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Arora Fibres Ltd.

BSE: 521174 Sector: Industrials
NSE: N.A. ISIN Code: INE487D01023
BSE LIVE 15:15 | 21 Mar Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 9.71
PREVIOUS CLOSE 10.22
VOLUME 20
52-Week high 11.84
52-Week low 8.60
P/E
Mkt Cap.(Rs cr) 9.76
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.71
Sell Qty 69.00
OPEN 9.71
CLOSE 10.22
VOLUME 20
52-Week high 11.84
52-Week low 8.60
P/E
Mkt Cap.(Rs cr) 9.76
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.71
Sell Qty 69.00

Arora Fibres Ltd. (ARORAFIBRES) - Auditors Report

Company auditors report

TO THE MEMBERS OF ARORA FIBRES LIMITED

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of ARORA FIBRESLIMITED (“the Company”) which comprise the Balance Sheet as at 31st March 2015 the Statement 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 Standalone Financial Statements

2. 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 standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder.

4. 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.

5. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers 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 the 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.

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

Opinion

7. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2015 and its profit and its cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

8. As required by the Companies (Auditor's Report) Order 2015 ('the Order') issued bythe Central Government of India in exercise of powers conferred by sub-section 11 ofsection 143 of the Act we enclose in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order.

9. 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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (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:

a. The Company does not have any pending litigations which would impact its financialposition

b. The Company does not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

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

For Vinay Gudi & Associates

Chartered Accountants

Firm's Registration No. 129032W

CA. Vinay Gudi

Proprietor Membership No. 129349

Place of Signature: Mumbai

Date: 27th May 2015

Annexure to the Independent Auditors’ Report

(Refered to in paragraph 8 under “Report on other Legal and RegulatoryRequirements' section of our report of even date on the accounts of ARORA FIBRES Limited(“the company”) for the year ended 31st March 2015

(i) (a) the company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets;

(b) The fixed assets are being physically verified by the management under a phasedprogramme of verification which in our opinion is reasonable having regard to the natureand value of its assets. However no material discrepancies were noticed on suchverification.

(ii) (a) The stock of inventory has been physically verified by the Management atreasonable intervals.

(b) In our opinion and according to the information and explanations given to us theprocedure for physical verification of inventory followed by the Management is reasonableand adequate in relation to the size of the Company and nature of its business

(c) On the basis of our examination of the inventory records in our opinion thecompany is maintaining proper records of Inventory. The discrepancies noticed on physicalverification were not material and have been properly dealt with in the accounts.

(iii) The company has not granted loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Act2013.

(iv) In our opinion and according to information and explanation given to us there isan adequate internal control system commensurate with the size of the company & natureof its business with regards to fixed assets and for sale of goods. Further on the basisof our examination of the books and records of the Company and according to theinformation and explanations given to us we have neither come across nor have beeninformed of any continuing failure to correct major weaknesses in the aforesaid internalcontrol system.

(v) the company has not accepted deposits within the meaning of the provisions ofsections 73 to 76 or any other relevant provisions of the Companies Act and the rulesframed there under.

(vi) The Central Government has not prescribed the maintenance of cost records undersub-section (1) of section 148 of the Companies Act for any of the services rendered bythe Company.

(vii) (a) According to the information and explanations given to us and the records ofthe Company examined by us in our opinion no undisputed amounts payable in respect ofprovident fund investor education and protection fund employees' state insurance incometax sales tax wealth tax service tax customs duty excise duty cess and othermaterial statutory dues were in arrears as at 31st March 2015 for a period of more thansix month from the date they became payable.

(b) According to the information and explanations given to us and the records of theCompany examined by us in our opinion there are no disputed amounts payable in respect ofprovident fund investor education and protection fund employees' state insurance incometax sales tax wealth tax service tax customs duty excise duty cess and othermaterial statutory dues as applicable with the appropriate authorities.

(c) According to the information and explanations given to us and the records of theCompany examined by us there were no amounts which were required to be transferred to theInvestor Education and Protection Fund in accordance with the relevant provisions of theCompanies Act 1956 (1 of 1956) and rules made there under.

(viii) In our opinion the accumulated losses as at the end of the financial year arenot more than fifty percent of its net worth and it has not incurred cash loss in thefinancial year ended on that date. The company has not incurred cash loss in theimmediately preceding financial year.

(ix) According to the records of the Company examined by us and the information andexplanations given to us the Company has not defaulted in repayment of dues to anyfinancial institution or bank or debenture holders during the year.

(x) According to the records of the Company examined by us and the information andexplanations given to us the company has not given any guarantee for loans taken byothers from bank or financial institutions.

(xi) In our opinion and according to the information and explanations given to us onan overall basis the term loans have been applied for the purposes for which they wereobtained.

(xii) According to the information and explanations given to us we have neithernoticed any instance of fraud on or by the Company noticed or reported during the yearnor was any such instance reported by the Management during the year

For Vinay Gudi & Associates

Chartered Accountants

Firm's Registration No. 129032W

CA. Vinay Gudi

Proprietor

Membership No. 129349

Place of Signature: Mumbai

Date: 27th May 2015

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