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moneycontrol.com भारत | लेखा परीक्षकों की रिपोर्ट > Textiles - Spinning - Cotton Blended > लेखा परीक्षकों की रिपोर्ट से अमित स्पिनिंग इंडस्ट्रीज - बीएसई: 521076, NSE: ASIL

अमित स्पिनिंग इंडस्ट्रीज

बीएसई: 521076  |  NSE: ASIL  |  ISIN: INE988A01026  |  Textiles - Spinning - Cotton Blended

खोजें अमित स्पिनिंग इंडस्ट्रीज कनेक्शन Mar 14
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '15
We have audited the accompanying financial statements of Amit Spinning
 Industries Limited (the Company), which comprise the Balance Sheet as
 at March 31, 2015, the Statement of Profit and Loss and Cash Flow
 Statement for the year then ended, and a summary of significant
 accounting policies and other explanatory information Management''s
 Responsibility for the Financial Statements The management and Board of
 Directors of the Company are responsible for the matters stated in
 Section 134(5) of the Companies Act, 2013 (''the act'') with respect to
 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 principles generally
 accepted in India, including the Accounting Standards specified under
 Section 133 of the Act, read with rule 7 of Companies (Accounts) Rules,
 2014. This responsibility 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; design,
 implementation and maintenance of adequate internal financial controls,
 that are 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 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 there under. 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 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, 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 accounting policies used and the reasonableness of
 the accounting estimates made by the Company''s management and Board of
 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.
 
 Basis for Qualified Opinion
 
 We draw attention to:
 
 a.  Note No. 30 
 
 with respect to recoverability of amount of 1,93,46,572 in respect of
 duty drawbacks.
 
 We report that had the Company decided to write off the sums as
 mentioned above, the loss for the year would have been greater by
 Rs.1,93,46,572 and would have amounted to Rs.26,05,17,316 (as against
 the reported figure of Rs.24,11,70,744), with a consequential effect on
 Accumulated losses and Loans and Advances.  Qualified Opinion In our
 opinion and to the best of our information and according to the
 explanations given to us, except for the effects of the matter
 described in the Basis for Qualified Opinion paragraph above, the
 aforesaid 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 of the state
 of affairs of the Company as at 31st March 2015, its loss and its cash
 flows for the year ended on that date.  Emphasis of Matters We draw
 attention to the following matters in the Notes to the financial
 statements:
 
 Note 31 
 
 in the financial statements which indicates that the Company has
 accumulated losses and its net worth has been fully eroded, the Company
 has incurred a net cash loss during the current and previous year(s)
 and, the Company''s current liabilities exceeded its current assets as
 at the balance sheet date. These conditions, along with other matters
 set forth in Note 31, indicate the existence of a material uncertainty
 that may cast significant doubt about the Company''s ability to continue
 as a going concern. However, the financial statements of the Company
 have been prepared on a going concern basis for the reasons stated in
 the said Note.  Our opinion is not modified in respect of these
 matters.  Report on Other Legal and Regulatory Requirements As required
 by the Companies (Auditor''s Report) Order, 2015 (the Order) issued by
 the Central Government of India in terms of sub- section (11) of
 section143 of the Act, we give in the Annexure a statement on the
 matters Specified in paragraphs 3 and 4 of the Order.  As required by
 section 143(3) of the Act, we further 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
 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, 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 aforesaid financial statements comply with the
 applicable Accounting Standards specified under Section 133 of the Act,
 read with Rule 7 of the Companies (Accounts) Rules 2014;
 
 e.  The going concern matter described in sub-paragraph (b) under the
 Emphasis of Matters paragraph above, in our opinion, may have an
 adverse effect on the functioning of the Company;
 
 f.  on the basis of written representations received from the directors
 as on March 31, 2015, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2015, from being
 appointed as a director in terms of Section 164(2) of the Act;
 
 g.  In our opinion and to the best of our information and according to
 the explanations given to us, we report as under with respect to other
 matters to be included in the Auditor''s Report in accordance with Rule
 11 of the Companies (Audit and Auditors) Rules, 2014:
 
 (i) The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements  Refer Note 25 to the
 financial statements; (ii) The Company did not have any long-term
 contracts including derivative contracts; as such the question of
 commenting on any material foreseeable losses thereon does not arise;
 (iii) There has not been an occasion in case of the Company during the
 year under report to transfer any sums to the Investor Education and
 Protection Fund; as such the question of delay in transferring such
 sums does not arise.
 
