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Samtex Fashions Ltd.

BSE: 521206 | NSE: | Series: NA | ISIN: INE931D01020 | SECTOR: Textiles - Readymade Apparels

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Annual Report

For Year :
2016 2015 2014 2013 2012 2011 2010 2009 2008

Auditor's Report

We have audited the attached Balance Sheet of M/S SAMTEX FASHIONS LIMITED as at 31st March, 2012, the Profit and Loss Account 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. We have expressed an opinion on these financial statements based on our audit.

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

As required by the Companies (Auditor's Report) Order,2003,as amended by the Companies (Auditors' Report) (Amendment) Order,2004,issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act,1956 of India 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 enclose in annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, we report that :

1. 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.

2. In our opinion, the company has kept proper books of account as required by law so far as appears from our examination of the books.

3. The Balance Sheet and Profit and Loss Account and Cash Flow Statement referred to in this report are in agreement with the books of account.

4. In our opinion, the Profit & Loss Account and Balance Sheet generally comply with the accounting standard referred to in sub-section (3C) of section 211 of the Companies Act, 1956.

5. On the basis of the written representation 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 31st 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.

6. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the notes thereon give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India,

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

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

iii) In case of the Cash Flow Statement of Cash Flow for the year ended on that date.

ANNEXURE REFERRED TO IN OUR AUDIT REPORT OF EVEN DATE OF M/S SAMTEX FASHIONS LIMITED PURSUANT TO THE COMPANIES (AUDITOR'S REPORT) ORDER 2003 AMENDED BY THE COMPANIES (AUDITOR'S REPORT) (AMEND- MENT) ORDER, 2004:-

i (a) In our opinion and as per information and explanation provided to us the company has maintained proper records

showing full particulars including quantitative details and situation of fixed assets.

(b) As explained to us the fixed assets have been physically verified by the management during the year and as per the explanations and information given to us there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. As explained to us discrepancies noticed on physical verification were not significant and have been properly dealt with in the books of account.

(c) During the year, the company has not disposed off any part of the plant and machinery, which will have the effect on the Going concern of the company.

ii (a) As explained to us the inventory has 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 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) As explained and based on the information given to us, we are of the opinion that the company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material and the same has been properly dealt with in the books of account

iii (a) The company has granted loan to parties covered in the register maintained under section 301 of the companies Act,

1956. (Refer Note No. 32 (G)).

(b) The above loans and advances are in the nature of interest free loan and in our opinion the terms and conditions are not, prima facie prejudicial to the interest of the company.

(c) As explained to us, there is no stipulated time frame for the repayment of the above loans and advances and hence we are unable to comment on the regularity of the repayment of the Principal and Interest on the above loan taken or granted to the parties covered under section 301 of the Companies Act , 1956.

(d) In view of the above we are unable to comment whether there is any Overdue amounts of loans taken from or granted to the Companies, Firms or Other Parties listed in the register maintained u/s 301 of the Companies Act , 1956.

(e) No Loans advances is reported to be overdue.

(f) The company has not taken any loans and advances , secured or unsecured from Companies , Firms or Other Parties covered in the register maintained under section 301 of the companies Act,1956. Hence part (e) , (f) & (h) of Clause 4(iii) are not applicable.

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 company and the nature of its business with regard to, purchase of stores and spares, raw materials, fixed assets, and with regard to the sale of goods. During the course of our audit, no major weakness has been noticed in such internal controls.

v. (a) According to the information and explanations provided by the management, we are of the opinion that the company

has entered all transactions that need to be entered in the register maintained under section 301.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the registers maintained under section 301 and exceeding the value of five lakhs rupees in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant times.

vi. In our opinion and according to the information and explanations given to us, the company has not accepted any Deposits as defined with in the meaning of Sections 58A and 58AA of the companies Act, 1956 and the companies (Acceptance of Deposits) Rules 1975 and hence the provisions of clause 4(vi) of the Companies (Auditor's Report) Order,2003 are not applicable to the Company.

vii. Internal Audit has been conducted by an independent firm of Chartered Accountants during the year and it is commensurate with the size and nature of Business. It is being further strengthened.

viii. As informed to us, the maintenance of cost records as prescribed by the Central Government under section 209 (1)(d) of the Companies act,1956 is in process and management ensures that the compliance report will be submitted within the time period stipulated in the relevant statute.

ix. (a) The company is generally been regular in depositing with appropriate authorities undisputed statutory dues including

provident fund, investor education protection fund, employees state insurance, income tax, sales tax, wealth tax, custom duty, excise-duty, cess and other statutory dues applicable to it and as informed and explained to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, custom duty and excise duty were outstanding, as at 31.03.2012 for a period of more than six months from the date they became payable except a sum of Rs. 185,391 is payable for Tax Deducted at Source.

(b) According to the records of the company, the disputed statutory dues i.e, Income Tax aggregating to Rs. 116.78 lacs that have not been provided for in the books of accounts on account of matters pending before concerned appellate authorities/ Delhi High Court and ITAT Delhi Bench. However a sum of Rs.110.65 lacs is deposited under protest against above demand. As mentioned in point no. A of Note No. 32 to Notes on Account.

x. The company does not have any accumulated losses. Further it has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year.

xi. As explained and informed to us by the management, we are of the opinion that the company has not defaulted in repayment of dues to any financial institution, or bank .

xii. Based on the records we report that 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. The company is not a chit fund company or mutual fund / Society, thus the provisions of this para are not applicable.

xiv. As per records of the company and the information and explanations given to us by the management, The Company is not dealing or trading in shares, securities, and debentures and other investment except those investments, which are held as investment. In our opinion, in respect of those investments held by the Company, proper records have been maintained of the transactions and contracts and timely entries have been made therein and the shares, securities and other investments have been held by the Company, in its own name.

xv. According to the information and explanations provided to us by the management, the company has guaranteed a sum of Rs. 47615 Lacs & Rs.575 Lacs against secured Loans taken from financial institutions by SSA International Ltd. & Sam Buildcon Ltd. Respectively; wholly owned subsidiaries of the Company.

xvi. The term loans obtained by the company have been applied for the purpose for which they were raised.

xvii. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment. No long-term funds have been used to finance short-term assets except core (permanent) working capital.

xviii. As explained and informed to us by the management and upon our examination of records we report that the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act.

xix. During the period covered by our audit report, the company has not issued any types of debentures. The question of creation of any security in the respect of debentures does not arise.

xx. During the financial year the company did not raise any money by public issue.

xxi. In our opinion and according to information and explanations given to us by the management, there was no fraud on or by the company which has been noticed and reported during the year that causes the financial statements to be materially misstated.

For AGGARWAL & RAMPAL CHARTERED ACCOUNTANTS FIRM REGD. NO. : 003072N

Sd/-

Place : New Delhi VINAY AGGARWAL

Dated : August 14, 2012 PARTNER M.No. 082045