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Minaxi Textiles Ltd.

BSE: 531456 Sector: Industrials
NSE: N.A. ISIN Code: INE952C01028
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NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.40
PREVIOUS CLOSE 1.34
VOLUME 1211
52-Week high 2.10
52-Week low 1.30
P/E 6.36
Mkt Cap.(Rs cr) 7
Buy Price 1.30
Buy Qty 500.00
Sell Price 1.40
Sell Qty 1279.00
OPEN 1.40
CLOSE 1.34
VOLUME 1211
52-Week high 2.10
52-Week low 1.30
P/E 6.36
Mkt Cap.(Rs cr) 7
Buy Price 1.30
Buy Qty 500.00
Sell Price 1.40
Sell Qty 1279.00

Minaxi Textiles Ltd. (MINAXITEXTILES) - Auditors Report

Company auditors report

To

The Members

MINAXI TEXTILES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of MINAXI TEXTILES LIMITED whichcomprise the Balance Sheet as at 31st March 2017 the Statement of Profit and Loss andthe Cash flow statement for the year then ended and a summary of 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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting 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 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.

Auditors' 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 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 of the risks of material misstatement of thefinancial Statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control 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 the 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.

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 the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of section (11) of section 143 of theAct (hereinafter referred to as the "Order") and on the basis of such checks ofthe books and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in "Annexure-A" a statement onthe matters specified in the paragraphs 3 and 4 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 explanation which to the best ofour 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 form our examination of those books.

c. The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with 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 March31 2017 taken on record by the Board of Director none of the director is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164(2) of theAct.

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

i. The Company has disclosed the impact if any of pending litigations as at March31 2017 on its

Financial Statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich 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.

iv. The company has 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 (Refer note no. 33)

For R.R.S & Associates

Chartered Accountant

FRN 118336W

Hitesh V. Kriplani

Partner

Membership No. 140693

Place: Ahmedabad

Date: 26th May 2017

Annexure- B to Independent Auditors' Report

Referred to in paragraph 2 (f) on "Report on Other Legal and RegulatoryRequirements" of the Independent Auditor's Report of even date to the members ofMinaxi Textiles Limited on the financial statements for the year ended March 31 2017

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Act We have audited the Internal Financial Controls over financial reporting ofMinaxi Textiles Limited ("the Company") as of 31 March 2017 in conjunction withour audit of the 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 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 Act.

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 judgment 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 March 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 Institute of CharteredAccountants of India.

For R.R.S & Associates

Chartered Accountant

FRN 118336W

Hitesh V. Kriplani

Partner

Membership No. 140693

Place: Ahmedabad

Date: 26th May 2017

Annexure-A to Independent Auditors' Report

Referred to in paragraph 1 on "Report on Other Legal and RegulatoryRequirements" of the Independent Auditor's Report of even date to the members ofMinaxi Textiles Limited on the financial statements for the year ended March 31 2017

1. In respect of Fixed Assets:

a. The Company has maintained proper records showing full particulars includingquantitative details and situation of its Fixed Assets.

b. According to information and explanations given to us the Fixed Assets of theCompany have been physically verified by the management periodically and no materialdiscrepancies have been noticed on such physical verification.

c. According to information and explanations given to us and on the basis of ourexamination of records of the company the title deeds of immovable properties other thanthe self constructed immovable property (buildings) as disclosed in the fixed assets tothe financial statements are held in the name of company.

2. In respect of Inventories:

a. According to the information and explanations given to us the inventories have beenphysically verified during the year by the management. In our opinion the frequency ofverification is reasonable.

b. According to the information and explanations given to us no material discrepancieswere noticed on physical verification of inventory as compared to the book records.

3. In our opinion and according to information and explanations given to us we reportthat 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.

4. In our opinion and according to the information and explanations given to us theCompany has not granted any loans or provided any guarantees or security in respect of anyloans to any party covered under the Section 185 of the Act. The company has not givenguarantees or provided security requiring compliance under section 185 or 186 of the Acthence clause 4 of the order is not applicable to the Company.

5. The company has not accepted any deposits from public within the meaning of Section73 74 75 and 76 of the Act and the Rules framed there under to the extent notified.

6. The company is not required to maintain the cost records pursuant to section 148 (1)of the Companies Act 2013 during the year under audit.

7. In respect of Statutory Dues:

a. According to the information and explanations given to us and the records examinedby us the Company is generally regular in depositing undisputed statutory dues includingIncome Tax Sales Tax Wealth Tax Service Tax Custom duty Excise duty Sales tax cessand any other statutory dues with the appropriate authorities applicable to it. Accordingto the information and explanations given to us there are no undisputed dues payable inrespect of above as at 31st March 2017 for a period of more than six months from the dateon which they became payable.

b. According to the records of the company and on the basis of the information andexplanations given to us there are no dues of sales tax custom duty wealth tax servicetax income tax etc which have not been deposited on account of any dispute.

8. According to the records of the Company examined by us and the information andexplanations given to us the Company has not defaulted in repayment of loans orborrowings to any financial institutions or bank.

9. The Company has not raised any moneys by way of initial public offer and the termloans were applied for the purpose for which those are raised.

10. To the best of our knowledge and according to the information and explanationsgiven to us we have neither come across any instance of material fraud by the Company oron the Company by its officers or employees noticed or reported during the year nor havewe been informed of any such case by the Management.

11. The managerial remuneration has been paid and provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V of thecompanies act 2013.

12. The company is not a Nidhi company. As such The Nidhi rules 2014 are notapplicable.

13. According to the information and explanations given to us all transactions withRelated Party are in compliance with the provisions of section 177 and section 188 of theAct where applicable. The details of the Related Party Transactions have been disclosedin the Financial Statements as required under Accounting Standards (AS) 18 on RelatedParty Disclosures as specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

14. The Company has not made any preferential allotment or Private placement of sharesof fully or partly convertible debentures during the year under review.

15. The Company has not entered into any non cash transactions with Directors orpersons connected with him.

16. The Company is not required to be registered u/s. 45-IA of the Reserve Bank ofIndia Act 1934

For R.R.S & Associates

Chartered Accountant

FRN 118336W

Hitesh V. Kriplani

Partner

Membership No. 140693

Place: Ahmedabad

Date: 26th May 2017