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Goldwon Textiles Ltd.

BSE: 521230 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Goldwon Textiles Ltd. (GOLDWONTEXTILES) - Auditors Report

Company auditors report

To

The Members GOLDWON TEXTILES LIMITED.

Report on the financial statements

We have audited the accompanying financial statements of GOLDWON TEXTILES LIMITED whichcomprises the Balance Sheet as at March 31 2015 the Statement of Profit and Loss andCash Flow Statement for the year ended on 31st March 2015 and a summary of significantaccounting policies and other explanatory information.

Management's responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 with respect to the preparation of these financial statements thatgive a true and fair view of the financial position financial performance and cash flowsof the Company in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards specified under Section 133 of the Act read with Rule7 of the Companies (Accounts) Rules 2014. This responsibility also includes themaintenance of adequate accounting records in accordance with the provision of the Act forsafeguarding of the assets of the Company and for preventing and detecting the frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of internal financial control that were operating effectively for ensuringthe accuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement 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 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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of financialstatements that give true and fair view in order to design audit procedures that areappropriate n i the circumstances. An audit also includes evaluating the appropriatenessof accounting policies used and the reasonableness of the accounting estimates made byCompany's Directors as well as evaluating the overall presentation of the financialstatements.

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

I n our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India: .

i in the case of the Balance Sheet of the state of affairs of the Company as at

March 31 2015; and

ii. in the case of Statement of Profit & Loss of the Loss for the yearended on that date.

iii. in the case of Cash Flow Statement of the cash flow for the year ended on thatdate.

Emphasis of Matter

Since there are no operations during the current year the going concern assumption isbeing affected. Our opinion is not qualified in this matter.

Report on Other Legal and Regulatory Requirements

1. As require d by the companies (auditor's report) order 2015 (the order) issued bythe Central Government of India in terms of section 143(11) of the act we give inannexure a statement on the matters specified in paragraphs3 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 purposes 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 the 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 aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Actread with Rule 7 of the Companies(Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31 March2015 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2015 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the other matters included in the Auditor's Report and to our bestof our information and according to the explanations given to us:

g) The Company does not have any pending litigations which would impact its financialposition

i There is no such amount required to be transferred to the Investor Education andProtection Fund by the Company

For C RAMACHANDRAM & CO

Chartered Accountants

FRN:002864S

C. RAMACHANDRAM

Partner

Membership No. 025834

Place : Hyderabad

Date: 17.08.2015

Annexure referred to in paragraph lof report on Other Legal and Regulatory Requirementsof Goldwon Textiles Limited on the financial statements for the year ended March 31 2015

1. There are no fixed assets in the company.

2. No inventory since the company has no operations.

3. The Company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained U/s. 189 of the Companies Act2013.

4. In our opinion and according to the information and explanations given to us thereis adequate internal control system commensurate with the size of the Company and thenature of its business with regard to purchases of inventory fixed assets and with regardto the sale of goods. During the course of our audit we have not observed any continuingfailure to correct major weaknesses in internal system.

5. The Company has not accepted any deposits from the public within the meaning ofSection 73 or any other relevant provision of the Companies Act 2013 and the rules framedthere under.

6. We are informed that the central government has not prescribed the maintenance ofcost records under section 148(1) of the Act for any of the services rendered by thecompany. Hence clause (vi) of Companies (Auditor's Report) Order 2015 is not applicable

7. a.)There are no statutory dues pending during the year.

b)There are no dues in respect of income tax or sales tax or wealth tax or service taxor duty of customs or duty of excise or value added tax or cess.

c.)There is no such amount require d to be transferred to the Investor Education andProtection Fun d by the Compan y in accordance with the relevant provisions of theCompanies Act 1956 (1 of 1956) and rules made thereunder has been transferred to suchfund within time.

8. In our opinion the accumulated losses of the company are more than its net worth.The Company has incurred cash losses during the financial year covered by audit and in theimmediately preceding financial year.

9. The company has not defaulted in repayment of dues to a financial institution orbank or debenture holders

10. The company has not given any guarantee for loans taken by others from bank orfinancial institutions the terms and conditions whereof are prejudicial to the interestof the company;

11. The Company has not raised any new term loans during the year.

12. In our opinion and according to the information and explanations given to us nofraud on or by the Company has been noticed or reported during the year that causes thefinancial statement to be materially misstated.

For C.RAMACHANDRAM & CO.

Chartered Accountants

FRN: 002864S

C.RAMACHANDRAM

Partner

Membership No.025834

Place: Hyderabad.

Date: 17.08.2015