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Bhandari Hosiery Exports Ltd.

BSE: 512608 Sector: Industrials
NSE: N.A. ISIN Code: INE474E01029
BSE LIVE 15:40 | 07 Dec 1.92 -0.04
(-2.04%)
OPEN

1.96

HIGH

1.98

LOW

1.90

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.96
PREVIOUS CLOSE 1.96
VOLUME 379130
52-Week high 6.25
52-Week low 1.85
P/E 11.29
Mkt Cap.(Rs cr) 28.13
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1.96
CLOSE 1.96
VOLUME 379130
52-Week high 6.25
52-Week low 1.85
P/E 11.29
Mkt Cap.(Rs cr) 28.13
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bhandari Hosiery Exports Ltd. (BHANDARIHOSIERY) - Auditors Report

Company auditors report

To the Members of

M/s Bhandari Hosiery Exports Limited

1. Report on the Financial Statements

We have audited the accompanying Financial Statements of Bhandari Hosiery ExportsLimited (‘the Company’) which comprise the Balance Sheet as at 31 March 2015the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

2. 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 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.

3. Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the Standards on Auditing issued by the Institute ofChartered Accountants of India and 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 accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

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 assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the financial statements.

4. 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 31stMarch 2015

b) in the case of 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.

Emphasis of Matter-

We draw attention to the fact that the financial statements of the Company for the yearended March 31 2015 were earlier approved by the Board of Directors at its meeting heldon May 29 2015. The financial statements of the Company were audited by us and our reportdated May 29 2015 addressed to the members of the Company expressed an opinion on thosefinancial statements. However upon observing some arithmetical errors in calculation ofdepreciation and some other expenses in the Audited Financial Statements and to recommendpayment of dividend for the financial year 2014-15 the Board of Directors reconsideredand approved the Financial Statements in its meeting held on July 22 2015.

5. Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 issued by theCentral Government of India in terms of sub-section (11) of Section 143 of the Act(hereinafter referred to the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure a statement on thematters specified in paragraphs 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 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 and taken onrecord by the Board of Directors none of the directors is disqualified as on March 312015 from being appointed as a director in terms of Section 164(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) 2014 in our opinion and tothe 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 in its financial statements

ii. In our opinion and as per the information and explanations provides to us theCompany has not entered into any long-term contracts including derivative contractsrequiring provision under applicable laws or accounting standards for materialforeseeable losses and

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

For Vipan Kumar Aggarwal & Co.
(Chartered Accountants)
Sd/-
Place : Ludhiana. (Vipan Aggarwal)
Date : 22.07.2015 (Prop.)
Membership No. 081198

ANNEXURE TO THE INDEPENDENT AUDITORS’REPORT

(Referred to in Paragraph 1 under section (Report on Other Legal and RegulatoryRequirements of our report of even date)

1.1. The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

1.2. All the fixed assets have been physically verified by the management at reasonableintervals and no material discrepancies were noticed on such verification.

2.1. The inventories have been physically verified at reasonable intervals by themanagement.

2.2. In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

2.3. In our opinion and according to the information and explanations given to us theCompany is maintaining proper records of its inventories and no material discrepancieswere noticed on such physical verification.

3. As informed to us the company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the register maintained under section 189 ofthe Companies Act 2013. Accordingly the sub-clauses (a) and (b) are not applicable tothe company.

4. In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the company and thenature of its business for the purchase of inventory fixed assets and for the sale ofgoods and services. During the course of our audit we have not observed any continuingfailure to correct major weaknesses in internal control system.

5. According to the information and explanations given to us the Company has notaccepted any deposits in terms of directives issued by Reserve Bank of India and theprovisions of Sections 73 to 76 or any other relevant provisions of the Companies Act2013 and the rules framed there under.

6. We have broadly reviewed the books of account maintained by the Company pursuant tosub-section (1) of Section 148 of the Companies Act 2013 and are of the opinion thatprima facie the prescribed accounts and records have been made and maintained.

7.1 The company is generally regular in depositing undisputed statutory dues includingprovident fund employees state insurance income tax sales tax wealth tax service taxduty of customs duty of excise value added tax cess and any other statutory dues withthe appropriate authorities and we have been informed that there are no arrears ofoutstanding statutory dues as at the last day of the financial year under audit for aperiod of more than six months from the date they became payable.

7.2 According to the information and explanations given to us no undisputed amount ispayable in respect of income tax or sales tax or wealth tax or service tax or duty ofcustoms or duty of excise or value added tax or cess as at March 31 2015 . An amount ofRs. 397265.00 on account of Income Tax has not been deposited due to appeals pendingbefore the Appellate Authorities

7.3 In our opinion and according to the information and explanations given to usamounts required to be transferred to investor education and protection fund in accordancewith the relevant provisions of the Companies Act 1956 (1 of 1956) and Rules madethereunder have been transferred to such fund within time

8. The Company has no accumulated losses at the end of the financial year under audit.The company has not incurred cash losses during the financial year covered by audit and inthe immediately preceding financial year.

9. According to the information and explanations given to us the Company has notdefaulted in repayment of dues to a financial institution or bank.

10. According to the information and explanations given to us the Company has notgiven any guarantee for loans taken by others from banks or financial institutions wherethe terms and conditions are prejudicial to the interest of the Company.

11. According to the information and explanations given to us the term loans have beenapplied for the purpose for which they have been obtained.

12. Based upon the audit procedures performed and according to the information andexplanations given to us no fraud on or by the company has been noticed or reportedduring the year of our audit.

For Vipan Kumar Aggarwal & Co.
(Chartered Accountants)
Place : Ludhiana. (Vipan Aggarwal)
Date : 22.07.2015 (Prop.)
Membership No. 081198

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