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Evergreen Textiles Ltd.

BSE: 514060 Sector: Industrials
NSE: N.A. ISIN Code: INE229N01010
BSE LIVE 13:45 | 16 Aug Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 11.88
PREVIOUS CLOSE 12.50
VOLUME 100
52-Week high 11.88
52-Week low 11.88
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 11.88
Sell Qty 100.00
OPEN 11.88
CLOSE 12.50
VOLUME 100
52-Week high 11.88
52-Week low 11.88
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 11.88
Sell Qty 100.00

Evergreen Textiles Ltd. (EVERGREENTEX) - Auditors Report

Company auditors report

TO THE MEMBERS OF EVERGREEN TEXTILES LIMITED

Report on the Standalone Financial Statements

1 We have audited the accompanying standalone financial statements of EVERGREENTEXTILES LIMITED (the Company') which comprise the Balance Sheet as at 31st March2016 the Statement of Profit & Loss and the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

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 Corrqpany in accordance with theaccounting principles generally accepted in India including the Accounting Standardsprescribed 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 preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgements and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor’s Responsibility

3 Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4 We have taken into account the provisions of the Act and the Rules made there underincluding the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules made thereunder and the Order under section 143 (11) of the Act.

5 We conducted our audit of the financial statements in accordance with the standardson Auditing specified under section 143(10) of the Act. and other applicable authoritativepronouncements issued by The Institute of Chartered Accountants of India. Those standardsand pronouncements require that we comply with the ethical requirement and plan andperform the audit to obtain reasonable assurance about whether the financial statementsare free front material misstatement.

6 An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditors' judgement including the assessment of the risk of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers the internal financial control relevant to the Company's preparation ofthe financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of 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.

7 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

8 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 31 st March 2016 and its Loss and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

9 As required by the Companies (Auditor's Report) Order 2016' ("The CARO Order2016") issued by the Central Government of India in terms of subsection (11) ofSection 143 of the Act and on the basis of such checks of the books and records of thecompany as we considered appropriate and according to the information and explanationsgiven to us we give in the 'Annexure B' a statement on the matters specified inparagraphs 3 and 4 of the CAftOOrder2016.

10 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 ouraudit;

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 & 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 prescribed under section 133 of the Act read with Rule 7 of theCompanies (Account) Rules 2014;

e) On the basis of the written representations received from the Directors as on 31 stMarch 2016 and taken on record by the Board of Directors none of the Directors isdisqualified as On 31st March 2016 from being appointed as a Director in terms of Section164 (2) of the Act;

f) With respect to the adequacy of the internal financial control over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in 'Annexure A';

g) With respect to the other matters to be included in the Auditors' Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014inouropinionandtothe best of our information and according to the explanations given tous:

i. The Company has disclosed the impact if any of pending litigations as at 31 stMarch 2016 on its financial position in its standalone financial statements;

ii. The Company does not have any long term contracts including derivative contracts asat 31 st March 2016 hence the question of commenting on any material foreseeable lossestheron doesnot arise.

iii. There has not been an occasion in case of the Company during the year ended 31 stMarch 2016 to transfer any sums to the Investor Education and Protection Fund. Thequestion of delay in transferring such sum does not arise.

For S.K.BHAGERIA & ASSOCIATES
Chartered Accountants
(Firm Registration No : 112882W)
(S.K.BHAGERIA)
PLACE: MUMBAI PARTNER
DATE : 30.05.2016 Membership No 41404

ANNEXURE "A" TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 10(f) under' Report on Other Legal and RegulatoryRequirements' of our Report of even date)

REPORT ON THE INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

Under clause (i) of Sub-Section 3 of Section 143 of the Companies Act 2013 ("theAct") to the members of Evergreen Textiles Limited on the standalone financialstatements for the year ended 31st March 2016.

We have audited the Internal Financial Controls over financial reporting of EVERGREENTEXTILES LIMITED ('the Company') as of 31st March 2016 in conjunction with our auditof the standalone financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over financial reportingissued by The Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to the Company's policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness ofaccounting records and the timely preparation of reliable financial information asrequired underthe Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") issued by The Institute of Chartered Accountants of India(ICAI) and the Standards on Auditing prescribed under section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of Internal Financial Controls. Thosestandards and the Guidance note require that we comply with the ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrol operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining and understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the Auditors' judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting.

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. ACompany's internal financial control over financialreporting includes those policies and procedures that:

1) pertain to the maintainance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

2) provide reasonable assurance that transaction are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the Company are being made only inaccordance with authorisations of management and directors of the Company; and

3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the Company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of International Financial Controls over Financial Reporting

Because of the inherent limitation of Internal financial controls over financialreporting including the possibilty of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the Internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the Company has in all material respects an adequate internal financialcontrols system over financial reporting and such internal financial controls overfinancial reporting were operating effectively as at March 31 st 2016 based on theinternal financial control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India.

