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Sky Industries Ltd.

BSE: 526479 | NSE: | Series: NA | ISIN: INE765B01018 | SECTOR: Textiles - Manmade

BSE Live

Oct 14, 15:40
87.70 0.25 (0.29%)
Volume
AVERAGE VOLUME
5-Day
16,495
10-Day
10,648
30-Day
4,832
11,118
  • Prev. Close

    87.45

  • Open Price

    83.40

  • Bid Price (Qty.)

    84.50 (100)

  • Offer Price (Qty.)

    90.00 (22)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
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  • Prev. Close

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  • Open Price

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Sky Industries is not listed on NSE

Annual Report

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

Auditor's Report

1. We have audited the attached Balance Sheet of Sky Industries Limited, as at 31st March, 2009 and also the Profit and Loss Account and the Cash Flow Statement of the Company for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys ^lanagement. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with 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 (Auditors Report) Order, 2003, issued by the Central Government in terms of Section 227 (4A) of the Companies Act, 1956, we annex hereto a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. The Company has entered into transactions with parties covered in the register maintained under section 301 of the companies Act, 1956. The company has made a further application to the Central Government for transactions amounting to Rs. 16,511,421/-, which is in excess of the sanction received for which approval is pending and no sanction has been applied from Central Government for transaction amounting to Rs 5,110,293/- 5. During the year, the Company has discontinued operations of the Ribbon Division. The amounts of net cashflows attributing to the operating, investing and financing activities as required under Accounting Standard(AS) 24- Discontinuing Operations issued by the Institute of Chartered Accountants of India(ICAI is not available with the company. 6. The Company has not passed a special resolution for payment of managerial remuneration of Rs.1,05,60,000/- approved by a Remuneration Committee in a general meeting as per the requirements of Schedule XIII of the Companies Act, 1956. 1. Further to our comments in the Annexure referred to in paragraph (3) above, 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 these books. c) The Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account. d) In our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956. e) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements subject to Para 4, 5 and 6 above read with the notes thereon, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: i) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2009; and ii) in the case of the Profit and Loss Account, of the profit for the year ended on that date. iii) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. 5. On the basis of the written representations received from the Directors as on 31st March, 2009, and taken on record by the Board of Directors, we report that, none of the Directors is disqualified as on 31st March, 2009 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 the Auditors Report Referred to in paragraph (3) of our report of even date. 1) (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. (b) As explained to us, the Company has a program for physical verification of fixed assets at periodic intervals. In our opinion, the period of verification is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies have been reported on such verification. (c) In our opinion, the disposal of fixed assets during the year does not affect the going concern assumption. 2) (a) The Management has conducted physical verification of inventory at reasonable intervals. (b) In our opinion, the procedures of physical verification of inventory followed by the management are not reasonable and are inadequate in relation to the size of the Company and the nature of its business. (c) The Company is maintaining proper records of inventory and the discrepancies noticed on physical verification have been properly dealt with in the books of account. 3) (a) The Company has granted an interest free unsecured security deposit of Rs.4,350,000/- and interest free loan of Rs. 16,651/- to parties covered in the register maintained under section 301 of the Companies Act, 1956. The maximum balance during the year and the year end outstanding is Rs. 4,366,651/- (b) Consequently, the question of commenting on the rates of interest does not arise. In the absence of any stipulated terms and conditions of the deposits/loans granted, we are unable to comment whether the same are prejudicial to the interests of the Company, whether receipt of principal is regular and whether reasonable steps have been taken for recovery of principal. (c) The Company has taken and repaid an interest free unsecured loan of Rs. 1,745,000/-from a company and a director listed in the register maintained under Section 301 of the Companies Act, 1956. (d) Consequently, the question of commenting on the rates of interest does not arise. In our opinion, the other terms and conditions of the loans taken are prima facie not prejudicial to the interests of the Company. (e) The company is regular in payment of the principal amounts wherever stipulated and applicable. 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 purchases of inventory, fixed assets and for the sale of goods and services. During the course of our audit, we have not observed a continuing failure to correct major weaknesses in internal controls. 5) (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the particulars of contracts and arrangements referred to in section 301 of the Companies Act, 1956 are entered in the register required to be maintained under that section. (b) In the absence of a comparative price of transactions made in pursuance of such contracts or arrangements, we are unable to comment whether these were made at prices which are reasonable having regard to prevailing market prices at the relevant time. 6) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public and hence the provisions of section 58A, 58AA or any other provision of the Companies Act, 1956, and the rules framed there under are not applicable. 7) In our opinion and according to the information and explanations given to us, the internal audit system is not commensurate with the size of the Company and nature of its business. 8) The maintenance of cost records has not been prescribed by the Central Government under section 209(1 )(d) of the Companies Act, 1956, in respect of any of its products. 9) (a) According to the information and explanations given to us and on the basis of our examination of the books of account, during the year, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, cess and other statutory dues except Income tax and Fringe Benefit Tax applicable to it with the appropriate authorities. According to the information and explanations given to us, there are no undisputed dues payable in respect of the above except tax deducted at source ofRs. 1,250,282/ - and fringe benefit tax of Rs.4,50,000/- as at 31st March, 2009 for a period of more than six months from the date they became payable. (b) According to the information and explanations given to us, there are no dues outstanding of Sales Tax, Income Tax, Customs Duty, Wealth Tax, Service Tax, Excise Duty or cess on account of any dispute, other than the following: Name of Statue Nature of Dues Period to Forum where Amount which the dispute amount relates is pending The Bombay Provincial Cess 1998-1999 Deputy Commis sioner 20,74,603 Municipal Corporation Act, 1959 The Bombay Provincial Municipal Corporation Act, 1959 Cess 1999-2000 Deputy Commis sioner 16,08,000 The Income Tax act, 1956 Penalty u/s 274(1 )(c) 2001-02 Assistant commissioner 90,000 of Income Tax 10) The Company does not have accumulated losses at the end of the financial year and it has not incurred any cash losses in the current and immediately preceding financial year. 11) According to the information and explanations given to us and based on the documents and records produced to us, the Company has not defaulted in repayment of dues to banks and financial institutions. 12) According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. 13) In our opinion and according to the information and explanations given to us, the nature of activities of the Company does not attract any special statute applicable to chit fund and nidhi/ mutual benefit fund/ societies. 14) The Company does not deal in shares, securities, debentures and other investments. 15) According to the information and explanations given to us, the Company has not given guarantee for loans taken by others from banks or financial institutions. 16) According to the information and explanations given to us, term loans were applied for the purpose for which the loans were obtained 17) According to the information and explanations given to us and on an overall examination of the Balance Sheet and Cash Flows of the Company, we report that the Company has not utilized funds raised on short-term basis for long-term investment. 18) The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956. 19) The Company did not issue any debentures during the year. 20) The Company has not raised any money through a public issue during the year. 21) Based on the audit procedures performed and information and explanations given by the management, we report that no fraud on or by the Company has been noticed or reported during the year. For and on behalf of KALYANIWALLA& MKTRY CHARTERED ACCOUNTANTS Sd/- ERMINK. IRANI PARTNER Membership No. 35646 Mumbai: Dated: June 30th, 2009