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High Street Filatex Ltd.

BSE: 531301 Sector: Others
NSE: N.A. ISIN Code: INE319M01011
BSE LIVE 15:14 | 06 Sep 17.10 -0.90
(-5.00%)
OPEN

17.10

HIGH

17.10

LOW

17.10

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 17.10
PREVIOUS CLOSE 18.00
VOLUME 100
52-Week high 29.45
52-Week low 16.25
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 17.10
Sell Qty 99.00
OPEN 17.10
CLOSE 18.00
VOLUME 100
52-Week high 29.45
52-Week low 16.25
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 17.10
Sell Qty 99.00

High Street Filatex Ltd. (HIGHSTREETFILA) - Auditors Report

Company auditors report

TO THE MEMBERS OF

HIGH STREET FILATEX LTD

REPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of HIGH STREET FILATEX LTD (theCompany) which comprise the Balance Sheet as at March 31 2016 the Statement of Profitand Loss and Cash Flow Statement for the year then ended 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)of the Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating 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.

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 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 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 true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by Company’s Directors as well as evaluating the overallpresentation of the financial statements. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our audit opinion on thefinancial statements.

OPINION

In 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: (a) In the case of the Balance Sheet of the stateof affairs of the Company as at March 31 2016;

(b) In the case of the Statement of Profit and Loss of the loss of the Company for theyear ended on that date; and (c) In the case of the Cash Flow Statement of the cash flowsof the Company for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

As required by the Companies (Auditor’s Report) Order 2016 ("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.

As required by section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books. c) the Balance Sheet the Statement of Profit and Loss andCash Flow Statement dealt with by this Report are in agreement with the books of account.d) In our opinion the 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 on31 March 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2016 from being appointed as a director in terms of Section164(2) of the Act. f) Report on the Internal Financial Controls under Clause (i) ofSubsection 3 of Section 143 of the Companies Act 2013 ("the Act") is enclosedas annexure to this report. g) With respect to the other matters to be included in theAuditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us: i. The Company has disclosed the impact of pending litigationson its financial position in its financial statements – Refer Note 1.2 to thefinancial statements ii. The Company did not have any long-term contracts includingderivative contracts; as such the question of commenting on any material foreseeablelosses thereon does not arise iii There were no amounts which were required to betransferred to the Investor Education and Protection Fund by the Company.

for N. BHANDARI & CO.
Chartered Accountants
Firm Reg No : 03185C
Sd/-
(N. BHANDARI)
PLACE : JAIPUR Partner
Date : 28th May 2016 M. No. 71710

ANNEXURE TO THE INDEPENDENT AUDITOR’S

REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OF HIGH STREET FILATEX LTD

Report on the Internal Financial Controls under Clause (i) of Subsection 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the the internal financial controls over financial reporting of(‘the Company’) as of 31-Mar-2016 in conjunction with our audit of the financialstatements 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. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany’s policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors’ 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") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls 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 an 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 auditor’s 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility 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 the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31-Mar-2016.

for N. BHANDARI & CO.
Chartered Accountants
Firm Reg No : 03185C
Sd/-
(N. BHANDARI)
PLACE : JAIPUR Partner
Date : 28th May 2016 M. No. 71710

ANNEXURE TO THE AUDITORS’ REPORT TO THE

MEMBERS OF HIGH STREET FILATEX LTD

(FORMERLY KNOWN AS UNI LEGWEARS (INDIA) LTD) On the basis of such checks as weconsidered appropriate and according to the information and explanations given to usduring the course of our audit we report that: (i) (a) The Company has maintained properrecords showing full particulars including quantitative details and situation of fixedassets ; (b) As explained to us fixed assets have been physically verified by themanagement at regular intervals; as informed to us no material discrepancies were noticedon such verification; (c ) The title deeds of immoveable properties are held in the nameof the company.

(ii) (a) The inventory has been physically verified during the year by the management.In our opinion the frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the managementare reasonable and adequate in relation to the size of the company and the nature of itsbusiness. (c) The company is maintaining proper records of inventory. The discrepanciesnoticed in verification between the physical stocks and the book records were notmaterial.

(iii) The company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the Act.

(iv) The company has not given any loans investments guarantees and security.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits in contravention of Directives issued by ReserveBank of India and the provisions of section 73 to 76 or any other relevant provisions ofthe Act and the rules framed there under where applicable . No order has been passed bythe Company Law Board or National Company Law Tribunal or Reserve Bank of India or anycourt or any other tribunal.

(vi) As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Act (vii) (a) According to theinformation and explanations given to us and based on the records of the company examinedby us the company is generally regular in depositing the undisputed statutory duesincluding Provident Fund Employees’ State Insurance Income-tax Sales-tax WealthTax Service Tax Custom Duty Excise Duty VAT cess and other material statutory dues asapplicable with the appropriate authorities in India ; (b) According to the informationand explanations given to us and based on the records of the company examined by us thereare no dues of Income Tax Wealth Tax Service Tax Sales Tax Customs Duty and ExciseDuty which have not been deposited on account of any disputes

According to the information and explanations given to us a demand of Rs 142048.00raised by Land & Building Tax Deptt has not been deposited by the company as the sameis disputed and the matter is being contested in appropriate court. Rs 92035 has beendeposited with ESI under protest for period relating to Oct 07 to Dec 08 and the matter issub judice.

Except above there are no dues of sales tax income tax custom duty wealth taxexcise duty and Cess which have not been deposited on account of any dispute.

(viii)According to the records of the company examined by us and as per the informationand explanations given to us the company has not availed of any loans from any financialinstitution or banks or Govt and has not issued debentures.

(ix) The company has not raised moneys by way of initial public offer or further publicoffer (including debt instrument). However the moneys were raised by way of term loanswhich were applied for the purposes for which those were raised.

(x) Based upon the audit procedures performed and according to the information andexplanations given to us no fraud by the company or any fraud on the company by itsofficers or employees has been noticed or reported during the course of our audit thatcauses the financial statements to be materially misstated.

(xi) No Managerial remuneration has been paid or provided.

(xii) The company is not a Nidhi Company hence this clause is not applicable.

(xiii) Based upon the audit procedures performed and according to the information andexplanations given to us All transactions with related parties are in compliance withsections 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the Financial statements etc. as required by the applicable accountingstandards.

(xiv) The company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review.

(xv) The company has not entered into any non-cash transactions with directors orpersons connected with him.

(xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

for N. BHANDARI & CO.
Chartered Accountants
Firm Reg No : 03185C
Sd/-
(N. BHANDARI)
PLACE : JAIPUR Partner
Date : 28th May 2016 M. No. 71710