fixed assets have been noticed.
c) The title deeds of immovable properties are held in the name of the company.
2) a) The management has conducted the physical verification of inventory at reasonable intervals.
b) The discrepancies noticed on physical verification of the inventory as compared to books records which has been properly dealt with in the books of account were not material.
3) The Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability partnerships or other parties covered in the Register maintained under section 189 of the Act. Accordingly, the provisions of clause 3 (iii) (a) to (C) of the Order are not applicable to the Company and hence not commented upon.
4) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 185 and I86 of the Companies Act, 2013 In respect of loans, investments, guarantees, and security.
5) The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the Companies (Acceptance of Deposit) Rules, 2015 with regard to the deposits accepted from the public are not applicable.
6) As informed to us, the maintenance of Cost Records has not been specified by the Central Government under sub-section (1) of Section 148 of the Act, in respect of the activities carried on by the company.
7) a) According to information and explanations given to us and on the basis of our examination of the books of account, and records, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales tax, Service Tax, Duty of Customs, Duty of Excise, Value added Tax, Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the above were in arrears as at March 31, 2016 for a period of more than six months from the date on when they become payable.
b) According to the information and explanation given to us, there are no dues of income tax, sales tax, service tax, duty of customs, duty of excise, value added tax outstanding on account of any dispute.
8) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks. The Company has not taken any loan either from financial institutions or from the government and has not issued any debentures.
9) Based upon the audit procedures performed and the information and explanations given by the management, the company has not raised moneys by way of initial public offer or further public offer including debt instruments and term Loans. Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the Company and hence not commented upon.
10) Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the company by its officers or employees has been noticed or reported during the year.
11) Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act;
12) In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 4 (xii) of the Order are not applicable to the Company.
13) In our opinion, all transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.
14) Based upon the audit procedures performed and the information and explanations given by the management, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. 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 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.
"Annexure Bâ to the Independent Auditor''s Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Actâ)
We have audited the internal financial controls over financial reporting of M/s. Visagar Polytex Limited ("the Companyâ) as of March 31, 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Company''s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For Sudhir M Desai & Co.
Chartered Accountants
Firm Registration No. 125516W
Sd/-
Sudhir M Desai
Proprietor M. No: 041999
Place: Mumbai
Date: 30.05.2016
Mar 31, 2015
We have audited the attached Balance Sheet of M/S VISAGAR POLYTEX LTD.
as at 31st March, 2015, Profit & Loss A/c for the nine months period
ended on that date. 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 the Auditing Standards
generally accepted in India. These standards require that, we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from any material misstatement. An audit
also 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
presentation of the financial statements. We believe that our audit
provides a reasonable basis for our opinion.
Report on the Financial Statements
We have audited the accompanying financial statements of Visagar
Polytex Limited ("the Company"), which comprise the Balance Sheet as at
March 31, 2015, the Statement of Profit and Loss and Cash Flow
Statement for the nine months period ended on that date, and a summary
of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The management and Board of Directors of the Company are responsible
for the matters stated in Section 134(5) of the Companies Act, 2013
('the act') with respect to the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
rule 7 of Companies (Accounts) Rules, 2014. This responsibility
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; design,
implementation and maintenance of adequate internal financial controls,
that are 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.
Auditor's 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 disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements, that give a true and fair
view, in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's management and Board of
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.
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 31st March 2015, its loss and its 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, 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 matters Specified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act, we further 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, the Company has maintained proper record as
required by law so far as it appears from our examination of the books
of accounts.
c. The Balance Sheet, the Profit & Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts of the Company;
d. In our opinion, the aforesaid financial statements comply with the
applicable 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 representation received from Director and
taken on record by the Board of Directors, we report that none of the
Directors are disqualified from being appointed as a Director from
being appointed as a director in terms of Section 164(2) of the Act.
f. In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to other
matters to be included in the Auditor's Report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules, 2014.
i. The Company does not have any pending litigations which would impact
its financial position.
ii. The Company did not have any long-term contracts including
derivative contracts; as such the question of commenting on any
material foreseeable losses thereon does not arise
iii. There has not been an occasion in case of the Company during the
year under report to transfer any Sums to the Investor Education and
Protection Fund. The question of delay in transferring such sums does
not arise.
