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Thambbi Modern Spinning Mills
BSE: 514484|ISIN: INE830D01016|SECTOR: Textiles - Spinning - Cotton Blended
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Mar 12
Auditor's Report (Thambbi Modern Spinning Mills) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of M/s. Thambbi
 Modern Spinning Mills Ltd., which comprise the Balance Sheet as at 31
 March 2013, 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''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 misstatements.
 
 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, the financial statements subject to
 
 Note No.6.2 regarding non-ascertainment of overdue amounts and
 non-provision of interest due if any, due to Micro, Small and Medium
 Enterprises
 
 Non-provision of liability towards claim made for damages by Provident
 Fund Commissioner of Rs.67.44 lakhs (Note No. 18.1)
 
 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:
 
 in the case of the Balance Sheet, of the state of affairs of the
 Company as at 31 March 2013; in the case of the Statement of Profit and
 Loss, of the LOSS for the year ended on that date; and 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
 
 As required by the Companies (Auditor''s Report) Order, 2003 (the
 Order), issued by the Central Government of India in terms of
 sub-section (4A) 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.
 
 As required by section 227(3) of the Act, we report that:
 
 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;
 
 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;
 
 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;
 
 il 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 Act.
 
 On the basis of written representations received from the directors as
 on 31 March 2013, and taken on record by the Board of Directors, none
 of the directors is disqualified as on 31 March 2013, from being
 appointed as a director in terms of clause (g) of sub-section (1) of
 section 274 of the Act.
 
 ANNEXURE TO THE AUDITOR''S REPORT
 
 i) a) In our opinion, the company is maintaining proper records to show
 full particulars including quantitative details and situation of Fixed
 Assets.
 
 b) As explained to us, these fixed assets have been physically verified
 by the management during the year at reasonable intervals and no
 material discrepancies were noticed in such verification.
 
 c) During the year the company had sold certain old machinery carrying
 a value of Rs.1.60 crores for Rs.1.17 crores. However the going concern
 status of the company is not affected.
 
 ii) a) Inventories have been physically verified by the Management, at
 reasonable intervals.
 
 b) In our opinion, the procedures of physical verification of inventory
 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 is maintaining proper records of inventory and no
 material discrepancies were noticed on such verification as compared to
 the book records.
 
 iii) The company has not taken / granted any loans, secured or
 unsecured from / to companies, firms or other parties listed in the
 register maintained under Section 301 of the Act during the year.
 
 iv) In our opinion there is an adequate Internal Control System
 commensurate with the size of the company and nature of business for
 the purchase of inventory and fixed assets and for the sale of goods
 and services. During the course of our audit no major weaknesses have
 been noticed in the Internal Control System.
 
 v) a) In our opinion and according to the information and explanations
 provided to us, there are no contracts or arrangements, that need to be
 entered in the register maintained under section 301 of the Act.
 
 b) In our opinion, and according to the information and explanations
 given to us, the Company has not sold goods, materials and services
 exceeding 5,00,000 to any party listed in the register maintained under
 section 301 of the Act.
 
 vi) The Company has not accepted any deposits from Public during the
 year and hence the clause relating to acceptance of Fixed Deposits is
 not applicable.
 
 vii) In our opinion, the Company has an adequate Internal Audit System
 commensurate with the size and nature of its business.
 
 viii) We have broadly reviewed the cost records maintained by the
 Company pursuant to the Companies (Cost Accounting Records) Rules, 2011
 prescribed by the Central Government under Section 209 (1)
 
 (d) of the Act and are of the opinion that prima facie the prescribed
 cost records have been maintained. We have, however, not made a
 detailed examination of the cost records with a view to determine
 whether they are accurate or complete.
 
 ix) a) In our opinion and according to the information and explanations
 provided to us, there are no undisputed statutory dues as at
 31.03.2013, outstanding for a period exceeding 6 months from the date
 they became payable.
 
 b) As per the information and explanations provided to us there are no
 disputed statutory dues outstanding as on 31.03.13, except towards
 
 (i) entry tax on purchase of car amounting to Rs.4.65 lakhs pending
 before the High Court of Chennai.
 
 (ii) Sales Tax dues amounting to Rs.7.12 lakhs pending before Sales Tax
 Tribunal.
 
 (iii) Claim of Rs.67.44 lakhs by Commissioner of EPFO towards damages on
 account of delayed remittances of Provident Fund in earlier years which
 is proposed to be contested by the Company in the ensuing Financial
 Year.
 
 x) As on 31.03.2013 the accumulated loss is more than Equity plus
 Reserves. The company has incurred cash loss during the year and in the
 immediately preceding Financial Year.
 
 xi) Company has taken Term Loan from a Bank and has defaulted in
 repayment of EMIs during the Financial Year, though all the EMIs were
 paid at the end of the year. The company has not issued any Debentures.
 
 xii) In our opinion and according to the information and explanations
 provided to us, the Company has not granted any loans and advances on
 the basis of security by way of pledge of shares, debentures and other
 securities during the year.
 
 xiii) The Company is not a Chit, Nidhi / Mutual Benefit Fund/Society
 and hence the clause relating to the same is not applicable.
 
 xiv) The Company is not dealing or trading in shares, securities,
 debentures and other investments.
 
 xv) In our opinion, the company has not given guarantees for loans
 taken by others from banks or financial institutions.
 
 xvi) The Term Loan outstanding at the beginning of the year has been
 applied for the purpose for which it was obtained.
 
 xvii) On an overall examination of the financial statements of the
 Company, we are of the opinion that no funds raised on short term basis
 have been used for long term investment.
 
 xviii) There has been no preferential allotment of shares by the
 Company during the year, to any party.
 
 xix) The Company has not issued any debentures during the year.
 
 xx) The Company has not raised any money by public issue of shares or
 other securities during the year.
 
 xxi) According to the information and explanations given to us, no
 material frauds on or by the company has been noticed or reported
 during the year.
 
                                              For SANKARAN & KRISHNAN
 
                                                Chartered Accountants 
 
                                        Firm Registration No: 003582S
 
 
 
                                                M. BALACHANDRAN 
 
 Place : Chennai                                  Partner
 
 Date :30th May 2013                         Membership No. 16271
Source : Dion Global Solutions Limited
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