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moneycontrol.com भारत | लेखा परीक्षकों की रिपोर्ट > Textiles - Spinning - Cotton Blended > लेखा परीक्षकों की रिपोर्ट से वोलेंट टेक्सटाइल्स - बीएसई: 531865, NSE: N.A

वोलेंट टेक्सटाइल्स

बीएसई: 531865  |  NSE: N.A  |  ISIN: INE962D01025  |  Textiles - Spinning - Cotton Blended

खोजें वोलेंट टेक्सटाइल्स कनेक्शन Mar 12
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '13
1. Report on the Financial Statements
 
 We have audited the accompanying financial statements of Volant Textile
 Mills Limited which comprise the Balance Sheet as at 31st March, 2013
 the Statement Profit & Loss and Cash Flow Statement for the year ended
 on that date and a summary of significant accounting policies and other
 explanatory information.
 
 2. Management''s Responsibility for the Financial Statements
 
 These financial statements are the responsibility of the Company''s
 management that give a true and fair view of the financial position,
 financial performance and cash flow of the Company in accordance with
 the accounting principles generally accepted in India including
 Accounting Standards referred to in Section 211(3C) of the Companies
 Act, 1956. This responsibility includes the design, implementation and
 maintenance of internal control relevant to the preparation and
 presentation of the financial statements that give a true and fair view
 and are free from material misstatement, whether due to error or fraud.
 
 3. Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those standards require that we comply with the
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free of
 material misstatements.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements. The procedures
 selected depend on the auditor''s judgment, including the assessment of
 the risks of material misstatement of the financial statements, whether
 due to fraud or error. In making those risk assessments, the auditor
 considers internal control relevant to the company''s preparation and
 fair presentation of the financial statements in order to design audit
 procedures that are appropriate in the circumstances. An audit also
 includes evaluating the appropriateness of accounting policies used and
 the reasonableness of the accounting estimates made by management, as
 well as evaluating the overall presentation of the financial
 statements.
 
 4. Opinion
 
 We would like to draw the attention to the following:
 
 a.  Accounting Standard 2: The inventory valuation of Rs 26,922,151 is
 accepted by us on the basis of certificate of the management, in the
 absence of working papers relating to its physical verification and
 valuation and also absence of Internal Auditors confirmation relating
 to its quantity and value,
 
 b.  Accounting Standard 21: The Company has not consolidated the
 accounts of its subsidiary Force Protective Solutions Private Limited
 as on 31.03.2013
 
 c.  Acconting Standard 26: The other non-current assets include
 Miscellaneous Expenditure amounting to Rs 17,42,470/- which we believe
 is of no tangible value as on the date of Balance Sheet,
 
 d.  Trade Receivables of Rs 112,999,716 include Receivables which
 according to us are doubtful of recovery amounting to Rs 20,620,215 &
 for which no provison has been made in the financial statements
 
 e.  As per Note No 1, Para B (2) (i), (ii), (iii) relating to amounts
 payable to various Government authorities including Central Excise Duty
 of Rs 156.40 lakhs demanded which according to the company is not
 payable and various other dues disputed by the company & the liability
 of which according to the management is unascertainable is not provided
 for in the accounts
 
 f.  As per Note No 1, Para B (4) regarding non confirmation of balance
 of unsecured loans, trade receivables, trade payables, other current &
 non current liabilities and loans and advances, they are subject to
 confirmation & reconciliation, if any.
 
 In our opinion, subject to above points mentioned in opinion and to the
 best of our information and according to the explanations given to us,
 the aforesaid financial statements give the information required by the
 Companies Act, 1956 in the manner so required and give a true and fair
 view in conformity with the accounting principles generally accepted in
 India:
 
 (a) In the case of Balance Sheet, of the state of affairs of the
 Company as at 31st March, 2013;
 
 (b) In the case of the Statement of Profit & Loss, of the Loss for the
 year ended on that date; and
 
 (c) In the case of Cash Flow Statement, of the cash flows for the year
 ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 (1) As required by the Companies (Auditors Report) Order, 2003, issued
 by the Central Government of India in terms of sub-section (4A) of
 section 227 of the Companies Act, 1956,we enclose in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the said
 Order.
 
 (2) As required by Section 227(3) of the Companies Act, 1956, we report
 that:
 
 a) Subject to above,we have obtained all the information and
 explanation, which to the best of our knowledge and belief were
 necessary for the purpose of our audit;
 
 b) In our opinion, proper books of account as required by the law have
 been kept by the Company so far as appears from our examination of
 these books.
 
 c) The Balance Sheet, the Statement of Profit & Loss and Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 account;
 
 d) Subject to the above notes in the Par of Opinion, the Balance Sheet,
 the Statement of Profit & Loss and the Cash Flow Statement dealt with
 by this report comply with the Accounting Standards, referred to in
 sub-section (3C) of Section 211 of the Companies Act, 1956;
 
 e) On the basis of written representations received from the Directors
 as on 31st March 2013 and taken on record by Board of Directors, we
 report that none of the Directors is disqualified as on 31st March 2013
 from being appointed as a Director in terms of clause (g) of sub-
 section (i) of Section 274 of the Companies Act, 1956.
 