(Statement referred to in our Report of even date on the Accounts of M/S
VISAGAR POLYTEX LIMITED for the year ended on 31st March, 2015.)
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 of the Company are physically
verified by the management at reasonable intervals, during the year in
accordance with the regular program which in our opinion is reasonable
having regard to the size of the Company and the nature of its assets.
No material discrepancies were noticed on such verification.
The Company has not disposed off any substantial part of its Fixed
Assets during the year, so as to affect its going concern.
2) As explained to us, inventories have been physically verified during
the year by the Management. The intervals at which the inventories have
been verified are, in our opinion reasonable in relation to the size of
the Company and the nature of its business. The procedures explained to
us, which are followed by the Management for physical verification of
inventories, are, in our opinion reasonable and adequate in relation to
the size of the Company and the nature of its business.
On the basis of our examination, we are of opinion that, the Company is
maintaining proper records of its inventory. Discrepancies which were
noticed on physical verification of inventory as compared to book
records have been properly dealt with in the books of account.
3) The Company has not granted any loans or advances in the nature of
loans to parties covered in the register maintained under section 189
of the Companies Act, 2013. Hence, this clause is not applicable.
4) In our opinion and according to the information and explanation
given to us there are adequate Internal Control procedures commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory, fixed assets and with regard to purchase of
inventory, fixed assets and with regard to sale of goods and services.
During the course of our audit, no major weakness in internal control
has come to our notice.
5) In our opinion and according to the information and explanations
given to us the Company has not accepted any deposit from the public
covered under Section 73 to 76 of the Companies Act, 2013
6) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
7) As informed to us, the Central Government has not prescribed
maintenance of cost records under sub-section (1) of Section 148 of the
Act.
8) According to the information and explanations given to us and based
on the records of the company examined by us, the company is regular in
depositing the undisputed statutory dues, including Provident Fund,
'Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty and other material statutory dues, as
applicable, with the appropriate authorities in India;
a) According to the information and explanations given to us and based
on the records of the company examined by us, there are no dues of
Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise
Duty which have not been deposited on account of any disputes.
b) There are no amount required to be transferred by the Company to the
investor Education and protection Fund in accordance with provision of
the Companies Act, 2013 and the rules made there under.
9) The accumulated losses of the company are not more than fifty per
cent of its net worth. The company has not incurred any Cash losses
during the year. However, Company had incurred cash losses in the
immediately preceding financial year.
10) As the Company does not have any borrowings from any financial
institution or bank nor has it issued any debentures as at the Balance
Sheet date, the provision of clause 3(ix) of the order are not
applicable to the company.
11) According to the information and explanations given to us, the
Company has not given any guarantee for loan taken by others from a
bank or financial institution during the year. Accordingly, the
provisions of Clause 3(x) of the order are not applicable to the
company.
12) The Company has not raised any term loans. Accordingly, the
provisions of Clause 3(xi) of the order are not applicable to the
Company.
13) During the course of our examination of the books and records of
the company, carried in accordance with the auditing standards
generally accepted in India, we have neither come across any instance
of fraud on or by the Company noticed or reported during the course of
our audit nor have we been informed of any such instance by the
Management.
For Sudhir M Desai & Co.
Chartered Accountants
Firm Registration No. 125516W
Sd/-
Place : Mumbai Sudhir M Desai
Date : 30.05.2015 Proprietor
M. No. 041999
Jun 30, 2014
We have audited the attached Balance Sheet of M/s- Visagar Polytex
Limited as at 30th June, 2014, Profit & Loss A/c for the year ended on
that date. 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 the Auditing Standards
generally accepted in India. These standards require that, we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from any material misstatement. An audit
also 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
presentation of the financial statements. We believe that our audit
provides a reasonable basis for our opinion.
As required by the Companies (Auditors' Report) Order, 2003 issued by
the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, we enclose in the Annexure statement on the
matters specified therein. We further report that:
1. 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.
2. In our opinion, the Company has maintained proper record as required
by law so far as it appears from our examination of the books of
accounts.
