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Filatex Fashions Ltd.

BSE: 532022 | NSE: | Series: NA | ISIN: INE185E01013 | SECTOR: Textiles - Hosiery & Knitwear

BSE Live

Sep 16, 16:00
2.95 -0.05 (-1.67%)
Volume
AVERAGE VOLUME
5-Day
331,838
10-Day
214,723
30-Day
139,709
302,167
  • Prev. Close

    3.00

  • Open Price

    3.05

  • Bid Price (Qty.)

    2.87 (1058)

  • Offer Price (Qty.)

    2.95 (1000)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

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Filatex Fashions is not listed on NSE

Annual Report

For Year :
2015 2011 2010 2009 2007 2006

Auditor's Report

We have audited the accompanying financial statements of FILATEX FASHIONS LIMITED. Which comprise the balance sheet as at March 31, 2015, and the Statement of Profit and Loss for the year then ended March 2015. Cash Flow Statement and a summary of significant accounting polices and other explanation information. Management''s Responsibility for the Financial Statements The Company''s Board of Directors 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 principles generally accepted in India. Including the Accounting Standards specified under Section 133 of 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 the 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 for 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 accountants 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 conducted our audit in accordance with the Standards on auditing specified under Section 143(10) 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 consider internal financial controls 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. 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 financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the 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 Company as at 31 March 2015; and b) in the case of the statement of Profit and Loss, of the profit for the year ended on that date Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Reportprder, 2015 issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act (hereinafter referred to the other) and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and explanations given to us, we give in the 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 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 dealt with by this Report are in agreement with the books of account; d. In our opinion, the aforesaid financial statement comply with the Accounting Standards under section 133 of the Companies Act, 2013 read with the rule 7 of 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 Companies Act. f. With respect of the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors), 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. ii) In our opinion and as per the information and explanation provides to us, the Company has not entered into any long term contracts including derivative contracts, requiring provision under applicable laws or accounting standards, for material foreseeable losses, and iii) There has been no delay in transferring the amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. ANNEXURE referred to in our report of even date Re : FILATEX FASHIONS LIMITED ( THE COMPANY) (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) All the assets have been physically verified by the management during the year No material discrepancies were notice on such verification. (ii) (a) The inventories have been physically verified during the year by the management in our opinion, the frequency of verification is reasonable. (b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The Company has maintained proper records of inventories. As per the information and explanation given to us, no material discrepancies were noticed on physical verification. (iii) As informed to us, the company has not granted any loans, secured or unsecured, to companies, firm or other parties covered in register maintained under section 189 of companies act. (iv) In our opinion and according to the information and explanations given to us, there exists and 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 purchase of goods and service. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal control system of the company. (v) The Company has not accepted any public deposits during the year under consideration: therefore there is no requirement to the company to comply with the provision of sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the Companies (acceptance of Deposits) Rules. (vi) To the best of our knowledge and explanation given to us, the central Government has not prescribed maintenance of Cost Records under Sub-Section (1) of Section 148 of the Companies Act 2013. (vii) a) The Company is regular in depositing with appropriate authorities undisputed statutory dues including income tax and other material statutory dues applicable to it. Further since the Central Government has till date not prescribed the amount of cess payable under section 441A of the Companies Act, 1956. we are not in a position to comment upon the regularity or otherwise of the company in depositing the same. b) According to the information and explanations given to us, there are arrears of undisputed amounts payables in respect of income tax, as at 31.03.2015 for a period of more than six months from the date they became payable. Assessment Year Amount (Rs.) 2014-15 5,06,750.00 2013-14 1,22,730.00 2012-13 9,18,150.00 2011-12 8,31,750.00 c) According to the information and explanations given to us, there are dues of memos tax which have not been deposited on account of dispute. The assistant commissioner of income-tax raised a demand for Rs.36,79,565/- for the assessment year 2012-2013, order dated 25/03/2015. Against this order an appeal was filed with commissioner of income-tax (Appeals)-V date 29/04/2015. Viii) The Company does not have accumulated losses as at 31.03.2015 and has not incurred any cash losses during the financial year ended on date and previous year. ix) In our opinion and according to the information and explanations given to us, the company has not borrowed any sums from financials institution, bank or debentures holders. x) According to the information and explanation given to us. the company has not given guarantees for loans taken by others form banks or financial institutions. xi) According to the information and explanation given to us, the company has not raised any term Loan during the year. xii) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit. for NG Rao & Associates Chartered Accountants ICAIFRN:009399S CA. G. Nageswara Rao Partner M No:207300 Place:Hyderabad Date : 20.05.2015