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Sutlej Textiles and Industries Ltd.

BSE: 532782 | NSE: SUTLEJTEX |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE645H01027 | SECTOR: Textiles - General

BSE Live

Dec 07, 16:00
75.35 1.00 (1.35%)
Volume
AVERAGE VOLUME
5-Day
48,630
10-Day
151,040
30-Day
98,936
17,828
  • Prev. Close

    74.35

  • Open Price

    77.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 07, 15:59
75.45 1.15 (1.55%)
Volume
AVERAGE VOLUME
5-Day
396,799
10-Day
1,329,137
30-Day
952,001
145,135
  • Prev. Close

    74.30

  • Open Price

    76.70

  • Bid Price (Qty.)

    75.45 (651)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2011 2010 2009

Auditor's Report

1. We have audited the attached Balance Sheet of SUTLEJ TEXTILES AND INDUSTRIES LIMITED, as at 31st March, 2007 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with 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. 3. As required by the Companies (Auditors 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. 4. Further to our comments in the Annexure referred to above, we report that: i. 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. ii. 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 and proper returns adequate for the purpose of our audit, have been received from the branches/depots not visited by us. The report on the account of branch audited by other auditor has been forwarded to us and has been appropriately dealt by us in preparing our report. iii. The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account and with the returns from the branches/depots. iv. 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. v. On the basis of written representations received from the directors as on 31st March, 2007 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2007, from being appointed as directors in terms of clause (g) of Sub-section (1) of Section 274 of the Companies Act, 1956. vi. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with notes thereon 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; a) In the case of the Balance Sheet, of the state of affairs of the company as at 31 st March, 2007; b) In the case of the Profit and Loss Account, of the profit of the company for the year ended on that date; and c) In the case of Cash Flow Statement, of the cash flows of the company for the year ended on that date. Annexure referred to in paragraph 3 of our report of even date to the shareholders (i) a. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. b. Fixed Assets of the Companys units at Bhawanimandi and Daheli (Near Bhilad) have been physically verified by the Management and in respect of Kathua Unit, the unit is carrying out physical verification of fixed assets by covering physical verification of all fixed assets over a period of three years, accordingly part of fixed assets have been physically verified by the management during the year. In our opinion, the frequency of physical verification is reasonable having regard to the size of the Company and nature of its assets, No material discrepancies were noticed on such verification. c. There was no substantial disposal of fixed assets during the year. (ii) a. As explained to us inventories (except stock lying with third parties, confirmation for which has been obtained and in-transit) were physically verified during the year by the management at reasonable intervals. b. In our opinion and according to the information and explanations given to us, the procedures of 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 and according to the information and explanation given to us, the Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification, wherever done. (iii) a. The Company has granted loan to three Bodies Corporates covered in the register maintained under Section 301 of the Companies Act, 1956. The maximum amount involved during the year was Rs.13 crore and the year-end balance of loans granted to such parties was nil. b. In our opinion and according to the information and explanations given to us, the rate of interest and other terms and conditions for such loans are not prima facie prejudicial to the interest of the Company. c. In respect of loans granted, repayment of the principal amount is as stipulated and payment of interest have been regular. d. As informed, the Company has not taken any loans, secured or unsecured from 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) (f) and (g) of the Companies (Auditors Report) Order, 2003 (as amended) are not applicable to the company. (iv) In our opinion and according to the information and explanations given to us, there Is adequate internal control system commensurate with the size of the Company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed 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 opinioir and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements exceeding value of Rupees five lakhs have been entered into during the financial year at prices which are reasonable having regardto the prevailing market prices at the relevant time. (vi) In our opinion and according to the information and explanations given to us, the company has complied with the directives issued by the Reserve Bank of India and provisions of Section 58A and 58AA of the Companies Act, 1956 and rules framed there under with regard to the deposits accepted from the public. (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 books of accounts 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 are of the opinion that prima facie the prescribed accounts and records have been made and maintained. (ix) a. According to the records of the Company, the Company is generally regular in depositing undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income-tax, sales-tax, service tax, wealth tax, custom duty, excise duty, cess and other statutory dues applicable to it with the appropriate authorities. There was no undisputed outstanding statutory dues as at the year end for a period of more than six months from the date they became payable. b. According to the records of the Company, there are no dues outstanding of sales tax, income tax, service tax, custom duty, wealth tax, excise duty and cess on account of any dispute, other than the following: Name of Statute Nature of Dues (A) Bhawanimandi Unit Custom Act, 1962 Custom classification and applicable rate The Central Excise Duty Act, 1944 Penalty on Service Tax on GTA The Central Excise Duty Act, 1944 Penalty for Cenvat Credit on Service Tax on Mobile Phone Charges The Central Excise Duty Act, 1944 Duty on excess collection of freight & insurance on ex-milt clearances Rajasthan Tax on Entry of Goods Entry Tax into Local Areas Act, 1999 (B) Kathua Unit The Central Excise Duty Act, 1944 Clearance without payment of Duty The Central Excise Duty Act, 1944 Excise duty on Textile Committee Cess and penalty thereon The Central Excise Duty Act, 1944 Excise duty on Clearence of Yarn at Single Stage (C) Daheli Unit The Gujarat Tax on Entry of Specified Entry Tax Goods into Local Areas Act, 2001 Amount Forum where Dispute (Rupees in lakhs) is Pending 10.84 Kolkata High Court 13.17 0.58 Commissioner (Appeal) 29.69 Central Excise & Service Tribunai 46.72 Rajasthan High Court 7.47 Central Excise & Service Tax AppellateTribunal 17.64 Central Excise & Service Appellate Tribunal 23.66 Central Excise & Service Tax Appellate Tribunal 23.35 The Commercial Tax Officer (x) The Company has no accumulated losses at the end of the financial year and it has not incurred any cash loss in the current year. (xi) Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions and banks. We have been informed that the Company has not issued any debenture during the year. (xii) According to the information and explanations given to us and based on the documents and records produced to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society, therefore, the provisions of clause 4 (xiii) of the Companies (Auditors Report) Order, 2003 (as amended), are not applicable to the Company. (xiv) The Company does not deal or trade in shares, securities, debentures and other securities except that it has investments in shares / bonds and these are held in the name of the Company. (xv) According to the information and explanations given to us, the Company has not given any corporate guarantees in favour of financial institution/bank for loans taken by others. (xvi) To the best of our knowledge and belief and according to the information and explanations given to us, term loans availed by the Company were, prima facie, applied by the Company during the year for the purpose for which loans were obtained. (xvii) According to the information and explanation given to us, on an overall basis, funds raised on short term basis have, prima facie, has not been used during the year for long term investment. (xviii)The Company has not made any preferential allotment of shares to parties or companies covered in the register maintained under Section 301 of the Companies Act, 1956. (xix) The Company did not have any outstanding debentures during the year. (xx) The Company has not raised any money through a public issue during the year. (xxi) Based on our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practice in India and according to the information and explanations given to us, no fraud on or by the Company, noticed or reported during the year.