3. The Balance Sheet, the Profit & Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts of the Company;
4. In our opinion the Balance Sheet and the Profit & Loss Account and
the Cash Flow Statement comply with the Accounting Standards referred
to in sub-section [3C] of Section 211 of the Companies Act. 1956.
5. On the basis of written representation received from Director and
taken on record by the Board of Directors, we report that none of the
Directors are disqualified from being appointed as a Director in terms
of Clause (g) of sub section (1) of section 274 of the Companies Act,
1956.
6. In our opinion and according to the information and explanations
given to us, the said accounts read together with the notes thereon,
gives the information required by the Companies Act, 1956 and in the
manner as required and give a true and fair view:
a. In the case of the Balance Sheet of the state of affairs of the
Company as on 30th June, 2014;
b. In the case of Profit & Loss Account of the Profit of the Company
for the year ended on that date; and
c. In the case of Cash Flow statement, of the cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT (Statement referred to in our Report
of even date on the Accounts of M/S VISAGAR POLYTEX LIMITED for the
year ended on 30th June, 2014.)
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 of the Company are physically
verified by the management at reasonable intervals, during the year in
accordance with the regular program which in our opinion is reasonable
having regard to the size of the Company and the nature of its assets.
No material discrepancies were noticed on such verification.
The Company has not disposed off any substantial part of its Fixed
Assets during the year, so as to affect its going concern.
2) As explained to us, inventories have been physically verified during
the year by the Management. The intervals at which the inventories
have been verified are, in our opinion reasonable in relation to the
size of the Company and the nature of its business.
The procedures explained to us, which are followed by the Management
for physical verification of inventories, are, in our opinion
reasonable and adequate in relation to the size of the Company and the
nature of its business
On the basis of our examination, we are of opinion that, the Company is
maintaining proper records of its inventory. Discrepancies which were
noticed on physical verification of inventory as compared to book
records have been properly dealt with in the books of account.
3) According to the information and explanations given to us, the
Company has not granted any loan, Secured or Unsecured to Companies,
Firms or other parties listed in the register maintained under section
301 and/or from the Companies under the same Management as defined
under section 370 (1B) of the Companies Act, 1956.
According to the information and explanations given to us, the Company
has not taken any loan, Secured or Unsecured to Companies, Firms or
other parties listed in the register maintained under section 301
and/or from the Companies under the same Management as defined under
section 370 (1B) of the Companies Act, 1956.
4) In our opinion and according to the information and explanation
given to us there are adequate Internal Control procedures commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory, fixed assets and with regard to purchase of
inventory, fixed assets and with regard to sale of goods and services.
During the course of our audit, no major weakness in internal control
has come to our notice.
5) On the basis of the audit procedures performed by us, and according
to the information, explanations and representations given to us, we
are of the opinion that, the transactions in which directors were
interested, and which were required to be entered in the register
maintained under Section 301 of the Companied Act, 1956, have been so
entered.
In our opinion and according to the information and explanations given
to us, the transactions made in pursuance of contracts or arrangements
entered in the register maintained under Section 301 of the Companies
Act, 1956 exceeding the value of Rupees five lacs in respect of any
party during the year have been made at prices which are reasonable
having regard to market prices prevailing at that time.
6) In our opinion and according to the information and explanations
given to us the Company has not accepted any deposit from the public
during the year as stated in the provisions of Section 58 A of the
Companies Act, 1956.
7) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8) The provisions of Section 209 (1) (d) of the Companies Act, 1956 are
not applicable to the Company.
9) According to the records of the Company, there were no undisputed
statutory dues including Provident Fund, Employees' State Insurance,
Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other
Statutory dues applicable to it as at 30th June, 2014 for a period of
more than six months from the date they became payable.
10) The Company, neither has accumulated losses at the end of the year
ended nor has incurred cash losses, both, in the financial year under
report and in the immediately preceding financial year.
11) On the basis of the record examine by us and the information and
explanation given to us, the Company has taken loans from the scheduled
bank against proper hypothecation of the property.
12) As explained to us, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares or other
securities.
13) In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute applicable to chit fund and nidhi/mutual benefit
fund, Societies.
