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Splendid Metal Product Ltd.

BSE: 513414 | NSE: SMPL | Series: NA | ISIN: INE215G01021 | SECTOR: Steel - Rolling

BSE Live

Jun 18, 16:00
0.32 0.00 (0.00%)
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201
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    0.32

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  • Bid Price (Qty.)

    0.32 (197400)

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Splendid Metal Product is not traded on BSE in the last 30 days

NSE Live

Jun 18, 15:40
0.50 0.00 (0.00%)
Volume
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482,014
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    0.50

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    0.45

  • Bid Price (Qty.)

    0.50 (9113)

  • Offer Price (Qty.)

    0.00 (0)

Splendid Metal Product is not traded on NSE in the last 30 days

Annual Report

For Year :
2016 2015 2014 2013 2012 2011 2009 2008 2007

Auditor's Report

We have audited the accompanying financial statements of M/s. SUJANA METAL PRODUCTS LIMITED (the Company), which comprise the Balance Sheet as at March 31st, 2014, the Statement of Profit and Loss, Cash Flow Statement for the year ended, 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) read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of 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 misstatement, 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 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 auditors'' 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, 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 Profit and Loss Account, of loss 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 (Auditors'' Report) Order, 2003 (theOrder) 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. 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 purpose 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 subsection (3C) of section 211 of the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of Companies Act, 2013; and e. on the basis of written representations 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 clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. The Annexure referred to in paragraph 1 of Our Report of even date to the members of M/s.Sujana Metal Products Limited on the accounts of the company for the year ended 31st March, 2014. Having regard to the nature of company''s business / Activities the clauses of 4(v), (vi), (xii), (xiii), (xiv), (xviii), (xix) and (xx) of CARO are not applicable to the company. On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that: i. (a) The company is in the process of updating proper records showing full particulars including quantitative details and situation of its fixed assets. (b) According to the information and explanations given to us, Fixed Assets had not physically verified by the management during the period under Audit. (c) In our opinion and according to the information and explanations given to us, no substantial part of fixed asset has been disposed during the year and therefore does not affect the going concern assumption. ii. (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals. (b) In our opinion and according to the information and explanations given to us, 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) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records. iii. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company. (e) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not taken loans from companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses (f) & (g) are not applicable to the company. iv. In our opinion and according to the information and explanations given to us, there is generally an internal control procedure commensurate with the size of the company and the nature of its business. There should be strong internal control procedures for the purchase of inventories & fixed assets, payment for expenses and sale of goods. During the course of our audit, no other major instance of continuing failure to correct any weaknesses in the internal controls has been noticed. v. As per the information & explanations given by the management, the Company has an internal audit system commensurate with its size and the nature of its business. vi. As per information & explanations given by the management, maintenance of cost records has been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Act and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the records to determine whether they are accurate or complete. vii. (a) According to the records of the company, 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 to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2014 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 amounts payable in respect of income tax, sales tax, customs duty and excise duty which have not been deposited on account of disputes. They are detailed as follows, Name of the Statute F.Y.to which Amount matters pertain (Rs. in Lakhs) Income Tax Act,1961 2008-11 1479.25 Central Excise Act,1944 1995-2011 1688.15 2012-13 248.12 Customs Act,1962 1998-2008 548.33 2009-10 215.08 2012-13 21.97 2013-14 54.11 Foreign Exchange 1995-1996 300.00 Management Act,1999 (Previously FERA, 1973) APGST Act,1957 2002-03 438.13 2003-04 786.88 Central Sales Tax Act,1956 2005-08 289.95 2009-10 9.90 Tamilnadu Value Added Tax 2006-07 194.92 Act 2006 2012-13 200.00 Name of the Statute Forum where matter is pending Income Tax Act,1961 Income Tax Appellate Tribunal, Commissioner of Income Tax (Appeal) Central Excise Act,1944 Central Excise &Service Tax Appellate Tribunal, Commissioner of Central Excise Customs Act,1962 Commissioner (Customs), Sea Port, Chennai, CESTAT Bangalore Foreign Exchange Hon''ble High Court of Delhi Management Act,1999 (Previously FERA, 1973) APGST Act,1957 Sales Tax Appellate Tribunal, Commercial Tax Officer Central Sales Tax Act,1956 Appellate Deputy Commissioner, Hon''ble High Court of Andhra Pradesh Tamilnadu Value Added Tax Hon''ble High Court of Act 2006 Tamilnadu viii. The Company does not have any accumulated loss at the end of the financial year not more than fifty percent of its net worth and has not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year. ix. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, there have been delays in repayment of dues to Banks and financial institutions. Such delays have been summarized below indicating the maximum amount of delay and the maximum period reflected against each. Maximum Amount Maximum Banks/Financial Institutions Default (Rs.in Lakhs) period of Default Bank Of India Principal 7.61 255 Interest 4.04 63 Bank Of Baroda Principal 3.62 30 Interest 1.53 58 Indian Bank Principa l 2.56 334 Indian Overseas Bank Principal 5.20 46 Interest 2.49 3 Karnataka Bank Ltd Principal 2.00 34 Interest 0.80 12 Punjab National Bank - 4315 Principal 10.98 35 Interest 3.99 30 State Bank Of Patiala Principal 9.23 90 Interest 3.61 56 SASF Chennai (IDBI) Principal 1472.00 669 Interest 637.02 700 SASF Vizag (IDBI) Principal 1202.25 577 Interest 494.92 700 x. According to the information and explanations given to us, the company has given the guarantees for loan taken by others from a bank or financial institution where of the terms and conditions are not prejudicial to the interest of the company. xi. In our opinion and according to the information and explanations given to us by the management, the term loans have been applied for the purposes for which they were obtained. xii. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2014, we report that no funds raised on short-term basis have been used for long-term investment by the Company. xiii. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management. For CRK&ASSOCIATES Chartered Accountants Firm Reg. No: 010004S C.Rajendra Kumar, FCA Place: Hyderabad Partner Date: 30th May, 2014 M No: 23103