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Cravatex Ltd.

BSE: 509472 Sector: Others
NSE: N.A. ISIN Code: INE145E01017
BSE LIVE 15:47 | 08 Dec 192.40 -11.55
(-5.66%)
OPEN

190.00

HIGH

199.00

LOW

190.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 190.00
PREVIOUS CLOSE 203.95
VOLUME 117
52-Week high 280.00
52-Week low 172.25
P/E
Mkt Cap.(Rs cr) 49.64
Buy Price 192.40
Buy Qty 3.00
Sell Price 0.00
Sell Qty 0.00
OPEN 190.00
CLOSE 203.95
VOLUME 117
52-Week high 280.00
52-Week low 172.25
P/E
Mkt Cap.(Rs cr) 49.64
Buy Price 192.40
Buy Qty 3.00
Sell Price 0.00
Sell Qty 0.00

Cravatex Ltd. (CRAVATEX) - Auditors Report

Company auditors report

To the Members of Cravatex Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Cravatex Limited ("theCompany") which comprise the Balance Sheet as at 31 March 2016 and the Statement ofProfit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant 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 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 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

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 issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the 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 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 accounting policies used and thereasonableness of the accounting estimates made by Company’s Director as well asevaluating the overall 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 of the state of affairs of the Company as at 31March 2016 and its loss and its cash flows for the year ended on that date.

Other Matters

An amount of Rs.7750000 is due from a party with whom the Company had entered into aContract of Engagement as a Consultant in an earlier year. The Contract was terminatedwith effect from 1 April 2007. The Company initiated Arbitration proceedings and ishopeful of recovering this amount (refer to Note ‘2.26(i)’ to the financialstatements). We are however unable to comment on the fate of this debt.

Our report is not qualified in respect of other matters.

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 section 143 of the Actwe give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of theOrder.

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 (and proper returns adequatefor the purposes of our audit have been received from branches not visited by us).

c. The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account (and with the returns receivedfrom branches not visited by us).

d. In our opinion aforesaid financial statements comply with the Accounting Standardsspecified 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 31 March2016 and taken on record by the Board of Directors none of the directors is disqualifiedas on 31 March 2015 from being appointed as a director in terms of section 164(2) of theAct.

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) Rule 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 the pending litigation on its financialstatements. (Refer to Note ‘2.26 (i)’ to the financial statements)

(ii) The Company has made provision as required under any applicable law or accountingstandards for material foreseeable losses if any and as required on long- termcontracts.

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

For S. P. CHOPRA & CO.

Chartered Accountants

Firm Registration No. 101911W

Y. K. Shankardass

Partner.

Membership No. F-5106

Place : Mumbai

Dated : May 27 2016

Annexure to the Auditors’ Report

Annexure referred to in paragraph 1 of Report on Other Legal and RegulatoryRequirements of even date to the Members of Cravatex Limited

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

(b) According to the information and explanations given to us all the assets have notbeen physically verified by the management during the year but there is a regularprogramme of verification which in our opinion is reasonable having regard to the sizeof the Company and the nature of its assets. We are informed that no materialdiscrepancies were noticed on such verification.

(c) According to the information and explanations given to us the title deeds ofimmovable properties are held in the name of the company.

(ii) As explained to us the inventory has been physically verified during the year bythe management. In our opinion the frequency of verification is reasonable and thediscrepancies noticed on verification between the physical stock and the book records werenot material.

(iii) The Company has not granted any loans secured or unsecured to companies firmslimited liability partnerships or other parties covered in the register maintained underSection 189 of the Companies Act 2013.

(iv) In respect of loans investments guarantees and security the Company has compliedwith the provisions of section 185 and 186 of the Companies Act 2013.

(v) In our opinion and according to the information and explanations given to us theCompany has complied with the directives issued by the Reserve Bank of India and theprovisions of sections 73 to 76 or any other relevant provisions of the Companies Act andthe rules framed there under. No order has been passed by the Company Law Board orNational Company Law Tribunal or Reserve Bank of India or any court or any other tribunalon the Company in respect of the aforesaid deposits.

(vi) The Central Government has not prescribed maintenance of cost records undersection 148 (1) of the Companies Act 2013 for any of the product of the Company.

(vii) (a) According to the records maintained by the Company the Company is regular indepositing undisputed statutory dues including provident fund employees’ stateinsurance income-tax sales-tax service tax duty of customs duty of excise valueadded tax cess and any other statutory dues applicable to it with the appropriateauthorities. According to the information and explanations given to us no undisputedamounts payable in respect of such statutory dues were in arrears as on 31 March 2016 fora period of more than six months from the date they became payable.

(b) According to the records of the Company there are no dues of income-tax or salestax or service tax or duty of customs or duty of excise or value added tax or cess whichhave not been deposited on account of any dispute.

(viii) Based on our audit procedures and on the information and explanations given bythe management we are of the opinion that the Company has not defaulted in repayment ofloans or borrowing to a financial institution bank or government.

(ix) As per information and explanation given to us the term loans were applied forthe purpose for which those are raised.

(x) Based upon the audit procedures performed and information and explanations given bythe management we report that no fraud by the Company or any fraud on the Company by itsofficers or employees has been noticed or reported during the year.

(xi) According to the records maintained by the Company and as per information andexplanations given to us the managerial remuneration has been paid in accordance with therequisite approvals as required under section 197 read with Schedule V to the CompaniesAct 2013.

(xii) According to the information and explanations given to us the related partiestransactions are in compliance with the applicable provision of the Companies Act 2013and details of such transactions have been disclosed in the Financial Statements.

(xiii) As per the information and explanations given to us the Company has not make anypreferential allotment or private placement of shares or debentures during the year.

(xiv) As per information and explanations given to us the Company has not entered intoany non-cash transactions with directors or persons connected with him

(xv) As explained to us the Company is not required to be registered under section45-1A of the Reserve Bank of India Act 1934 as this is not applicable to the Company.

For S. P. CHOPRA & CO.

Chartered Accountants

Firm Registration No. 101911W

Y. K. Shankardass

Partner.

Membership No. F-5106

Place : Mumbai

Dated : May 27 2016

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