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Anshus Clothing Ltd.

BSE: 534707 Sector: Industrials
NSE: N.A. ISIN Code: INE636N01016
BSE LIVE 13:17 | 17 Nov 1.52 0.02
(1.33%)
OPEN

1.57

HIGH

1.57

LOW

1.52

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.57
PREVIOUS CLOSE 1.50
VOLUME 6015
52-Week high 3.17
52-Week low 1.07
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.52
Buy Qty 406.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.57
CLOSE 1.50
VOLUME 6015
52-Week high 3.17
52-Week low 1.07
P/E
Mkt Cap.(Rs cr) 2
Buy Price 1.52
Buy Qty 406.00
Sell Price 0.00
Sell Qty 0.00

Anshus Clothing Ltd. (ANSHUSCLOTHING) - Auditors Report

Company auditors report

To the Members of Anshu's Clothing Limited

Report on the Financial Statements:

We have audited the accompanying financial statements of M/s. Anshu's ClothingLimited ("the Company") which comprise the Balance Sheet as at 31st March2017 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements:

The Company's Board of Directors are 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 Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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 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 a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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.

Basis of Qualified Opinion:-

Attention is drawn to:

A) In respect of balances of receivables and payables confirmation and reconciliationis not received by us and hence unsecured and doubtful. The impact is uncertain andcannot be commented by us. For receivables considered doubtful and no provision has beencreated in the books of accounts.

B) Valuation and verification of inventories is as taken valued and certified by themanagement the impact of any variation on the statement of Profit and Loss and state ofaffairs not being ascertained.

Qualified 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 subject to our observations and notes:

(i) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2017; and

(ii) In the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date.

(iii) In case of Cash Flow Statement of the Cash Flows of the Company for the yearended on that date.

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 in paragraphs 3 and4 of the Order.

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

a) Except as stated in under the head "Basis of Qualified Report" We haveobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose 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 Statement of Profit and Loss and the Cash Flow Statement dealtwith 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 written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors aredisqualified as on 31st March 2017 from being appointed as a director in terms of Section164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A".

g) 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 does not have any pending litigations as on 31st March 2017which would impact its financial position.

ii. The Company did not have any long-term contracts including derivative contracts asat 31st March 2017.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company during the year ended 31st Mach2017.

iv. The Company has provided requisite disclosures in the financial statements asregards its holding and dealings in Specified Bank Notes as defined in the NotificationS.O. 3407(E) dated November 8 2016 of the Ministry of Finance during the period fromNovember 8 2016 to December 30 2016. Based on audit procedures performed and therepresentations provided to us by the management we report that the disclosures are inaccordance with the books of account maintained by the Company and as produced to us bythe management.

For S Kansal & Associates
Chartered Accountants
(Firm Regn. No. 134937W)
Sachin Kansal
Place : Ahmedabad (Proprietor)
Date : 23rd May 2017 Membership No. 137191

Annexure referred to in paragraph ‘Report on Other Legal and RegulatoryRequirements' of our report of even date

Re: Anshu's Clothing Limited (the Company)

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

(b) The fixed assets of the Company have not been physically verified by the Managementduring the year. Accordingly the discrepancies if any could not be ascertained andtherefore we are unable to comment on whether the discrepancies if any have beenproperly dealt with in the books of account.

(c) The title deeds of immovable properties as disclosed in note 11 on fixed assets tothe financial statements are held in the name of the Company.

(ii) No physical verification of inventory has been conducted by the Managementduring the year.

(iii) According to the information and explanations given to us the Company hasnot granted any loans secured or unsecured to companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under Section189 of theCompanies Act 2013. Accordingly the provisions of clause 3(iii) (a) to (c) of the Orderare not applicable to the Company and hence not commented upon.

(iv) In our opinion and according to the information and explanations given to usthere are no loans investments guarantees and securities granted in respect of whichprovisions of Section 185 and 186 of the Companies Act 2013 are applicable and hence notcommented upon.

(v) The Company has not accepted any deposits from the public.

(vi) The Central Government of India has not specified the maintenance of costrecords under sub-section (1) of Section 148 of the Act for any of the products of theCompany.

(vii) (a) According to the records of the Company the company is not regular indepositing amount payable on account of undisputed statutory dues including providentfund sales tax and other statutory dues with appropriate authorities.

(b) According to the information and explanations given to us undisputed dues inrespect of provident fund value added tax professional tax which were outstanding atthe year end for a period of more than six months from the date they became payable areof Rs. 11.60 lacs.

(c) According to the information and explanations given to us there are no dues ofincome tax sales-tax wealth tax service tax customs duty excise duty value added taxand cess which have not been deposited on account of any dispute.

(viii) According to the records of the Company examined by us and the informationand explanations given to us except for loans or borrowings from Bank of Baroda and otherNBFCs for the period from 1st April 2016 to 31st March 2017aggregating Rs. 632.41 lacs. The company does not have provisions of interest payable tobank/NBFC amounting to Rs. 115.51 lacs approx in view of default.

(ix) Based on our audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to the information andexplanations given by the management we report that the Company has not raised any moneyby way of initial public offer or further public offer (including debt instruments).

(x) Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to the information andexplanations given by the management we report that no fraud on or by the officers andemployees of the Company has been noticed or reported during the year.

(xi) Based on our audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to the information andexplanations given by the management we report that the managerial remuneration has beenpaid / provided as per the provisions of Section197 read with Schedule V to the CompaniesAct 2013.

(xii) In our opinion the Company is not a Nidhi company. Therefore the provisionsof clause 3(xii) of the Order are not applicable to the Company and hence not commentedupon.

(xiii)Based on our audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to the information andexplanations given by the management we report that transactions with related parties arein compliance with the provisions of Section 177 & 188 of the Companies Act 2013wherever applicable. However all the transactions with related parties have beendisclosed in the Financial Statements as required by applicable accounting standards. (xiv)Accordingto the information and explanations given to us and on an overall examination of thebalance sheet the Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review and hencenot commented upon.

(xv) Based on our audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and according to the information andexplanations given by the management the Company has not entered into any non-cashtransactions with directors or persons connected with him.

(xvi)According to the information and explanations given to us the provisions ofSection 45IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

For S Kansal & Associates
Chartered Accountants
(Firm Regn. No. 134937W)
Sachin Kansal
Place : Ahmedabad (Proprietor)
Date : 23rd May 2017 Membership No. 137191

ANNEXURE ‘A' TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIALSTATEMENTS OF ANSHU'S CLOTHING LIMTED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

To the Members of ANSHU'S CLOTHING Limited we have audited the internal financialcontrols over financial reporting of Anshu's Clothing Limited ("the Company") asof March 31 2017 in conjunction with our audit of the financial statements of the Companyfor the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's Management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing as specified under Section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the internal financial control system overfinancial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorizations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of theCompany'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 financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 312017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For S Kansal & Associates
Chartered Accountants
(Firm Regn. No. 134937W)
Sachin Kansal
Place : Ahmedabad (Proprietor)
Date : 23rd May 2017 Membership No. 137191