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Euro Leder Fashion Ltd.

BSE: 526468 Sector: Others
NSE: N.A. ISIN Code: INE940E01011
BSE 00:00 | 18 Jun 19.70 0
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NSE 05:30 | 01 Jan Euro Leder Fashion Ltd
OPEN 19.70
PREVIOUS CLOSE 19.70
VOLUME 10
52-Week high 29.45
52-Week low 15.25
P/E 12.39
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 19.70
CLOSE 19.70
VOLUME 10
52-Week high 29.45
52-Week low 15.25
P/E 12.39
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Euro Leder Fashion Ltd. (EUROLEDERFASH) - Auditors Report

Company auditors report

To the Members of

Euro Leder Fashion Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Euro Leder Fashion Limited(hereinafter referred to as "the Company") comprising of the Balance Sheet asat 31st March 2017 the Statement of Profit and Loss the Cash Flow Statement for theyear then ended and a summary of the significant accounting policies and otherexplanatory information (hereinafter referred to as "the financial statements").

1. Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated with respect tothe preparation and presentation of these financial statements in terms of therequirements of the Companies Act 2013 (hereinafter referred to as "theAct")that give a true and fair view of the financial position financial performanceand cash flows of the Company in accordance with the accounting principles generallyaccepted in India including the Accounting Standards specified under Section 133 of theAct read with Rule 7 of the Companies (Accounts) Rules 2014. The Board of Directors ofthe Company are responsible for maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding the assets of the Group and for preventingand detecting frauds and other irregularities; the selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and the 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 the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error which have been used for the purpose of preparation of thefinancial statements by the Directors of the Company as aforesaid.

2. Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. While conducting the audit we have taken into account the provisions of the Actthe accounting and auditing standards and matters which are required to be included in theaudit report under the provisions 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 but not for the purpose of expressing an opinionon whether the Company has an adequate internal financial controls system over financialreporting in place and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Board of Directors aswell as evaluating the overall presentation of the financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

3. 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/loss and its cash flows for the year then ended on that date.

4. 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 ofthe Act based on the comments in the auditors' reports of the Company we give in theAnnexure 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 to the extent applicable 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 of the aforesaidfinancial statements.

(b) In our opinion proper books of account as required by law relating to preparationof the aforesaid financial statements have been kept so far as it appears from ourexamination of those books and the reports of the other auditors.

(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the relevant books of account maintainedfor the purpose of preparation of the financial statements.

(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 of theCompany as on 31st March 2017 taken on record by the Board of Directors of the Companynone of the directors of the Company are disqualified as on 31st March 2017 from beingappointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Group and the operating effectiveness of such controls refer to ourseparate report in "Annexure - B"; and

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditor's) Rules 2014 in our opinionand to the best of our information and according 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 derivative contracts.

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

iv. The company has made requisite disclosures in the financial statements in dealingswith Specified Bank Notes during the period from 8 Novemeber 2016 to 30 December 2016and these are in accordance with the books of accounts maintained by the company.

Place: Chennai For N.VENKATESAN ASSOCIATES
Date : 29.05.2017 CHARTERED ACCOUNTANTS
Firm Regn.No.004632S
(N.VENKATESAN)
Partner
Membership No.22021

ANNEXURE - A TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in paragraph 5.1 of the Independent Auditor's Report of even date to themembers of Euro Leder Fashion Limited ("the Company") on the accounts of thecompany for the period ended 31st March 2017.

1. (a) The company is maintaining proper records showing full particulars includingquantitative details

and situation of fixed assets

(b) The fixed assets have been physically verified by the management at reasonableintervals; no material discrepancies were noticed on such verification.

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

2. The inventory has been physically verified during the year by the management atreasonable intervals. In our opinion the frequency of verification is reasonable.

3. The Company has not granted or taken any loans secured or unsecured to/fromcompanies firms or other parties covered in the register maintained under Section 189 ofthe Act

4. The company has followed the provisions of Section 185 and 186 of Companies Act inrespect of loans investments guarantees and securities.

5. The Company has not accepted any deposits from the public within the meaning of thedirectives issued by the Reserve Bank of India and the provisions of sections 73 to 76 orany other relevant provisions of the Companies Act and the rules framed thereunder

6. The provisions of the order made by the Central Government for the maintenance ofcost records under Section 148(1) of the Companies Act 2013 do not apply to the Company.

7. A) According to the information and explanation given to us and based on the recordsof the company

the company has been regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income-tax Sales-tax Wealth Tax ServiceTax Custom Duty Excise Duty cess to the extent applicable and any other statutory dueswith the appropriate authorities. According to the information and explanations given tous there were no outstanding statutory dues as on 31st of March 2017 for a period of morethan six months from the date they became payable.

(b) According to the information and explanations given to us there is no undisputedamounts payable in respect of income tax wealth tax service tax sales tax customs dutyand excise duty which have not been deposited on account of any disputes.

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 dues to afinancial institution and banks

9. The Company has not raised any money by public offer during the year.

10. Based on the audit procedures performed and the information and explanations givento us we report that no fraud on or by the Company has been noticed or reported duringthe year nor have we been informed of such case by the management.

11. According to the information and explanation given to us in respect of ManagerialRemuneration the company has followed the provision of Section 197 read with Schedule Vto the companies Act.

12. The company is not a Nidhi Company. Therefore the proivison of this clause is notapplicable.

13. According to the information and explanation given to usin respect of transactionswith related parties the company has complied with the provision of Section 177 and 188 ofCompanies Act 2013

and the same has been disclosed in the Financial Statements etc. as required by theAccounting Standard.

14. Based on the audit procedures performed and the information and explanations givento us by the management we report that the company has not made any preferentialallotment of shares during the year.

15. According to the information and explanation given to us the Company has compliedwith the provisions of Section 192 of Companies Act 2013 in respect of non-cashtransactions with directors or persons connected with.

16. The provision of Section 45-IA of the Reserve Bank of India Act 1934 is notapplicable to this company.

Place: Chennai For N.VENKATESAN ASSOCIATES
Date : 29.05.2017 CHARTERED ACCOUNTANTS
Firm Regn.No.004632S
(N.VENKATESAN)
Partner.
Membership No.22021

ANNEXURE - B TO THE INDEPENDENT AUDITOR'S 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 Euro LederFashion Limited ("the Company") as of 31st March 2017 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 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 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 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 authorizations of management and directors of the company.

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized 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 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.

Place: Chennai For N.VENKATESAN ASSOCIATES
Date: 29.05.2017 CHARTERED ACCOUNTANTS
Firm Regn.No.004632S
(N.VENKATESAN)
Partner
Membership No.22021