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Super Spinning Mills Ltd.

BSE: 521180 | NSE: SUPERSPIN |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE662A01027 | SECTOR: Textiles - Spinning - Cotton Blended

BSE Live

Nov 30, 15:32
11.03 0.04 (0.36%)
Volume
AVERAGE VOLUME
5-Day
22,273
10-Day
26,872
30-Day
39,268
17,952
  • Prev. Close

    10.99

  • Open Price

    11.52

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Nov 30, 15:32
11.15 -0.05 (-0.45%)
Volume
AVERAGE VOLUME
5-Day
105,863
10-Day
92,757
30-Day
125,341
93,722
  • Prev. Close

    11.20

  • Open Price

    11.60

  • Bid Price (Qty.)

    0.00 (0)

  • 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 attached Balance Sheet of Super Spinning Mills Limited, as at 31 st March 2011, the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. Thesefinancial statements are the responsibility of the Company''s Management. Our responsibility is to express an opinion on these financial statementbased on our Audit. We conducted our audit in accordance with the auditing standards generally accepted in India. Those 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. 1. As required by the Companies (Auditor''s Report) Order, 2003 (as amended), issued by the Central Government of India in terms of Sub Section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order. 2. Further to our comments in the Annexure referred to above, 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 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. c. The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account. d. 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 Companies Act, 1956. e. On the basis of written representations received from the directors, as on 31st March 2011 and taken on record by the Board of Directors, we report that none of the directors of the Company are disqualified as on 31 March 2011 from being appointed as Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. f. In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, 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 31st March 2011; ii. In the case of the Profit and Loss Account, of the profit of the Company 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. Annexure referred to in paragraph 1 of our report of even date 1. a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b. The assets have been physically verified by the management during the year in accordance with a phased programme of verification, which, in our opinion is reasonable, considering the size and the nature of its assets. c. The Company has not disposed off any substantial part of the fixed assets during the year. 2. a. The inventories have been physically verified during the year by the management. In our opinion the frequency of verification is reasonable. b. 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. The company is maintaining proper records of inventories. The discrepancies noticed on verification between the physical stocks and the book records were not material. 3. a. The company had made advances to two parties covered in the register maintained under section 301 of the Companies Act, 1956. The amount involved in the transaction is Rs.952.23 Lakhs. b. No interest is charged with respect to the above advances. However, other terms and conditions on which advances were made to the parties covered under Section 301 of the Companies Act, 1956 are not prima facie, prejudicial to the interest of the company. c. According to the information and explanations given to us, the receipt of advance amount is regular as stipulated. d. According to the information and explanations given to us, there are no overdue amounts with respect to the above said advances and as such Clause (d) is not applicable. e. According to the information and explanations given to us, the Company had not taken any loans, secured or unsecured, from companies, firms or other parties as covered in the register maintained under section 301 of the Companies Act, 1956 and hence the provisions of clause (iii)(e), clause (iii)(f) and clause (iii)(g) of the said Order are not applicable. 4. 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 the purchases of inventory, fixed assets and with regard to 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. 5. a. According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that need to be entered into the registers maintained under Section 301 of the Companies Act, 1956, have been so entered. b. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. 6. In our opinion and according to information and explanations given to us, the company has complied with the provision of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under. 7. In our opinion, the Company has an internal audit system commensurate with the size of the company and nature of its business. 8. We have broadly reviewed the books of accounts relating to materials, labour and other items of cost maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. 