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New Light Apparels Ltd.

BSE: 540243 Sector: Industrials
NSE: N.A. ISIN Code: INE835U01019
BSE LIVE 14:53 | 13 Dec 24.40 -0.70
(-2.79%)
OPEN

24.35

HIGH

24.45

LOW

24.35

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 24.35
PREVIOUS CLOSE 25.10
VOLUME 5600
52-Week high 28.00
52-Week low 12.50
P/E 24.16
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 24.40
Sell Qty 250.00
OPEN 24.35
CLOSE 25.10
VOLUME 5600
52-Week high 28.00
52-Week low 12.50
P/E 24.16
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 24.40
Sell Qty 250.00

New Light Apparels Ltd. (NEWLIGHTAPPARE) - Auditors Report

Company auditors report

Independent Auditor's Report

To the Members of

NEW LIGHT APPARELS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of NEW LIGHT APPARELS LIMITED("the Company") which comprise the Balance Sheet as at March 31 2016theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary 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 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 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 2016 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 sub-section (11) of section 143 of the

Companies Act 2013 we give in the ‘Annexure A' a statement on the mattersspecified

in paragraphs 3 and 4 of the Order to the 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 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 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 31stMarch 2016taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 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) 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 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.

For RAJAN MALIK & CO.
Chartered Accountants
FRN: 019859N
RAJAN MALIK
(PARTNER)
Place:-New Delhi Membership No.:-085801
Date: -30.05.2016

Annexure ‘A'

The Annexure referred to in paragraph 1 of Our Report on "Other Legal andRegulatory

Requirements".

We report that:

i.

a. The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

b. As explained to us fixed assets have been physically verified by the management atreasonable intervals; no material discrepancies were noticed on such verification.

c. The title deeds of immovable properties are held in the name of the company.

ii. As explained to usinventories have been physically verified during the year by themanagement at reasonable intervals. No material discrepancy was noticed on physicalverification of stocks by the management as compared to book records.

iii. The company has granted loans to one party covered in the register maintainedunder section 189 of the Companies Act 2013 wherein the balance receivable as at theyear- end is Rs. 196.63 lakh. The maximum amount outstanding during the year was Rs.289.79 lakh.

a. Loan granted is interest free loan and repayable on demand same is prejudicial tothe company's interest;

b. The terms of arrangement do not stipulate any repayment schedule and the loans arerepayable on demand.

c. Since the term of arrangement do not stipulate any repayment schedule and the loansare repayable on demand no question of overdue amounts will arise in respect of the loansgranted to the parties listed in the register maintained under section 189 of the Act.

iv. In respect of loans investments guarantees and security provisions of section185 and 186 of the Companies Act 2013 have been complied with.

v. The company has not accepted any deposits from the public covered under sections 73to 76 of the Companies Act 2013.

vi. As per information & explanation given by the management maintenance of costrecords has not been specified by the Central Government under sub-section (1) of section148of the Companies Act 2013.

vii.

a. According to the records of the company undisputed statutory dues includingProvident Fund Investor Education and Protection Fund Employees' State

Insurance Income-tax Sales-tax Service Tax Custom Duty Excise Duty value addedtaxcess and any other statutory dues to the extent applicable have generally beenregularly deposited with the appropriate authorities. According to the information andexplanations given to us there were no material outstanding statutory dues as on 31st ofMarch 2016 for a period of more than six months from the date they became payable.

b. According to the information and explanations given to us there is no amountpayable in respect of income tax service tax sales tax customs duty excise duty valueadded tax and cess whichever applicable which have not been deposited on account of anydisputes except following.

Particulars Relevant Assessment Year ForumWhere dispute is pending Amount in Rs
Income tax ForF.Y 1998-99 Income tax Department 1631305
For F.Y 2001-02 4278
ForF.Y 2010-11 73300
ForF.Y 2013-14 8070
ForF.Y 2015-16 410
TOTAL 1717363
Tax Deduction at Source ForF.Y 2012-13 Income tax Department 9781
ForF.Y 2013-14 1050
ForF.Y 2014-15 11440
ForF.Y 2015-16 1511
Prior Years 13365
TOTAL 37146

viii. In our opinion and according to the information and explanations given by the

management we are of the opinion that the Company has not defaulted in repayment ofdues to a financial institution bank Government or debenture holders as applicable tothe company.

ix. Based on our audit procedures and according to the information given by themanagement the company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) or taken any term loan during the year.

x. According to the information and explanations given to us we report that no fraudby the company or any fraud on the Company by its officers or employees has been noticedor reported during the year.

xi. According to the information and explanations given to uswe report that managerialremuneration has been paid in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Companies Act.

xii. The company is not a Nidhi Company. Therefore clause xii) of the order is notapplicable to the company.

xiii. According to the information and explanations given to usall transactions withthe related parties are in compliance with sections 177 and 188 of Companies Act 2013where applicable and the details have been disclosed in the Financial Statements etc. asrequired by the applicable accounting standards.

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

xv. The company has not entered into non-cash transactions with directors or personsconnected with him.

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

For RAJAN MALIK & CO.
Chartered Accountants
FRN:019859N
RAJAN MALIK
(PARTNER)
Place:-New Delhi Membership No.:-085801
Date:-30.05.2016