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Sundram Fasteners Ltd.

BSE: 500403 | NSE: SUNDRMFAST |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE387A01021 | SECTOR: Fasteners

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BSE Live

Mar 27, 16:00
275.00 19.55 (7.65%)
Volume
AVERAGE VOLUME
5-Day
8,571
10-Day
9,432
30-Day
5,140
10,070
  • Prev. Close

    255.45

  • Open Price

    264.50

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Mar 27, 15:59
286.35 31.55 (12.38%)
Volume
AVERAGE VOLUME
5-Day
117,861
10-Day
355,779
30-Day
204,378
198,640
  • Prev. Close

    254.80

  • Open Price

    264.20

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    286.35 (1024)

Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2012 2011

Auditor's Report

1. We have audited the attached Balance Sheet of M/s Sundram Fasteners Limited, Chennai 600 004 as at 31st March 2010, the Profit & Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management . Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted the audit in accordance with auditing standards generally accepted in India. These 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 a test basis, evidence supporting the amounts and disclosures 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 the Companies (Auditors Report) Order, 2003 issued by the Central Government in terms of sub-section (4A) of Section 227 of the Companies Act, 1956 (the Act), we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order to the extent applicable. 4. Further to our comments in the Annexure referred to above, we state that: (i) 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; (ii) 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; (iii) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; (iv) In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Act; (v) On the basis of written representations received from directors of the Company, as on 31st March 2010 and taken on record by the Board of Directors, we report that no director is disqualified from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Act as on the said date; (vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting Policies, and other notes thereon 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 2010; (b) In the case of the Profit & Loss Account, 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. Annexure referred to in para 3 of our report of even date (i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification at reasonable intervals, 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 substantial part of its fixed assets, which will affect the going concern status of the company. (ii) (a) The inventory other than in transit have been physically verified at reasonable intervals during the year by the management. In our opinion, the frequency of such verification is adequate. In respect of inventory lying with third parties which have not been physically verified, there is a process of obtaining confirmation from such parties. (b) In our opinion and according to the information and explanations given to us, the procedures for physical verification of inventory 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, the Company has maintained proper records of inventory. The discrepancies between the physical stocks and book stocks were not material and have been properly dealt with in the books of account. (iii) (a) The Company has granted unsecured loan to a company covered in the Register maintained under Section 301 of the Act. The maximum amount involved during the year and at the end of the year was Rs.1997.30 lakhs. The terms and conditions of such loans are, prima facie, not prejudicial to the interests of the company. (b) 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 Act, 1956 and accordingly paragraphs 4 (iii) (b), (c), (d), (e), (f) and (g) are not applicable. (iv) 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 the nature of its business with regard to purchases of inventory, fixed assets and for the sale of goods. During the course of our audit, no major continuing failure has been noticed in the internal control procedures. (v) (a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, we are of the opinion that the transactions that need to be entered in the register maintained in pursuance of Section 301 of the Act have been properly entered in the said register; (b) In our opinion and according to the information and explanations given to us, the transactions entered in the Register maintained under Section 301 of the Act and exceeding Rupees five lakhs during the year in respect of each party have been made at prices which are reasonable having regard to prevailing market prices at the relevant time; (vi) The Company has not accepted any deposits from the public. Annexure referred to in para 3 of our report of even date (Contd.) (vii) The Company has an internal audit system which, in our opinion, is commensurate with the size and nature of its business; (viii) We have broadly reviewed the books of accounts maintained by the Company pursuant to the rules made by the Central Government under Section 209 (1)(d) of the Act for maintenance of cost records and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. (ix) (a) According to the records provided to us, the Company is regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Investor Education and Protection Fund, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues with the appropriate authorities. (b) According to the information and explanations given to us, no undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Service Tax, Customs Duty, Excise Duty and Cess were in arrears, as at 31st March 2010 for a period of more than six months from the date they became payable. (c) According to the information and explanations given to us, the following are the details of the disputed Income Tax, Customs Duty, Service Tax, Excise Duty and Property Tax that was not paid to the concerned authorities. Nature of demand Amount (Rs lakhs) Forum where the dispute is pending Income Tax 19.64 Madras High Court Income Tax 20.38 Income Tax Appelate Tribunal Income Tax 312.56 Commissioner (Appeals) Excise Duty 30.53 cestat Excise Duty 719.84 Commissioner Appeals Customs Duty 2.23 Commissioner Appeals Property Tax 5.31 Commissioner & Secretary to Govt of TamilNadu Property Tax 6.27 Ambattur Municipality Service Tax 1.65 CESTAT Service Tax 88.08 Commissioner Appeals (x) The Company neither has accumulated losses as at the end of the financial year nor has incurred cash losses during the financial year and in the immediately preceding year. (xi) According to the records of the Company examined by us and the information and explanations given to us by the management, the Company has not defaulted in repayment of dues to any financial institution or bank as at the balance sheet date. (xii) Based on our examination and according to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. Annexure referred to in para 3 of our report of even date (Contd.) (xiii) The Company is not a chit fund/nidhi/mutual benefit fund/society and clause (xiii) of the Order is not applicable. (xiv) The Company is not dealing or trading in shares, securities, debentures and other investments other than in the units of mutual funds in respect of which the Company is maintaining adequate and proper records. (xv) The Company has given guarantee to banks and financial institutions for loans taken by Subsidiary Companies and also housing loans availed by its employees. The terms and conditions of such guarantees are not prejudicial to the interests of the Company. (xvi) In our opinion and according to the information and explanations given to us, the term loans have been applied for the purposes for which they have been obtained. (xvii) On the basis of our examination of the Balance sheet of the Company and according to the explanations given to us, in our opinion, funds raised on short term basis have not been used for long term investment. (xviii) The Company has not alloted any shares on preferential basis to parties and companies covered in the Register maintained under section 301 of the Act. (xix) The Company has not issued any secured debentures; (xx) The Company has not raised any money by issue of shares to the public. (xxi) During the course of examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year nor have we been informed of such case by the management. For SUNDARAM & SRINIVASAN Regd No. 004207S Chartered Accountants M BALASUBRAMANIYAM Chennai Partner May 29, 2010 Membership No. F7945