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Ashnoor Textile Mills Ltd.

BSE: 507872 | NSE: | Series: NA | ISIN: INE372I01018 | SECTOR: Textiles - Woollen & Worsted

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Sep 22, 16:00
43.40 2.05 (4.96%)
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30-Day
4,641
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Dec 27, 11:22
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Ashnoor Textile Mills is not listed on NSE

Annual Report

For Year :
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Auditor's Report

1. We have audited the attached Balance Sheet of Ashnoor Textile Mills Limited as at March 31, 2011, the Profit and Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the company''s management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor''s Report) Order, 2003 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to above, we report that; i) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit; ii) 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; iii) The Balance Sheet, the Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; iv) In our opinion, the Balance Sheet, the Profit and Loss Account and Cash Flow Statement dealt from this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; v) On the basis of written representations received from the directors, as on March 31, 2011 and taken on records by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2011 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956; vi) (a) Speculative loss of Rs. 8,541,620.63 on Trading of Foreign Currency treated as Current Assets in Balance Sheet. Due to none charging of speculative loss in the Profit and Loss Account, profit has been overstated by Rs. 8,541,620.63. Refer paragraph 2 of Part-B of Schedule-K. (b) Subject to above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view conformity with the accounting principles generally accepted in India: i) In the cases of the Balance Sheet, of the state of affairs of the company as at March 31, 2011; and ii) In the case of the Profit and Loss Account, of the loss for the year ended on that date. iii) In the case of Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXTURE TO THE AUDITOR''S REPORT OF THE MEMBERS OF ASHNOOR TEXTILE MILLS LIMITED ON ACCOUNTS FOR THE YEAR ENDED MARCH 31,2011 (Referred to in paragraph 3 of our report of even date) Referred to in paragraph 3 of our report of even date, (i) (a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) According to the information and explanation given, the company has adopted a phased program of physical verification of fixed assets. Under this program all the assets would be verified in phased manner the frequency of which, in our opinion, is reasonable, having regard to the size of the company and nature of its assets. As explained to us no material discrepancies were noticed in respect of assets verified during the year. (c) During the year, the company has disposed off Pandora Dying Machine, Old Stenter Parts. (ii) (a) The inventory has been physically verified during the year by the management, In our opinion, the frequency of verification is reasonable. (b) 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 is maintain proper records of inventory. The discrepancies notices on verification between the physical stocks and the book records were not material. (iii) The company has not granted or taken any loan, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. As no loans is granted or taken, clauses (b), (c), (d), (e), (f) and (g) of paragraph (iii) of this order are not applicable. (iv) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls. (v) (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 have been entered in the register required to be maintained under that section; and (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regards to prevailing market prices at the relevant time. (vi) In our opinion and according to the information and explanations given to us, the Company has not accepted any fixed deposits from the public within the meaning of section 58A, 58AA or any other relevant provisions of the of the Companies Act, 1956 and the rules framed there under. The Company Law Board, National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal has not passed any order. (vii) In our opinion the Company has an internal audit system commensurate with the size and nature of its business. (viii) The Central Government has prescribed for the maintenance of cost records by the company under Section 209(l)(d) of the Companies Act, 1956 for Cotton Textile Industry. The company has not maintained prescribed cost records. (ix) (a) The Company has generally been regular in depositing undisputed statutory dues, including provident fund, investor education and protection fund, employees'' state insurance, income-tax, sales-tax, wealth tax, service tax, custom duty, excise duty, cess and any other statutory dues with the appropriate authorities. There is no outstanding statutory liability as at March 31, 2011, which is due for a period of more than six months from the date they became payable. (b) According to the information and explanation given to us, out of the arrears of Employees'' State Insurance dues on contract labour of Rs. 2,705,536/- pertaining to the years 1997 to 2001 levied by Regional Office of Employees State Insurance Corporation, Gurgaon, only Rs. 563,706/- has been paid under protest and the remaining amount of Rs. 2,141,830/- have not been paid and the appeal is pending with Civil Court, Gurgaon. Haryana Development Tax of Rs. 7,105,146/- levied by the State Government has been disputed and the local association on behalf of all the industries in the region has filed an appeal with Supreme Court of India. Name of the Nature of the Amount Period From where Statue Dues (Rs.) dispute is pending Employees Interest on the Provident Funds late payment 2,186,351 2005-2006 Court & Miscella -neous Provisions Act, 1952 Employees Interest on the State Insurance Late payment 18,725 2005-2006 Court Act, 1948 Employees Arrears of ESI State Insurance dues on Contract 2,141,830 1997 to 2001 Civil Court Act, 1948 Labour Gurgaon 918,034 2002-2003 Local Area Haryana 2,110,645 2003-2004 Development Development 1,966,381 2004-2005 Court Tax Act, 2000 Tax 1,660,354 2005-2006 449,732 2006-2007 Central Excise Excise Duty Various years Act'' 1944 50,000,000 from 1998-99 CESTAT onwards (x) The company does not have accumulated losses. The company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. (xi) In our opinion and according to the information and explanations given to us, the company has not taken loans from the financial institutions and has not issued any debentures. Accordingly, there is no defaulted in repayment of dues to financial institution, bank or debenture holders. (xii) The company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) In our opinion, the company is not a chit fund of a nidhi/mutual benefit fund/society. Therefore, the provision of clause 4(xiii) of the companies (Auditor''s Report) Order, 2003 are not applicable to the company. (xiv) In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the company. (xv) The company has not given guarantees for loans taken by others from banks or financial institutions. (xvi) The company has availed term loan from its Bank and according to the information and explanation given to us the loan has been applied for the purpose for which the same was obtained. (xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised in short-term basis have been used for long-term investment. No long-term funds have been used to finance short-term assets except permanent working capital. (xviii) According to the information and explanations given to us, the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act. (xix) According to the information and explanations given to us, during the year covered by out audit report, the company had not issued any debentures and has not created any security in respect of debentures. (xx) According to the information and explanations given to us, the company has not raised any money from the public issue. (xxi) According to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the course of our audit. Thanking you Yours truly ForKSA&Co. Chartered Accountants (Registration No. 003822C) KAMAL PIYUSH Partner Membership Number: 83399 Place : New Delhi Date : August 12,2011