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Veena Textiles | Auditor's Report > Textiles - Weaving > Auditor's Report from Veena Textiles - BSE: 521028, NSE: N.A
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Veena Textiles
BSE: 521028|ISIN: INE728E01010|SECTOR: Textiles - Weaving
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Veena Textiles is not traded in the last 30 days
Veena Textiles is not listed on NSE
Mar 10
Auditor's Report (Veena Textiles) Year End : Mar '13
Report on the Financial Statements
 
 1.We have audited the accompanying financial statements of VEENA
 TEXTILES LIMITED(the company), which comprise the Balance Sheet as at
 31st March, 2013, the statement of Profit and Loss and the Cash Flow
 statement for the year then ended, and a summary of the significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 2.  The Company''s Management is responsible for the preparation of
 these financial statements that give a true and fair view of the
 financial position, financial performance and cash flows of the Company
 in accordance with the accounting standards referred to in Section
 211(3C) of the Companies Act, 1956 (the Act) and in accordance with
 the accounting principles generally accepted in India. 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 fraud or error.
 
 Auditors'' Responsibility
 
 3. Our responsibility is to express an opinion on these financial
 accordance based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those Standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial
 
 4.  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 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, but not for the purpose of expressing an opinion on the
 effectiveness of the Company''s internal control. An audit also includes
 evaluating the appropriateness of the accounting policies used and the
 reasonableness of the accounting estimates made by the Management, as
 well as evaluating the overall presentation of the financial
 statements.
 
 5.  We believe that the audit evidence we have obtained is sufficient
 and appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 6.  In our opinion and to the best of our information and according to
 the explanations given the information required by the Act in the
 manner so 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 31st March,2013;
 
 (b) in the case of the Statement of Profit and Loss, of the Loss of the
 Company for the year ended on that date; and
 
 (c) in the case of the Cash Flow Statement, of the cash flows of the
 Company for the year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 7. As required by the Companies (Auditor''s Report) Order, 2003 (the
 order issued by the Central Government in terms of Section 227(4A) of
 the Act, we give in the Annexure a statement on the matters specified
 in paragraphs 4 and 5 of the Order.
 
 8. As required by Section 227(3) of the Act, we report that :
 
 (a) We have 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 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, the statement of Profit and Loss, and the Cash
 Flow Statement dealt with by this Report are in agreement with the
 books of account.
 
 (d) In our opinion, the Balance Sheet, the statement of Profit and
 Loss, and the Cash Flow statement comply with the Accounting Standards
 referred to in Section 211(3C) of the Act.
 
 (e) On the basis of the written representations received from the
 directors as on 31st March,2013 taken on record by the Board of
 Directors, none of the directors Fost r V.N.G. NATH ASSOCIATES is
 disqualified as on 31 March,2013 from being Chartered Accountants.
 appointed as director in terms of Section 274(1) (g) of Gopinath M.S.
 
 Komatrhaep Aaclat.yam Partner
 
 30th May, 2013 Membership No. 200608
 
 Firm Regn. No. 7159 S
 
 ANNEXURE REFERRED TO IN PARAGRAPH 2 OF OUR AUDITORS'' REPORT OF EVEN
 DATE ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH, 2013 OF
 VEENA TEXTILES LIMITED
 
 On the basis of such checks as we considered appropriate and In terms
 of the information and explanations given to us, we state that.
 
 i.  (a) The Company has generally maintained proper records showing
 particulars, including quantitative details and situations of fixed
 assets :
 
 (b) As explained to us, fixed assets, according to the practice of the
 company, are physically verified by the management at reasonable
 intervals in phased verification programme which in our opinion is
 reasonable, looking to the size of the company and the nature of its
 business.  According to the information and explanations give to us,
 discrepancies noticed on physical verification have been adjusted in
 the books of account.
 
 (c) The Company has not disposed any fixed assets during the year.
 
 ii (a) As explained to us, inventories have been physically verified
 during the year by the management.
 
