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Indus Fila Ltd.

BSE: 532821 | NSE: INDUSFILA | Series: NA | ISIN: INE025I01012 | SECTOR: Textiles - Processing

BSE Live

Nov 30, 16:00
1.27 0.00 (0.00%)
Volume
No Data Available
4,158
  • Prev. Close

    1.27

  • Open Price

    1.28

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    1.27 (18998)

Indus Fila is not traded on BSE in the last 30 days

NSE Live

Nov 30, 15:31
2.35 0.00 (0.00%)
Volume
No Data Available
25
  • Prev. Close

    2.35

  • Open Price

    2.35

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Indus Fila is not traded on NSE in the last 30 days

Annual Report

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

Auditor's Report

We have audited the accompanying standalone financial statements of M/s Indusfila Limited, (the Company) which comprise the Balance Sheet as at 31st March 2015, the Statement of Profit and Loss and 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 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 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 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 standalone financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 loss and its cash flows for the year ended on that date. Emphasis of Matter a) Without qualifying our opinion, we draw attention to Note (1) of the Notes to financial statements. The Company''s operating results has been materially affected due to various factors as at 31st March 2015, the Company''s accumulated losses has fully eroded the net worth of the company. The appropriateness of the going concern assumption is dependent on the company''s ability to establish consistent profitable operations as well as raising adequate finance to meet its short term and long term obligations. As discussed in the said note, the management believes that the going concern assumption is appropriate and no adjustments have been made in the financial statements for the year ended 31st March 2015. b) Without qualifying our opinion, we draw attention to Note 25(k) of the financial statements towards highlighting the negative income in the statement of profit and loss for the year ended 31st March 2015. c) Without qualifying our opinion, we draw attention to Note 25(o) of the financial statement regarding that the management has not carried out the impairment analysis in accordance with the requirement of Accounting Standard-28-lmpairment of Assets in respect of all its units that are not in operation for last two years. In the absence of such analysis, we are unable to comment on the carrying value of the fixed assets and the consequential impact, if any, on the Profit/loss for the year 2014-15. d) Without qualifying our opinion, we draw attention to Note 25(p) of the financial statements regarding that the management has not prepared the Bank Reconciliation Statements for the banks due to non-availability of bank statement or bank confirmation. In the absence of such statement, we are unable to comment on the correctness of bank balances and the consequential impact, if any, in the financial statements for the year 2014-15. e) Without qualifying our opinion, we draw attention to Note 25(q) of the financial statements that the management has computed interest on the term loans and cash credit accounts based on the rates of terms of sanction due to non-availability of loan statement or confirmation. The management believes that difference, if any, between the computed interest and actual interest charged will not be material. In the absence of such above information, we are unable to comment on the interest charged and consequential impact, if any, on the profit and loss account for the year 2014-15. Report on Other Legal and Regulatory Requirements 1. 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 section 143 of the Act, we give in the Annexure of statement on the matters specified in paragraph 3 and 4 of the Order, to the extent applicable. 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 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 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; and (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 litigation on its financial position in its financial statements - Refer Note: 25 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 were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT TO THE MEMBERS OF INDUSFILA LIMITED i) a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. b) These fixed assets have been physically verified by the management at reasonable intervals and as explained to us, no material discrepancies were noticed on such verification during the year. ii) a) Physical verification of inventory has been conducted at reasonable intervals by the management. b) In our opinion and according to the information and explanation given to