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moneycontrol.com भारत | लेखा परीक्षकों की रिपोर्ट > Textiles - Spinning - Cotton Blended > लेखा परीक्षकों की रिपोर्ट से निवास स्पिनिंग मिल्स - बीएसई: 521009, NSE: N.A

निवास स्पिनिंग मिल्स

बीएसई: 521009  |  NSE: N.A  |  ISIN:  |  Textiles - Spinning - Cotton Blended

खोजें निवास स्पिनिंग मिल्स कनेक्शन Mar 13
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '14
We have audited the accompanying financial statements of NIWAS SPINNING
 MILLS LIMITED,(the Company), which comprises the Balance sheet as at
 31st March, 2014 the statements of Profit & Loss and cash flow
 statements for the year than ended and a summary of significant
 accounting policies and other explanatory information, which we have
 signed under reference to this report.
 
 Management''s Responsibility for the Financial Statements
 
 The Company''s Managements is responsible for the preparation of this
 financial Statements that give a true and fair view of the financial
 position, financial performance and cash flow of the company in
 accordance with the Accounting Standards referred to in sub-section
 (3C) of Section 211 of the Company Act, 1956 (The Act) read with the
 general circular 15/2013 dated 13th September, 2013 of the Ministry of
 Corporate Affairs in respect of section 133 of the Companies Act, 2013.
 This responsibility includes the design, implementation and maintenance
 of internal control relevant to the presentation of 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 Standard on Auditing issued by the Institute of Chartered
 Accountants of the 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 of
 material misstatements.
 
 An audit involves performing procedure selected depend on the auditor''s
 judgment including the assessment of the risk of material misstatements
 in the financial statements whether due to fraud or error In making
 those risk assessments the auditors considers internal control relevant
 to the Company''s preparation and fair presentation of the financial
 statements in order to design audit procedure that are appropriate in
 the circumstances.  An audit also include evaluating the
 appropriateness of accounting policies used and the reasonableness of
 the accounting estimates made by managements, 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 accordance to
 the explanation given to us the accompanying 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 & Loss, of the Loss of the Company for the year ended on that
 date: and c In the case of the Cash Flow Statement, of the Cash Flows
 for the year ended on that date
 
 Report on other Legal and Regulatory Requirements
 
 As Required by the Companies (Auditor''s Report) Order 2003 (the
 Order) issued by the Central Government of India in terms of
 sub-section (4A) of section 227of the Act, we give in the annexure a
 statement on the matters specified in paragraphs 4 and 5 of the Order.
 
 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 it appears from our examination of
 such books;
 
 c) The balance sheet, statement of profit & loss and the cash flow
 statement dealt with by this report are in agreement with the books of
 accounts;
 
 d) In our opinion the balance sheet, statement of profit & loss 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 to the extent applicable;
 
 e) On the basis of written representation received from the directors
 as on 31st March, 2014 and taken on record by the Board of Directors,
 we report that none of the Directors is disqualified as on 31st March,
 2014 from being appointed as a Director in terms of Clause (g) of
 sub-section (1) of Section 274 of the Companies Act, 1956;
 
 f) Since the central Government has not issued any notification as to
 the rate at which the cess is to be paid under section 441A of the
 Companies Act, 1956 nor has it issued any rules under the said section,
 prescribing the manner in which such cess is to be paid, no cess is due
 and payable by the company.
 
 1.  a.  The Company has maintained proper records showing full
 particulars including quantitative details and situation of fixed
 assets on the basis of available information.  The Company has taken
 certain machineries on lease basis since 2004-05 and same are held by
 the Company over lease from lessor.
 
 b.  All the assets have not been physically verified by the management
 during the year but there is a regular program of verification, which
 in our opinion, is reasonable having regard to the size of the Company
 and the nature of its assets. As explained, the reconciliation of
 physical inventory of plant and machinery with book records is almost
 over and the Company is in process of reconciliation of physical
 inventory with book records in respect of furniture, fixtures and
 office equipment, hence material discrepancies, if any cannot be
 ascertain at this stage which in the opinion of management will be NIL.
 
 c.  The Company has not disposed-off substantial / major part of fixed
 assets during the year, except absolute/scrap asset of Rs.9.50 Lacs.
 
 2.  a.  As explained to us, the inventory has 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 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 explanations
 given to us and on the basis of examination of the records of
 inventory, the Company is maintaining proper records of inventory. The
 discrepancies noted on physical verification as compared to books and
 records were not material and have been properly dealt with in the
 books of accounts.
 
 3.  According to the information and explanations given to us, the
 Company has taken certain loan from the parties listed in the Register
 maintained under Section 301 of the Companies Act, 1956. However, the
 Company has not granted any loan [secured or unsecured] to the parties
 listed in the Register maintained under section 301 of the Companies
 Act, 1956 and accordingly clause 3 (i) to (iv) and clause 3 (v) to (vi)
 of the order is not applicable.
 
