We have audited the accompanying financial statements of Oxford Industries
Limited ("the Company"), which comprises the Balance Sheet as at March 31, 2025,
the Statement of Profit and Loss (including other comprehensive income), Cash Flow
Statement, Statement of Changes in Equity for the year ended on that date and notes
to the financial statements, including a summary of significant accounting policies and
other explanatory information.
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
Companies Act 2013 ("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 March 31, 2025, and the statement of Profit & Loss
(including other comprehensive income), changes in equity and its cash flows for the
year ended on that date. We express a Qualified Opinion in respect of Financial
Statements of Oxford Industries Limited.
Basis for Qualified Opinion
The Company has a net loss of Rs. 50.31 lacs during the year ended 31st March 2025
(P.Y. net profit of Rs. 9.45 lacs) and as of date, the company's accumulated losses
aggregate to Rs. 1347.71 lacs leading to complete erosion of its net worth, thereby
raising a doubt whether the company wall be able to continue as a going concern. As
of that date, the Company's current liabilities (including short term loans) exceeded its
current assets by Rs 171.13 lacs (P.Y. Rs. 120.82 lacs) and its total liabilities exceeded
its total assets by Rs. 171.13 lacs (P.Y. Rs. 120.82 lacs). However, the accounts for the
year have been prepared on the concept that Company will continue as a going
concern.
We conducted our audit of the financial statements in accordance with the Standards
on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities
under those Standards are further described in the Auditor's Responsibilities for the
Audit of the Financial Statements section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India (ICAI) together with the ethical requirements that are relevant to
our audit of the financial statements under the provisions of the Act and the Rules
made thereunder, and we have fulfilled our other ethical responsibilities in accordance
with these requirements and the ICAI's Code of Ethics.
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.
Information other than the Financial Statements and Auditors Report Thereon
The Company's Board of Directors is responsible for the other information. The other
information comprises the information included in the Director's Report and
Management Discussion & Analysis Report but does not include the financial
statements and our auditor's report thereon.
Our opinion on the financial statements does not cover the other information and we
do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material
misstatement of this other information; we are required to report that fact.
We have nothing to report in this regard.
Management's Responsibility for the Financial Statements
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 the preparation of
these financial statements that give a true and fair view of the financial position,
financial performance, total comprehensive income, changes in equity' and cash
flows of the Company in accordance with the accounting principles generally
accepted in India, including the Indian Accounting Standards (hid AS) prescribed
under section 133 of the Act, read with Companies Indian Accounting Standards
Rules 2015.
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.
In preparing the financial statements, management is responsible for assessing the
Company's ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company's financial
reporting process.
Auditor's Responsibility for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or
error, and to issue an auditor's report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal financial controls relevant to the audit in
order to design audit procedures that are appropriate in the circumstances.
Under section 143(3)(i) of the Act, we are also responsible for expressing our
opinion on whether the Company has adequate internal financial controls
system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of management's use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt
on the Company's ability to continue as a going concern.
• If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor's report to the related disclosures in the financial
statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our
auditor's report. However, future events or conditions may cause the Company
to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
Materiality is the magnitude of misstatements in the financial statements that
individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the financial statements may be influenced. We
consider quantitative materiality and qualitative factors in (i) planning the scope of
our audit work and in evaluating the results of our work; and (ii) to evaluate the
effect of any identified misstatements in the financial statements.
We communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during our
audit.
We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine
those matters that were of most significance in the audit of the financial statements
of the current period and are therefore the key audit matters. We describe these
matters in our auditor7s report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public interest benefits
of such communication.
Report on Other Legal and Regulatory Requirements
1. 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 accounts as required by law have been kept by
the company so far as it appears from our examination of those books.
c. The Balance Sheet, the Statement of Profit and Loss (including Other
Comprehensive Income), the Cash Flow Statement and Statement of Changes in
Equity dealt with by this Report are in agreement with the books of account.
d. In our opinion, the aforesaid financial statements comply with the Indian
Accounting Standards prescribed under section 133 of the Act, read with
Companies Indian Accounting Standards Rules 2015.
e. On the basis of the written representations received from the directors as on 31st
March, 2025 taken on record by the Board of Directors, none of the directors is
disqualified as on 31s1 March, 2025 from being appointed as a director in terms of
Section 164(2) of the Act.
f. With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer
to our separate Report in "Annexure A".
g. With respect to the other matters to be included in the Auditor's Report in
accordance with the requirements of section 197(16) of the Act.
In our opinion and to the best of our information and according to the
explanations given to us, no remuneration is paid by the company to its directors
in the current year.
h. With respect to the other matters to be included in the Auditor's Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in
our opinion and to the 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 its financial statements -Refer note 4(b) to the financial
statements;
ii. The Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses.
iii There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company.
iv. (a) The management has represented that, to the best of its knowledge and
belief, no funds have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds) by
the company to or in anv other person or entity, including foreign entity
("Intermediaries"), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall, whether, directly or indirectly lend or
invest in other persons or entities identified in any manner whatsoever by or
on behalf of the company ("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The management has represented, that, to the best of its knowledge and
belief, no funds have been received by the company from any person or
entity, including foreign entity ("Funding Parties"), with the understanding,
whether recorded in writing or otherwise, that the company shall, whether,
directly or indirectly, lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Funding Party ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries;
(c) In our opinion and based on the audit procedures, we have considered
reasonable and appropriate in the circumstances; nothing has come to our
notice that has caused us to believe that the representations under sub-clause
(a) and (b) above contain any material misstatement.
v. The provisions of section 123 of the Companies Act, 2013 w.r.t. declaration or
payment of dividend does not apply to the company as the company has not
declared any dividend during the year.
I. As per reporting under Rule 11 (g) of the Companies (Audit and Auditors) Rules,
2014, which is applicable from 1 April 2023, Based on our examination, which
included test checks, the Company has used accounting software's for
maintaining its books of account for the financial year ended March 31, 2025,
which has a feature of recording audit trail (edit log) facility', But the feature of
recording audit trail (edit log) facility was not enabled at the database level to
log any direct data changes for the accounting software's used for maintaining
the books of accounts throughout the year for all relevant transactions recorded
in the software.
2. As required by the Companies (Auditor's Report) Order, 2020 ("the Order") issued
by the Central Government in terms of Section 143(11) of the Act, we give in
"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of the
Order.
For RANK and Associates
Chartered Accountants
[Firm Reg. No. 105589W]
CA Rahul Parasmal Nahata
Place: Mumbai Partner
Date: 27th May 2025 Membership No: 116511
UDIN: 25116511BMJMUT1045
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