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Seasons Textiles Ltd.

BSE: 514264 Sector: Industrials
NSE: N.A. ISIN Code: INE707B01010
BSE LIVE 15:43 | 13 Dec 26.79 1.42
(5.60%)
OPEN

26.50

HIGH

27.80

LOW

25.55

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 26.50
PREVIOUS CLOSE 25.37
VOLUME 38430
52-Week high 27.80
52-Week low 6.85
P/E 92.38
Mkt Cap.(Rs cr) 20
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 26.50
CLOSE 25.37
VOLUME 38430
52-Week high 27.80
52-Week low 6.85
P/E 92.38
Mkt Cap.(Rs cr) 20
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Seasons Textiles Ltd. (SEASONSTEXTILES) - Auditors Report

Company auditors report

TO THE MEMBERS OF SEASONS TEXTILES LIMITED

We have audited the accompanying financial statements of Seasons Textiles Limited("the company") which comprise the Balance Sheet as at March 31st 2016 theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

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 preparation and presentation 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 the 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 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 insuring 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.

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 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 a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company’s Board of Directorsas well as evaluating the overall 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 In our opinion and tothe best of our information and according to the explanations given to us the aforesaidfinancial statements give the information required by the Act in the manner so requiredand give a true and fair view in conformity with the accounting principles generallyaccepted in India:

a) In the case of the Balance Sheet of the state of affairs of the Company as at March31st 2016;

b) In the case of the statement of Profit and Loss of the profit for the year ended onthat date; and

c) In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

As required by the Companies (Auditor’s Report) Order 2016 issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Act we enclose inthe annexure ‘A’ statement on the matters specified in paragraphs 3 and 4 of thesaid order to the extent applicable.

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 appears from our examination of those books.

c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account. d) In our opinion theaforesaid financial statements comply with the Accounting Standards specified in Section133 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 on March31st 2016 taken on record by the Board of Directors none of the directors isdisqualified as on March 31st 2016 from being appointed as a director in terms ofsection 164 (2) of the Act. f) With respect to the other matters to be included in theAuditor’s Report in accordance with Rule 11 of the Companies (Audit andAuditor’s) Rules 2014 in our opinion and to the best of our information andaccording to the explanations given to us:

i. There were no pending litigations which would impact the financial position of thecompany.

ii. The Company did not have any material foreseeable losses on long term contractsincluding derivatives contracts.

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

For ANUJ GARG & CO.
Chartered Accountants
Firm’s Registration Number- 03473N
C.A. ANUJ GARG
Place : New Delhi Proprietor
Dated : 17.05.2016 Membership No. 082422

"ANNEXURE A" TO THE AUDITOR’S REPORT OF EVEN DATE TO THE MEMBERS OF THESEASONS TEXTILES LIMITED ON THE FINANCIAL STATEMENTS FOR THE YEAR

ENDED MARCH 31st 2016

On the basis of such checks as we considered appropriate and in terms of informationand explanations given to us we state that:-

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of the fixed assets.

(b) As informed to us these fixed assets have been physically verified by theManagement during the year. In our opinion the frequency of verification is reasonablehaving regard to the size of the operations of the Company. According to the information& explanations given to us no material discrepancies were noticed on such physicalverification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) As explained to us the inventories have been periodically physically verified bythe management. According to the information and explanation given to us no materialdiscrepancies have been noticed on such verification.

(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 CompaniesAct. Consequently the requirement of clause 3(iii) (a) (b) and (c) of the Companies(Auditor’s Report) Order 2016 is not applicable.

(iv) The company does not have any loans investments guarantees and security referredto in section 185 and 186 of the companies act 2013. Accordingly paragraph 3(iv) of theOrder is not applicable.

(v) The Company has not accepted any deposits from the public.

(vi) The nature of the Company’s business is such that maintenance of cost recordsspecified by the Central Government under sub section (1) of section 148 of The Act isnot applicable.

(vii) (a) According to the records information and explanations provided to usCompany is generally regular in depositing with appropriate authorities undisputedstatutory dues including Provident Fund Employee’s State Insurance Income TaxSales Tax Service Tax Duty of Customs Value Added Tax Cess and other statutory duesapplicable to it and no undisputed amounts payable were outstanding as at March 31st 2016for a period of more than six months from the date they became payable.

(b) There is no amount in respect of Income Tax Sales Tax Service Tax Duty ofCustoms Value Added Tax and Cess that have not been deposited with the appropriateauthorities on account of any dispute.

(viii) In our opinion and according to the information and explanations given to usthe Company has generally not defaulted in repayment of dues to a financial institution orbank. The Company has no debenture holders.

(ix) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments). In our opinion and according to the informationand explanation given to us the term loans raised during the year have been applied forthe purposes for which they were obtained.

(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act. .

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(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) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

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

For ANUJ GARG & CO.
Chartered Accountants
Firm’s Registration Number- 03473N
C.A. ANUJ GARG
Place : New Delhi Proprietor
Dated : 17.05.2016 Membership No. 082422

ANNEXURE- B TO THE AUDITORS REPORT OF THE EVEN DATE ON THE FINANCIAL STATEMENTS OFSEASONS TEXTILES LIMITED FOR THE YEAR ENDED 31ST MARCH 2016

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 SeasonsTextiles Limited ("the Company") as of 31 March 2016 in conjunction with ouraudit 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’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation 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 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 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 March 2016 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 ANUJ GARG & CO.
Chartered Accountants
Firm’s Registration Number- 03473N
C.A ANUJ GARG
Place : New Delhi Proprietor
Dated : 17.05.2016 Membership No. 082422