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Veena Textiles
BSE: 521028|ISIN: INE728E01010|SECTOR: Textiles - Weaving
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« Mar 14
Auditor's Report (Veena Textiles) Year End : Mar '15
We have audited the accompanying standalone financial statements of
 Veena Textiles Limited (the Company) which comprise the Balance Sheet
 as at 31st March 2015, the Profit and loss Statement, the 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 flow of the Company in accordance with the 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 the assets of the Company and
 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 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 statement that give a true and fair view
 and are free from material misstatement, whether due to fraud or error.
 
 AUDITORS'' 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 thereunder.
 
 We have conducted our audit in accordance with the Standards on
 Auditing 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
 statement are free from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and the 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 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 purposes of expressing
 an opinion on whether the Company has in place an adequate internal
 financial controls system over the financial reporting and the
 operating effectiveness of such controls. An audit also includes
 evaluating the appropriateness of the 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 accompanying financial statement 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 of the state of affairs of the Company as
 at 31st March 2015 and its loss and its cash flows for the year ended
 on that date.
 
 Reports on Other Legal and Regulatory Requirements:
 
 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 section143 of the Act, we give in Annexure a statement
 on the matters specified in paragraphs 3 and 4 of the said 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 best of our knowledge and belief were necessary for the
 purposes of our audit;
 
 b) In our opinion proper books of accounts 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 Profit and loss Statement and the Cash Flow
 Statements 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 representation received from the directors
 as on31st March 2015, taken on records by the Board of Directors, none
 of the directors are disqualified as on 31st march 2015, from being
 appointed as director in terms of Sectrion164(2) of the Act.
 
 f) With respect to other matters to be included in the Auditor''s Report
 in accordance with Rule 11 of the Companies Act (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 positions in its financial statements as referred to in Note
 3 to the financial statements.
 
 ii) The Company did not have any long term contracts including
 derivative contracts for which there were any material foreseeable
 losses.
 
 iii) There has been no delay in transferring amounts required to be
 transferred to the Investor Education and Protection Fund by the
 Company.
 
 ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
 
 The Annexure referred to in our Independent Auditor''s Report to the
 members of the Company on the standalone financial statements for the
 year ended 31st March 2015 1.In respect of Fixed Assets:
 
 a) The Company has generally maintained proper records showing
 particulars, including ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT The
 Annexure referred to in our Independent Auditor''s Report to the members
 of the Company on the standalone financial statements for the year
 ended 31st March 2015 1.In respect of Fixed Assets:
 
 a) The Company has generally maintained proper records showing
 particulars, including quantitative details and situations of fixed
 assets.
 
 b) The Company has phased programmed of physical verification of fixed
 over a period of three years which in our opinion is reasonable having
 regard to the size of the Company and the nature of its business;
 accordingly the physical verification part of the Fixed assets was
 carried out by the management during the year and we are informed that
 no material discrepancies were noticed on such verification.
 
 2. In respect of inventories
 
 (a) Physical verification of inventories other than those held by the
 third parties have been conducted by the management
 
 (b) The procedures of physical verifications of inventories, followed
 by the management In our opinion are reasonable and adequate in
 relation to the size of the Company and the nature of its business.
 
 (c ) In our opinion the Company is maintaining proper record of
 inventory. The discrepancies which were noticed on physical
 verification of inventory as compared to book records, have been
 properly dealt with in the books of account;
 
 iii.  The Company has not granted any loans secured or unsecured to
 companies, firms or other parties covered in the register maintained
 under Section 189 of the Companies Act 2013.
 
 iv.  In our opinion and according to the information and explanations
 and representations given to us, there are generally adequate internal
 control procedures commensurate with the size of the company and the
 nature of its business with regard to purchase of inventory, fixed
 assets and for sale of goods. In our opinion and according to the
 information and explanations given to us we have not observed any major
 weakness in the internal control system during the course of audit.
 
 v.  In our opinion and according to the information and explanations
 given to us the Company has not accepted any deposits.
 
 vi.  Cost records have not been prescribed to the Company.
 
 vii. a. According to the records of the Company it has been regularly
 depositing undisputed statutory dues like Investor Education and
 protection Fund, Provident Fund, income Tax, Sales Tax, Wealth Tax,
 Custom duty, Service Tax, Central Excise duty and Cess and other
 statutory duties with appropriate authorities.
 
 b.  According to the information and explanations given to us, no
 undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales
 Tax, Customs Duty, Service Tax, Excise Duty and Cess were in arrears as
 at 31st March 2015 for a period more than six months from the date they
 become payable.
 
 c.  According to the information and explanations given to us there are
 no dues of Sales Tax Income tax, customs duty Wealth Tax Excise duty
 and cess which have not been deposited on account of dispute.
 
 d.  According to the information and explanation given to us there are
 no amount required to be transferred to Investor education and
 protection fund in accordance with the relevant provisions of the
 Companies Act and rules made there under.
 
 viii. The accumulated losses at the end of the financial year has
 exceeded its 50% of Net worth.  There is cash loss during the year and
 also in the immediately preceding financial period..
 
 xi. The Company has not repaid the dues to the financial Institutions
 as detailed below:
 
 Particulars                 Amount in Lakhs               Period from
                                                       Which Outstanding
 
 IIBI                             157.77                      1996
 
 x.  According to the information and explanations given to us, and the
 representations made by the management, the company has not given any
 guarantee for loans taken by the others from any bank or financial
 institution.
 
 xi. The Company has not received any new term loan during the year
 under review.
 
 xii. According to the information and explanations given to us no fraud
 on or by the company has been noticed or reported during the year.
 
                                              For V.N.G. NATH ASSOCIATES
                                                 Chartered Accountants.
                                                      Gopinath M.S.
                                                         Partner
 Komarapalayam                                   Membership No. 200608
 27 / 06 / 2015                                  Firm Regn. No. 7159 S
Source : Dion Global Solutions Limited
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