We have audited the accompanying financial statements of Seasons
Textiles Limited (the company), which comprise the Balance Sheet as
at March 31st, 2015, the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
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
preparation and presentation 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 the 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 insuring 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.
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 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 accounting policies used and the reasonableness of
the accounting estimates made by the Company''s Board of Directors, as
well as evaluating the overall presentation of the financial
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid 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 31st, 2015;
b) In the case of the statement of Profit and Loss, of the profit for
the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
As required by the Companies (Auditor''s Report) Order, 2015, issued by
the Central Government of India in terms of sub-section (11) of section
143 of the Act, we enclose in the annexure a statement on the matters
specified in paragraphs 3 and 4 of the said order, to the extent
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
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
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified in 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 March 31st, 2015 taken on record by the Board of Directors, none
of the directors is disqualified as on March 31st, 2015, from being
appointed as a director in terms of section 164 (2) of the Act.
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
Auditor''s) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
i. There were no pending litigations which would impact the financial
position of the company.
ii. The Company did not have any material foreseeable losses on long
term contracts including derivatives contracts.
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO THE AUDITOR''S REPORT OF EVEN DATE TO THE MEMBERS OF THE
SEASONS TEXTILES LIMITED ON THE
FINANCIAL STATEMENTS FORTY-YEAR ENDED MARCH 31st, 2015
On the basis of such checks as we considered appropriate and in terms
of information and explanations given to us, we state that:-
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of the fixed
(b) As informed to us, these fixed assets have been physically verified
by the Management during the year. In our opinion the frequency of
verification is reasonable having regard to the size of the operations
of the Company. According to the information & explanations given to
us, no material discrepancies were noticed on such physical
ii) (a) Physical verification of inventory has been conducted by the
management during the year and, in our opinion, the frequency of
verification is reasonable having regard to the size of the operations
of the Company
(b) According to the information and explanations given to us, the
procedure of physical verification of inventory followed by the
Management, in our opinion, are reasonable and adequate in relation to
the size of the Company and nature of its business.
(c) In our opinion, the Company is maintaining proper records of
inventories and no material discrepancies have been noticed on physical
verification of inventories as compared to the book records.
(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. Consequently, the requirement
of clause 3(iii) (a) and (b) of the Companies (Auditor''s Report) Order,
2015 is not applicable.
(iv) In our opinion and according to the information and explanation
given to us, there are adequate internal control procedures,
commensurate with the size of the Company and the nature of its
business for purchase of inventory and fixed assets and for sale of
goods. During the course of Audit we have not observed any continuing
failure to correct major weaknesses in internal controls.
(v) The Company has not accepted any deposits from the public.
(vi) The nature of the Company''s business is such that maintenance of
cost records specified by the Central Government under sub section (1)
of section 148 of The Act , is not applicable.
(vii) (a) According to the records, information and explanations
provided to us, Company is generally regular in depositing with
appropriate authorities undisputed statutory dues including Provident
Fund, Employee''s State Insurance, Income Tax, Sales Tax, Wealth Tax,
Service Tax, Duty of Customs, Value Added Tax, Cess and other statutory
dues applicable to it and no undisputed amounts payable were
outstanding as at March 31st, 2015 for a period of more than six months
from the date they became payable.
(b) There is no amount in respect of Income Tax, Sales Tax, Wealth Tax,
Service Tax, Duty of Customs, Value Added Tax and Cess that have not
been deposited with the appropriate authorities on account of any
(c) According to the information and explanation given to us there
were no amounts which were required to be transferred to investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made there
(viii) The Company has no accumulated losses as at 31st March, 2015.
The Company has not incurred cash losses in the financial year ended on
that date and in the immediately preceding financial year.
(ix) In our opinion and according to the information and explanations
given to us, the Company has generally not defaulted in repayment of
dues to a financial institution or bank. The Company has no debenture
(x) In our opinion and according to the information and explanation
given to us, the terms and conditions on which the Company has given
guarantees for loan taken by others from banks or financial
institutions are not prejudicial to the interest of the Company.
(xi) In our opinion and according to the information and explanation
given to us, the term loans have been applied for the purposes for
which they were obtained.
(xii) In our opinion 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 Anuj Garg & Co.
Firm''s Registration Number- 03473N
C.A ANUJ GARG
Place: New Delhi Proprietor
Dated: 27.05.2015 Membership No. 082422