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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

Jan 19, 16:00
1093.05 2.35 (0.22%)
Volume
AVERAGE VOLUME
5-Day
1,392
10-Day
1,120
30-Day
1,083
363
  • Prev. Close

    1090.70

  • Open Price

    1118.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Jan 19, 15:53
1087.55 2.15 (0.20%)
Volume
AVERAGE VOLUME
5-Day
6,950
10-Day
5,516
30-Day
6,677
3,206
  • Prev. Close

    1085.40

  • Open Price

    1081.70

  • 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

We have audited the accompanying financial statements of M/s STYLAM INDUSTRIES LIMITED (the Company), which comprise the Balance Sheet as at 31st March, 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary of the 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 principles generally accepted in India, including the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (the Act). 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 the 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 the 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the 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 31st March, 2014; (b) in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date, and (c) in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003(the Order) 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 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, 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 Balance Sheet, Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in sub-section (3C) of section 211 of the Act. (e) On the basis of the written representations received from the directors as on 31st March, 2014 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Act. ANNEXURE TO THE AUDITOR''S REPORT Referred to in paragraph 1 under the heading of Report on Other Legal and Regulatory Requirements 1. 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 substantial portion of the fixed assets have been physically verified by the management during the year and there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification. (c) The Company has not disposed off any substantial part of the fixed assets during the year. 2. In respect of its inventories: (a) The management has conducted physical verification of inventory at reasonable 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 inventory and no material discrepancies were noticed on physical verification. 3. (a) According to information and explanations given to us, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 and as such provisions of clause 4(iii)(a) to (d) of the order are not applicable to the company. (b) According to information and explanations given to us, the Company has not taken any loans, secured or unsecured, from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956 and as such provisions of clause 4(iii)(e) to (g) of the order are not applicable to the company. 4. In our opinion and according to the information and explanation given to us, there is adequate internal control system commensurate with the size of the Company and the nature of its business for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system; 5. In respect of the contracts or arrangements referred to in Section 301 of the Companies Act, 1956: (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in Section 301 of the Act that needs to be entered into the register maintained under that section have been so entered; (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to prevailing market prices at the relevanttime. 6. The Company has not accepted any deposits from the public. 7. In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. 8. We have broadly reviewed 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 not, however, made a detailed examination of the same. 9. In respect of statutory dues: (a) The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employee''s state insurance, income tax, sales tax, service tax, custom duty, excise duty, cess and other statutory dues applicable to it. (b) According to information and explanations given to us, no undisputed amount payable in respect of provident fund, employee''s state insurance, income tax, sales tax, service tax, custom duty, excise duty, cess and other statutory dues were outstanding at the year end, for a period of more than six months from the date they become payable. (c) According to information and explanations given to us, the disputed Statutory dues aggregating to Rs.28.91 lacs out of which Rs.8.31 lacs have not been deposited on account of dispute matters pending before appropriate authorities are as under:- S.N Name of the Nature of Amount Period to which the Forum where 0. Status Dues Rs.in Lacs amount relates dispute is pending 1. Income Tax Income Tax Rs. 16.62 AY2009-10 Income Tax Act, 1961 Dues Appellate Tribunal 2. Income Tax Income Tax Rs. 10.25 AY 2010-11 CIT (Appeals) Act, 1961 Dues 3. Income Tax Income Tax Rs.2.04 AY 2011-12 CIT (Appeals) Act, 1961 Dues 10. The Company has no accumulated losses at the end of the financial year and has not incurred cash losses in the current and immediately preceding financial year. 11. Based on our audit procedures and as per the information and explanations given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institution or bank. 12. 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, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company. 14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the Company. 15. According the information and explanations given to us, the company has not given any guarantee for loans taken by others from bank or financial institutions. 16. In our opinion and according to information and explanations given to us, the term loans have been applied for the purposes for which they were raised. 17. According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that the no funds raised on short-term basis have been used for long-term investment. 18. According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956. 19. According to the information and explanations given to us, the Company has not issued any debentures. 20. The Company has not raised any money through public issue during the year. 21. Based upon the audit procedures performed for the purpose of reporting the true and fair view of financial statements and as per 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 Sunil K. Sood & Co. Chartered Accountant SD/- Sunil K. Sood Dated : 20-05-2014 Proprietor Place : Panchkula M. No. 81778