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Bombay Rayon Fashions

BSE: 532678|NSE: BRFL|ISIN: INE589G01011|SECTOR: Textiles - General
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« Mar 14
Auditor's Report (Bombay Rayon Fashions) Year End : Mar '15
Report on the Standalone Financial Statements
 
 We have audited the accompanying standalone financial statements of
 Bombay Rayon Fashions Limited (the Company), which comprises the
 Balance Sheet as at March 31, 2015, the Statement of Profit and Loss
 and Cash Flow Statement for the year then ended, and a summary of
 significant accounting policies and other explanatory information.
 
 Management''s Responsibility for the Standalone Financial Statements
 
 The Company''s Board of Directors is responsible for the matters stated
 in Section 134 (5) of the Companies Act, 2013 ( the Act) with respect
 to the preparation of these standalone financial statements that give a
 true and fair view of the financial position, financial performance and
 cash flows of the Company in accordance with accounting principles
 generally accepted in India, including the Accounting Standards
 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 in accordance with the
 provisions of the act for safeguarding of the assets of the company for
 preventing and detecting frauds and other irregularities; selection and
 application of appropriate accounting policies; Making judgments and
 estimates that are reasonable and prudent; and the design,
 implementation and maintenance of adequate internal financial controls
 that were operating effectively for ensuring the accuracy and
 completeness of the accounting records, relevant to the preparation and
 presentation of the financial statements that give a true and fair view
 and are free from material misstatements, whether due to fraud or
 error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these standalone
 financial statements based on our audit. We have taken into account the
 provisions of the Act, the accounting and auditing standards and
 matters which are required to be included in the audit report under the
 provisions of the Act and the rules made there under. We conducted our
 audit in accordance with the Standards on Auditing issued by the
 Institute of Chartered Accountants of India, as specified under section
 143(10) of the Act. Those Standards require that we comply with ethical
 requirements and plan and perform the audit to obtain reasonable
 assurance about whether the financial statements are free from material
 misstatement.
 
 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 financial control relevant to the Company''s
 preparation of the standalone financial statements that give a true and
 fair view in order to design audit procedures that are appropriate in
 the circumstances but not for the purpose of expressing an opinion on
 whether the company has in place an adequate internal financial system
 over financial reporting and the operating effectiveness of such
 controls. An audit also includes evaluating the appropriateness of
 accounting policies used and the reasonableness of the accounting
 estimates made by the company''s Directors, as well as evaluating the
 overall presentation of the financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion on the standalone
 financial statements.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid standalone financial statements
 give the information required by the Act 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 the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2015;
 
 (b) In the case of statement of Profit and Loss, of the Loss for the
 year ended on that date; and
 
 (c) In the case of the 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 (Auditor''s Report) Order, 2015 (the
 Order) issued by the Central Government of India in terms of
 sub-section (11) of section 143 of the Act, we give in the Annexure 1 a
 statement on the matters specified in paragraphs 3 and 4 of the Order.
 
 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 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 law have been
 kept by the Company so far as it appears from our examination of those
 books;
 
 c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 account;
 
 d) In our opinion, the aforesaid standalone financial statements comply
 with the Accounting Standards specified under section 133 of the Act,
 read with rule 7 of the Companies (Accounts) rules,2014;
 
 e) On the basis of written representations received from the directors
 as on March 31, 2015, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2015, from being
 appointed as a director in terms of section 164(2) of the Act;
 
 f) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules,2014, in our opinion and to the best of our information and
 according to the explanations given to us;
 
 i) The company has disclosed the impact of pending litigations on its
 financial position in its financial statements.
 
 – Refer note 35 to the financial statements;
 
 ii) The company does not have any long term contracts including
 derivative contracts for which there were any material foreseeable
 losses]
 
 iii) There were no amounts which were required to be transferred to the
 Investor Education and Protection Fund by the company.
 
 Annexure to the Auditor''s Report even date
 
 (Referred to in paragraph 1 thereof)
 
 1.  In respect of Fixed Assets:
 
 a) The Company has maintained proper records showing full particulars,
 quantitative details and situation of its fixed assets.
 
 b) The fixed assets have been physically verified by the management at
 reasonable intervals during the year. We are informed that no material
 discrepancies were noticed by the management on such verification.
 
 2.  In respect of Inventories:
 
 a) As explained to us physical verification of inventories has been
 conducted during the year by the management at reasonable intervals.
 
 b) In our opinion, the procedures of physical verification of
 inventories followed by the management are reasonable and adequate in
 relation to the size of the company and nature of its business.
 
 c) In our opinion and according to the information and explanation
 given to us, the Company is maintaining proper records of its
 inventories and no material discrepancies were noticed on physical
 verification.
 