14) In our opinion, and according to the information and explanations
given to us, The Company has maintained proper record of the
transaction and contracts of the trading and shares, securities,
debentures and other investments. All the entries with respect to
investments were timely entered in the books of accounts. All
investments at the close of the year are generally held in the name of
the Company except in a few cases where the titles to the investments
are in dispute or are in the process of transfer.
15) According to the information and explanations given to us, and the
representations made by the management, the Company has not given any
guarantee for loan taken by others from bank or financial institutions.
16) According to the information and explanations given to us, the term
loans tekan by the Company have been applied for the purpose for which
they are raised.
17) The Company has not made any preferential allotment of shares to
the parties or Companies covered in the register maintained under
section 301 of the Companies Act, 1956 during the financial year.
18) The Company has not issued any debentures during the year.
19) Based upon the audit procedures performed by us for expressing our
opinion on these financial statements and information and explanations
given by the Management, we report that no fraud on or by the Company
has been noticed or reported during the year.
For M/S. Sudhir M Desai & Co.
Chartered Accountants
Sd/-
Place : Mumbai Sudhir M Desai
Date : 30.08.2014 Proprietor
M. No. 041999
Jun 30, 2013
We have audited the attached Balance Sheet of M/S VISAGAR POLYTEX LTD.
as at 30th June, 2013, Profit & Loss A/c for the year ended on that
date. 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 the Auditing Standards
generally accepted in India. These standards require that, we plan and
perform the audit to obtain reasonable assurance about whether toe
financial statements are fee from any material misstatement. An audit
also includes, examining on a test basis, evidence supporting toe
amounts and disclosures in toe financial statements. An audit also
includes, assessing toe accounting principles used and significant
estimates made by management, as well as evaluating toe overall
presentation of toe financial statements. We believe that our audit
provides a reasonable basis for our opinion.
As required by toe Companies (Auditors'' Report) Order, 2003 issued by
the Central Government of Mia in terms of Section 227 (4A) of toe
Companied Act, 1956, we enclose in toe Annexure statement on toe
matters specified therein. We further report that:
1. We have obtained all toe information and explanations, which to toe
test of our knowledge and belief were necessary for the purpose of our
audit.
2. In our opinion, the Company has maintained proper record as
required by law so far as it appears tom our examination of toe books
of accounts.
3. The Balance Sheet, toe Profit & Loss Account and toe Cash Flow
Statement dealt with by this report are in agreement with toe books of
accounts of toe Company;
4. In our opinion toe Balance Sheet and toe Profit & Loss Account and
toe Cash Flow Statement comply with toe Accounting Standards referred
to in sub-section [3C] of Section 211 of the Companies Act. 1956.
5. On the basis of written representation received tom Director and
taken on record by toe Board of Directors, we report that none of toe
Directors are disqualified tom being appointed as a Director in terms
of Clause (g) of sub section (1) of section 274 of the Companies Act,
1956.
6. In our opinion and according to toe information and explanations
given to us, toe said accounts read together with toe notes thereon,
gives toe information required by toe Companies Act, 1956 and in toe
manner as required and give a true and fair view:
a. In toe rase of toe Balance Sheet of toe state of affairs of toe
Company as on 30th June, 2013;
b. In the case of Profit & Loss Account of toe Profit of toe Company
for the year ended on that toe; and
c. In toe rase of Cash Flow statement, of toe rash few for toe year
ended on that date.
(Statement referred to in our Report of wen date on toe Accounts of M/S
VISAGAR POLYTEX LIMITED for the year ended on 30th toe, 2013.)
1) The Company has maintained proper records showing foil particulars,
including quantitative details and situation of feed Assets.
As explained to us, to feed assets of toe Company are physically
verified by toe management at reasonable intervals, during the year in
accordance with toe regular program which in our opinion is reasonable
having regard to toe size of the Company and toe nature of its assets.
No material discrepancies were noticed on such verification.
The Company has not disposed off any substantial part of its Fixed
Assets during the year, so as to affect its going concern.
2) As explained to us, inventories have teen physically verified during
toe year by toe Management. The intervals at which toe inventories have
teen verified are, in our opinion reasonable in relation to toe size of
the Company and toe nature of its business.