 ANNEXURE TO THE AUDITORS'' REPORT
 
 (Referred to in paragraph 4 of our report of even date)
 
 1.  a) The company has not maintained the statements showing full
 particulars including quantitative details and situation of most of its
 fixed assets.
 
 b) As explained to us, the fixed assets of the Company are physically
 verified by the management during the year, which in our opinion, is
 reasonable having regard to the size of the Company and the nature of
 its assets. According to the information and explanations given to us,
 no discrepancies have been noticed on such verification.
 
 c) No substantial part of the fixed assets have been disposed of during
 the year.
 
 2.  a) As explained to us, the inventory has been physically verified
 by the management during the year. In our opinion the frequency of such
 verification is reasonable.
 
 b) In our opinion, the procedures of physical verification of inventory
 followed by the management are reasonable and adequate in relation to
 the size of the company and the nature of its business.
 
 c) In our opinion and according to the information and explanations
 given to us, the Company is maintaining proper records of inventory.
 The discrepancy noticed on verification, between the physical stocks
 and the book records were not material.
 
 3.  In respect of unsecured loans taken by the Company from companies,
 firms, or other parties covered by the register maintained under
 section 301 of the Companies act, 1956, and according to the
 information and explanations given to us:
 
 a) The Company has taken interest free unsecured loans from promoters.
 As at the year end, the outstanding balance of such loans aggregated to
 Rs. 1321.70 lacs. The maximum amount outstanding during the year,
 aggregated to Rs.1450.10 lacs.
 
 b) The Company has given interest free unsecured loans to one company.
 As at the year end, the outstanding balance of such loans aggregated to
 Rs. NIL lacs. The maximum amount outstanding during the year,
 aggregated to Rs.113.80 lacs.
 
 c) The interest free loans taken in our opinion, prime facie, are not
 prejudicial to the interest of the company, however interest free loan
 given is not prejudicial to the interests of the company.
 
 d) No stipulation has been made with regard to repayment of loans taken
 and payment of interest on such loans taken, hence we cannot comment on
 the clause.
 
 4.  In our opinion, and according to the information and explanations
 given to us, internal control procedures requires to be further
 strengthened commensurate with the size of the Company and the nature
 of its business, for the purchase of inventory and fixed assets and for
 the sale of goods.
 
 5.  According to the information and explanations given to us, we are
 of the opinion that company has not maintained the Register u/s 301 of
 the Companies Act, 1956 .
 
 6.  Accordingly to the information and explanations given to us, the
 Company has not accepted deposits from the public within the meaning of
 Section 58A and 58AA of the Companies Act, 1956 and the rules framed
 there under.
 
 7.  The Company has an internal auditor, however the scope needs to
 widened and it requires to be strengthened to be commensurate with its
 size and nature of business.
 
 8.  As per the information & explanation given to us, Cost records
 prescribed by the Central Government under Section 209(1)(d) of the
 Companies Act,1956 have not been maintained by the company.
 
 9. According to the information and explanations given to us and
 according to the books nd records of the Company as produced and
 examined by us, in our opinion, the undisputed statutory dues,
 including provident fund, income tax, and professional tax have been
 deposited generally by the company during the year with appropriate
 authorities. There are no arrears of statutory dues as mentioned above
 as at 31st March, 2013 for a period more than six months.
 
 Note 1: The amount disputed is depreciation of Rs. 45.61 Lacs which was
 attributed to increase in value of assets on account of foreign
 exchange fluctuation.
 
 10. In our opinion, the accumulated losses of the Company are more than
 fifty percent of its net worth as at 31st March 2013. The Company has
 not incurred cash losses during the financial year and in the
 immediately preceding financial year.
 
 11. In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in repayment of Secured Loan
 for vehicles obtained from Banks.
 
 12. According to the information and explanations given to us, and
 based on the documents and records produced to us, the company has not
 granted any loans and advances on the basis of security by way of
 pledge of shares, debentures and other securities.
 
 13. The company is not a chit fund/nidhi/mutual benefit fund/society.
 Therefore, the provision of clause 4 (xiii) of the order are not
 applicable to the Company.
 
 14. In our opinion and according to the information and explanations
 given to us, the company is not dealing in or trading in shares,
 securities, debentures and other investments. Accordingly the provision
 of clause 4 (xiv) of the order are not applicable to the Company.
 
 15. In our opinion and according to the information and explanations
 given to us, the Company has given guarantee for entering into a
 marketing tie-up whereby the company will get exclusive marketing
 rights for sale of the products in India.
 
 16. In our opinion and according to the information and explanations
 given to us, the Company has taken Term Loan from Banks & they have
 been applied for the purpose for which they were obtained.
 
 17. According to the information and explanations given to us and on
 overall examination of the Balance Sheet and Cash Flow Statement of the
 Company, we report that no funds raised on short term basis have been
 used for long term investments.
 
 18. In our opinion and according to the information and explanations
 given to us, the Company has not made any preferential allotment of
 shares to parties and companies covered in the register maintained
 under section 301 of the Companies Act, 1956, during the year.
 
 19. The Company has not issued any debentures during the year.
 
 20. The company has not raised any money by public issue during the
 year.
 
 21. To the best of our knowledge and according to the information and
 explanations given to us, no fraud on or by the company has been
 noticed or reported by the Management during the year.
 
                                     For SHAH PATANI & ASSOCIATES
 
                                    (Chartered Accountants)
 
                                    (Registration No: 121252W)
 
                                     DHARMEN B. SHAH  
 
                                     Partner 
 
                                     Membership No.: 036324 
 
 Place: Mumbai 
 
 Date: 14th August 2013.
स्रोत: रेलीगरे टेचनोवा

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