 3.  In respect of loans, secured or unsecured granted by the Company to
 the companies, firms or other parties covered in the register
 maintained under Section 189 of the companies Act, 2013:
 
 a) During the year Company has granted interest free advances to 4
 subsidiary companies covered in the register maintained u/s 189 of the
 Companies Act, 2013.
 
 b) In respect of the said loan, the principal amount is repayable over
 a period of 5 to 7 years.
 
 c) In respect of the said loan, there are no overdue amounts.
 
 4.  In our opinion and according to the information and explanations
 given to us, there is adequate internal control system commensurate
 with the size of the Company and the nature of its business for the
 purchase of inventory and fixed assets and sale of goods and services.
 Further, on the basis of our examination of the books and records of
 the company, carried out in accordance with the auditing standards
 generally accepted in India and according to the information and
 explanations given to us, we have neither come across nor have we been
 informed of any continuing failure to correct weaknesses in the
 aforesaid internal control system.
 
 5.  According to the information and explanations given to us, the
 Company has not accepted any deposits from public.
 
 6.  As per the information and explanations provided to us, we are of
 the opinion that in pursuant to the prescribed rules by Central
 Government, the company had maintained cost records u/s. 148(1) (d) of
 the Companies Act, 2013; however we have not done a detailed
 examination of the same.
 
 7.  In respect of Statutory Dues:
 
 (a) Undisputed statutory dues including provident fund, employees state
 insurance, income tax, sales tax, custom duty, excise duty, cess and
 other material statutory dues have not been regularly deposited with
 the appropriate authorities,
 
 (b) According to the information and explanations given, undisputed
 amounts payable in respect of TDS, TCS, Provident fund, Employee state
 insurance, service tax, customs duty, excise duty, cess and other
 statutory dues applicable to it which were outstanding as at 31.03.2015
 for a period of more than six months from the date they became payable
 are as under :- Statement of Arrears of statutory dues outstanding for
 more than six months as at 31st March 2015:
 
 Sr. 
 No.  Nature of the Dues                      Amount (Rs. In crores)
 
 1    Tax Deducted at Source                           4.49
 
 2    Provident Fund                                   7.89
 
 3    Professional Tax                                 0.79
 
 4    Employee State insurance Corporation             0.46
 
 5    Service Tax                                      1.26
 
 6    Property Tax                                     2.05
 
      TOTAL                                           16.94
 
 (c) According to the records of the company there are no dues of
 Income-Tax, sales tax, wealth tax, service tax, customs duty, excise
 duty / cess which have not been deposited on account of any dispute
 except as given below.
 
 Nature of the Act       Amount (Rs. 
                         In Crores)   Period to which 
                                      the               Forum where
                                                        dispute is
                                      amount relates    pending
 
 Income Tax Act, 1961       0.02      2004-05           CIT (A) - 54,
                                                        Mumbai
 
 Income Tax Act, 1961       0.82      2009-10           ITAT Mumbai
 
 Income Tax Act, 1961       1.22      2010-11           ITAT Mumbai
 
 Income Tax Act, 1961       0.21      2011-12           CIT (A) - 54, 
                                                        Mumbai
 
 (d) According to the records of the company there are no amounts that
 are to be transferred to Investor Education & Protection Fund.
 
 8.  The company has no accumulated losses at the end of the year. The
 company has not incurred any cash loss during the current year.
 However, it has incurred cash losses ofRs. 344.02 Crores (After
 considering extra ordinary items ofRs. 349.28 Crores) in the
 immediately preceding financial year covered by our audit.
 
 9.  In our opinion and according to the information and explanations
 given to us, there have been delay in repayment of dues to financial of
 dues to financial institutes and banks during the year, As on date the
 amount due and remaining unpaid on account of principal and interest to
 lenders was Rs. 31.98 crore.
 
 10.  The company has not given any corporate guarantees for loans taken
 by others from banks and financial Institutions.
 
 11.  According to the records of the company, the company has applied
 the term loans for the purpose of which it was taken during the year.
 
 12.  Based upon the audit procedure performed and information and
 explanations given by the management, we report that no fraud on or by
 the company has been noticed or reported during the course of our
 audit.
 
                                         For V. K. BESWAL & ASSOCIATES
 
                                                 CHARTERED ACCOUNTANTS 
 
                                                  FIRM REGN NO 101083W
 
                                                       CA K. V. BESWAL
 
                                                               PARTNER 
 
 Place : Mumbai                              Membership Number: 131054
 
 Dated : 22/05/2015                            Firm Regn. No.: 101083W
Source : Dion Global Solutions Limited
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