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Sri Lakshmi Saraswathi Textiles (Arni) Ltd.

BSE: 521161 | NSE: | Series: | ISIN: INE456D01010 | SECTOR: Textiles - Spinning - Cotton Blended

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Dec 23, 16:00
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57
30-Day
538
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Sri Lakshmi Saraswathi Textiles (Arni) is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Auditor's Report

We have audited the accompanying financial statements of Sri Lakshmi Saraswathi Textiles (Arni) Limited, (the company) which comprise the Balance Sheet as at March 31, 2015, 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 stated in Sec 134(5) of the Companies Act, 2013(the act) with respect to the preparation and presentation 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 Principals generally accepted in India, including the Accounting Standards specified under Sec 133 of the act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the act for safeguarding the assets of the company and for preventing and detecting frauds and other irregularities, selection and application of appropriate accounting policies making judgements and estimates, that are reasonable and prudent and the design, implementation and maintenance of adequate financial controls, 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 thereunder. We conducted our audit in accordance with the standards on Auditing specified under Sec 143 (10) of the act. Those standards require that we comply that 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 a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the company has in place an adequate internal financial control system over financial reporting and operating effectiveness of the such control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the 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 qualified audit opinion on the financial statements. Qualified Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid 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, 2015 b) in the case of Statement of Profit and Loss , of the LOSS for the year ended on that date; and c) in the case of 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, 2015( the order) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order. 2. As required by section 143(3) of the Companies Act 2013, 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 purpose of our audit; b) Except for the effects of the matter described in the Basis for Qualified Opinion paragraph above, in our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books. c) The Balance sheet, the statement of profit and loss, and the cash flow statement dealt with by this Report are in agreement with the books of account. d) Except for the effects for the matters described in the Basis for Qualified Opinion paragraph above, in our opinion, the Balance Sheet, Statement of Profit and Loss & the Cash flow Statement comply with the Accounting Standards specified under the Section 133 of the act, read with rule 7 in Companies (Accounts) Rules, 2014; e) On the basis of written representations received from the directors as on March 31, 2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2015, from being appointed as a director in terms of of sub-section (2) of section 164 of the act. f) The qualification relating to the maintenance of accounts and other matters connected therewith are as stated in the Basis for Qualified Opinion paragraph above. ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT The Annexure referred to in Our Independent Auditors'' Report to the members of the company on the financial statements for the year ended 31st March 2015, we report that (i) (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets. (b) The company has a regular program of physical verification of its fixed assets by which all fixed assets are verified in a phased manner at reasonable intervals by the management. According to the information and explanations given to us, no material discrepancies where observed by the management on such verification. (ii) (a) The stock of inventory has been physically verified by the management at reasonable intervals during the year. In our opinion the frequency of verification is reasonable. (b) In our opinion and according to the information and explanations given to us the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size and nature of its business. (c) The company is maintaining proper records of inventory. No material discrepancy was noticed on such physical verification. (iii) According to the information and explanations given to us and on the basis of our examination of the books of accounts, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act 2013. Consequently the provisions of clause (iii) (a) (b) and (c) are not applicable to the company. (iv) In our opinion and according to the 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 inventory 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 the audit. (v) The company has not accepted any deposits from the Public during the year. (vi) Central Government has prescribed maintenance of cost records under sub- section (1) of section 148 of the Companies Act and such accounts and records have been prepared and maintained by the company. (vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the company, amount deducted or accrued in the books of account in respect of of undisputed statutory dues including provident fund, income-tax, sales tax, wealth tax, service tax, value added tax, cess and other material statutory dues have been regularly deposited by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employees'' state insurance and duty of excise. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax wealth tax, service tax, value added tax, cess and other material statutory dues were in arrears as at 31st March, 2015 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 material dues of provident fund, sales tax, wealth tax, service tax, value added tax, cess 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 income tax and employees'' state insurance have not been deposited by the company on account of disputes. Name of the Nature of dues Amount Period to which the Statue Rs. amount relates Income-tax Income tax 12,21,350 Assessment year Act 1961 1999 - 2000 Income-tax Assessment year Act 1961 Income tax 33,86,521 2000 - 2001 Total 46,07,871 Employee''s Contribution 4,15,356 2000-01 State Employee''s Act 1948 State Insurance Corporation Name of the Forum where dispute Statue is pending Income-tax IT Appeals before Act 1961 ITAT, & High Court Income-tax IT Appeals before Act 1961 ITAT, & High Court Employee''s State High Court Insurance Act 1948 (c) According to the information and explanations given to us, the amounts which were required to be transferred to Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder has been transferred to such fund within time. (viii) The Company has accumulated losses as at March 31, 2015 and has incurred cash loss in the financial year and there was no cash loss in the immediately preceding financial year. (ix) The company did not have any outstanding dues to financial institutions, banks during the year. (x) In our opinion and according to the information and explanations given to us the company has not given any guarantee for loans taken by others from banks or financial institutions. (xi) The Company did not have any term loans outstanding during the year. (xii) 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. 17, Bishop Wallers Avenue (West), For M/s S Viswanathan CIT Colony, Mylapore, Chartered Accountant Chennai - 600 004. FRN: 004770S Place: Chennai Date: May 26, 2015 Chella K Srinivasan Partner Membership No: .023305