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Padam Cotton Yarns | Auditor's Report > Textiles - Spinning - Cotton Blended > Auditor's Report from Padam Cotton Yarns - BSE: 531395, NSE: N.A
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Padam Cotton Yarns

BSE: 531395|ISIN: INE448D01017|SECTOR: Textiles - Spinning - Cotton Blended
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VOLUME 22
Padam Cotton Yarns is not listed on NSE
Mar 14
Auditor's Report (Padam Cotton Yarns) Year End : Mar '15
We have audited the accompanying financial statements of Padam Cotton
 Yarns Limited (the company), which comprise the Balance Sheet as at
 31 March 2015, the Statement of Profit and Loss, 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 Financial Statements
 
 The Company''s Board of Directors is responsible for the matters 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 the maintenance of
 adequate accounting records in accordance with the provision of the Act
 for safeguarding of the assets of the Company and for preventing and
 detecting the 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 internal financial control, 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 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 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 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.
 
 Report on other legal and regulatory requirements
 
 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 Companies Act, 2015, we give in
 the Annexure a statement on the matters specified in paragraphs 3 and 4
 of the Order, to the extent applicable.  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 appears from our examination of those
 books
 
 c) The Balance Sheet, the Statement of Profit and Loss, and Cash Row
 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 written representations received from the directors
 as on 31 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 included in the Auditor''s Report
 and to our 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 is financial statements -Refer Note 2.14 to the
 financial statements.
 
 ii. The Company has made provision, as required under the applicable
 law or accounting standards, for material foreseeable losses, if any,
 on long term contracts including derivative contracts.
 
 iii. There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 The Annexure referred to in Paragraph of the Our Report of even date to
 the members of M/s Padam Cotton Yarns Limited, on the accounts of the
 company for the year ended 31S March, 2015.
 
 (i) (a) Not Applicable as the company is not having any fixed assets as
 on 31.03.2015.
 
 (b) Not Applicable.
 
 (ii) (a) The stocks of Finished Goods, spare parts and raw materials
 have been physically verified during the year by the management at
 reasonable intervals.
 
 (b) The procedures of physical verification of stocks followed by the
 management are reasonable and adequate in relation to the size of the
 company and the nature of is business.
 
 (c) The company has maintained proper records of inventory and the
 discrepancies noticed on verification between the physical stocks and
 the book records were not material
 
 (iii) (a) The Company has granted loans, secured or unsecured, to
 companies firm or other parties covered in the register maintained 189
 of the Companies Act, 2013. The number of parties is one and amount
 involved is Rs. 1,76,95,000.00 According to the information and
 explanations given to us no principal as well as interest was due to
 the company which was to be paid.
 
 (b) According to the information and explanations given to us there is
 no overdue amount of more than one lakh owed by 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 purchases of inventory and fixed assets and for
 the sale of goods and services. According to the information and
 explanations given to us there is no visible continuing failure to
 correct major weaknesses in internal control system.
 
 (v) The company has not accepted the deposits and in our opinion and
 according to the information and explanation given to us, the
 provisions of sections 73 to 76 or any other relevant provisions of the
 Companies Act 2013 and the rules framed there under, where applicable,
 have been complied with.
 
 (vi) According to information and explanations given to us the Central
 Government has not specified maintenance of cost records under
 sub-section (1) of section 148 of the Companies Act in case of Company.
 
 (vii) (a) According to the records of the company, the company has
 generally complied with 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 any other statutory dues with the appropriate
 authorities during, the year
 
 (b) According to the records of the company there is no dues of income
 tax or sales tax or wealth tax or service tax or duty of customs or
 duty of excise or value added tax or cess etc in disputes.
 
 (c) According to the information''s and explanations given to us and
 records of the company the company is not required to be transfer any
 funds to investor education and protection fund in accordance with the
 relevant provisions of the Companies Act, 1956 (1 of 1956) and rules
 made there under during the year.
 
 (viii) According to the records of the company, the company has not
 incurred any cash loss during the current financial year or its
 proceeding year. Further the company has no accumulated losses.
 
 
Source : Dion Global Solutions Limited
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