vogue textiles ltd Management discussions

In the year under review, the outlook for the industry as a whole remained grim and most manufacturing units faced a tough time as the year progressed. declining domestic growth numbers coupled with already weak overseas markets affected the industry quite adversely.

FINANCIAL PERFORMANCE

Plans laid out for bringing company to the path of recovery could not fructify during the year due to continue Covid-19 disturbances and uncertainties. Your company could manage a turnover of Rs. 132.42 Lac only during the current year.

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

Your company is committed to ensure that assets are safeguarded and protected against loss from unauthorized use and disposition, and the transactions are authorized and reported correctly. The Company has in place adequate internal control systems to ensure compliance with policies & procedures to ensure accuracy and transparency in financial results.

HUMAN RESOURCE DEVELOPMENT AND INDUSTRIAL RELATIONS

The relations with the employees continued to be cordial during the year and efforts remained to provide a good & harmonious working environment.

OPPORTUNITIES / THREATS / RISK / CONCERNS

Emerging opportunities in newer markets are not that strong at the moment and biggest markets for Indian textiles, North America & European Union are still not out of the problems due to effects of Covid and Ukraine war. Unless the established markets get into growth trajectory in coming months, situation continues to be unpredictable.

OUT LOOK

As the business of your Company depends on growth in overseas markets, Company has to keep putting efforts to expand product & country profile which is a gradual process. This current year also seems gloomy due to Russia and Ukraine war.

AUDITORS REPORT

TO THE MEMBERS OF VOGUE TEXTILES LIMITED

We have audited the accompanying standalone financial statements of Vogue Textiles Limited (the Company), which comprise th e balance sheet as at 31 March 2023, 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 Responsibility for the Financial Statements

The Companys 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 and presentation 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 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 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 the disclosures in the financial statements. The procedures selected depend on the auditors 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. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companys Directors, as well a s 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 31 March 2023 and its profit and its cash flows for the year ended on that date.

TO THE MEMBERS OF VOGUE TEXTILES LIMITED

We have audited the accompanying standalone financial statements of Vogue Textiles Limited (the Company), which comprise th e balance sheet as at 31 M arch 2021, the statement of profit and loss and the cash flow statement for the year then ended, and a summary of