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Arrow Textiles Ltd.

BSE: 533068 Sector: Industrials
NSE: ARROWTEX ISIN Code: INE933J01015
BSE LIVE 15:40 | 08 Dec 42.15 -0.30
(-0.71%)
OPEN

43.00

HIGH

43.60

LOW

41.90

NSE LIVE 15:31 | 08 Dec 42.20 -0.20
(-0.47%)
OPEN

43.15

HIGH

43.85

LOW

42.00

OPEN 43.00
PREVIOUS CLOSE 42.45
VOLUME 4981
52-Week high 59.70
52-Week low 26.40
P/E 18.90
Mkt Cap.(Rs cr) 80.25
Buy Price 0.00
Buy Qty 0.00
Sell Price 42.15
Sell Qty 8.00
OPEN 43.00
CLOSE 42.45
VOLUME 4981
52-Week high 59.70
52-Week low 26.40
P/E 18.90
Mkt Cap.(Rs cr) 80.25
Buy Price 0.00
Buy Qty 0.00
Sell Price 42.15
Sell Qty 8.00

Arrow Textiles Ltd. (ARROWTEX) - Auditors Report

Company auditors report

To the Members of Arrow Textiles Limited Report on the Financial Statements

We have audited the accompanying financial statements of Arrow Textiles Limited(“the Company”) which comprise the Balance Sheet as at March 31 2015Statement of Profit and Loss and Cash Flow Statement for the year then ended and a summaryof 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 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 includes the maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding assets of the Company and for preventing anddetecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of internal financial control that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of financial statements that give true and fair viewand free from material statement whether due to fraud or error.

Auditors’ 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 ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditors’ judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place an adequate internal financial controls system overfinancial reporting and the operative effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by companies’ Directors as well as evaluating theoverall presentation 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 financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2015;

b) in the case of the Statement of Profit and Loss of the profit for the year ended onthat date; and

c) in the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

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 Sub-Section (11) ofSection 143 of the 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 purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

c) the Balance sheet and Statement of Profit and Loss and Cash Flow Statement dealtwith by this report are in agreement with the books of account;

d) in our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the accounting standards referred in Section 133 of the CompaniesAct 2013 read with Rule 7 of the Companies (Accounts) Rules 2014.

e) on the basis of written presentations received from the Directors as on March 312015 and taken on record by the Board of Directors none of the Directors is disqualifiedas on March 31 2015 from being appointed as a Director in terms of Sub-Section (2) ofSection 164 of the Companies Act 2013;

f) With respect to the other matters included in the auditor’s report and to thebest of our information and according to the explanation given to us.

i. The Company has disclosed the impact of pending litigations on its financialstatements Refer Note 26 (j) 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 were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Amit Desai & Co
Chartered Accountants
Firm’s Registration No.130710W
(Amit Desai)
Partner
Mumbai: 12th May 2015 Membership No. 032926

ANNEXURE TO INDEPENDENT AUDITORS’ REPORT

(Referred to in Paragraph 1 under the heading of “Report on Other Legal andRegulatory Requirements” of our report even date.)

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

(b) As explained to us the Company has a policy to carry out a physical verificationof fixed assets in a phased manner at a regular interval which in our opinion isreasonable having regard to the size of the Company and the nature of its assets. We areinformed that no material discrepancies were noticed on such physical verification.

(ii) (a) The management has carried out physical verification of the inventory atreasonable intervals during the year.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventory followed by the management are reasonableand adequate in relation to the size of the Company and nature of its business.

(c) The Company maintains proper records of inventory. Discrepancies noticed onphysical verification of inventory as compared to the book records were not material andthese have been properly dealt with in the books of account.

(iii) The Company has not granted unsecured loans to Companies firms or other partiescovered in the register maintained under Section 189 of the Act.Hence the provisions ofParagraph 3(iii) of the Order are not applicable to the Company.

(iv) In our opinion and according to the information and explanations given to usthere exists an adequate internal control system commensurate with the size of the Companyand the nature of its business with regard to purchases of inventory and fixed assets andwith regard to the sale of goods. During the course of our audit we have not observed anycontinuing failure to correct major weaknesses in internal control system of the Company.

(v) The Company has not accepted any deposits from the public in accordance with theprovisions of section 73 to 76 of the Act and the rules framed there under.

(vi) The maintenance of cost records has been specified by the Central Government undersub-section (1) of section 148 of the Companies Act and such accounts are made andmaintained.

(vii) (a) According to the information and explanations given to us and on the basis ofexamination of our records of the Company amounts deducted / accrued in respect ofundisputed statutory dues including provident fund employees’ state insuranceincome-tax sales-tax wealth-tax service tax duty of customs duty of excise valueadded tax cess professional tax and other material statutory dues have been generallyregularly deposited during the year by the Company with the appropriate authorities.

(b) According to the information and explanations given to us no undisputed dues inrespect of provident fund employees’ state insurance income-tax sales-taxwealth-tax service tax duty of customs duty of excise value added tax cessprofessional tax and other material statutory dueswhich were outstanding at the year endfor a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us the dues outstandingwith respect to income tax sales tax wealth tax service tax duty of customs duty ofexcise value added tax cess or any other material statutory dues applicable to it onaccount of any dispute are as follows:

Name of the Statute Nature of Dues Rs. in Lacs Period to which the amount relates Forum where dispute is pending
Income Tax Tax 1.64 F.Y. 2009-10 Appeal pending before Commissioner of Taxes (Appeal)
Income Tax Tax 1.72 F.Y. 2011-12 Rectification application made u/s 154 of the Act and pending before Assessing Officer
Central Sales Tax CST Tax 7.15 F.Y. 2002-03 Appeal pending before High Court

(d) According to the information and explanations given to us there is no amount whichis required to be transferred to investor education and protection fund in accordance withthe relevant provisions of the Companies Act 1956 (1 of 1956) and Rules made thereunder.Therefore the provisions of Paragraph 3 (vii) (d) of the Order are not applicable to theCompany.

(viii) The Company does not have any accumulated losses which exceeds 50% of its networth at the end of the financial year. Further the Company has not incurred cash lossesduring the financial year covered by our audit as well as in the immediately precedingfinancial year.

(ix) The Company has not defaulted in repayment of dues to its bankers. The Company didnot have any outstanding dues to any financial institutions or debenture holders duringthe year.

(x) In our opinion and according to the information and explanation given to us theCompany has not given any guarantee for loans taken by others from banks or financialinstitutions. Therefore the provisions of Paragraph 3(x) of the Order are not applicableto the Company.

(xi) In our opinion and on overall examination we report that the term loans wereraised during the year and are applied for the purpose for which the loans were obtained.

(xii) During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the company noticed or reported during the year nor have webeen informed of any such case by the management.

For Amit Desai & Co
Chartered Accountants
Firm’s Registration No.130710W
(Amit Desai)
Partner
Mumbai: 12th May 2015 Membership No. 032926

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