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NIBE LTD. Ltd.

BSE: 535136 | NSE: | Series: NA | ISIN: INE149O01018 | SECTOR: Textiles - Synthetic & Silk

BSE Live

Jun 11, 16:00
34.45 1.15 (3.45%)
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3,491
  • Prev. Close

    33.30

  • Open Price

    34.85

  • Bid Price (Qty.)

    32.75 (600)

  • Offer Price (Qty.)

    34.45 (483)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
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0
  • Prev. Close

    -

  • Open Price

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  • Bid Price (Qty.)

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NIBE LTD. is not listed on NSE

Annual Report

For Year :
2015 2014 2013

Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of Kavita Fabrics Ltd, (The Company) which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements 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 a ccorda nce wi th the Ac counti ng Sta ndards generally accepted in India including Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (the Act). This responsibility includes the design, implementation and maintenance of internal control rel eva nt to the prepa ra ti on a nd pres enta ti on of the fi na nci a l s ta tements tha t gi ve a true and fa i r vi ew a nd a re free from ma teri a l mi s s ta tement, whether due to fra ud or error. Auditor''s Responsibility Our responsibility is to express an opinion on these financial statements 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 fi na nci a l s ta tements a re free from ma teri al mi s s ta tement. An a udi t i nvol ves performi ng 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 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, 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. Opinion In our opi ni on and to the bes t of our i nformati on and accordi ng to the expl anations given to us, the afores ai d 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 state of affairs of the Company as at March 31, 2013; (b) In the case of the Profit and Loss Account, of the profit for the year ended on that date; and (c) I n the ca s e of the Ca s h Fl ow Sta tement, of the cas h flows for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we gi ve i n the Annexure a s ta tement on the ma tters specified in paragraphs 4 and 5 of the Order. 2. 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 knowl edge a nd bel i ef 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 Bal a nce Sheet, Sta tement of Profi t a nd 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 comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; (e) On the ba s i s of wri tten repres enta ti ons recei ved from the di rectors a s on March 31, 2013, and taken on record by the Boa rd of Di rec tors , none of the di rectors i s di s qua lifi ed as on Ma rch 31, 2013, from bei ng a ppoi nted a s a di rector in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. A N N EX URE TO THE IN DEP EN DEN T A UDI TORS'' REP ORT Referred to in paragraph having reference to Report on Other Legal and Regulatory Requirements of our report of even date on the financial statements for the year ended 31st March 2013 on the basis of test checks as were considered appropriate and according to the records of the company and information and explanation given to us during the course of audit, we report that (i) In Respect of Fixed Assets: 1. The company has maintained proper records showing full particulars, including quantitative details and Situation of the fixed assets. 2. As explained to us, the fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification. 3. In our opinion company has not disposed off substantial parts of fixed assets during the year and the going concern status of the company has not affected. (ii ) In Respect of Stock: 1 . The Company has carri e d out physi cal v e ri f icati on at re asonabl e i nterv al s comme nsurate to i ts size and nature of business and no discrepancy has been found. 2. In our opinion and according to the explanations given to us, the procedure of physical verification of the inventories followed by the management is reasonable and adequate in relation to the size of company and nature of business. 3. The company is maintaining proper records of inventory. As explained to us, there were no mate ri al di screpancies noticed on physical veri fication of i nventories as compared to the book records. (iii) In Respect of loans secured or unsecured, granted or taken by the company to or from companies, firms or other parties covered in the register maintained u/s 301 of the Companies Act 1956, According to the i nformation and e x planati on given to us, the company has not taken any secure d or unsecured loans from companies, Firms, and other parties listed in the register. However The Company has granted Loan to one party covered i n the regi ster mai ntai ned u/s 301 of the Companies Act-1956 , the maximum amount outstanding during the period was Rs. 515000/- and balance outstanding as on 31st March,2013 was Rs. NIL. (iv) In our opinion and explanation given to us, there is generally adequate internal control procedure commensurate with the size of the company and the nature of its business, with regard to purchase of inventory and fixed assets and for sale of goods. (v) According to information given to us there are transactions during the period that need to be entered into a register in pursuance of section 301 of the Act and the same had been maintained in the register appropriately. (vi) In our opinion and according to the information and explanation given to us, the company has not accepted deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956. (vii) In our opinion, the company has an internal audit system commensurate with its size and nature of its business. (viii) The Central Government has not prescribed maintenance of cost records under clause (d) of sub section (1) of section 209 of the Companies Act, 1956. (ix) The company is regular in depositing of undisputed statutory dues. As informed to us there is no arre ars of outstanding statutory due s as at the l ast day of the financial year concerne d for the peri od of more than si x months from the date they become payable. Furthe r it i s ex plai ne d to us Provident Fund, Investor Education and Protection Fund, Employee''s State Insurance, Sales tax, Wealth tax, Custom Duty, Excise Duty, cess are not applicable to the company during the year. ( x ) The company doe s not hav e accumul ate d l osse s of more than 50% of i ts N e t Worth at the e nd of the financial year; The Company has not incurred cash losses in the current as well as in the previous financial year. (xi) Based on our audit 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 financial institution, Banks. (xii) According to the information and explanation 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. (xiii) In our opinion the company is not a chit fund/nidhi /mutual benefit fund /society therefore the provision of clause (xiii) of paragraph 4 of the order are not applicable to the company. ( xi v) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments as such provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company. (xv) According to information and explanations given to us, the company has not given guarantee for loans taken by others from banks or financial institutions. (xvi) The Company has a term loans from banks and outstanding as on 31st March,2013 is as follows: 1 Kotak Mahindra Bank Term Loan Rs. 48,72,784/- 2 Kotak Mahindra Prime Ltd. Rs. 6460/- (xvii) According to the information and explanation given to us and on an overall examination of the Balance She e t of the company we re port that no funds raised on short term basi s have been use d for long term investment by the company. (xviii) The company has made preferential allotment of shares to parties and company covered in the register maintained under section 301 of the company Act 1956 . (xix) The company has not issued any debentures during the year. (xx) The Company has raised Rs. 5,10,00,000/-by way of public issue during the year, &as on 31st March 2013 a part of money raised was used for the same purpose which i t was raise d, rest was i nvested i n Liquid Mutual fund for a time being. (xxi) During the course of our examination of the books of account and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the informati on and expl anation gi ve n to us, we have neither come across any i nstance of material f raud on or by the company, noti ce d or reported duri ng the year, nor have we been informed of such case by the management. For, Sanjay Maheshwari & Associates (Chartered Accountants) Firm Reg No. : - 113289W (Sanjay Maheshwari) Place : Surat Partner Date: 18/05/2013 M. No. 046361