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ADINATH TEXTILES Ltd.

BSE: 514113 | NSE: | Series: NA | ISIN: INE207C01019 | SECTOR: Textiles - Spinning - Synthetic Blended

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Jan 24, 15:46
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30-Day
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    50.45 (22862)

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Dec 27, 11:22
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ADINATH TEXTILES is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

We have audited the accompanying financial statements of ADINATH TEXTILES LIMITED (the Company), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, 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 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 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 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 statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor''s Responsibility Our responsibility is to express an opinion on these 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 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 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 purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over 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 financial statements. Opinion In our 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 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 profit and its cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Audit Report) Order, 2015 (the order), issued by central government of India in terms of sub-section (11) of section 143 of the Companies act, 2013, we give in Annexure 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 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 aforesaid 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 the written representations received from the directors as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 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 statements as referred to in Note No. 27 to the financial statements. ii. The Company did not have any long-term contracts including derivative contracts on 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 Auditors'' Report The Annexure referred to in our report to the members of Adinath Textiles Limited (''the Company'') for the year ended 31 March 2015. We report that: (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner over a period of three years. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets. (ii) (a) The inventory has been physically verified during the year, by the management. In our opinion the frequency of verification is reasonable. (b) The procedure of physical verification of inventories followed by the management, are reasonable & adequate in relation to the size of the company & the nature of business. (c) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks & the book records were not material. (iii) (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 189 of the Companies Act, 2013. Consequently, the provisions of clauses iii (b) and iii (c) of paragraph 3 of the order are not applicable to the Company. (iv) In our opinio n and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of fixed assets and sale of services. The activities of the Company do not involve purchase of inventory and the sale of goods. We have not observed any major weakness in the internal control system during the course of the audit. (v) In our opinion and according to the information and explanations given to us, the company has not accepted deposit with the provisions of sections 73 to 76 or any other relevant provisions of the Act. No order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal. Therefore, the provisions of clause (v) paragraph 3 of the Companies (Auditor''s Report) Order, 2015, are not applicable to the company. (vi) As per information & explanation given by the management, maintenance of cost records is not required to be maintained as required as per Rule 3 of Companies (Cost Records and Audit) Amendment Rules, 2014. (vi i) (a) According to the information and explanations give n to us, following are the undisputed amounts payable in respect of Statutory dues including Provident Fund, Sales-tax, are in arrears as at 31 March 2015 for a period of more than six months from the date they became payable. Nature of Dues Amount in (Rs.) Sales Tax 2277956 Entry Tax 237798 Interest on PF/ESI/ Sales Tax 1847720 (b) According to the information and explanations given to us, the disputed statutory dues aggregating to Rs. 1500000/- that have not been deposited on account of matters pending before the appellate authorities in respect of custom duty and excise duty are as follows. Sr. Forum where Nature Disputed No. dispute is pending of Dues Amount (Rs.) 1. Commissioner Central Penalty 10,00,000** Excise & Customs, Chandigarh ** Note: However Rs. 500000/- has been deposited under protest. (c) According to the information and explanations given to us, there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under. (viii) In our opinion and according to the information and explanations given to us, the Company does not have accumulated losses at the end of the financial year and have not incurred cash losses in the financial year and in the immediately preceding financial year. (ix) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders. (x) Based on our examination of documents and records and according to the information and explanations given 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. (xi) The Company did not have any term loans outstanding during the year. (xii) 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 of our audit. For DASS KHANNA & Co. Chartered Accountants Firm''s Reg. No. 000402N Place : Ludhiana CA RAKESH SONI Date : 28-05-2015 Partner Membership No. 083142