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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

BSE Live

Jun 18, 16:00
798.00 -24.55 (-2.98%)
Volume
AVERAGE VOLUME
5-Day
7,854
10-Day
8,918
30-Day
9,798
12,430
  • Prev. Close

    822.55

  • Open Price

    825.80

  • Bid Price (Qty.)

    798.00 (5)

  • Offer Price (Qty.)

    804.45 (150)

NSE Live

Jun 18, 15:55
807.40 -14.90 (-1.81%)
Volume
AVERAGE VOLUME
5-Day
128,753
10-Day
134,895
30-Day
165,112
316,683
  • Prev. Close

    822.30

  • Open Price

    822.30

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    807.40 (1430)

Annual Report

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

Auditor's Report

Report on the Financial Statements We have audited the accompanying financial statements of Sundram Fasteners Limited, Chennai (the Company), which comprise of Balance Sheet as at 31st March 2013, and the Statement of Profit and Loss and the Cash Flow Statement for the year ended on that date along with Notes to financial statements. 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 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. Auditor''s 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 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 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 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 2013; 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 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 purpose 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; c) the Balance Sheet, 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 Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; e) on the basis of written representations received from the directors as on 31st March 2013, and taken on record by the Board of Directors, none of the directors are disqualified as on 31st March 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. Levy and Collection of cess on turnover or gross receipts f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company. Annexure referred to in para 1 of our report on other legal requirements 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 has 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) During the year, the Company has granted unsecured loan to a wholly-owned subsidiary company covered in the register maintained under Section 301 of the Act amounting to Rs 250 Lakhs (Balance due as at the year end is Rs 1,850 Lakhs from one company). The Company has waived interest due from subsidiary companies viz., Peiner Umformtechnik GmbH and TVS Peiner Services, GmbH amounting to Rs 212.04 lakhs and Rs 13.77 lakhs respectively. (b) In our opinion, the rate of interest and other terms and conditions on which such loan is made is not prima facie prejudicial to the interest of the company. (c) The recovery of principal amount and interest thereon are in accordance with the terms of loan. (d) As on the date of Balance Sheet there was no overdue amount recoverable on the said loan. (e) The Company has not taken any loan secured or unsecured from Companies, firms or other parties covered in the Register maintained under Section 301 of the Act and accordingly paragraphs 4 (iii) (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 minor or 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. (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, Customs Duty, Excise Duty, Cess and other statutory dues with the appropriate authorities. However, certain marginal delays were noticed in respect of remittance of Employees'' State Insurance, Income Tax Deducted at Source on sub contract payments and professional services, Works Contract Tax and Service Tax into Government and contribution to Tamilnadu Labour Welfare Fund. (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 2013 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 High Court of Judicature at Madras Income Tax 346.12 Commissioner of Income Tax (Appeals) Excise Duty 48.22 Central Excise & Service Tax Appellate Tribunal Excise Duty 51.48 Commissioner (Appeals) Excise Duty 2.23 High Court of Judicature at Madras Property Tax 50.67 Commissioner & Secretary to Govt of Tamilnadu Sales Tax/VAT 812.17 Joint Commissioner (Appeals) - Commercial Tax Central Sales Tax 33.33 Commercial Tax Officer Service Tax 42.36 Central Excise & Service Tax Appellate Tribunal Service Tax 45.85 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. (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. Proper records have been maintained in respect of these transactions and contracts and timely entries have been made therein. The investments have been held by the Company in its own name except to the extent of exemption granted under Section 49 of the Act, in respect of shares held in subsidiary companies through the nominees. (xv) The Company has given guarantee to banks and financial institution 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 allotted 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 by the management, no fraud on or by the Company has been noticed or reported during the course of audit. For SUNDARAM & SRINIVASAN Chartered Accountants Regn. No. 004207S Chennai M BALASUBRAMANIYAM May 30, 2013 Partner Membership No. F7945