The procedures explained to us, which are followed by toe Management
for physical verification of inventories, are, in our opinion
reasonable and adequate in relation to toe size of the Company and toe
nature of its business On the basis of our examination, we are of
opinion that, the Company is maintaining proper records of its
inventory. Discrepancies which were noticed on physical verification of
inventory as compared to book records have been properly dealt with in
toe books of account.
3) According to toe information and explanations given to us, toe
Company has not granted any loan, Secured or Unsecured to Companies,
Firms or other parties toed in toe register maintained under section
301 and/or tom the Companies under the same Management as defined under
section 370 (IB) of toe Companies Act, 1956. According to toe
information and explanations given to us, the Company has not taken any
loan, Secured or Unsecured to Companies, Firms or other parties toed in
to register maintained under section 301 and/or tom the Companies
under the same Management as defined under section 370 (IB) of toe
Companies Act, 1956.
4) In our opinion and according to toe information and explanation
given to us there are adequate Internal Control procedures commensurate
with the size of the Company and toe nature of its business with regard
to purchase of inventory, feed assets and with regard to purchase of
inventory, feed assets and with regard to sale of goods and services.
During the course of our audit, no major weakness in internal control
has come to our notice.
5) On the basis of toe audit procedures performed by us, and according
to toe information, explanations and representations given to us, we
are of toe opinion that, toe transactions in which directors were
interested, and which were required to be entered in the register
maintained under Section 301 of toe Companied Act, 1956, have teen so
entered.
In our opinion and according to toe information and explanations given
to us, toe transactions made in pursuance of contracts or arrangements
entered in toe register maintained under Section 301 of the Companies
Act, 1956 exceeding toe value of Rupees fee lacs in respect of any
party during the year have teen made at prices which are reasonable
having regard to market prices prevailing at that toe.
6) In our opinion and according to toe information and explanations
given to us toe Company has not accepted any deposit from toe public
during the year as stated in toe provisions of Section 58 A of toe
Companies Act, 1956.
7) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8) The provisions of Section 209 (1) (d) of the Companies Act, 1956 are
not applicable to the Company.
9) According to the records of toe Company, there were no undisputed
statutory dues including Provident Fund, Employees'' State Insurance,
Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other
Statutory dues applicable to it as at 30th toe, 2013 for a period of
more than six months tom toe date they became payable.
10) The Company, neither has accumulated losses at the end of the year
ended nor has incurred cash losses, both, in the financial year under
report and in toe immediately preceding financial year.
11) On the basis of toe record examine by us and toe information and
explanation given to us, the Company has taken loans tom toe scheduled
bank against proper hypothecation of toe property.
12) As explained to us, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares or other
securities.
13) In our opinion and according to toe information and explanations
given to us, toe nature of activities of toe Company does not attract
any special statute applicable to chit fond and nidhi/mutual benefit
fund, Societies.
14) In our opinion, and according to toe information and explanations
given to us, The Company has maintained proper record of toe
transaction and contracts of toe trading and shares, securities,
debentures and other investments. All toe entries with respect to
investments were timely entered in toe books of accounts. All
investments at the close of toe year are generally held in the name of
the Company except in a few cases where the titles to toe investments
are in dispute or are in the process of transfer.
15) According to toe information and explanations given to us, and toe
representations made by toe management, the Company has not given any
guarantee for loan taken by others from bank or financial institutions.
16) According to toe information and explanations given to us, toe term
loans tekan by toe Company have teen applied for toe purpose for which
they are raised.
17) The Company has not made any preferential allotment of shares to
toe parties or Companies covered in toe register maintained under
section Ml of toe Companies Act, 1956 during toe financial year.
18) The Company has not issued any debentures during the year.
19) Based upon toe audit procedures performed by us for expressing our
opinion on these financial statements and information and explanations
given by toe Management, we report that no fraud on or by toe Company
has been noticed or reported during the year.
For M/S. Sudhir M Desai & Co.
