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Sri Ganapathy Mills Company
BSE: 521236|ISIN: INE488F01018|SECTOR: Textiles - Spinning - Cotton Blended
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« Mar 13
Auditor's Report (Sri Ganapathy Mills Company) Year End : Mar '14
We have audited the accompanying financial statements of The Sri 
 Ganapathy Mills Company Limited (the Company), which comprise the
 Balance Sheet as at March 31, 2014, and the Statement of Profit and
 Loss and Cash Plow Statement for the year then ended, and a summary of
 significant accounting policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 Management is responsible for 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 Standards referred to in sub-section (3C) of section
 211 of the Companies Act, 1956 the Act). This responsibility
 includes the design, implementation and maintenance of internal
 control 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 conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. 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 control relevant to the
 Company''s preparation and fair presentation of the financial
 statements 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 management, 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.
 
 Opinion:
 
 In our opinion and to the best of our Information and according to the
 explanations given to us except to note 4a of notes on accounts
 regarding provision for gratuity, the 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 31st March 2014
 
 b) in the case of the Statement of Profit and Loss Account, of the
 loss 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.
 
 Report on Other Legal and Regulatory Requirements
 
 1. As required by the Companies (Auditor''s Report) Order, 2003
 (the Order) issued by the Central Government of India in
 terms of sub-section (4 A) of section 227 of the Act, we give in the
 Annexure a statement on the matters specified in paragraphs 4 and 5 of
 the Order.
 
 2. As required by section 227(3) of the Act, we report that:
 
 a) 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;
 
 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 and proper returns adequate for the purposes of our audit have
 been received from branches not visited by us;
 
 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
 account and with the returns received from branches not visited by us;
 
 d) in our opinion, the Balance Sheet, Statement of Profit and Loss,
 and Cash Flow Statement comply with the Accounting Standards, referred
 to in subsection (3C) of section 211 of the Companies Act, 1956, read
 with the General Circular 15/2013 dated 13th September 2013 of the
 Ministry of Corporate affairs in respect of Section 133 of the
 Companies Act 1956.
 
 e) On the basis of written representations received from the directors
 as on March 31, 2014, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 11, 2014, from
 being appointed as a director in terms of clause (g) of sub-section
 (1) of section 274 of the Companies Act, 1956.
 
 ANNEXURE TO AUDITORS'' REPORT
 
 1. In respect of its fixed assets:
 
 a) The Company has maintained proper records showing full particulars
 including quantitative details and situation of fixed assets on the
 basis of available information. As explained to us, the fixed assets
 have been physically verified by the management during the year in a
 phased periodical manner, which in our opinion is reasonable, having
 regard to the size of the Company and nature of its assets. No
 material discrepancies were noticed on such physical verification,
 
 b) In our opinion, the Company has not disposed of substantial part of
 its fixed assets during the year and the going concern status of the
 company Is not affected.
 
 2. In respect of Its inventories:
 
 a) As explained to us, inventories have been physically verified by
 the management at regular intervals during, the year.
 
 b) In our opinion and according to the 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) The Company has maintained proper records of inventories, as
 explained to us, there were no material discrepancies noticed on
 physical verification of inventory as compared to the book records.
 
 3. In respect of loans secured or unsecured granted or taken by the
 company to/from companies, firms or other parties covered In the
 register maintained under Section 301 of the Companies Act, 1956;
 
 a) The Company has not granted any fresh unsecured loans and no loans
 have been taken from any party other than directors during the year.
 
 b) In our opinion and according to the information and explanation
 given to us, the rate of Interest and other terms and conditions are
 not prima facie prejudicial to the interest of the company. 
 
 c) Since the Company has rot taken any loans other than directors, 
 there is no question of overdue amount.
 
 4. 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 for the purchase of inventory, fixed assets and also for the
 sale of goods. During the course of our audit, we have not observed
 any major weaknesses in internal controls.
 
 5. Based on the information and explanation furnished that
 transactions that need to be entered in the registers in pursuant of
 301 of Act, have been entered and they have made at a rate which is
 not prejudicial to the interest of the company.
 
 6. The Company has not accepted any deposits from Public and in our
 opinion and according to the explanations given to us the provisions
 of Section 5SA and 58AAof the Companies Act, 1956 read with Companies
 (Acceptance of Deposits) Rules 1975 is not applicable.
 
 7. In our opinion the internal audit system of the company is
 commensurate with its size and nature of its business.
 
 8. The Central Government has prescribed maintenance of cost records
 under section 209(1)(d) of the Companies Act, 1956 in respect of
 certain manufacturing activities of the Company. We have broadly
 reviewed the accounts and records of the company in this connection
 and are of the opinion, that prima-facie, the prescribed accounts and
 records have been made and maintained. We have not, however made a
 detailed examination of the same.
 
 9. a) ln our opinion and according to the information and explanations
 given to us, during the year, the Company is not regular in depositing
 the Provident Fund and Employees State Insurance dues, with the
 appropriate authorities.
 
 b) The disputed statutory dues pertaining to earlier years aggregating
 to Rs. 52.36 lacs that, have not been deposited on account of matters
 pending before appropriate authorities are as under and for which no
 provision had been made in the accounts
 
 10. The Company has accumulated Losses to tune of Rs. 1013.10 lacs as
 at 31.3.2014 and has incurred cash loss of Rs. 140.27 lacs during the
 financial year covered by our audit and no cash loss was incurred in
 the immediately preceding financial year.
 
 11. Based on our audit procedures and according to the information and
 explanations given to us, we are of the opinion that the company has
 defaulted in repayment of dues to financial institutions subject to
 the clause no 8 (i) in the notes on accounts.
 
 12. In our opinion and according to the information and explanation
 given to us, no loans and advances have been granted by the company on
 the basis of security by way of pledge of shares, debentures and other
 securities.
 
 13. In our opinion, the company is not a Chit fund or a Nidhi / Mutual
 Benefit fund / Society. Therefore clause 4(xiii) of the companies
 (Auditors Report) order 2003 is not applicable to the Company.
 
 14. Since the Company is not Investment Company, the reporting
 regarding trading of Securities, Debentures and other Investments is
 not applicable.
 
 15. According to the information and explanations given to us and
 based on the records examined by us, the Company has not given any
 guarantees for loans taken by others from banks or financial
 institutions during the year under review
 
 16. The Company has raised Short Term loan of Rs. 30 lacs during the
 year. The term loans outstanding at the beginning of the year and
 those raised during the year were applied for the purpose for which
 they were raised.
 
 17. According to the information and explanations given to us and on
 an overall examination of the Balance Sheet of the Company, we are of
 the opinion that the Company has utilized the amount from Short term
 Sources towards repayment of long term borrowings.
 
 18. The company has not issued any debentures and hence creation of
 securities in respect of the same does not arise.
 
 19. The company has not raised any money by way of Public Issue during
 the year.
 
 20. In our opinion and according to the information and explanations
 given to us, no fraud on or by the Company has beer noticed or
 reported during the year that causes the financial statements to be
 materially misstated.
 
                                             for M/S Krishnan and Raman
 
                                                  Chartered Accountants
                                                               FRM0151S
 
 Place : Tirunelveli	                                CA. K.V. Raman
 Date : 18-O8-2014                                      	  M.No. 009790
Source : Dion Global Solutions Limited
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