 Annexure referred to in paragraph 7 of our report of even date to the
 members of Amit Spinning Industries Limited on the accounts of the
 company for the year ended 31st March, 2015 On the basis of such checks
 as we considered appropriate and according to the information and
 explanations given to us during the course of our audit, 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 are physically verified by the
 management according to a phased programmed designed to cover all the
 items over a period of three years, which in our opinion, is reasonable
 having regard to the size of the Company and the nature of its assets;
 as informed to us no material discrepancies were noticed on such
 verification.
 
 (ii) (a) The company has conducted physical verification of inventory
 at reasonable intervals during the year. In our opinion, the frequency
 of such verification is reasonable.
 
 (b) In our opinion and according to information and explanations given
 to us, the procedures for physical verification of inventory followed
 by the management are reasonable having regard to the size of the
 Company and nature of its business.
 
 (c) The company is maintaining proper records of inventory. The
 discrepancies noticed on physical verification were not material and
 have been properly dealt with in the books account.
 
 (iii) 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 Act. As the Company has not granted any such
 loans, provisions of clause 3(iii)(a) and (iii)(b) of the Order 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 fixed assets and for the sale of services. Further, on the
 basis of our examination of the books and records of the Company and
 according to the information and explanations given to us, no major
 weakness has not been noticed or reported.
 
 (v) The Company has not accepted any deposits from the public covered
 under Section 73 to 76 of the Companies Act, 2013
 
 (vi) We have broadly reviewed the books of account maintained by the
 Company in respect of products where, pursuant to the Rules made by the
 Central Government of India, the maintenance of cost records has been
 prescribed under (1) of Section 148 of the Companies Act, 2013 and are
 of opinion that prima facie, the prescribed accounts and records have
 been made and maintained. We have not, however, made a detailed
 examination of the records with a view to determine whether they are
 accurate or complete.  (vii) (a) According to the information and
 explanations given to us and based on the records of the company
 examined by us, the company is generally regular in depositing the
 undisputed statutory dues, including Provident Fund, Employees'' State
 Insurance, Income- tax, Sales-tax, Value Added Tax, Wealth Tax, Service
 Tax, Custom Duty, Excise Duty and other material statutory dues, as
 applicable, with the appropriate authorities and there are no arrears
 of undisputed outstanding statutory dues as at the last day of the
 financial year concerned for a period of more than six months from the
 date they became payable.
 
 (b) According to the information and explanations given to us, details
 of following government dues, which have not been deposited on account
 of any dispute are given below:
 
 Sl 
 nO.  Name of the     Nature of dues    Amount (Rs.)    Period to which
      statute                                           the amount 
                                                        relates 
 
 
 1    Maharashtra     Sales Tax and     10,44,000       2004-05 
      Value Added 
      Tax             penalty           (net of 
                                        payment of
                                        Rs. 2,00,000 
                                        under 
                                        protest)
 
    
 2    Maharashtra     Sales Tax and     9,64,390        2009-10 
      Value Added 
      Tax             penalty           (net of 
                                        payment of
                                        Rs.16,90,614
                                        by way of 
                                        adjustment
                                        of refund)
 
 
 Name of the statue                 forum where the dispute is pending
 
 Maharashtra value added tax        First Appellate Authority
 
 Maharastra value Added Tax         First Appellate Authority 
 
  
 (c) As there has not been an occasion in case of the Company during the
 year under report to transfer any sums to the Investor Education and
 Protection Fund, the question of reporting delay in transferring such
 sums does not arise.
 
