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Padam Cotton Yarns Ltd.

BSE: 531395 | NSE: | Series: NA | ISIN: INE448D01017 | SECTOR: Textiles - Spinning - Cotton Blended

BSE Live

Nov 10, 16:00
5.54 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
102
10-Day
121
30-Day
160
328
  • Prev. Close

    5.54

  • Open Price

    5.54

  • Bid Price (Qty.)

    5.54 (20)

  • Offer Price (Qty.)

    6.10 (200)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

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  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

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Padam Cotton Yarns is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2011 2010 2009 2008 2007 2006

Auditor's Report

We have audited the accompanying financial statements of Padam Cotton Yarns Limited (the company), which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, 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 The Company''s Board of Directors is responsible for the matters 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 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 the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 internal financial control, 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''s Responsibility Our responsibility is to express an opinion on these 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 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 financial control relevant to the Company''s preparation of the financial statements that give true and fair view 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 Company''s Directors, 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 on the financial statements. Report on other legal and regulatory requirements As required by the Companies (Auditor''s Report) Order, 2015 (the Order), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2015, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable. 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 account as required by law have been kept by the Company so far as appears from our examination of those books c) The Balance Sheet, the Statement of Profit and Loss, and Cash Row Statement dealt with by this Report are in agreement with the books of account. d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. e) On the basis of written representations received from the directors as on 31 March, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015. from being appointed as a director in terms of Section 164(2) of the Act. f) With respect to the other matters included in the Auditor''s Report and to our 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 is financial statements -Refer Note 2.14 to the financial statements. ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long term contracts including derivative contracts. iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. The Annexure referred to in Paragraph of the Our Report of even date to the members of M/s Padam Cotton Yarns Limited, on the accounts of the company for the year ended 31S March, 2015. (i) (a) Not Applicable as the company is not having any fixed assets as on 31.03.2015. (b) Not Applicable. (ii) (a) The stocks of Finished Goods, spare parts and raw materials have been physically verified during the year by the management at reasonable intervals. (b) The procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the company and the nature of is business. (c) The company has maintained proper records of inventory and the discrepancies noticed on verification between the physical stocks and the book records were not material (iii) (a) The Company has granted loans, secured or unsecured, to companies firm or other parties covered in the register maintained 189 of the Companies Act, 2013. The number of parties is one and amount involved is Rs. 1,76,95,000.00 According to the information and explanations given to us no principal as well as interest was due to the company which was to be paid. (b) According to the information and explanations given to us there is no overdue amount of more than one lakh owed by the company. (iv) 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 with regard to purchases of inventory and fixed assets and for the sale of goods and services. According to the information and explanations given to us there is no visible continuing failure to correct major weaknesses in internal control system. (v) The company has not accepted the deposits and in our opinion and according to the information and explanation given to us, the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act 2013 and the rules framed there under, where applicable, have been complied with. (vi) According to information and explanations given to us the Central Government has not specified maintenance of cost records under sub-section (1) of section 148 of the Companies Act in case of Company. (vii) (a) According to the records of the company, the company has generally complied with in depositing undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, wealth tax, service tax. duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities during, the year (b) According to the records of the company there is no dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess etc in disputes. (c) According to the information''s and explanations given to us and records of the company the company is not required to be transfer any funds to investor education and protection fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under during the year. (viii) According to the records of the company, the company has not incurred any cash loss during the current financial year or its proceeding year. Further the company has no accumulated losses.