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Adinath Textiles Ltd.

BSE: 514113 Sector: Industrials
NSE: N.A. ISIN Code: INE207C01019
BSE LIVE 11:49 | 09 Dec 4.05 0
(0.00%)
OPEN

4.05

HIGH

4.05

LOW

4.05

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 4.05
PREVIOUS CLOSE 4.05
VOLUME 4150
52-Week high 4.05
52-Week low 1.23
P/E 21.32
Mkt Cap.(Rs cr) 2.76
Buy Price 4.05
Buy Qty 6450.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.05
CLOSE 4.05
VOLUME 4150
52-Week high 4.05
52-Week low 1.23
P/E 21.32
Mkt Cap.(Rs cr) 2.76
Buy Price 4.05
Buy Qty 6450.00
Sell Price 0.00
Sell Qty 0.00

Adinath Textiles Ltd. (ADINATHTEXTILES) - Auditors Report

Company auditors report

To

The Members

ADINATH TEXTILES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of ADINATH TEXTILES LIMITED("the Company") which comprise the Balance Sheet as at 31st March 2015 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the rules made there under. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error.

In making those risk assessments the auditor considers internal financial controlrelevant to the Company’s preparation of the financial statements that give a trueand fair view in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on whether the Company hasin place an adequate internal financial controls system over financial reporting and theoperating effectiveness of such controls. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company’s Directors as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2015 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Audit Report) Order 2015 ("the order")issued by central government of India in terms of sub-section (11) of section 143 of theCompanies act 2013 we give in Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of the written representations received from the directors as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164(2) of the Act.

f) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialstatements as referred to in Note No. 27 to the financial statements.

ii. The Company did not have any long-term contracts including derivative contracts onwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the investorEducation and Protection Fund by the Company.

For DASS KHANNA & Co.
Chartered Accountants
Firm’s Reg. No. 000402N
Place : Ludhiana CA RAKESH SONI
Date : 28-05- 2015 Partner
Membership No. 083142

Annexure to the Auditors’ Report

The Annexure referred to in our report to the members of Adinath Textiles Limited(‘the Company’) for the year ended 31 March 2015.

We report that:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets.

(ii) (a) The inventory has been physically verified during the year by the management.In our opinion the frequency of verification is reasonable.

(b) The procedure of physical verification of inventories followed by the managementare reasonable & adequate in relation to the size of the company & the nature ofbusiness.

(c) The Company is maintaining proper records of inventory. The discrepancies noticedon verification between the physical stocks & the book records were not material.

(iii) (a) According to the information and explanations given to us and on the basis ofour examination of the books of account the Company has not granted any loans secured orunsecured to companies firms or other parties listed in the register maintained underSection 189 of the Companies Act 2013. Consequently the provisions of clauses iii (b)and iii (c) of paragraph 3 of the order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business with regard to purchase of fixed assets and sale of services.The activities of the Company do not involve purchase of inventory and the sale of goods.We have not observed any major weakness in the internal control system during the courseof the audit.

(v) In our opinion and according to the information and explanations given to us thecompany has not accepted deposit with the provisions of sections 73 to 76 or any otherrelevant provisions of the Act. No order has been passed by the Company Law Board orNational Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal.Therefore the provisions of clause (v) paragraph 3 of the Companies (Auditor’sReport) Order 2015 are not applicable to the company.

(vi) As per information & explanation given by the management maintenance of costrecords is not required to be maintained as required as per Rule 3 of Companies (CostRecords and Audit) Amendment Rules 2014.

(vii) (a) According to the information and explanations given to us followingare the undisputed amounts payable in respect of Statutory dues including Provident FundSales-tax are in arrears as at 31 March 2015 for a period of more than six months fromthe date they became payable.

Nature of Dues Amount in (Rs.)
Sales Tax 2277956
Entry Tax 237798
Interest on PF/ESI/ Sales Tax 1847720

(b) According to the information and explanations given to us the disputed statutorydues aggregating to Rs. 1500000/- that have not been deposited on account of matterspending before the appellate authorities in respect of custom duty and excise duty are asfollows.

Sr. No. Forum where dispute is pending Nature of Dues Disputed Amount (Rs.)
1. Commissioner Central Excise & Customs Chandigarh Penalty 1000000**

** Note: However Rs. 500000/- has been deposited under protest.

(c) According to the information and explanations given to us there were no amountswhich were required to be transferred to the Investor Education and Protection Fund by theCompany in accordance with the relevant provisions of the Companies Act 1956 (1 of 1956)and rules made there under.

(viii) In our opinion and according to the information and explanations given to usthe Company does not have accumulated losses at the end of the financial year and have notincurred cash losses in the financial year and in the immediately preceding financialyear.

(ix) Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto a financial institution bank or debenture holders.

(x) Based on our examination of documents and records and according to the informationand explanations given to us the Company has not granted any loans and advances on thebasis of security by way of pledge of shares debentures and other securities.

(xi) The Company did not have any term loans outstanding during the year.

(xii) According to the information and explanations given to us no material fraud onor by the company has been noticed or reported during the course of our audit.

For DASS KHANNA & Co.
Chartered Accountants
Firm’s Reg. No. 000402N
Place : Ludhiana CA RAKESH SONI
Date : 28-05- 2015 Partner
Membership No. 083142

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