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Riba Textiles Ltd.

BSE: 531952 Sector: Industrials
NSE: N.A. ISIN Code: INE811H01017
BSE 00:00 | 24 May 106.50 12.45
(13.24%)
OPEN

92.50

HIGH

108.90

LOW

92.00

NSE 05:30 | 01 Jan Riba Textiles Ltd
OPEN 92.50
PREVIOUS CLOSE 94.05
VOLUME 139998
52-Week high 140.00
52-Week low 64.00
P/E 12.16
Mkt Cap.(Rs cr) 103
Buy Price 102.25
Buy Qty 200.00
Sell Price 108.00
Sell Qty 9.00
OPEN 92.50
CLOSE 94.05
VOLUME 139998
52-Week high 140.00
52-Week low 64.00
P/E 12.16
Mkt Cap.(Rs cr) 103
Buy Price 102.25
Buy Qty 200.00
Sell Price 108.00
Sell Qty 9.00

Riba Textiles Ltd. (RIBATEXTILES) - Auditors Report

Company auditors report

To the Members of RIBA TEXTILES LIMITED NEW DELHI

1. Report on the Financial Statements

We have audited the accompanying financial statements of M/s RIBA TEXTILES LIMITED ("theCompany") which comprise the Balance Sheet as at March 31st 2018Statement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

2. 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 standalone financial statements that give a true and fair view of the financialposition financial performance the cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

3. 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 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.

4. 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;

a) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2018 b) In the case of Statement of Profit and Loss of the Profit for the year endedon that date; and c) In the case of Cash Flow Statement of the cash flows for the yearextended on that date.

5. Emphasis of Matters

We draw attention to the following matters in the Notes to the financial statements:

Our opinion is not modified in respect of these matters.

6. Others Matter

Our opinion is not modified in respect of these matters.

7. Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 ("the Order") asamended issued by the Central Government of India in terms of sub-section (11) of section143 of the Companies Act 2015 {I give in the "Annexure A" a statementon the matters specified in paragraphs 3 and 4 of the 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 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) The going concern matter described in sub-paragraph (b) under the Emphasis ofMatters paragraph above in our opinion may have an adverse effect on the functioning ofthe Company.

f) On the basis of written representations received from the directors as on March 312018 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2018 from being appointed as a director in terms of Section 164 (2) of theAct.

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 has been not delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

ASHWANI K SINDWANI & CO. Chartered Accountants

Sd/- (Ashwani Kumar Sindwani) Place: Karnal Partner Date: 29.05.2018 M. No 506380 FirmReg. No. : 021529N

ANNEXURE TO THE AUDITORS' REPORT

RE: M/S RIBA TEXTILES LIMITED NEW DELHI

Referred to in Paragraph (3) of our report of even date

Referred to in Paragraph (3) of our report under the heading ‘Report on OtherLegal & Regulatory

Requirement' of our report of even date to the financial statements of the Company forthe year ended March 31 2018:

1) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The Fixed Assets have been physically verified by the management in a phasedmanner designed to cover all the items over a period of three years which in ouropinion is reasonable having regard to the size of the company and nature of itsbusiness. Pursuant to the program a portion of the fixed asset has been physicallyverified by the management during the year and no material discrepancies between the booksrecords and the physical fixed assets have been noticed.

(C) The title deeds of immovable properties are held in the name of the company

2) The management has conducted the physical verification of inventory at reasonableintervals. The discrepancies noticed on physical verification of the inventory as comparedto books records which has been properly dealt with in the books of account were notmaterial.

3) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability partnerships or other parties covered in the Register maintained undersection 189 of the Act. Accordingly the provisions of clause 3 (iii) (a) to (C) of theOrder are not applicable to the Company and hence not commented upon.

4) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013In respect of loans investments guarantees and security.

5) The Company has not accepted deposits during the year and does not have anyunclaimed deposits as at March 31 2018 and therefore the provisions of the clause 3 (V)of the Order are not applicable to the Company.

6) As informed to us the maintenance of Cost Records has been specified by the CentralGovernment under sub-section (1) of Section 148 of the Act in respect of the activitiescarried on by the company.

7) (a) The Company has generally been regular in depositing undisputed statutory duesincluding Provident

Fund Employees' State Insurance Income Tax Sale Tax Service Tax Goods and ServiceTax Value Added Tax Customs Duty Excise Duty Cess and other material statutory duesapplicable to it with appropriate authorities.

(b) According to information and explanations given to us no undisputed amountspayable in respect of the above were in arrears as at March 31 2018 for a period of morethan six months from the date on when they become payable. There is no of dues of IncomeTax Sale Tax Wealth Tax Service Tax Custom Duty Excise Duty & Cess which have notbeen deposited as on March 31st 2018.

8) In our opinion and according to the information and explanations given to us theCompany has not Defaulted in the repayment of dues to banks.

9) Based upon the audit procedures performed and the information and explanations givenby the management the company has not raised moneys by way of initial public offer orfurther public offer including debt instruments and term Loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company and hence notcommented upon.

10) Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

11) Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act;

12) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 4 (xii) of the Order are not applicable to the Company.

13) In our opinion and the information and explanations given by the management theprovisions of section 177 of the Companies Act 2013 is not applicable. All transactionswith the related parties are in compliance with section 188 of Companies Act 2013 and thedetails have been disclosed in the Financial Statements as required by the applicableaccounting standards.

14) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 (xiv) of the Order are not applicable tothe Company and hence not commented upon.

15) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon.

16) In our opinion the company is not required to be registered under section 45 IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi) ofthe Order are not applicable to the Company and hence not commented upon.

ASHWANI K SINDWANI & CO. Chartered Accountants

Sd/- (Ashwani Kumar Sindwani) Place: Karnal Partner Date: 29.05.2018 M. No 506380 FirmReg. No. : 021529N .