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Active Clothing Co Ltd.

BSE: 541144 Sector: Industrials
NSE: N.A. ISIN Code: INE380Z01015
BSE 00:00 | 04 May 33.55 0
(0.00%)
OPEN

33.55

HIGH

33.55

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33.55

NSE 05:30 | 01 Jan Active Clothing Co Ltd
OPEN 33.55
PREVIOUS CLOSE 33.55
VOLUME 4000
52-Week high 40.00
52-Week low 16.00
P/E 838.75
Mkt Cap.(Rs cr) 52
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 33.55
CLOSE 33.55
VOLUME 4000
52-Week high 40.00
52-Week low 16.00
P/E 838.75
Mkt Cap.(Rs cr) 52
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Active Clothing Co Ltd. (ACTIVECLOTHING) - Auditors Report

Company auditors report

To the Members of Active Clothing Co Limited

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 2021 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 ofthese financial statements that give a true and fair view of the financial position financial performance the Cash Flows and change in Equity in company in accordance withthe accounting 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 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 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’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Board of Directors as well asevaluating 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.

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 2021 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 ("theOrder") issued by the Central Government in terms of Section 143(11) of the Act wegive in the Annexure I a statement on the matters specified in paragraphs 3 and 4 of theOrder 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 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 the Statement of Profit and Loss & Cash Flows statement ofchange in Equity dealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the Indian AccountingStandards specified under Section 133 of the Act read with the Companies (IndianAccounting Standard) (Amendment) Rules 2016.

e) On the basis of the written representations received from the Directors as on March31 2021 taken on record by the Board of Directors none of the Directors is disqualifiedas on March 31 2021 from being appointed as a Director in terms of Section 164 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-IF\

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 as amended bythe companies( Audit and Auditors) Rules 2017 in our opinion and to the best of ourinformation and according to the explanations given to us:

i) The Company has disclosed the impact of pending litigation on its financial positionin its financial statements as of March 31 2021;

ii) The Company has made provisions in its financial statements as required under theapplicable law or accounting standards for material foreseeable losses if any on longterm contracts;

iii) Company is not required to transfer any amount to the Investor Education andProtection Fund.

For Jiwan Goyal & Co

Chartered Accountants

FRN 012874N

Sd/-

(Jiwan Goyal)

Partner

Membership No.: 091937

DATE: 25.06.2021

Place: Bathinda

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 2021 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 fixed assets have been physically verified by themanagement at reasonable intervals. According to the information and explanation given tous no material discrepancies were noticed on such verification.

(c) As explained to us the title deeds of immovable properties are held in the name ofthe 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 subsection (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 been regular in depositing undisputed statutory dues includingProvident Fund employee’s state insurance Income tax Sales tax Service tax dutyof customs 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 not applicable

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 of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanation given to us no instance of Material Fraud bythe company or on the company by its officers and employees have been noticed or reportedduring the year.

11) According to the information and explanation given to us managerial remunerationhas been paid or provided in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Companies Act.

12) This clause is not applicable to the company as the Company is not a Nidhi Company.

13) To the best of our knowledge and according to the information and explanationsgiven to us all transactions with the related parties are in compliance with sections 177and 188 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards.

14) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly paid convertible debentures and hence reportingunder clause 3 (xiv) of the Order is not applicable to the Company.

15) The company has not entered into any non-cash transactions with directors orpersons connected to directors and hence provisions of section 192 of the Companies Act2013 are not applicable.

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

For Jiwan Goyal & Co

Chartered Accountants

FRN 012874N

sd/-

(Jiwan Goyal)

Partner

Membership No: 091937

DATE: 25.06.2021

Place: Bathinda

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 2021 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 procedures selected depend on the auditor’s judgment including the assessmentof the risks of material misstatement of the financial statements whether due to fraud orerror.

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 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company's assets that could have amaterial 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 2021 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

Sd/-

(Jiwan Goyal)

Partner

Membership No: 091937

DATE: 25.06.2021

Place: Bathinda

.