For S.K.BHAGERIA & ASSOCIATES
Chartered Accountants
(Firm Registration No : 112882W)
(S.K.BHAGERIA)
PLACE : MUMBAI PARTNER
DATE : 30.05.2016 Membership No 41404

ANNEXURE "B" TO THE INDEPENDENT AUDITORS' REPORT REPORT ON OTHER LEGAL ANDREGULATORY REQUIREMENTS (Referred to in paragraph 9 of the Independent Auditors' Report ofeven date to the members of Evergreen Textiles Limited on the standalone financialstatements for the year ended 31st March 2016.)

i. As informed the Company does not have any Fixed Assets and hence reporting underclause (i) of the CARO Order 2016 is not applicable to the Company.

ii. As informed the Company does not have any inventory and hence reporting underclause (ii) of the CARO Order 2016 is not applicable to the Company.

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 (The Act').

iv. The Company has not granted any loans made investments or provided guarantees andhence reporting under clause (iv) of the CARO Order 2016 is not applicable.

v. The company has not accepted any deposits from the public within the meaning ofSection 737475 and 76 of the Act and the Rules framed there under to the extentnotified.

vi. The maintenance of cost records has not been specified by the Central Governmentunder section 148(1) of the Companies Act 2013. for any of the products of the company.

vii. a) According to the information and explanations given to us and the records ofthe company examined by us in our opinion the Company has generally

been regular in depositing all its undisputed statutory dues including Providend fundEmployees' State Insurance Income Tax Sales Tax Service Tax Custom duty Excise dutyValue Added Tax Cess and Other Material Statutory dues applicable to it to theappropriate authorities.

b) There were no undisputed amounts payable in respect of Providend fund Employees'State Insurance Income Tax Sales Tax Service Tax Custom duty Value Added Tax Cessand Other Material Statutory dues in arrears as at 31st March 2016 for a period of morethan six months from the date they become payable. except Excise duty of Rs.16424282/-(Previous Year Rs 16424282/-) penalty of Rs 100000/- (prevlous year Rs 100000/-)and relevant amount of non quantified interest thereon.

c) According to the information and explanations given to us and the records of thecompany examined by us there are no dues of Income tax and Service Tax which have notbeen deposited on account of any dispute. The Particular of dues of Excise duty &Sales Tax including value added tax as at 31 st March 2016 which have not been depositedon account of a dispute are as follows:

Name of the Statute Nature of Dues Amount fRs in Lacsl Period to which the Amount Forum where diSDUte is Dendina
1. Central Excise Excise Duty Interest & Penalty 428.26 Aug 1996 to July 1998 Appelate Tribunal (CESTAT)
2. Sales Tax Sales Tax & Interest 1.76 1994-95 Sales Tax Tribunal
3. Sales Tax Sales Tax & Interest 13.43 1995-96 Sales Tax Tribunal
4. Sales Tax Sales Tax & Interest 0.10 1997-98 Sales Tax Tribunal
5. Sales Tax Sales Tax & Interest 0.30 1998-99 Sales Tax Tribunal
6. Sales Tax Sales Tax & Interest 2.06 1999-2000 Sales Tax Tribunal
7. Sales Tax Sales Tax & Interest 0.20 2000-2001 Sales Tax Tribunal
8. Central Sales Tax Sales Tax & Interest 0.50 1994-95 Sales Tax Tribunal
9. Central Sales Tax Sales Tax & Interest 0.10 1995-96 Sales Tax Tribunal

d) There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question ofreporting delay in transferring such sums does not arise.

viii. In our opinion and according to the information and explanations given to usthe Company did not have any outstanding dues to financial institutions banks orgovernment. The Company has not issued any debentures during the year.

ix. In our opinion and according to the information and explanations given to us theCompany has not raised moneys by way of initial public offer or further public offer(including debt intruments) or term loans and hence reporting under clause (ix) of theCARO Order 2016 is not applicable.

x. During the course of our examination of the books and records of the Company earnedout in accordance with the generally accepted auditing practice in India and according tothe information and explanations given to us we have neither come across any instance ofmaterial fraud by the company or on the company by its officers or employees noticed orreported during the year nor have been informed of any such case by the management.

xi. In our opinion and according to the information and explanations given to us thecompany has not paid / provided for managerial remunerations and hence requisite approvalsmandated by the provision of Section 197 read with Schedule V of the Companies Act 2013are not applicable.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company and hence reporting under clause (xii) of the CARO Order2016 is not applicable to the Company.

xiii. According to the information and explanations given to us and based on ourexaminations of the records of the Company the company has not entered into anytransactions with related parties (Compliance of Section 177 and 188 of the Act) andhence the reporting under clause (xiii) of the CARO Order 2016 is not applicableto the Company.

xiv. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause (xiv) of the CARO Order 2016 is not applicable to the Company.

xv. In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non cash transactions withitsdirectors or persons connected with him and hence provision of section 192 of theCompanies Act 2013 are not applicable to the Company.

xvi. The company is not required to be registered Under Section 45-IA of the ReserveBank of India Act 1934 and hence reporting under clause (xvi) of the CARO Order 2016is not applicable to the Company.

For S.K.BHAGERIA & ASSOCIATES
Chartered Accountants
(Firm Registration No : 112882W)
PLACE : MUMBAI (S.K.BHAGERIA)
PARTNER
DATE : 30.05.2016 Membership No 41404