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Active Clothing Co Ltd.

BSE: 541144 Sector: Industrials
NSE: N.A. ISIN Code: INE380Z01015
BSE 00:00 | 16 Oct 14.70 0
(0.00%)
OPEN

14.70

HIGH

14.70

LOW

14.70

NSE 05:30 | 01 Jan Active Clothing Co Ltd
OPEN 14.70
PREVIOUS CLOSE 14.70
VOLUME 2000
52-Week high 34.50
52-Week low 14.00
P/E 7.46
Mkt Cap.(Rs cr) 23
Buy Price 14.65
Buy Qty 2000.00
Sell Price 21.90
Sell Qty 2000.00
OPEN 14.70
CLOSE 14.70
VOLUME 2000
52-Week high 34.50
52-Week low 14.00
P/E 7.46
Mkt Cap.(Rs cr) 23
Buy Price 14.65
Buy Qty 2000.00
Sell Price 21.90
Sell Qty 2000.00

Active Clothing Co Ltd. (ACTIVECLOTHING) - Auditors Report

Company auditors report

To the Members of Active Clothing Co Limited

(Previously Active Clothing Co. Pvt Ltd.)

Report on the Financial Statements

We have audited the accompanying financial statements of Active Clothing Co Limited("the Company") which comprise the Balance Sheet as at March 31 2018 and theStatement of Profit and Loss the cash flow statement and the statement of changes inEquity for the year then ended and a summary of significant accounting policies and otherexplanatory 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 of these financialstatements that give a true and fair view of the financial position financialperformance the Cash Flows and change in Equity in company in accordance with theaccounting principles generally accepted in India including the Indian AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of these financialstatements that give a true and fair view and are free from material misstatement whetherdue 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 there under. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and the disclosures in the financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risk of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditors 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 Board of Directors as well as evaluating theoverall presentation of the financial statements. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe 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 March31 2018 its profit its Cash Flows and the change in Equity for the year ended on thatdate. 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 in terms of Section 143(11) of the Act we give in theAnnexure I a statement on the matters specified in paragraphs 3 and 4 of the Order to theextent applicable.

2. As required by Section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books. c) The Balance Sheet the Statement of Profit and Loss &Cash Flows statement of change in Equity dealt with by this Report are in agreement withthe books of account. d) In our opinion the aforesaid financial statements comply withthe Indian Accounting Standards specified under Section 133 of the Act read with theCompanies (Indian Accounting Standard) (Amendment) Rules 2016. e) On the basis of thewritten representations received from the Directors as on March 31 2018 taken on recordby the Board of Directors none of the Directors is disqualified as on March 31 2018 frombeing appointed as a Director in terms of Section 164 of the Act. f) With respect to theadequacy of the internal financial controls over financial reporting of the company andthe operating effectiveness of such controls refer to our separate report in"Annexure-II". g) With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014 as amended by the companies( Audit and Auditors) Rules 2017 in our opinion and tothe best of our information and according to the explanations given to us: i) The Companyhas disclosed the impact of pending litigation on its financial position in its financialstatements as of March 31 2018; ii) The Company has made provisions in its financialstatements as required under the applicable law or accounting standards for materialforeseeable losses if any on long term contracts; iii) Company is not required totransfer any amount to the Investor Education and Protection Fund.

For Jiwan Goyal & Co
Chartered Accountants
FRN 012874N
(Jiwan Goyal)
Proprietor
Membership No.: 091937
DATE: 30.05.2018
Place: Mohali

ACTIVE CLOTHING CO LIMITED

(CIN: U51311PB2002PLC033422) Annexure I to the Auditors' Report

The Annexure referred to in our report to the members of ACTIVE CLOTHING Co Limited forthe year ended on March 31 2018 We report that:

1) In respect of its fixed assets:

(a) the company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets; (b) As explained to us the fixedassets have been physically verified by the management at reasonable intervals. Accordingto the information and explanation given to us no material discrepancies were noticed onsuch verification. (C) As explained to us the title deeds of immovable properties areheld in the name of the company.

2) In respect of its inventories:

As explain to us physical verification of inventory has been conducted at reasonableintervals by the management and no material discrepancies were noticed.

3) The company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnership or other parties covered in the register maintained undersection 189 of the Companies act 2013. (a) Not Applicable (b) Not Applicable

4) The company has not granted any loans or provided any guarantees or securities tothe parties covered under section 185 and 186 of the Companies Act 2013.

5) The company has not accepted any deposits from the public with in the meaning ofsection 73 to 76 of the act and the Rules framed there under.

6) This clause is not applicable as no cost records has been specified by the CentralGovt. under sub-section (1) of section 148 of the Companies Act 2013.

7) According to the information and explanation given to us in respect of statutorydues: (a) The Company has generally been regular in depositing undisputed statutory duesincluding

Provident Fund employee's state insurance Income tax Sales tax Service tax duty ofcustoms duty of excise value added tax/ Goods and Service Tax cess and any otherstatutory dues to the appropriate authorities wherever applicable. (b) This clause is notapplicable

8) The company has not defaulted in repayment of loans or borrowing to a financialinstitution bank Government or dues to debenture holders.

9) In our opinion and according to the information and explanations given to us termloans were applied for the purposes for which those are raised. 10) During the course ofour examination of the books and records of the company carried out in accordance withthe generally accepted auditing practices in India and according to the information andexplanation given to us no instance of Material Fraud by the company or on the company byits officers and employees have been noticed or reported during the year. 11) According tothe information and explanation given to us managerial remuneration has been paid orprovided in accordance with the requisite approvals mandated by the provisions of section197 read with Schedule V to the Companies Act. 12) This clause is not applicable to thecompany as the Company is not a Nidhi Company. 13) To the best of our knowledge andaccording to the information and explanations given to us all transactions with therelated parties are in compliance with sections 177 and 188 of Companies Act 2013 whereapplicable and the details have been disclosed in the Financial Statements etc. asrequired by the applicable accounting standards. 14) The company has made bonus issue tothe existing shareholders of the Company prior to Initial Public Offer after dulycomplying with the Companies Act2013. 15) The Company has raised money by way of initialpublic offer and the money raised was applied for the purpose for which it was raised. 16)The company has not entered into any non-cash transactions with directors or personsconnected with him covered under the provisions of section 192 of the act. 17) The companyis not required to be registered under section 45-IA of the Reserve Bank of India Act1934.

For Jiwan Goyal & Co
Chartered Accountants
FRN 012874N
(Jiwan Goyal)
Proprietor
Membership No.: 091937
DATE: 30.05.2018
Place: Mohali

Annexure - II to the Auditors' Report

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 ActiveClothing Co

Limited ("the Company") as of 31 March 2018 in conjunction with our audit ofthe 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 safeguarding ofits 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 auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit 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 thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

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 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 2018 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 Jiwan Goyal & Co
Chartered Accountants
FRN 012874N
(Jiwan Goyal)
Proprietor
Membership No.: 091937
DATE: 30.05.2018
Place: Mohali