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Faze Three Ltd.

BSE: 530079 | NSE: FAZETHREE | Series: NA | ISIN: INE963C01033 | SECTOR: Textiles - Spinning - Cotton Blended

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Dec 08, 16:00
287.00 2.10 (0.74%)
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8,407
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8,057
30-Day
13,566
6,623
  • Prev. Close

    284.90

  • Open Price

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NSE Live

Dec 27, 11:22
17.90 1.90 (11.88%)
Volume
No Data Available
3,415
  • Prev. Close

    16.00

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

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Faze Three is not listed on NSE

Annual Report

For Year :
2018 2016 2015 2013 2012 2011 2009 2008 2007

Auditor's Report

We have audited the attached Balance Sheet of Faze Three Limited, as at 31st March 2012, the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company s management. Our responsibility is to express an opinion on these statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

1. As required by the Companies (Auditor s Report) Order, 2003 issued by the Central Government of India in terms of section 227 (4A) 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. Furtherto our comments in the Annexure referred to in Paragraph 1 above, we reportthat:

a. We have 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 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 Balance Sheet, Statement of Profit and Loss and 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, 2012 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31 st March, 2012 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies and notes thereon, and in particular Note 7.1 regarding provision for Gratuity, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view:

i. In the case of the Balance Sheet, of the state of affairs of the Company as at 31 st March 2012 and

ii. In the case of the Statement of Profit and Loss, of the loss for the year ended on that date.

iii. In the case of the Cash Flow statement, of the cash flows for the year ended on that date.

ANNEXURE TO AUDITORS REPORT

Referred to in paragraph 1 of our report of even date i. In respect of Fixed Assets

(a) The Company has maintained proper records showing full particulars including quantitative details and situation of its Fixed Assets.

(b) As explained to us the major Fixed Assets have been physically verified by the Management at reasonable intervals during the year. As per the information given to us no material discrepancy has been noticed on such verification.

(c) In our opinion, the Company has not disposed of substantial part of fixed assets during the year and the going concern status of the Company is not affected.

ii. In respect of Inventories

(a) As informed to us, physical verification of inventories has been conducted by the Management at the end of the year.

(b) Based on the explanations given to us, in our opinion, the procedure of physical verification of inventory followed by the management is 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 records of inventory and as explained to us, there were no material discrepancies noticed between the physical stocks and book record.

iii. In respect of loans, Secured or Unsecured, granted or taken by the Company to / from Companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956:

(a) Based on the audit procedures applied by us and according to the information and explanations given to us, the Company has taken loans from 9 Companies, firms or other parties listed in the Register maintained under Section 301 of the Companies Act, 1956 the maximum amount outstanding at any time during the year was Rs.623 Lakhs, and the year end balance is 150 lakhs. The Company had granted loans to 2 Companies listed in the Register maintained under Sec 301 of the Companies Act, 1956 the maximum amount outstanding at anytime during the year was Rs.994 Lakhs, and the year end balance is Rs.nil lakhs.

(b) As per the information and explanations given to us, rate of interest and the terms and conditions of the said loans taken / given, are not prima facie prejudicial to the interest of the Company.

(c) As explained to us no amount of principal and interest has become due during the year.

(d) In view of our comment in (c) above, Para 4{iii)(d) of the Order is not applicable to the Company.

iv. In our opinion and according to the information and explanations given to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for the sale of goods. During the course of our audit, we have not observed any continuing failure to correct weaknesses in internal controls.

v. In respect of transactions covered under Section 301 of the Companies Act, 1956

(a) In our opinion and according to the information and explanations given to us, the transactions that need to be entered in the Register maintained under section 301 of the Act have been so entered.

(b) In our opinion and according to the information & explanations given to us, the transaction made in pursuance of such contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 and exceeding the value of rupees five lakhs in respect of any party during the year, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

vi. The Company has not accepted any deposits from the public within the meaning of Sec 58A and 58AA of the Act and the Rules framed there under.

The Company has an Internal Audit System, which in our opinion needs to be strengthened.

e have been informed that the Central Government has not prescribed maintenance of cost records under Rsion 209 (1 )(d) of the Companies Act, 1956.

ix. In respect of Statutory dues

(a) The company has been generally regular in depositing undisputed statutory dues including Provident Fund, Investors Education and Protection Fund, Employees State Insurance, Income-Tax, Sales-Tax, Wealth-tax, Customs Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities. According to the information and explanation given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March 2011 for a period of more than six months from the date they became payable.

(b) According to the information and explanation given to us, the details of dues of income-tax which have not been deposited on account of dispute are given below:-

Particulars Assessment years Forum where Amount to which the matter dispute is pending (Rs. In Lakhs) pertains to

Income tax 2003 2004 High Court 26.43

Income tax 2004-2005 ITAT(Mumbai) 20.99

x. The accumulated loss at the end of the financial year exceeded the Company s net worth. The Company has incurred cash loss during the year, but has not incurred cash loss in the immediately proceeding Financial year.

xi. Based on our audit procedures and according to the information and explanations given to us we are of the opinion that the Company has not defaulted in repayment of dues to the financial institutions, banks or debenture holders.

xii. In our opinion and according to the information and explanation given to us no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

xiii. The Company is not a chit fund or a nidhi / mutual benefit fund/ society. Therefore Para 4 (xiii) is not applicable to the Company.

xiv. In our opinion, the company is not dealing or trading in shares, securities, debentures and other investments and hence, the requirements of para 4(xiv) of the Order are not applicable to the Company.

xv. The Company had given a guarantee for loan taken by a subsidiary from bank which has been invoked during the year.

xvi. According to information & explanation given to us, in our opinion, term loans availed by the company were, prima facie, applied by the company for the purpose for which the loans were obtained.

xvii. On the basis of our examination & according to the information & explanations given to us, on an overall examination of the Balance Sheet of the Company, Funds raised on short term basis have, prima facie, not being used during the year for long term investments.

xviii. The Company has not made any preferential allotment of shares during the year to parties and Companies covered in the register maintained under Section 301 of the Companies Act, 1956.

xix. The Company has not issued any debentures during the year and therefore para 4(xix) of the Order is not applicable to the Company.

xx. The Company has not raised any money by way of public issue during the year.

xxi. During the course of our examination of the books and records of the Company carried out in accordance with generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of any such case by the management.

For THAKUR VAJDYANATH AIYAR & CO. CHARTERED ACCOUNTANTS Firm Registration No. 000038N

C.V.PARAMESWAR

PARTNER

M.No.11541

Place: Mumbai

Dated: 9th August 2012