 (viii) The accumulated losses at end of financial year are more than
 50% of its net worth. The Company incurred cash loss before working
 capital changes amounting to Rs. 8,78,79,614 in the year under audit
 whereas it was Rs. 1,35,91,753 during the preceding financial year.
 
 (ix) According to the information and explanations given to us and
 records examined by us, we are of the opinion that the Company has
 defaulted in repayment of the dues to a bank as infra. The Company did
 not have outstanding dues to any financial institution and did not have
 outstanding debentures during the year under audit.
 
                                                               
 
 Bankers     Type of Loan      Out Standing      Overdue        Over due 
                              as on 31.3.2015    Interest       Principal
 
 Axis Bank   Term Loan 
             (10% p.a.)       12,61,67,234       11,78,660      89,88,574
 
 Axis Bank   FITL 
             (10% p.a.)       63,26,521             59,022       4,47,499
 
 Axis Bank   WCTL 
             (10% p.a.)       55,31,701             51,701       3,80,000 
 
 UCO Bank    WCTL             94,60,163          46,35,000      10,75,163
   
 
 Grand T
 otal                      14,74,85,619          59,24,383    1,08,91,236
  
 
                            (Rs,)
 
 Bankers          Default status
 
 
 Axis Bank        The overdue principal as on
 
 Axis Bank        31.03.2015 has not been paid till
 
 Axis Bank        balance sheet date
 
 UCO Bank         The Account has become NPA and the
                  matter is before BIFR for restructuring.
 
 Grand Total 
  
 
 Further, as informed to us, the loan facilities availed from UCO Bank
 as working capital term loan (outstanding balance as on 31.3.2015
 amounting to Rs.1,40,95,163) and cash credit facilities (outstanding
 balance as on 31.3.2015 amounting to Rs. 9,14,95,976) have become
 non-performing asset (NPA) for the lender as the company has not paid
 the dues within 90 days of payments being falling due.
 
 (x) According to the information and explanations given to us, the
 terms and conditions of the guarantees given by the Company for loans
 taken by others from banks or financial institutions during the year
 under audit, are not prejudicial to the interest of the Company.
 
 (xi) In our opinion and according to information and explanations given
 to us, the term loans have been applied for the purpose for which these
 were raised.
 
 (xii) During the course of our examination of the books and records of
 the company, carried in accordance with the auditing standards
 generally accepted in India, we have neither come across any instance
 of fraud on or by the Company noticed or reported during the course of
 our audit nor have we been informed of any such instance by the
 Management.
 
                                                  For Sunil Jain & Co.  
 
                                                Chartered Accountants 
 
                                           (Registration No. 003855N)
 
 
                                                                Sd/- 
 
                                                        Sanchit Jain 
 
 Place New Delhi                                             Partner
 
 Date : May 27, 2015                           Membership No. 511714
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `3127.36 Cr की बिकवाली की
  • MARKET CUES : DIIs ने कैश में `3497.5 Cr की खरीदारी की
  • MARKET CUES : FIIs ने F&O में `5503.79 Cr की खरीदारी की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `2200.55 Cr की बिकवाली
  • MARKET CUES : इंडेक्स ऑप्शंस में `6881.62 Cr की खरीदारी
  • MARKET CUES : स्टॉक फ्यूचर्स में `726.32 Cr की खरीदारी
  • MARKET CUES : स्टॉक ऑप्शंस में `96.40 Cr की खरीदारी
  • CITI ON INDUSIND BANK : Buy रेटिंग, लक्ष्य `1900/Sh
  • MACQUARIE ON INDUSIND BANK : Buy रेटिंग, लक्ष्य `1558/Sh
  • MACQUARIE ON CONCOR : Outperform रेटिंग, लक्ष्य `625/Sh

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