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Sambandam Spinning Mills Ltd.

BSE: 521240 | NSE: SAMBANDAM | Series: NA | ISIN: INE304D01012 | SECTOR: Textiles - Spinning - Cotton Blended

BSE Live

Nov 26, 16:00
235.15 -6.25 (-2.59%)
Volume
AVERAGE VOLUME
5-Day
2,358
10-Day
3,227
30-Day
3,714
1,187
  • Prev. Close

    241.40

  • Open Price

    243.00

  • Bid Price (Qty.)

    235.15 (5)

  • Offer Price (Qty.)

    250.70 (70)

NSE Live

Jan 29, 15:31
80.00 0.00 (0.00%)
Volume
No Data Available
600
  • Prev. Close

    80.00

  • Open Price

    80.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Sambandam Spinning Mills is not traded on NSE in the last 30 days

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

We have audited the accompanying financial statements of Sambandam Spinning Mills Limited (the Company) which comprise the Balance Sheet as at March 31, 2014, 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 Section 211(3C) of the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. 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 misstatements, whether due to fraud or error. Auditors'' 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 the 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 the 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 the 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, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. 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 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 March 31, 2014; (b) in the case of the Statement of Profit and loss, of the profit 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), as amended, issued by the Central Government of India in terms of section 227(4A) 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 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, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account; (d) in our opinion, the Balance sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in section 211(3C) of the Companies Act 1956 read with the General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013; (e) on the basis of written representation 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 31, 2014 from being appointed as a director in terms of section 274(1)(g) of the Companies Act, 1956. Annexure to the Independent Auditors'' Report The Annexure referred to in our report to members of Sambandam Spinning Mills Limited (the Company) for the year ended March 31, 2014 1. (i) the company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. (ii) the fixed assets are being physically verified under a phased programme of verification, which, in our opinion, is reasonable having regard to the nature and value of its fixed assets. However, no material discrepancies have been noticed during the year on such verification. (iii) the company has not disposed off substantial part of its fixed assets during the year. 2. (i) inventories have been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable. (ii) 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. (iii) the company is maintaining proper records of inventory. No material discrepancies were noticed on verification between the physical stocks and the book records. 3. the Company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under section 301 of the Act. Thus paragraphs 4(iii) (b) to (d), (f), (g) are not applicable to the Company. 4. 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 purchase of inventories and fixed assets and for the sale of goods and services. We have not observed any major weakness in the internal control system during the course of our audit. 5. (i) in our opinion and according to the information and explanations given to us, the particulars of contracts or arrangements referred to in Section 301 of the Act have been entered in the register required to be maintained under that section. (ii) in our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts and arrangements referred to in (5) (i) above and exceeding Rs. 5 lakhs with any party during the year have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. 6. the company has complied with the directives issued by the Reserve Bank of India and the provisions of sections 58A and 58AA or any other relevant provisions of the Act and the Companies (Acceptance of Deposits) Rules, 1975 with regard to deposits accepted from public. 7. in our opinion, the company has an internal audit system commensurate with its size and nature of its business. 8. we have broadly reviewed the book of accounts maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government of India under section 209(1)(d) of the Companies Act, 1956 in respect of the products manufactured by the Company and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of the records. 9. (i) according to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including provident fund, investor education and protection fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, customs duty, excise duty and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. (ii) according to the information and explanations given to us, no undisputed amounts payable in respect provident fund, investor education and protection fund, employees'' state insurance, income tax, sales tax, wealth tax, service tax, customs duty, excise duty and other material statutory dues were in arrears as at March 31, 2014 for a period of more than six months from the date they became payable. (iii) according to the information and explanations given to us, there are no material dues of Income tax, wealth tax and customs duty which have not been deposited with the appropriate authorities on account of any dispute. However, according to the information and explanations given to us, the following dues of excise duty, service tax and sales tax, have not been deposited by the Company on account of disputes, for which stay has been obtained. (Nature of dues, dues, period to which the amount relates, forum where dispute is pending) - Excise duty, Rs.84,65,342, Financial year 2001-02 to 2002-03, Customs, Excise and Service tax Appellate Tribunal; Service tax, Rs.8,05,696, Financial year 2004-05 to 2007-08, Customs, Excise and Service tax Appellate Tribunal; Sales tax, Rs.6,52,044, Financial year 1991-92, Deputy Commissioner of Commercial Taxes. 10. the company does not have any accumulated losses at the end of the financial year and has not incurred any cash losses in the financial year and in the immediately preceding financial year. 11. the company has not defaulted in repayment of dues to any financial institution, bank or debenture holders during the year. 12. 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. 13. in our opinion and according to the information and explanations given to us, the company is not a chit fund or a Nidhi/mutual benefit fund/society. 14. according to the information and explanations given to us, the company is not dealing or trading in shares, securities, debentures and other investments. 15. according to the information and explanations given to us, the company has not given any guarantees for loans taken by others from banks or financial institutions. 16. according to the information and explanations given to us, the term loans availed by the company were, prima facie, applied for the purpose for which they were obtained. 17. in our opinion and according to the information and explanations given to us, on an overall examination of the financial statements of the company, funds raised on short-term basis have, prima facie, not been used for long term investment. 18. the company has not made any preferential allotment of shares during the year. 19. the company has not issued any debentures during the year. 20. the company has not raised any money by public issues during the year. 21. according to the information and explanations given to us, no material fraud on or by the company has been noticed or reported during the course of our audit. For M.S. Krishnaswami & Rajan Chartered Accountants Firm registration No.01554S Salem R. Krishnen-Partner May 30, 2014 Membership No.201133