 (b) The produces explained to us, which are followed by the management
 for physical verifications of inventories, are in our opinion
 reasonable and adequate in relation to the size of the Company and the
 nature of its business.
 
 (c) On the basis of our examination of the inventory records of the
 company, we are of the opinion that, the Company is maintaining proper
 records of its inventory, 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 neither granted nor taken any loans secured or
 unsecured to /from companies, firms or other parties covered in the
 register maintained under Section 301 of the Companies Act 1956.
 
 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. During the course of our previous
 assessment, no major weakness in internal control had come to our
 notice;
 
 v. To the best of our knowledge and belief and according to the
 information and explanations given to us, there were no contracts or
 arrangements, particulars of which needed to be entered in the Register
 maintained under Section 301 of the Companies Act,1956.
 
 vi. The Company has not accepted any deposits from public during the
 year within the meaning of section 58A of the Companies act, 1956 and
 the rules framed there under.
 
 vii.  In our opinion, the Company though not having internal audit
 system but has adequate internal control commensurate with its size and
 nature of its business.
 
 viii. We have broadly reviewed the books of accounts maintained by the
 Company pursuant to the rules made by the Central Government for the
 maintenance of cost records under section 209(1)(d) of the Companies
 Act, 1956, without carrying out a detailed examination, and are of the
 opinion that prima facie the prescribed accounts and records have been
 maintained.
 
 ix. (a) According to the records of the Company it has been regularly
 depositing undisputed statutory dues like
 
 Investor Education and and protection Fund, income Tax, Sales Tax,
 Wealth Tax, Custom duty, Service Tax, Central Excise duty and Cess and
 other statutory duties with appropriate authorities. 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 2013 for a
 period more than six months from the date they become payable.
 
 (b) On the basis of our examination of the documents and records, there
 are no disputed statutory dues which have not been deposited with the
 appropriate authorities as at 31st March,2013.
 
 x. (i) The accumulated losses at the end of the financial year has
 exceeded its 50% of Net worth.
 
 (ii) There is cash loss of Rs.0.94 lacs during the year and there is
 cash loss Rs.10.75 during the financial year ended 31.03.2012.
 
 xi. The Company has not repaid the dues to the financial
 Institutions/Banks/Debenture Holders
 
 Particulars Amount in Lacs Period from Which
 
 Outstanding
 
 IIBI 157.77 1996
 
 xii. As explained to us, the Company has not granted any loans or
 advances on the basis of security by way of pledge of Shares,debentures
 or any other Securities.
 
 xiii. The provisions of any special statue applicable to chit
 fund/nidhi/ mutual benefit fund / societies are not applicable to the
 Company.
 
 xiv. The company is not dealing or trading in shares, securities
 debuntures and other investments.
 
 xv. 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.
 
 xvi. On the basis of the records examined by us , and the information
 and explanations given to us the company has not obtained any term loan
 during the year.
 
 xvii. According to the information and explanations given to us and on
 an overall examination of the Balance Sheet of the Company, we are of
 the opinion that there are no funds raised on short-term basis that
 have been used for long-term investment.
 
 xviii. According to the information and explanations given to us and
 the records examined by us, during the year, the company has not made
 preferential allotment of shares to parties and companies covered in
 the Register maintained under Section 301 of the Companies Act, 1956.
 
 xix. On the basis of the records and documents examined by us, the
 company has not issued any debentures during the year ;
 
 xx. The Company has not raised any money by public issue, during the
 year;
 
 xxi.  In our opinion and according to the information and explanations
 given to us, no material fraud on or by the company has been noticed or
 reported during the course
 
                               For V.N.G. NATH ASSOCIATES of our audit.
  
                               Chartered Accountants.
 
                               Gopinath M.S.
 
                               Partner 
 
                               Komarapalayam
 
                               Membership No. 200608 
 
 30th May, 2013                Firm Regn. No. 7159 S
Source : Dion Global Solutions Limited
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