Chartered Accountants
Sd/-
Place : Mumbai Sudhir M Desai
Date : 28.08.2013 Proprietor
M. No. 41999
Jun 30, 2010
We have audited the attached Balance Sheet of M/S VISAGAR POLYTEX LTD.
as at 30th June, 2010, Profit &. Loss A/c for the year ended on that
date. These financial statements are the responsibility of the
Companys management Our responsibility is to express an opinion on
these financial statements based on our audit
We conducted our audit in accordance with the Auditing Standards
generally accepted in India. These standards require mat, we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from any 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 presentation of the
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
As required by the Companies (Auditors Report) Order, 2003 issued by
the Central Government of India in terms of Section 227 (4A) of the
Companied Act 1956, we enclose in the Annexure statement on the matters
specified therein. We further report that
1. 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
2. In our opinion, the company has maintained proper record as
required by law so far as it appears from our examination of the books
of accounts.
3. The Balance Sheet, the Profit & Loss Account and the Cash How
Statement dealt wim by this report are in agreement with the books of
accounts of the Company;
4. In our opinion the Balance Sheet and the Profit & Loss Account and
the Cash Flow Statement comply with the Accounting Standards referred
to in sub-section [3C] of Section 211 of the Companies Act 1956.
5. On the basis of written representation received from Director and
taken on record by the Board of Directors, we report that none of the
Directors are disqualified from being appointed as a Director in terms
of Clause (g) of sub section (1) of section 274 of the Companies Act,
1956.
6. In our opinion and according to the information and explanations
given to us, the said accounts read together with the notes thereon,
gives the information required by the Companies Act, 1956 and in the
manner as required and give a true and fair view:
a. In the case of the Balance Sheet of the state of affairs of the
Company as on 30th June, 2010.
b. In the case of Profit & Loss Account of the Profit of the Company
for six months ended on that date.
c. In the case of Cash Flow statement, of the cash flow for the six
months ended on that date.
ANNEXUBE TO THE AUDITORS REPORT
(Statement referred to in paragraph 2 of our Report of even date on the
Accounts of KVS VISAGAR POLYTEX LIMITED for the year ended on 30th
June, 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 of the Company are physically
verified by the management at reasonable intervals, during the year in
accordance with the regular program which in our opinion is reasonable
having regard to the size of the Company and the nature of its assets.
No material discrepancies were noticed on such verification.
The Company has not disposed off any substantial part of its Fixed
Assets during the year, so as to affect its going concern;
2) As explained to us, inventories have been physically verified during
the year by the Management The intervals at which the inventories have
been verified are, in our opinion reasonable to the relation to the
size of the Company and the nature of its business.
The procedures explained to us, which are followed by the Management
for physical verification of inventories, are, in our opinion
reasonable and adequate in relation to the size of the Company and the
nature of its business
On fee basis of our examination, we are of opinion that, the company is
maintaining proper records of its inventory. Discrepancies which were
noticed on physical verification of inventory as compared to book
records have bean properly dealt with in the books of account
3) According to the information and explanations given to us, the
Company has not granted any loan, Secured or Unsecured to Companies,
Firms or other parties listed in the register maintained under section
301 and/or from the Companies under the same Management as defined
under section 370 (1B) of the Companies Act, 1956.
According to the information and explanations given to us, the Company
has not taken any loan. Secured or Unsecured to Companies, Firms or
other parties listed in the register maintained under section 301
and/or from the companies under the same Managements 1956.
4) In our opinion and according to the information and explanation
given to us there are adequate Internal Control procedures commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory, fixed assets and with regard to purchase of
inventory, fixed assets and with regard to sale of goods and services.
During the course of our audit; no major weakness in internal control
has come to our notice.
5) On the basis of the audit procedures performed by us, and according
to the information, explanations and representations given to us, we
are of the opinion that, the transactions in which directors were
interested, and which were required to be entered in the register
maintained under Section 301 of the Companies Act, 1956, have been so
entered.
In our opinion and according to the information and explanations given
to us, the transactions made in pursuance of contracts or arrangements
entered in the register maintained under Section 301 of the Companies
Act; 1956 exceeding the value of Rupees five lacs in respect of any
party during the year have been made at prices which are reasonable
having regard to market prices prevailing at that time.
6) In our opinion and according to the information and explanations
given to us the Company has not accepted any deposit 60m the public
during the year as stated in the provisions of Section 58 A of the
Companies Act, 1956.
7) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8) The provisions of Section 209 (1)(d) of the Companies Act, 1956 are
not applicable to the Company.
9) According to the records of the Company, there were no undisputed
statutory dues including Provident Fund, Employees State Insurance,
Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other
Statutory dues applicable to it as at 30th June, 2010 for a period of
more than six months from the date they became payable
10) The Company, neither has accumulated losses at the end of the year
ended nor has incurred cash losses, both, in the financial year under
report and in the immediately/preceding financial year.
11) On the basis of the record examine by us and the information and
explanation given to us, the company has taken loans from the scheduled
bank against proper hypothecation of the property.
12) As explained to us, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares or other
securities.
13) In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute applicable to chit fund and nidhi/mutual benefit
fund, Societies.
14) In our opinion, and according to the information and explanations
given to us, The Company has maintained proper record of the
transaction and contracts of the trading and shares, securities,
debentures and other investments. All the entries with respect to
investments were timely entered in the books of accounts. All
investments at the close of the year are generally held in the name of
the Company except in a few cases where the titles to the investments
are in dispute or are in the process of transfer.
15) According to the information and explanations given to us, and the
representations made by the management, the Company has not given any
guarantee for loan taken by others from bank or financial institutions.
16) According to the information and explanations given to us, the
company has not taken any term loan, during the Financial year.
17) The Company has issued 560,000 shares of Re. 1/- each by
preferential allotment of shares to the parties or Companies covered in
the register maintained under section 301 of the Companies Act, 1956
during the Financial year.
18) The Company has not issued any debentures during the year.
19) Based upon the audit procedures performed by us for expressing and
information and explanations given by the Management, we report that no
fraud on or by the Company has been noticed or reported during the
year.
For M/S. Sudhir M Desai & Co.
Chartered Accountants
Sd/-
Sudhir M Desai
Proprietor
Place: Mumbai M No. 41999
Date : 31.10.2010
Jun 30, 2009
We have audited the attached Balance Sheet of M/S VISAGAR POLYTEX LTD.
as at 30th June, 2009, Profit & Loss A/c for the year ended on that
date. These financial statements are the responsibility of the
Companys management Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with the Auditing Standards
generally accepted in India. These standards require that, we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from any 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 presentation of the
financial statements. We believe that our audit provides a reasonable
basis for our opinion.
As required by the Companies (Auditors Report) Order, 2003 issued by
the Central Government of India in terms of Section 227 (4A) of the
Companied Act, 1956, we enclose in the Annexure statement on the
matters specified therein. We further report that:
1. 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
2. In our opinion, the company has maintained proper record as
required by law so far as it appears from our examination of the books
of accounts.
3. The Balance Sheet the Profit & Loss Account and the Cash How
Statement dealt with by this report are in agreement with the books of
accounts of the Company;
4. In our opinion the Balance Sheet and the Profit & Loss Account and
the Cash Flow Statement comply with the Accounting Standards referred
to in sub-section [3C] of Section 211 of the Companies Act. 1956.
5. On the basis of written representation received from Director and
taken on record by the Board of Directors, we report that none of the
Directors are disqualified from being appointed as a Director in terms
of Clause (g) of sub section (1) of section 274 of the Companies Act,
1956.
6. In our opinion and according to the information and explanations
given to us, the said accounts read together with the notes thereon,
gives the information required by the Companies Act, 1956 and in the
manner as required and give a true and fair view:
a. In the case of die Balance Sheet of the state of affairs of the
Company as on 30* June, 2009.
b. In the case of Profit & Loss Account of the Profit of the Company
for six months ended on that date.
c. In the case of Cash Flow statement, of the cash flow for the six
months ended on that date.
ANNEXURE TO THE AUDITORS REPORT
(Statement referred to in paragraph 2 of our Report of even date on the
Accounts of M/S VISAGAR POLYTEX LIMITED for the year ended on 30th
June, 2009.)
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 of the Company are physically
verified by the management at reasonable intervals, during the year in
accordance with the regular program which in our opinion is reasonable
having regard to the size of the Company and the nature of its assets.
No material discrepancies were noticed on such verification.