9. a. According to the information and explanations given to us and based on the examination of books of account and records produced before us, we are of the opinion that the undisputed statutory dues including Provident Fund, Investors Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth tax, Service tax, Customs Duty, Excise Duty, Cess and other material statutory dues as applicable, have been regularly deposited by the company during the year with the appropriate authorities. b. As at 31st March 2011, according to the records of the Company and the information and explanations given to us, the particulars of disputed dues (provided / considered contingent liability, as appropriate) in respect of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty, Excise Duty and Cess wherever applicable that have not been deposited on account of a disputes are tabulated as in clause ( c). c. According to the information and explanations given to us, the details of disputed statutory dues remaining unpaid and the forum where the dispute is pending are listed as under: Name of Issues in the Appeal Amount Period to statute which the amount relates Income Tax Disallowance of depreciation 14.61 1989-90 on humidification plant Income Tax Disallowance of replacement 70.69 1993-94 of machinery Income Tax Disallowance of replacement 362.27 1994-95 of machinery Income Tax Disallowance of replacement 241.67 1996-97 of machinery Income Tax Computation of book profit 34.57 1997-98 for MAT Purpose Income Tax Disallowance of replacement 553.68 1998-99 of machinery Income Tax Disallowance of replacement 183.81 1999-00 of machinery Income Tax Disallowance of replacement 42.51 2000-01 of machinery Income Tax Disallowance of replacement 228.80 2002-03 of machinery Income Tax Exclusion of 90% insurance 318.92 2003-04 and interest receipt, miscellaneous income, Disallowance of replacement of machinery validity of assessment u/s 143(3) & deduction of Sec 80IA claim from the deduction of Sec 80HHC Income Tax Disallowance of replacement 230.00 2004-05 of machinery Income Tax Disallowance of replacement 251.84 2005-06 of machinery & Deduction u/s Sec 80IA Income Tax Disallowance of replacement 378.53 2006-07 of machinery Income Tax Disallowance of replacement 131.36 2007-08 of machinery, Deduction u/s 80IA, Disallowance of cost of acquisition while computing long term capital gain, disallowance of depreciation on windmills Income Tax Disallowance of replacement 15.37 2008-09 of machinery TN General Levy of Penalty for Issue of 83.93 1998-99 Sales C Forms Tax Act Central Rebate claim on Exports 14.20 2004-05 Excise, TN & 2005-06 Central Valuation of Cotton Yarn sent 273.06 2000-01, Excise, TN to other units, Deemed cenvat 2001-02, credit - opening stock & 2002-03 Capital goods moved without & 2003-04 payment of duty and Dispute on input duty assessed Service Tax Service Tax on Lorry Freight 0.31 2006-07 - availment of abatement Name of Forum where statute dispute is pending Income Tax High Court, Chennai Income Tax CIT(A) Coimbatore Income Tax CIT(A) Coimbatore Income Tax CIT(A) Coimbatore Income Tax High Court, Chennai Income Tax CIT(A) Coimbatore Income Tax CIT(A) Coimbatore Income Tax CIT Coimbatore Income Tax CIT(A) Coimbatore Income Tax CIT(A) Coimbatore and High Court Madras Income Tax CIT(A), Coimbatore Income Tax ACIT & ITAT, Chennai Income Tax ACIT, Coimbatore Income Tax CIT(A), Coimbatore Income Tax CIT(A), Coimbatore TN General High Court, Madras salesTax Act Central Excise, CESTAT, Chennai TN Central Excise Commissioner of T N Appeals, Coimbatore Service Tax Asst. Commissioner Tirupur 10. There are accumulated losses. The company has not incurred cash losses in the current Financial year and in the immediately preceding Financial year. 11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or to a bank. There are no debenture holders during the year. 12. According to the information and explanations given to us, the company has not granted any loans and advances on the basis of securities by way of pledge of shares and debentures. 13. In our opinion, the company is not a chit fund or a Nidhi / Mutual Benefit Fund / Society. Therefore the provisions of clause (xiii) of para 4 of the Order are not applicable. 14. According to the information and explanations given to us, the company is not dealing in or trading in any shares and securities and hence the provisions of Para (xiv) of the order are not applicable. 15. According to the information and explanations given to us. The company has not given any guarantee for loans taken by others from banks or financial institutions. 16. In our opinion and according to the information and explanations given to us, the term loan(s) have been applied for the purpose for which they were raised. 17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investments. 18. The company has not made any preferential allotment of shares during the year and hence the provisions of clause (xviii) of para 4 of this Order are not applicable. 19. The company has not issued any debentures during the year and hence the provisions of clause (xix) of para 4 of this Order are not applicable. 20. The company has not raised any money by way of public issues during the year and hence the provisions of clause (xx) of para 4 of this Order are not applicable. 21. During the course of our examination of the books of accounts carried on 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 been informed of such case by the management. For Reddy, Goud & Janardhan Chartered Accountants Registration No. 003254S Balakrishna S Bhat Partner Membership No.202976 Coimbatore 26th May, 2011