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Arex Industries Ltd.

BSE: 526851 Sector: Industrials
NSE: N.A. ISIN Code: INE480H01011
BSE LIVE 13:21 | 02 Dec 77.50 3.60
(4.87%)
OPEN

77.50

HIGH

77.50

LOW

77.50

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 77.50
PREVIOUS CLOSE 73.90
VOLUME 60
52-Week high 99.70
52-Week low 43.00
P/E 9.25
Mkt Cap.(Rs cr) 30.69
Buy Price 77.50
Buy Qty 440.00
Sell Price 0.00
Sell Qty 0.00
OPEN 77.50
CLOSE 73.90
VOLUME 60
52-Week high 99.70
52-Week low 43.00
P/E 9.25
Mkt Cap.(Rs cr) 30.69
Buy Price 77.50
Buy Qty 440.00
Sell Price 0.00
Sell Qty 0.00

Arex Industries Ltd. (AREXINDS) - Auditors Report

Company auditors report

To the Members of Arex Industries Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Arex Industries Limited("the Company") which comprise the Balance Sheet as at 31st March2015 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 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. 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 accountingsrecords 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 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 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 (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of subsection (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

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 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 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 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 financialposition by way of Note 25 to the financial statements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich 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. C.R. SHAREDALAL & CO.
CHARTERED ACCOUNTANTS
(Registration No.109943W)
(J.K. Patel)
PLACE : CHHATRAL PARTNER
DATE : 19-05-2015 Membership No.047136

Annexure to Independent Auditors’ Report

[Referred to in Paragraph 1 under the heading of "Report on Other Legal andRegulatory Requirements" of our report of even date]

1. (a) The company has maintained proper records showing full particularsincludingquantitative details and situation of fixed assets. (b) As explained to usphysical verification of Fixed Assets was conducted by the management during the year. Inour opinion frequency of physical verification is reasonable having regard to the size ofthe operation of the company. According to the information and explanation given to us nomaterial discrepancies were noticed on such verification.

2. (a) As explained to us during the year the management has conducted physicalverification of inventories at regular intervals the frequency of which in our opinionare reasonable and adequate in relation to the size of the Company and nature of itsbusiness. (b) The procedures for the physical verification of inventories followed bymanagement are reasonable and adequate in relation to the size of the Company and thenature of its business.

(c) In our opinion the Company has maintained proper records in respect ofinventories. We have been explained that no material discrepancies were noticed onphysical verification of inventories when compared with their book balance.

3. During the year under review the company has not granted any loans secured orunsecured to companies firms or other parties covered in the register maintained undersection 189 of the Companies Act 2013. Consequently requirements of clause (iii) (a) and(iii) (b) of paragraph 3 of the order are not applicable.

4. In our opinion and according to the information and explanations given to us thereare adequate internal control systems commensurate with the size of the company and natureof its business for the purchase of inventory and fixed assets and for the sale of goodsand services. In our opinion and according to the information and explanations given tous there is no continuing failure to correct major weaknesses in internal controlsystems.

5. The company has not accepted any deposits from the public.

6. According to the information and explanation given to us the maintenance of costrecords has not been prescribed under sub-section (1) of Section 148 of the Companies Act2013.

7. (a) According to the information and explanations given to us and on the basis ofour examination of the books of account the company has been generally regular indepositing undisputed statutory dues including Provident Fund Employees’ StateInsurance Income-tax Value Added Tax Wealth Tax Custom duty Excise duty Service TaxCess and any other dues whichever is applicable during the year with the appropriateauthorities and no undisputed dues payable in respect of outstanding statutory dues werein arrears as at 31st March 2015 for a period of more than six months from thedate they became payable.

(b) According to the information and explanations given to us as at 31stMarch 2015 there are no amounts in respect of sales tax/ income tax/ custom duty/ wealthtax/ excise duty/ service tax/ cess that have not been deposited with the appropriateauthorities on account of any dispute except as stated below.

Nature of the Statute Nature of the Dues Amount Period to which amount relates Forum where dispute is pending
Income tax Act Income tax 511670 Assessment year 2012-13 CIT(Appeals)
Income tax Act Income tax 1351672 Assessment year 1996-97 High Court of Gujarat

(c) According to the information and explanations given to us and on the basis of ourexamination of the books of account the amount required to be transferred to the InvestorEducation and Protection Fund has been transferred to such fund by the Company withintime.

8. The company does not have any accumulated losses at the end of the financial year.The company has not incurred cash losses in the current as well as in the immediatelypreceding financial year.

9. The company has not defaulted in repayment of dues to financial institution/banks.

10. In our opinion and according to the information and explanation given to us thecompany has not given any guarantee for loan taken by others from banks and financialinstitutions.

11. In our opinion the term loans disbursed by bank during the year have been appliedfor the purpose for which they have been obtained. 12. According to the information andexplanations given to us no fraud on or by the Company has been noticed or reportedduring the year.

For C.R. SHAREDALAL & CO.
CHARTERED ACCOUNTANTS
(Registration No.109943W)
(J.K. Patel)
PLACE : CHHATRAL PARTNER
DATE : 19-05-2015 Membership No.047136

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