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Integra Garments & Textiles Ltd.

BSE: 535958 Sector: Industrials
NSE: INTEGRA ISIN Code: INE418N01027
BSE 00:00 | 04 Mar Integra Garments & Textiles Ltd
NSE 00:00 | 23 Apr 2.25 0
(0.00%)
OPEN

2.25

HIGH

2.25

LOW

2.25

OPEN 2.77
PREVIOUS CLOSE 2.60
VOLUME 4606
52-Week high 4.20
52-Week low 2.51
P/E
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 2.60
Sell Qty 99.00
OPEN 2.77
CLOSE 2.60
VOLUME 4606
52-Week high 4.20
52-Week low 2.51
P/E
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 2.60
Sell Qty 99.00

Integra Garments & Textiles Ltd. (INTEGRA) - Auditors Report

Company auditors report

TO THE MEMBERS OF

INTEGRA GARMENTS AND TEXTILES LIMITED

(FORMERLY KNOWN AS FIVE STAR MERCANTILE LIMITED)

Report on the Financial Statements

We have audited the accompanying financial statements of INTEGRA GARMENTS AND TEXTILESLIMITED (FORMERLY KNOWN AS FIVE STAR MERCANTILE LIMITED) ("the Company") whichcomprise the Balance Sheet as at 31/03/2017 the Statement of Profit and Loss the cashflow statement for the year then ended and a summary of the significant accountingpolicies 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 financial statements that give a true and fair view of the financialpositionfinancialperformance 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 of 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 specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

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 whether of risks of materialmisstatement of the financial due to fraud or error. In making those risk assessments theauditor considers 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 the accounting policies used and the reasonableness of theaccounting estimates made by the Company’s Directors as well as evaluating theoverall 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 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 of the state of affairs of the Company as at31/03/2017 and its Loss and it’s cash flows for the year ended on that date.

Emphasis of Matter

Without qualifying our opinion we draw attention to the fact that the company hassuffered loss of R19095115/- during the current year and the accumulated losses areR222255828/- under Reserve & Surplus. There was no business operation during theyear. In view of the same we are unable to express our opinion on Going Concern Status ofthe Company.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder") issued by the Central Government in terms of Section 143(11) of the Act wegive in "Annexure A" a statement on the matters specified in paragraphs 3 and 4of 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 it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss the Cash Flow Statement dealtwith 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.

e) On the basis of the written representations received from the directors as on 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164(2) of the Act.

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B".

g) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Amendment Rules 2017 inour opinion and to the best of our information and according to the explanations given tous:

a) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements;

b) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts;

c) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

d) The Company had provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8th November2016 to 30th December 2016 and these are in accordance with the books of accountsmaintained by the company.

FOR D. DADHEECH & CO.
(Chartered Accountants)
Firm Registration No. 101981W
DEVESH H DADHEECH
PROPRIETOR
Place : Mumbai Membership No. 033909
Date : 22nd May 2017

ANNEXURE A

TO THE INDEPENDENT AUDITOR’S REPORT

[Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements’ in the Independent Auditor’s Report of even date to the members ofINTEGRA GARMENTS AND TEXTILES LIMITED (FORMERLY KNOWN AS FIVE STAR MERCANTILE LIMITED) onthe financial statements for the year ended 31st March 2017]

(i) a) The Company does not have any tangible fixed assets so there is no question ofmaintaining quantity details showing full particulars.

b) The Company does not have any tangible fixed assets so there is no need for physicalverification by the management at reasonable interval.

(ii) a) As there no operations in the Company during the current financial year whereas some old stock of goods were lying with company which was physically verified by thecompany at regular interval of time

b) There is no material discrepancies have been noticed during our verification.

(iii) The company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained u/s 189 of the companies Act-2013during the financial year under consideration.

(iv) There are no such transactions for loans investments guarantees and securitywhich attract provisions of section 185 and 186 of the Companies Act 2013 during thefinancial year under consideration.

(v) The company has not accepted any Deposits during the current financial year

(vi) The Company is not required to maintain cost records pursuant to the Rules made bythe Central Government for the maintenance of cost records under sub-section (1) ofsection 148 of the Companies Act 2013.

(vii) (a) The company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employees’ state insurance income taxsales-tax service tax duty of customs duty of excise value added tax cess and anyother statutory dues applicable to it.

(b) There is no dispute with the revenue authorities regarding any duty or tax payable.

(viii) Based on our audit procedures and as per the information and explanations givenby the management company has not any dues to a financial institution bank of debentureholders.

(ix) The Company has not applied term loans for the purposes other than for which thoseare raised.

(x) Based on our audit procedures and the information and explanation made available tous no such fraud noticed or reported during the year.

(xi) Managerial remuneration has not been paid or provided during the financial yearunder consideration.

(xii) As per information and records available with us the company is not NidhiCompany.

(xiii) Yes all transactions with the related parties are in compliance with section177 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) As per our verification & explanation given to us company has not made anypreferential allotment/ private placement of shares or fully or partly convertibledebenture during the current financial year.

(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.

FOR D. DADHEECH & CO.
(Chartered Accountants)
Firm Registration No. 101981W
DEVESH H DADHEECH
PROPRIETOR
Place : Mumbai Membership No. 033909
Date : 22nd May 2017

ANNEXURE B

TO THE INDEPENDENT AUDITOR’S REPORT

[Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements’ in the Independent Auditor’s Report of even date to the members ofINTEGRA GARMENTS AND TEXTILES LIMITED (FORMERLY KNOWN AS FIVE STAR MERCANTILE LIMITED) onthe financial statements for the year ended 31st March 2017]

Report on the Internal Financial Controls over Financial Reporting under Clause (i) ofSub Section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting ofINTEGRAGARMENTS AND TEXTILES LIMITED (FORMERLY KNOWN AS FIVE STAR MERCANTILE LIMITED) ("theCompany") as of March 31 2017 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 based on the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls over Financial Reporting issued bythe Institute of Chartered Accountants of India (ICAI). These responsibilities include thedesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the orderly and efficientconduct of its businessincluding adherence to company’s policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 to the extent applicable toan audit of internal financial controls both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate 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 included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficientand 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 the preparation of financial statements forexternal assurance regarding there liability of financial 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 March 31 2017 based on theessential components of internal control stated in the Guidance Note issued by ICAI.

FOR D. DADHEECH & CO.
(Chartered Accountants)
Firm Registration No. 101981W
DEVESH H DADHEECH
PROPRIETOR
Place : Mumbai Membership No. 033909
Date : 22nd May 2017