 4.  On the basis of checks carried out during the audit and as per
 explanations given to us, we are of the opinion that, there are
 adequate internal control procedures commensurate with the size of the
 Company and nature of its business; with regard to the purchase of
 inventory and fixed assets, and with regard to the sale of goods.
 During the course of our audit, no major weakness has been noticed in
 the internal controls.
 
 5.  In respect of transactions entered in the register maintained in
 pursuance of Section 301 of the Companies Act, 1956:
 
 a.  Based on audit procedures applied by us, to the best of our
 knowledge and belief and according to the information and explanations
 given to us, we are of the opinion that the transactions that needed to
 be entered into the register maintained under section 301 have been so
 entered.
 
 b.  According to the information and explanations given to us, and
 excluding certain transactions of purchase of goods and material of
 special nature for which alternate quotations are not available, where
 each of such transactions is in excess of Rs. 5,00,000/- (Five Lacs) in
 respect of any party. In our opinion, the transactions have been made
 at prices which are prima facie reasonable having regard to the
 prevailing prices at the relevant time.
 
 6.  In our opinion and according to the information and explanations
 given to us, the Company has not accepted deposits from the public and
 therefore, the provisions of Section 58A and 58AA of the Companies Act,
 1956 and Rules there under are not applicable to the Company.
 
 7.  In our opinion, Company does not have any formal internal audit
 system commensurate with the size and the nature of its business;
 however we are explained that its internal control systems are adequate
 to cover Internal Audit systems.
 
 8.  We have broadly reviewed the books of account 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 maintained
 
 9 a According to the records of the Company and information and
 explanations given to us, the Company has been regular in depositing
 undisputed statutory dues including Provident Fund, Employees State
 Insurance, Income- Tax, Sales Tax, Wealth Tax, Customs Duty, Excise
 Duty, Cess and other statutory dues with the appropriate authorities
 during the year except an amount of Rs 3.07 Lacs towards Contribution
 of P.F. not made pertaining to period May 13 to Mar 14
 
 b According to the records of the Company and information and
 explanations given to us, disputed Excise Duty demands aggregating to
 Rs 11.82 Lacs have not been deposited. The said dispute is pending
 before Appellate Tribunal. Also there is a disputed Income Tax for the
 Ass.Yr 95-96 demands aggregating to Rs 10.18 lacs out of which Rs 8.05
 lacs have been deposited / adjusted and the balance is still required
 to be paid.
 
 10 The Company has accumulated losses as at the end of the year and the
 Company has incurred cash losses during the current and immediately
 preceding financial year.
 
 11 Based on our audit procedures and on the basis of information and
 explanations given by the management, we are of the opinion that the
 Company has defaulted in the repayment of dues to financial
 institutions banks and debenture-holders
 
 12 According to the information and explanations given to us, the
 Company has not granted any loans and advances on the basis of security
 by way of pledge of shares debentures and other securities
 
 13 The provisions of any Special Statute applicable to Chit Fund Nidhi
 or Mutual Benefit Fund/ Societies are not applicable to the Company
 
 14 a The Company is not in the business of
 
 dealing or trading in shares. Based on the records examined by us and
 according to the information and explanations given to us we are of the
 opinion that the Company is maintaining proper record of the
 investments, which are negligible and that timely entries have been
 made in these records
 
 b Based on our audit procedures and to the best of our knowledge and
 belief and according to the information and explanations given to us,
 the investments including shares and securities have been held by the
 Company in its own name
 
 15 According to the information and explanations given to us, the
 Company has not given any guarantee for loans taken by others from
 banks and financial institutions
 
 16 According to the information and explanations given to us, the terms
 loans raised during the year have been applied for the purpose for
 which they were raised.
 
 17 According to the Cash Flow Statement and records examined by us and
 according to the information and explanations given to us, on overall
 basis funds raised on short term basis have, prima facie, not been used
 during the year for long term investment and vice versa
 
 18 The Company has not made any preferential allotment to parties and
 companies covered under register maintained under section 301 of the
 Companies Act, 1956 during the year and the question of whether the
 price at which the shares have been issue prejudicial to the interest
 of the Company does not arise
 
 19 According to the information and explanations given to us and the
 records examined by us, securities have been created in respect of the
 debentures issued
 
 20 The Company is a Sick Industrial Company within the meaning of
 clause (O) sub-section (1) of Section 3 of the Sick Industrial
 Companies (Special Provisions) Act 1985
 
 21 The Company has not raised money by any public issues during the
 year and hence the question of disclosure and verification of end use
 of such money does not arise
 
 22 To the best of our knowledge and belief and according to the
 information and explanations given to us no fraud on or by the Company
 was noticed or reported during the year
 
                                         For B. M. Gattani & Co.  
                                         Chartered Accountants 
 Place : Camp - Solapur                  Firm Reg. No. 113536W
 Date : 28-05-2014                          (B. M. Gattani)
                                             Proprietor 
                                         Membership No. 47066
 
 
 
 
 
 
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