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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

Nov 26, 16:00
1049.90 -28.15 (-2.61%)
Volume
AVERAGE VOLUME
5-Day
2,390
10-Day
2,296
30-Day
10,943
1,727
  • Prev. Close

    1078.05

  • Open Price

    1067.95

  • Bid Price (Qty.)

    1021.15 (10)

  • Offer Price (Qty.)

    1085.00 (100)

NSE Live

Nov 26, 15:51
1039.45 -28.75 (-2.69%)
Volume
AVERAGE VOLUME
5-Day
20,544
10-Day
15,753
30-Day
20,175
3,037
  • Prev. Close

    1068.20

  • Open Price

    1070.55

  • Bid Price (Qty.)

    1039.45 (1000)

  • 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 31 March 2015, the 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 in section 134(5) of the Companies Act, 2013 (the Act) with respect to 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 specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding of the assets of the Company and for preventing and detecting the 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 internal financial control, 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 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 true and fair view 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 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; 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 the Statement of Profit and Loss, of the profit 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 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 appears from our examination of those books (and proper returns adequate for the purposes of our audit have been received from the branches not visited by us) c) the Balance Sheet, the 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 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 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. f) With respect to the other matters included in the Auditor''s Report and to our best of our information and according to the explanations given to us: i. The Company does not have any pending litigations which would impact its financial position ii. The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses. Annexure to the Auditors'' Report The Annexure referred to in our report to the members of Stylam Industries Limited, (the Company'') for the year Ended on 31st March 2015. We report that: (i) (a) whether the company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets; Yes, company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) whether these fixed assets have been physically verified by the management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so, whether the same have been properly dealt with in the books of account; A substantial portion of the fixed assets have been physically verified by the management during the year and no material discrepancies were noticed on physical verification. (ii) (a) whether physical verification of inventory has been conducted at reasonable intervals by the management; The management has conducted physical verification of inventory at reasonable intervals during the year (b) are the procedures of physical verification of inventory followed by the management reasonable and adequate in relation to the size of the company and the nature of its business. If not, the inadequacies in such procedures should be reported; 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) whether the company is maintaining proper records of inventory and whether any material discrepancies were noticed on physical verification and if so, whether the same have been properly dealt with in the books of account; 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 by the management on physical verification. (iii) whether the company has granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act. If so, 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 189 of the Companies Act, 2013 (a) whether receipt of the principal amount and interest are also regular; and Not applicable (b) if overdue amount is more than rupees one lakh, whether reasonable steps have been taken by the company for recovery of the principal and interest; Not applicable (iv) Is there an 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. Whether there is a continuing failure to correct major weaknesses in internal control system. 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 (v) in case the company has accepted deposits, whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed there under, where applicable, have been complied with'' If not, the nature of contraventions should be stated; If an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal, whether the same has been complied with or not'' The Company has not accepted any deposits from the public (vi) where maintenance of cost records has been specified by the Central Government under sub-section (1) of section 148 of the Companies Act, whether such accounts and records have been made and maintained; According to information and explanations given to us, maintenance of cost records has not been specified under sub-section (1) of section 148 of the Companies Act to the company. (vii) (a) is the company regular in depositing undisputed statutory dues including provident fund, employees'' state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues with the appropriate authorities and if not, the extent of the arrears of outstanding statutory dues as at the last day of the financial year concerned for a period of more than six months from the date they became payable, shall be indicated by the auditor. 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, value added tax , cess and other statutory dues with appropriate authorities. 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. (b) in case dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of any dispute, then the amounts involved and the forum where dispute is pending shall be mentioned. According to information and explanations given to us, the disputed Statutory dues aggregating to Rs15.70 lacs towards Income tax are pending before appropriate authorities * Nature of Dues Amount Period to which the Forum where dispute (Rs.in Lacs) amount relates is pending Income Tax Dues Rs. 10.25 AY 2010-11 Appellate Tribunal Income Tax Dues Rs. 2.05 AY 2011-12 CIT (Appeals) Income Tax Dues Rs. 3.40 AY 2012-13 CIT (Appeals) (c) whether the amount required to be transferred to investor education and protection fund in According to information and explanations given to us, no amount is required to be accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and rules made there under has been transferred to such fund within time. transferred to investor education and protection fund (viii) whether in case of a company which has been registered for a period not less than five years, its accumulated losses at the end of the financial year are not less than fifty per cent of its net worth and whether it has incurred cash losses in such financial year and in the immediately preceding financial year; 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 (ix) whether the company has defaulted in repayment of dues to a financial institution or bank or debenture holders'' If yes, the period and amount of default to be reported; 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. (x) whether the company has given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the company; 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 (xi) whether term loans were applied for the purpose for which the loans were obtained; 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 (xii) whether any fraud on or by the company has been noticed or reported during the year; If yes, the nature and the amount involved is to be indicated. 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 Accountants Firm''s Regd. No.:7564 CA SUNIL KUMAR SOOD Place: Panchkula Proprietor Dated: 25-05-2015 M. No. 81778