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Suryaamba Spinning Mills Ltd.

BSE: 533101 | NSE: | Series: NA | ISIN: INE360J01011 | SECTOR: Textiles - Spinning - Cotton Blended

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Dec 27, 11:22
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Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008

Auditor's Report

We have audited the accompanying financial statements of SURYAAMBA SPINNING MILLS LIMITED (the Company), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash Flow Statement for the year ended, and a summary of significant accounting policies and other explanatory information. 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, 2014; 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 Cash flow statement, of the Cash Flows for the year ended on that date. Report on Other legal & Regulatory requirements: 1. As required by the Companies (Auditor''s Report) Order, 2003 (theOrder) 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 and 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 March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2014, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. Annexure to the Auditor''s Report The Annexure referred to in paragraph 1 of Our Report of even date To The members of SURYAAMBA SPINNING MILLS LIMITED. on the accounts of the company for the year ended 31st March, 2014. We report that: i) a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b) As explained to us, the fixed assets have been physically verified by the management during the year in a phased periodical manner, 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) During the year, the company has not disposed off any substantial part of its fixed assets, affecting the going concern status of the company. ii) . a) The inventory has been physically verified during the year by the management at reasonable intervals. In our opinion, the frequency of verification is reasonable and adequate. b) 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 inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material. iii) . a) The company has not granted any loan, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Therefore, the provisions of clause 4 (iii) (b), (c) and (d) of the Companies (Auditor''s Report) Order, 2003 (as amended) are not applicable to the company. e) The company has taken unsecured loans from directors covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs. 417.14 Lakhs, and the year end balance of loans is Rs.417.14Lakhs f) In our opinion, the rate of interest and other terms and conditions on which loan taken from the above parties are not, prima facie, prejudicial to the interest of the company. iv) . In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory, fixed assets and for sale of goods. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system. v) a) According to the information and explanations provided by the management, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act that need to be entered into the register maintained under section 301 have been so entered. b) In our opinion and according to the information and explanations given to us, there are no transactions made in pursuance of contracts or arrangements with the parties entered in the register maintained under Section 301 of the Companies Act,1956 and exceeding the value of rupees five lakhs hence the reporting requirement under this clause does not apply. vi) . The company has not accepted any deposits from the public governed by sections 58 A and 58 AA of the companies act 1956 for the year under reference. As per the information and explanations given to us no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal. vii) . In our opinion, the company has an internal audit system commensurate with the size and nature of its business. viii) We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central Government U/s 209 (1) (d) of the companies Act, 1956 and are of the opinion that prima facie the prescribed cost records have been maintained. We have not, however, carried out detailed examination of the same. ix) . a) According to the information and explanations given to us and the records of the company examined by us, in our opinion, the company is regular in depositing undisputed statutory dues including income tax, Provident Fund, Employees state insurance, sales tax, wealth tax, custom duty, excise duty, cess, Service Tax and other material statutory dues as applicable, with the appropriate authorities. Investor education and protection fund and are not applicable to the company for the current year. No undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31.03.2014 for a period of more than six months from the date of becoming payable. b) According to the information and explanations given to us, and the records of the company examined by us, there are no dues of sales tax, income tax, Service Tax, customs duty, wealth tax, excise duty and cess which have not been deposited on account of any dispute. x) . The company has no accumulated losses and has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year. xi) . In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institutions, banks or debenture holders. xii) .In our opinion and according to the information and explanations given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities. xiii) .In our opinion, and according to the information and explanations given to us, the company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company. xiv) .In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company. xv) . The company has not given guarantees for loans taken by others from banks or financial institutions. 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 the loans were obtained. xvii) . 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 investment. xviii) . According to the information and explanations given to us, the company has made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act during the year, and the rate at which shares are allotted is not prima facie prejudicial to the interests of the Company. xix) .According to the information and explanations given to us, during the period covered by our audit report, the company has not issued any debentures. xx) . The company has not raised any money by way of public issue during the year. xxi) .In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year. For S.Venkatadri & Co., Chartered Accountants Firm''s Regn No. 004614S (K.SRINIVASA RAO) PARTNER M.No. 201470 Place : Hyderabad Date : 30.05.2014