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Layla Textile and Traders Ltd.

BSE: 539125 Sector: Others
NSE: N.A. ISIN Code: INE914Q01010
BSE 15:45 | 19 Jan 3.70 -0.07
(-1.86%)
OPEN

3.70

HIGH

3.70

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3.70

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 3.70
PREVIOUS CLOSE 3.77
VOLUME 7091
52-Week high 69.00
52-Week low 3.70
P/E 370.00
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 3.70
Sell Qty 2820.00
OPEN 3.70
CLOSE 3.77
VOLUME 7091
52-Week high 69.00
52-Week low 3.70
P/E 370.00
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 3.70
Sell Qty 2820.00

Layla Textile and Traders Ltd. (LAYLATEXTILE) - Auditors Report

Company auditors report

To the Members of

LAYLA TEXTILE AND TRADERS LIMITED

(Formerly Known as Haricharan Projects Limited)

REPORT ON THE FINANCIAL STATEMENTS FOR THE F.Y. 2016-17

We have audited the accompanying financial statements of Layla Textile And TradersLimited ("the Company") which comprise the Balance Sheet as at March 31 2017the Statement of Profit and Loss Account and the Cash Flow Statement for the year endedand a summary of the significant 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 Financial Statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating 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 a reasonable opinion on these financial statementsbased on our audit.

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 accordance with the Standards on Auditing specified u/s143(10) of the Act and authoritative pronouncements issued by the Institute of CharteredAccountants of India. Those Standards require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the financialstatements 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 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 controls relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial 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 at 31stMarch 2017 and its profit and its cash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by Companies (Auditors Report) Order 2016 ('the order') issued byCentral Government of India in terms of subsection (11) of section 143 of the Act weenclose in the "Annexure 1" a statement on the matters specified in paragraphs 3& 4 of the said order to extent applicable.

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 it appears from our examination of those books.

c) The Balance Sheet Statement of Profit and Loss and statement of Cash Flow 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 Act read with Rule 7 of the Companies(Accounts) Rules 2014.

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 aredisqualified 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 we give ourseparate Report in "Annexure2"

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) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

I. The Company does not have any pending litigations which would impact its financialposition.

II. The Company does not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.

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

For GHOSH & GHOSH

Chartered Accountants

Firm Registration Number: - 306020E

Sd/-

A.K. GHOSH

Partner

Membership no.-52945

Place: Kolkata

Date: 03-05-2017

( Referred to in paragraph 1 under ‘ Report on Other Legal and RegulatoryRequirements ‘ in our Independent Auditor's Report of even date to the members ofthe Company on the Financial statements for the year ended 31st March 2017).

(i) In respect of its fixed assets:

a) Based on our scrutiny of the Company's Books of Account and other records andaccording to the information and explanations given to us by the management we are of theopinion that the question of commenting on maintenance of proper records of fixed assetsand physical verification of fixed assets does not arise since the company had no fixedassets as on 31st March 2017 nor at any time during the financial year ended on 31stMarch 2017. b) According to the information and explanations given to us as the companyowns no immovable properties the requirement on reporting whether title deeds is held inthe name of the company or not is not applicable.

(ii) Physical verification of inventory has been conducted by the management atreasonable intervals as required under clause 3(ii). No material discrepancies were foundas compared to book records.

(iii) The Company has not granted loans secured or unsecured to any companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013. Hence the reporting requirement under clause (iii)of the said order does not arise.

(iv) Based on our scrutiny of the Company's records and according to the informationand explanations given to us by the management we are of the opinion that in respect ofloans and guarantees given investments made and securities purchased by the company theprovisions of section 185 and 186 of the Companies Act 2013 have been complied with.

(v) In our opinion and according to information and explanations given to us theCompany has not accepted any deposits from the public within the meaning of Section 73 to76 or any other relevant provisions of the Companies Act and Rules framed there under andhence the reporting requirement under clause (v) of the said order does not arise.

(vi) According to the information and explanations provided by the management thecompany is not engaged in production of any such goods or provision of any such servicesfor which maintenance of cost records has been prescribed by the Central Government undersection 148(1). Hence the reporting requirement under clause (vi) of the said order doesnot arise.

(vii) a) Based on our scrutiny of the Company's Books of Account and other records andaccording to the information and explanations given to us by the management we are of theopinion that the company is regular in depositing with appropriate authorities undisputedstatutory dues applicable to it and no undisputed amounts payable in respect of anystatutory dues were outstanding as at 31st March 2017 for a period of more than sixmonths from the date they became payable. b) According to the records of the company andthe information and explanations given to us by the management there are no disputedstatutory dues outstanding in the name of the company.

(viii) According to the records of the company the Company has neither borrowed anyamount from any financial institution bank or government nor issued any debentures till31st March 2017. Hence in our opinion the reporting requirement under clause (viii) ofthe said order does not arise.

(ix) According to the records of the company the company has neither raised any moneysby way of Initial Public Offer or Further Public Offer (including debt instrument) nor hasthe company raised any term loans. Hence in our opinion the reporting requirement underclause (ix) of the said order does not arise.

(x) Based upon the audit procedures performed and information and explanations given tous by the management neither any fraud on the company by its officers or employees norany fraud by the company has been noticed or reported during the course of our audit..

(xi) The Managerial remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act.

(xii) In our opinion and to the best of our information and according to theexplanations provided by the management we are of the opinion that the company is not aNidhi Company. Hence in our opinion the reporting requirement under clause (xii) of thesaid order does not arise.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with Sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) Based on our scrutiny of the Company's Book of Account and other records andaccording to the information and explanations given to us by the management we are of theopinion that the company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review. Hence thereporting requirement under clause (xiv) of the said order does not arise.

(xv) Based on our scrutiny of the Company's Book of Account and other records andaccording to the information and explanations given to us by the management we are of theopinion that the company has not entered into any non-cash transactions with its directorsor persons connected with him. Hence the reporting requirement under clause (xv) of thesaid order does not arise.

(xvi) In our opinion and to the best of our information and according to theexplanations provided by the management we are of the opinion that the company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.Hence the reporting requirement under clause (xvi) of the said order does not arise.

"ANNEXURE 2" TO THE INDEPENDENT AUDITOR'S REPORT

( Referred to in paragraph (2)g under ‘ Report on Other Legal and RegulatoryRequirements ‘ in our Independent Auditor's Report of even date to the members ofthe Company on the Financial statements for the year ended 31st March 2017).

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

We have audited the internal financial controls over financial reporting of LaylaTextile and Traders Limited the Company as of 31st March2017 in conjunctionwith our audit of the financial statement of the Company for the year ended on that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company's Board of Directors is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India ("ICAI"). 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 to therespective company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies 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 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. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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-2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the ICAI.

For GHOSH & GHOSH

Chartered Accountants

Firm Registration Number: - 306020E

Sd/-

A.K. GHOSH

Partner

Membership no.-52945

Place: Kolkata

Date: 03-05-2017