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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

Apr 03, 10:19
270.15 -6.05 (-2.19%)
Volume
AVERAGE VOLUME
5-Day
6,806
10-Day
6,631
30-Day
5,444
133
  • Prev. Close

    276.20

  • Open Price

    277.00

  • Bid Price (Qty.)

    268.50 (4)

  • Offer Price (Qty.)

    269.45 (11)

NSE Live

Apr 03, 10:19
269.00 -6.55 (-2.38%)
Volume
AVERAGE VOLUME
5-Day
109,528
10-Day
117,155
30-Day
208,588
10,031
  • Prev. Close

    275.55

  • Open Price

    275.55

  • Bid Price (Qty.)

    268.60 (5)

  • Offer Price (Qty.)

    269.00 (7)

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 (the company), which comprise the Balance Sheet as at 31st March 2016, 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 of 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 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 a true and fair view in order to design audit procedures that are appropriate in the circumstances. 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 standalone 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; a) of the state of affairs of the Company as at March 31, 2016; b) of the Profit for the year ended on that date; and c) 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, 2016 (the Order), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure - 1 a statement on the matters specified in the paragraphs 3 and 4 of the Order, to the extent applicable. 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 standalone 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, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164(2) of the Act. f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure - 2. g. With respect to the other matters to be included in the Auditor''s 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) (ii) to the financial statements; ii. The Company did not have any long-term contracts including derivative contracts 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 referred to in our report under Report on Other Legal and Regulatory requirements Para 1 of even date on the accounts for the year ended 31st March 2016. 1. (a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets; (b) Fixed assets are verified physically by the management in accordance with a regular programme at reasonable intervals. In our opinion the interval 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 title deeds of immovable properties of the Company are held in the name of the company based on the confirmation received from the Company. 2. The inventory has been physically verified at reasonable intervals during the year by the management. The discrepancies between the physical stocks and the books were not material and have been properly dealt with in the books of account. 3. During the year, the company has not granted any loan to a company, firm, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Companies Act, 2013. 4. During the year, the company has furnished guarantees to facilitate loans to subsidiaries amounting to Rs, 12,074.23 lakhs in compliance with Section 186 of the Companies Act, 2013. 5. The company has not accepted any deposits within the meaning of sections 73 to 76 of the Companies Act, 2013, during the year. 6. 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. 7. (a) According to the records provided to us, the company is generally regular in depositing undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value Added Tax, Cess and other statutory dues with the appropriate authorities. However we have observed instances of delay in remittance of Income tax deducted at source, Employees'' State Insurance remittance, service tax remittance and short remittance of Dividend Distribution Tax (which was later remitted) (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 2016 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 In lakhs) Central Excise Act, Excise Duty 0.31 The Honourable High Court of Judicature at 1944. Madras 166.72 Customs Excise and Service Tax Appellate Tribunal, Chennai 29.40 Commissioner (Appeals), Chennai 196.43 Finance Act, 1994 Service Tax 3.16 The Honourable High Court of Judicature at Madras 58.65 Customs Excise and Service Tax Appellate Tribunal, Chennai 25.42 Commissioner (Appeals), Chennai 87.23 Property Tax 25.10 The Honourable High Court of Judicature at Madras Income Tax Act, 1961 Income tax 19.64 The Honourable High Court of Judicature at Madras 26.65 Commissioner of Income Tax (Appeals), Chennai 46.29 Tamilnadu Value Sales Tax 41.25 The Honourable High Court of Judicature at Added Tax Act, 2006, Madras Telangana Value 788.72 Joint/Deputy/ Assistant Commissioner Added Tax Act, 2005 19.69 Commissioner (Appeals) and Central Sales Tax 14.63 Sales Tax Appellate Tribunal Act, 1956 864.29 Customs Act, 1962 Customs duty 65.49 Commissioner of Customs (Appeals), Chennai 219.26 Customs Excise and Service Tax Appellate Tribunal, Chennai 284.75 8. Based on our verification and according to the information and explanations furnished by the management, the Company has not defaulted in repayment of dues to its banks. The Company has not issued debentures and hence question of reporting delay in repayment of dues does not arise. 9. (a) The company has not raised any money by way of initial public offer or further public offer (including debt instruments) during the year. Hence reporting on utilization of such money does not arise. (b) The company has availed term loan during the year and the proceeds of the loan were applied for the purpose for which they were availed. 10. Based on the audit procedures adopted and information and explanations furnished to us by the management, no fraud on or by the company has been noticed or reported during the course of our audit. 11. In our opinion and according to the information and explanations furnished to us, managerial remuneration has been paid and provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act,2013. 12. The Company is not a Nidhi company and as such this clause of the Order is not applicable. 13. (a) In our opinion and according to the information and explanations furnished to us, all transactions with the related parties are in compliance with sections 177 and 188 of the Companies Act, 2013. (b) The details of transactions during the year have been disclosed in the Financial Statements as required by the applicable accounting standards. Refer Note no 31 (18) (III) to the Financial statements.. 14. During the year, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures under section 42 of the Companies Act, 2013. 15. According to the information and explanations furnished to us, the company has not entered into any non- cash transactions with directors or persons connected with them. 16. The company is not required to register under section 45-IA of the Reserve Bank of India Act, 1934. i. existing policies and procedures adopted by the Company for ensuring orderly and efficient conduct of business. ii. continuous adherence to Company''s policies. iii. existing procedures in relation to safeguarding of Company''s fixed assets, investments, inventories, receivables, loans and advances made and cash and bank balances. iv. existing system to prevent and detect fraud and errors. v. accuracy and completeness of Company''s accounting records; and vi. existing capacity to prepare timely and reliable financial information. For SUNDARAM & SRINIVASAN Chartered Accountants Regn. No. 004207S Chennai M BALASUBRAMANIYAM May 20, 2016 Partner Membership No. F7945