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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 24, 16:00
796.80 10.25 (1.30%)
Volume
AVERAGE VOLUME
5-Day
6,465
10-Day
6,653
30-Day
9,484
6,173
  • Prev. Close

    786.55

  • Open Price

    790.05

  • Bid Price (Qty.)

    792.60 (50)

  • Offer Price (Qty.)

    796.80 (5)

NSE Live

Jun 24, 15:58
795.60 8.30 (1.05%)
Volume
AVERAGE VOLUME
5-Day
124,114
10-Day
103,281
30-Day
162,359
70,103
  • Prev. Close

    787.30

  • Open Price

    798.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    795.60 (57)

Annual Report

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

Auditor's Report

We have audited the accompanying standalone financial statements of SUNDRAM FASTENERS LIMITED, Chennai - 600 004 (the Company), which comprise the Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss, 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 Standalone Financial Statements The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation of these standalone 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 maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting 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 adequate internal financial controls, 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 standalone 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 thereunder. 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 the disclosures in the financial statements. The procedures selected depend on the auditors'' 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 auditors consider internal financial control relevant to the Company''s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors, 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 standalone 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; i. in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2015; ii. in the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and iii. 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, 2015 (the Order) issued by the Central Government in terms of sub-section (11) of section 143 of the Act, we give in Annexure, a statement on the matters specified in paragraph 3 and 4 of the Order. 2. 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 it appears from our examination of those books. (c) The Balance Sheet, the 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 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 the written representations received from the directors as on 31st March, 2015 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015 from being appointed as a director in terms of Section 164 (2) of the Act. (f) With respect to the other matters to be included in the Auditors'' Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements - refer note no. 31(29)(A) to the financial statements; ii. The Company did not have any long-term contracts including derivative contract for which there were any material foreseeable losses. iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT TO THE MEMBERS OF SUNDRAM FASTENERS LIMITED, CHENNAI FOR THE YEAR ENDED 31ST MARCH 2015 Annexure referred to in our report of even date on the financial statements for the year ended 31st March 2015 (i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) All the fixed assets have not been physically verified by the management during the year but there is a regular programme of physical verification at reasonable intervals, which, in our opinion is reasonable having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such verification. (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 inventories lying with third parties, which are not 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 were 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 noticed between the physical stocks and the books were not material and have been properly dealt with in the books of account. (iii) During the year, 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. The Company has waived interest due of Rs. 132.09 lakhs from a subsidiary Company viz. Peiner Umformtechnik GmbH, Peine, Germany for the period upto 31st December, 2014 on a loan granted upto 31st March, 2014. Interest has been charged on the loan granted on or after 1st April, 2014. (iv) In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business, with regard to purchase 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 system. (v) The Company has not accepted deposits within the meaning of sections 73 to 76 of the Companies Act, 2013, during the year. (vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government under section 148(1) of the Companies Act, 2013 for maintenance of cost records and are of the opinion that prima-facie, the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete. (vii) (a) According to the records provided to us, the Company is 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 other statutory dues with the appropriate authorities. However, certain delays were noticed in respect of remittance of service tax, employees'' state insurance and Income tax into the Government. (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, Duty of Customs, Duty of Excise, Value Added Tax and Cess were in arrears, as at 31st March 2015 for a period of more than six months from the date they became payable. According to information and explanations furnished to us, the following are the details of the disputed dues that were not deposited with the concerned authorities: Nature of Amount Name of the statute Forum Where the dispute is pending dues (Rs.In lakhs) Central Excise Act, Excise Duty 2.54 The Honourable High Court of Judicature at 1944. Madras 15.02 Customs Excise and Service Tax Appellate Tribunal, Chennai 61.95 Commissioner (Appeals) 50.22 Additional / Assistant Commissioner Finance Act, 1994 Service Tax 66.56 Customs Excise and Service Tax Appellate Tribunal, Chennai 41.07 Commissioner (Appeals), Chennai 50.69 Joint / Deputy / Assistant Commissioner Property Tax Property Tax 1.56 The Honourable High Court of Judicature at Madras Income Tax Act, Income tax 19.64 The Honourable High Court of Judicature at 1961 Madras 331.72 Commissioner of Income Tax (Appeals), Chennai Customs Act, 1962 Customs duty 229.25 Customs Excise and Service Tax Appellate Tribunal, Chennai (c) During the year, the Company has transferred the amount required to be transferred to Investor Education and Protection Fund in accordance with the relevant provisions of the Companies Act, 1956 (1 of 1956) and Rules made thereunder within time. (viii) 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 financial year. (ix) Based on our verification and according to the information and explanations given by the management, the Company has not defaulted in repayment of dues to its banks. (x) The Company has furnished guarantee to banks and financial institution for loans availed by subsidiary companies. The terms and conditions of such guarantees are not prejudicial to the interests of the Company. (xi) The term loans were applied for the purpose for which the loans were obtained. (xii) Based on the audit procedures adopted and 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 our audit. For SUNDARAM & SRINIVASAN Chartered Accountants Regn. No. 004207S M BALASUBRAMANIYAM Chennai Partner May 29, 2015 Membership No. F7945