us, the procedures of physical verification of inventory 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 is maintaining proper records of inventory. As explained to us, the discrepancies noticed on physical verification were not material and the same 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. Accordingly, the provisions stated in paragraph 3(iii)(a) and 3(iii)(b) of the Order are not applicable. iv) In our opinion and according to the information and explanations given to us, the Company has an adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. We have not observed any major weakness in the internal control system during the course of the audit. v) The Company has not accepted any deposits from the public within the meaning of Sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed thereunder. vi) We have broadly reviewed the cost records maintained by the Company in respect of products where the Central Government has prescribed maintenance of cost records under sub section (1) of section 148 of the Companies Act, 2013 and are of the opinion that, prima facie the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of the records with a view to determine whether they are accurate or complete. vii) a) The Company is not regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and other statutory dues with the appropriate authorities . There are no undisputed statutory dues payable in respect of above which were outstanding as at 31st March 2015 for a period of more than six months from the date they became payable except for the following. Nature of Dues Amount outstanding Period of Outstanding Dividend Distribution Tax Rs 16,46,404/- A.Y 2008-09 Provident Fund Contribution Rs. 7,19,169/- F.Y 2011-12 Provident Fund Contribution Rs. 24,98,449/- F.Y 2012-13 Provident Fund Contribution Rs. 14,26,911/- F.Y 2013-14 Employees State Insurance Corporation Rs. 47,01,239/- F.Y 2012-13 Employees State Insurance Corporation Rs. 1,03,47,317/- F.Y 2013-14 Tax Deducted at Source Rs. 52,11,725/- A.Y 2011-12 Tax Deducted at Source Rs. 13,70,438/- A.Y 2012-13 Tax Deducted at Source Rs. 33,31,127/- A.Y 2013-14 Tax Deducted at Source Rs. 10,85,097/- A.Y 2014-15 Tax Deducted at Source Rs. 2,02,495/- A.Y 2015-16 Service Tax on reverse Charge Rs. 32,15,768/- Before FY 2013-14 Tax collected at source Rs. 11,290/- Before FY 2013-14 Profession Tax Rs. 8,74,200/- Before FY 2013-14 b) According to the information and explanations furnished to us, the details of disputed statutory dues are as under: Name of the Nature of Amount Statute dues disputed (Rs.) Income Tax Act, 1961 Income Tax Rs.1670 Lakhs Income Tax Act, 1961 Income Tax Rs.503.5 Lakhs Income Tax Act, 1961 Income Tax Rs.705.3 Lakhs Income Tax Income Tax Rs. 1769.47 Act 1961 Lakhs Karnataka Tax Entry Tax, Rs.0.47 Lakhs on Entry of interest and Goods Act penalty Karnataka KVAT, Rs.45.21 Lakhs Value Added interest and Tax Act 2003 penalty CST Act 1956 CST, interest Rs.1.02 Lakhs and penalty CST Act 1956 CST, interest Rs. 1.01 Lakhs and penalty Name of the Amount Forum where Statute Paid dispute is (Rs.) pending Income Tax Commissioner of Act, 1961 Nil Income Tax (Appeals) Income Tax Commissioner of Act, 1961 Nil Income Tax (Appeals) Income Tax Commissioner of Act, 1961 Nil Income Tax (Appeals) Income Tax Commissioner of Act 1961 Nil Income Tax (Appeals) Karnataka Tax Joint Commissioner on Entry of Nil of Commercial Tax Goods Act Karnataka Joint Commissioner Value Added Nil of Commercial Tax Tax Act 2003 CST Act 1956 Joint Commissioner Nil of Commercial Tax CST Act 1956 Joint Commissioner Nil of Commercial Tax c) There were no amounts which were required to be transferred to investor education and protection fund by the Company viii) The accumulated losses of the Company as on 31st March 2015 exceeds more than 50% of the net worth of the Company. The Company has incurred cash losses during the financial year and also in the immediately preceding financial year. ix) In our opinion and according to the information and explanations given to us, the Company has defaulted in repayment of dues to banks. The default in respect of principal and interest is Rs. 364.99 crores. x) According to the information and explanations given to us, the company has given guarantee for loans taken by subsidiary company/firms from a bank, the terms and conditions of which are not prima facie prejudicial to the interest of the Company. xi) According to the information and explanations given to us the Company has applied the term loans for the purpose for which they were obtained. No term loan has been availed during the year. xii) During the course of examination of the books and records and 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 SURI & CO CHARTERED ACCOUNTANTS Firm Regn No: 004283S (G Rangarajan) PLACE : Bangalore Partner DATE : 30/05/2015 M.No: 024107