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Alstone Textiles (India) Ltd.

BSE: 539277 Sector: Others
NSE: N.A. ISIN Code: INE184S01016
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Alstone Textiles (India) Ltd. (ALSTONETEXTILES) - Auditors Report

Company auditors report

TO THE MEMBERS OF ALSTONE TEXTILES (INDIA) LIMITED

(Formerly Known as Shalini Holdings Limited)

Report on the Financial Statements

We have audited the accompanying financial statements of ALSTONE TEXTILES (INDIA)LIMITED (Formerly Known as Shalini Holdings Limited) which comprise the Balance Sheetas at 31 March 2016 and the Statement of Profit and Loss for the year then ended and CashFlow Statement for the year ended and a summary of significant accounting policies andother 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 with respect to the preparation and presentation 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. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the 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 financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting 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 thereunder.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by 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 –

(i) In the case of Balance Sheet of the State of Affairs of the Company as at 31thMarch 2016.

(ii) In the case of Profit and Loss Account of the Profit of Rs. 1748084/-for theyear ended on that date and

(iii) In case of Cash Flow Statements on the Cash Flow for the year ended on thatdate.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the 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 and the Statement of Profit and Loss dealt with by this Report arein 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 written representations received from the directors as on 31 March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2016 from being appointed as a director in terms of Section 164(2) of theAct.

f) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:

i. The Company has no pending litigations on its financial position in its financialstatements.

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company

For SANJEEV GAURAV & ASSOCIATES

(Chartered Accountants)

Firm Registration No. : 017483C

CA Gaurav Agarwal

Partner

(Membership No.: 415745)

Place: New Delhi

Date: 19.05.2016

Annexure A

The annexure a referred to in paragraph 1 of the our Report of Even date to the membersof ALSTONE TEXTILES (INDIA) LIMITED on the Accounts of the Company for the year ended 31stMarch 2016

(i) Fixed Assets

There is no Fixed Assets in the company during the financial year

(ii) Inventories

In our opinion and explanation given to us company has regularly verified its inventoryat reasonable intervals by the management and there is no material discrepancies werenoticed.

(iii) Secured or unsecured Loans

The company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013. So Further provisions of clause do not apply.

(iv) The company has complied with the provision of section 185 & 186 in respect ofloans investments guarantees and security.

(v) In our opinion and according to the Information & Explanation given to us TheCompany has not accepted deposits under the provisions of sections 73 to 76 are notapplicable or any other relevant provisions of the Companies Act 2013 and the rulesframed there under.

(vi) We have been informed that the maintenance of cost records has not been prescribedby the Central Government under sub-section (1) of section 148 of the Companies Act 2013.

(vii) The company is regular in depositing undisputed statutory dues includingprovident fund employees' state insurance income-tax sales-tax service tax duty ofcustoms duty of excise value added tax cess and any other statutory dues to theappropriate authorities.

(viii) Since the company has not taken any loan or borrowing from a financialinstitution bank Government or dues to debenture holders hence the default in repaymentof dues to banks financial institutions and Government does not arise.

(ix) In our opinion and according to the Information & Explanation given to us thecompany has not raised moneys by way of initial public offer or further public offer(including debt instruments) and term loans so the clause is not applicable for thecompany.

(x) Based on the procedure performed and the information and explanation given to uswe report that no fraud on or by the company has been noticed or reported during the yearnor we have been informed of such cases by the management.

(xi) In our opinion and according to the information and Explanation given to uscompany has pays or provides managerial remuneration in accordance with the requisiteapproval mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.

(xii) The company is not a Nidhi company hence the provision related to the the NidhiCompany is not applicable.

(xiii) In our opinion and according to the information and Explanation given to uscompany has complied the provision of related party transaction refer in sections 177 and188 of Companies Act 2013 and the detail have been disclosed in the financial statementas required by the applicable Accounting Standard.

(xiv) The company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.

(xv) The company has not entered into any non-cash transactions with directors orpersons connected with him.

(xvi) The company is not an NBFC hence the company is not to be registered undersection 45-IA of the Reserve Bank of India Act 1934.

For SANJEEV GAURAV & ASSOCIATES

(Chartered Accountants)

Firm Registration No. : 017483C

CA Gaurav Agarwal

Partner

(Membership No.: 415745)

Place: New Delhi

Date: 19.05.2016

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