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Stylam Industries Ltd.

BSE: 526951 | NSE: STYLAMIND |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE239C01020 | SECTOR: Miscellaneous

BSE Live

Dec 08, 16:00
1027.50 0.30 (0.03%)
Volume
AVERAGE VOLUME
5-Day
627
10-Day
786
30-Day
5,846
89
  • Prev. Close

    1027.20

  • Open Price

    1053.55

  • Bid Price (Qty.)

    1022.00 (2)

  • Offer Price (Qty.)

    1047.55 (5)

NSE Live

Dec 08, 15:40
1030.95 3.10 (0.30%)
Volume
AVERAGE VOLUME
5-Day
2,243
10-Day
3,210
30-Day
15,825
1,196
  • Prev. Close

    1027.85

  • Open Price

    1031.60

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

1. We have audited the attached Balance Sheet of M/s. STYLAM INDUSTRIES LIMITED as at 31st March, 2012 and the Statement of Profit & Loss for the year ended on that date annexed thereto and Cash Flow Statement for the year ended on that date. These financial statements are the responsibility of the Company's Management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We have 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 test basis, evidence supporting the amount and disclosure 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 Companies (Auditor's Report) Order, 2003 issued by the Central Government, of India in terms of Sub-Section (4A) of section 227 of the Companies Act 1956 and on the basis of such checks of books and records of the Company as we considered appropriate and according to the information and explanations given to us, we enclose in the Annexure a statement on the matters specified in paragraph 4 & 5 of the said order.

4. Further to our comments in the Annexure referred to in paragraph (3) above, we report that:

i. We have obtained all the information and explanation, which to the best of our knowledge and belief were necessary for the purpose of our audit.

ii. In our opinion, proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books and papers.

iii. The Balance Sheet and the Statement of Profit & Loss and the Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

iv. In our Opinion and to the best of our information and according to the explanation given to us, Balance Sheet, and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in sub-section (3C) of Section 2ll of the Companies Act, 1956.

v. On the basis of written representations received from the directors, as on 31st March 2012 and taken on record by the Board of Directors, We report that none of the director is disqualified as on 31st March 2012 from being appointed as a director in terms of clause (g) of sub-section (l) of section 274 of the Companies Act, 1956.

vi. In our opinion, and to the best of our information and according to the explanations given to us, the said financial statements together 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, in the case of ;

(a) the Balance Sheet, of the State of the affairs of the Company as at 31st March 2012;

(b) the Statement of Profit & Loss, of the Company for the year ended 31st March,2012; and

(c) the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.

ANNEXURE TO THE AUDITOR'S REPORT

(Referred to in paragraph 3 of Auditor's Report of even date to the members of M/s. STYLAM INDUSTRIES LIMITED, Chandigarh on the financial statements for the year ended 31st March, 2012

In terms of information and explanations given to us and the books and records examined by us in the normal course of audit, we report that:

(i) In respect of its fixed assets:

(a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) A major portion of the assets has been physically verified by the Management during the period. In our opinion, the frequency of verification is reasonable having regard to the size of the Company and the nature of its assets. To the best of our knowledge, no material discrepancies have been noticed on such verification.

(c) The Company has not disposed off a substantial part of its fixed assets during the year.

(ii) In respect of its inventories:

(a) The inventory has been physically verified by the management in a phased manner during the year. In our opinion, the frequency of verification of inventory is reasonable. Inventory in Transit have been verified by the management with reference to the confirmations received from them and / or subsequent receipt of goods.

(b) 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) On the basis of our examination of the inventory records, in our opinion, the Company is maintaining proper records of inventory. The discrepancies noticed on verification of inventory as compared to the book records were not material.

(iii) (a) The Company has granted loans to companies, firms or other Parties covered in the register maintained under Section 301 of the Companies Act 1956 and the year-end balance of such advances is Rs. 34.49 Lacs.

(b) The Company has not taken Unsecured Loans from companies & other parties covered in the register maintained under section 301 of the companies Act 1956.There is no party covered in the register maintained under section 301 of the Companies Act 1956 from whom the company has taken deposits.

(iv) In our opinion and according to the information and explanations given to us, the Company has not purchased any item of special nature whose suitable alternative sources do not exist for obtaining comparable quotations, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchases of inventories of fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

(v) (a) To the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that the Transaction made in pursuance of contracts or arrangements that need to be entered into the register maintained under Section 301 of the Companies Act,1956 have been so entered.

(b) In our opinion, having regard to our comments in Paragraph (iv) above and according to the information and explanation given to us, no transactions made in pursuance of contracts or arrangements required to be entered in the register maintained under Section 301 of the Company Act.

(vi) The Company has not accepted any deposits from the public during the financial year, the provision of section 58 A and 58 AA of the Companies act, 1956 and the rules framed there under are not applicable.

(vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

(viii) We have broadly the cost records maintained by the company pursuant to the Companies (Cost Accounting Records) Rules 2011, prescribed by the Central government under section 209(1)(d) of the Companies act, 1956 and are of the opinion that prima facie the prescribed 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.

(ix) (a). According to the information and explanations given to us and records of the company examined by us, in our opinion the Company is generally regular in depositing with appropriate authorities undisputed statutory dues including Provident fund, Employees' State Insurance, Income Tax, Wealth Tax, Sales Tax, Customs Duty, Excise duty, Service tax, Cess and other material statutory dues applicable with the appropriate authorities. No undisputed amounts payable in respect of aforesaid statutory dues were in arrears, as at 31st March 2012 for a period of more than six months from the date they became payable.

(b) The disputed statutory dues aggregating to Rs.16.62 lakhs out of which Rs.8.31 lakhs have not been deposited on account of dispute matters pending before appropriate authorities are as under:-

S No. Name of the Statue Name of Dues Amount Period to Forun where (Rs. Lacs) which amount dispute is relates pending

1. Income Tax Act, 1961 Income Tax Rs.16.62 AY 2009-10 CIT (Appeals) Dues

(x) The Company does not have accumulated losses. The Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to a financial institution or bank.

(xii) In our opinion and according to the information and explanations given 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. Therefore, the provisions of clause 2(xii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

(xiii) In our opinion, the Company is not a Chit fund or a Nidhi Mutual benefit/ society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

(xiv) In our opinion and according to the information and explanations given to us, the Company is not dealing in or trading in shares, securities, debentures & other investments. Therefore, the provisions of clause 4 (xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

(xv) 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 financial institutions.

(xvi) In our opinion and according to the information and explanations given to us, the term loans have been applied for the purpose for which they were raised.

(xvii) In our opinion and according to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short term basis have been used for long-term investment. No long term funds have been used to finance short-term assets other than temporary deployment in investments pending application.

(xviii) According to the information and explanations given to us, during the period covered by our audit report, the Company has not made preferential allotment of shares to parties and Companies covered in the register maintained under Section 30l of the Companies Act, 1956.

(xix) The Company has not issued any debenture during the year nor there is any outstanding as on 31st March 2012 and hence we have no-comments to offer in respect of Clause 4(xix) of the Companies (Auditor's Report) Order, 2003.

(xx) During the year covered by our audit report, the Company has not raised any money by way of public issue.

(xxi) To the best of our knowledge and belief and 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 Sunil K. Sood & Co.

Chartered Accountant

Sunil K. Sood

Dated : 2lst May, 2012 Proprietor

Place: Panchkula M. No. 81778