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Sri Ramakrishna Mills (Coimbatore) Ltd.

BSE: 521178 | NSE: | Series: NA | ISIN: INE306D01017 | SECTOR: Textiles - Spinning - Cotton Blended

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Sri Ramakrishna Mills (Coimbatore) 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 Ramakrishna Mills (Coimbatore) Limited (the Company''), which comprise the Balance Sheet as at 31st March 2015, 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 The Company''s Board of Directors is responsible for the matters stated in Section 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 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 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 judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal 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 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 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 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 controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the 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 audit opinion on the financial statements. 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, of the state of affairs of the Company as at 31st March 2015 and its Loss and its cash flows for the year ended on that date. Emphasis of Matters The Company being an ineligible company to retain deposits including loans ought to have repaid all the deposits and loans before 31st March 2015. However, in respect of 8 parties, the Company is yet to repay loans to the extent of Rs 2,57,37,284/-. 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 the paragraph 3 and 4 of the Order, to the extent applicable. 2. 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 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) 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 the 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 31 March 2015 from being appointed as a director in terms of Section 164 (2) of the Act; and f) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i) The Company has disclosed its pending litigations under note no 2 in additional disclosure- Note 27. ii) The Company does not have any long-term contracts including derivative contracts for which there were any material foreseeable losses iii) Transferring of amount to the Investor Education and Protection Fund does not arise as the Company has not declared any dividend in the earlier years. 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: 1 a The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b The company has physically verified fixed assets during the year in accordance with a regular and phased programme of verification, which in our opinion provides for physical verification of all the fixed assets at reasonable intervals having regard to the size of the company and nature of its assets. According to the information and explanations given to us no material discrepancies were noticed on such verification. 2 a As explained to us, inventories have been physically verified by the management at regular intervals during the year. 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 according to the information and explanations given to us, the company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification as compared to the book records. 3 The company, during the year, has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013, during the financial year. Hence, Clause (b) and (c) is not applicable. 4 In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the company and nature of its business for the purchase of inventory, fixed assets and also for the sale of goods and services. We have not observed any major weaknesses in internal control systems during the course of our audit. 5 The Company being an ineligible Company to retain deposits and loans ought to have repaid all fixed deposits and loans before 31st March 2015. Although the Company repaid all the fixed deposits before 31st March 2015, yet has not repaid 8 loans to the extent of Rs 2,57,37,284/-. 6 We have broadly reviewed the cost records maintained by the company specified by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013, as applicable to the company, and are of the opinion that prima facie the specified cost records have been maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete. 7 a According to the information and explanations given to us and on the basis of our examination of the records of the Company, subject to (ii) stated below, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income tax, sales tax, wealth tax, service tax, duty of customs, value added tax, cess and other material statutory dues have been regularly deposited during the year 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 explanation given to us, the undisputed arrears of statutory dues which were outstanding as at 31st March 2015 for a period of more than Six months from the date they became payable are as follows: Nature of Statute Amount Year to which it relates Income tax 17 13 585 A.Y 2010-11 b According to the information and explanations given to us, the statutory dues which have not been deposited on account of dispute are as follows: Name of the Nature of the Dues Amount [Rs.] Statute (in lakhs) TNGST Addl. Sales tax 7.43 TNGST Sales tax 54.59 TNGST Sales tax 89.37 TNGST* Sales Tax 61.66* TNGST TNGST, AST 121.97 Customs Customs duty on Cotton 8.26 APEB Fuel Surcharge adjustment 3.20 Name of the Period to which the amount Forum where dispute is Statue relates pending TNGST A.Y2004-05 to A.Y.2006-07 Madras High Court TNGST A.Y.1995-96 Madras High Court TNGST A.Y.1999-00 Madras High Court TNGST* A.Y.1998-99 Madras High Court TNGST A.Y.2000-01 Madras High Court Customs A.Y.2003-04 Madras High Court APEB July 2012 and November 2012 AP High Court * [Rs.31 lakhs, since paid] c Transferring of amount to the Investor Education and Protection Fund does not arise as the Company has not declared any dividend in the earlier years. 8 The Company has accumulated losses amounting to Rs. 13,50,08,056/- as at 31st March 2015. The Company has incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year. 9 In our opinion and according to the information and explanation given to us, the company has not defaulted in repayment of dues to any of the banks. 10 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. 11 In our opinion, and according to the information and explanations given to us, on an overall basis, the term loans have been applied for the purposes for which they were obtained. 12 To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year that causes the financial statements to be materially misstated. For M.S. Jagannathan and Visvanathan Chartered Accountants Firm Regd No: 001209 S M.V. JEGANATHAN Place: Coimbatore Partner Date : 28-05-2015 M. No. 214178