The Company has not disposed off any substantial part of its Fixed
Assets during the year, so as to affect its going concern;
2) As explained to us, inventories have been physically verified during
the year by the Management The intervals at which the inventories have
been verified are, in our opinion reasonable in relation to the size of
the Company and the nature of its business.
The procedures explained to us, which are followed by the Management
for physical verification of inventories, are, in our opinion
reasonable and adequate in relation to the size of the Company and the
nature of its business
On the basis of our examination, we are of opinion that, the company is
maintaining proper records of its inventory. Discrepancies which were
noticed on physical verification of inventory as compared to book
records have been properly dealt with in the books of account.
3) According to the information and explanations given to us, the
Company has not granted any loan, Secured or Unsecured to Companies,
Firms or other parties listed in the register maintained Under section
301 and/or from the Companies under the same Management as defined
under section 370 (1B) of the Companies Act, 1956.
According to the information and explanations given to us, the Company
has not taken any loan, Secured or Unsecured to Companies, Firms or
other parties listed in the register maintained under section 301
and/or from the Companies under the same Management as defined under
section 370 (1B) of the Companies Act, 1956.
4) In our opinion and according to the information and explanation
given to us there are adequate Internal Control procedures commensurate
with the size of the Company and the nature of its business with regard
to purchase of inventory, fixed assets and with regard to purchase of
inventory, fixed assets and with regard to sale of goods and services.
During the course of our audit, no major weakness in internal control
has come to our notice.
5) On the basis of the audit procedures performed by us, and according
to the information, explanations and representations given to us, we
are of the opinion that, the transactions in which directors were
interested, and which were required to be entered in the register
maintained under Section 301 of the Companied Act, 1956, have been so
entered.
In our opinion and according to the information and explanations given
to us, the transactions made in pursuance of contracts or arrangements
entered in the register maintained under Section 301 of the Companies
Act, 1956 exceeding the value of Rupees five lacs in respect of any
party during the year have been made at prices which are reasonable
having regard to market prices prevailing at that time.
6) In our opinion and according to the information and explanations
given to us the Company has not accepted any deposit from the public
during the year as stated in the provisions of Section 58 A of the
Companies Act, 1956.
7) In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
8) The provisions of Section 209 (1) (d) of the Companies Act, 1956 are
not applicable to the Company.
9) According to the records of the Company, there were no undisputed
statutory dues including Provident Fund, Employees State Insurance,
Income Tax, Sales Tax, Wealth Tax, Custom Duty, Cess and other
Statutory dues applicable to it as at 30th June, 2009 for a period of
more than six months from the date they became payable.
10) The Company, neither has accumulated losses at the end of the year
ended nor has incurred cash losses, both, in the financial year under
report and in the immediately preceding financial year.
11) On the basis of the record examine by us and the information and
explanation given to us, the company has taken loans from the scheduled
bank against proper hypothecation of the property.
12) As explained to us, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares or other
securities.
13) In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute applicable to chit fund and nidhi/mutual benefit
fund, Societies.
14) In our opinion, and according to the information and explanations
given to us, The Company has maintained proper record of the
transaction and contracts of the trading and shares, securities,
debentures and other investments. All the entries with respect to
investments were timely entered in the books of accounts. All
investments at the close of the year are generally held in the name of
the Company except in a few cases where the titles to the investments
are in dispute or are in the process of transfer.
15) According to the information and explanations given to us, and the
representations made by the management, the Company has not given any
guarantee for loan taken by others from bank or financial institutions.
16) According to the information and explanations given to us, the
company has not taken any term loan, during the Financial year.
17) The Company has not made any preferential allotment of shares to
the parties or Companies covered in the register maintained under
section 301 of the Companies Act, 1956.
18) The Company has not issued any debentures during the year.
19) Based upon the audit procedures performed by us for expressing our
opinion on these financial statements and information and explanations
given by the Management, we report that no fraud on or by the Company
has been noticed or reported during the year.
For M/S. Sudhir M Desai & Co.
Chartered Accountants
Sd/-
Sudhir M Desai
Proprietor
Place : Mumbai M. No. 41999
Date: 31.10.2009