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moneycontrol.com भारत | लेखा परीक्षकों की रिपोर्ट > Textiles - Spinning - Cotton Blended > लेखा परीक्षकों की रिपोर्ट से श्री लक्ष्मी सरस्वती टेक्सटाइल्स - बीएसई: 521161, NSE: N.A

श्री लक्ष्मी सरस्वती टेक्सटाइल्स

बीएसई: 521161  |  NSE: N.A  |  ISIN: INE456D01010  |  Textiles - Spinning - Cotton Blended

खोजें श्री लक्ष्मी सरस्वती टेक्सटाइल्स कनेक्शन Mar 14
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '15
We have audited the accompanying financial statements of Sri Lakshmi
 Saraswathi Textiles (Arni) Limited, (the company) which comprise the
 Balance Sheet as at March 31, 2015, Statement of Profit and Loss & the
 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 Company''s Board of Directors is responsible for the matters stated
 in Sec 134(5) of the Companies Act, 2013(the act) with respect to the
 preparation and presentation 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 Principals
 generally accepted in India, including the Accounting Standards
 specified under Sec 133 of the act, read with Rule 7 of the 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 judgements and estimates, that
 are reasonable and prudent and the design, implementation and
 maintenance of adequate financial controls, that were 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 thereunder.  We conducted our
 audit in accordance with the standards on Auditing specified under Sec
 143 (10) of the act. Those standards require that we comply that
 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 control
 system over financial reporting and operating effectiveness of the such
 control. An audit also includes evaluating the appropriateness of
 accounting policies used and the reasonableness of the accounting
 estimates made by the Company''s 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 qualified audit opinion on the
 financial statements.
 
 Qualified Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, 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:
 
 a) in the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2015
 
 b) in the case of Statement of Profit and Loss , of the LOSS 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 and Regulatory Requirements
 
 1.  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 section 143 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 3 and 4 of the Order.
 
 2.  As required by section 143(3) of the Companies Act 2013, we 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) Except for the effects of the matter described in the Basis for
 Qualified Opinion paragraph above, 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 those books.
 
 c) The Balance sheet, the statement of profit and loss, and the cash
 flow statement dealt with by this Report are in agreement with the
 books of account.
 
 d) Except for the effects for the matters described in the Basis for
 Qualified Opinion paragraph above, in our opinion, the Balance Sheet,
 Statement of Profit and Loss & the Cash flow Statement comply with the
 Accounting Standards specified under the Section 133 of the act, read
 with rule 7 in Companies (Accounts) Rules, 2014;
 
 e) 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 of sub-section (2) of section 164
 of the act.
 
 f) The qualification relating to the maintenance of accounts and other
 matters connected therewith are as stated in the Basis for Qualified
 Opinion paragraph above.
 
 ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT
 
 The Annexure referred to in Our Independent Auditors'' Report to the
 members of the company on the financial statements for the year ended
 31st March 2015, we report that
 
 (i) (a) The company has maintained proper records showing full
 particulars including quantitative details and situation of its fixed
 assets.
 
 (b) The company has a regular program of physical verification of its
 fixed assets by which all fixed assets are verified in a phased manner
 at reasonable intervals by the management.  According to the
 information and explanations given to us, no material discrepancies
 where observed by the management on such verification.
 
 (ii) (a) The stock of inventory has been physically verified by the
 management at reasonable intervals during the year. 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 and nature of its business.
 
 (c) The company is maintaining proper records of inventory. No material
 discrepancy was noticed on such physical verification.
 
 (iii) According to the information and explanations given to us and on
 the basis of our examination of the books of accounts, 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 Companies Act 2013. Consequently the provisions of clause (iii) (a)
 (b) and (c) are not applicable to the company.
 
 (iv) In our opinion and according to the explanations given to us,
 there is an adequate internal control system commensurate with the size
 of the Company and the nature of its business, with regard to purchase
 of inventory and fixed assets and for the sale of goods and services.
 We have not observed any major weakness in the internal control system
 during the course of the audit.
 
 (v) The company has not accepted any deposits from the Public during
 the year.
 
 (vi) Central Government has prescribed maintenance of cost records
 under sub- section (1) of section 148 of the Companies Act and such
 accounts and records have been prepared and maintained by the company.
 
 (vii) (a) According to the information and explanations given to us and
 on the basis of our examination of the records of the company, amount
 deducted or accrued in the books of account in respect of of undisputed
 statutory dues including provident fund, income-tax, sales tax, wealth
 tax, service tax, value added tax, cess and other material statutory
 dues have been regularly deposited by the Company with the appropriate
 authorities. As explained to us, the Company did not have any dues on
 account of employees'' state insurance and duty of excise.
 
 According to the information and explanations given to us, no
 undisputed amounts payable in respect of provident fund, income tax,
 sales tax wealth tax, service tax, value added tax, cess and other
 material statutory dues were in arrears as at 31st March, 2015 for a
 period of more than six months from the date they became payable.
 
 (b) According to the information and explanations given to us, there
 are no material dues of provident fund, sales tax, wealth tax, service
 tax, value added tax, cess which have not been deposited with the
 appropriate authorities on account of any dispute. However, according
 to the information and explanations given to us, the following dues of
 income tax and employees'' state insurance have not been deposited by
 the company on account of disputes.
 
 Name of the  Nature of dues  Amount       Period to which the
 Statue                         Rs.        amount relates 
 
 Income-tax   Income tax      12,21,350    Assessment year
 Act 1961                                  1999 - 2000
 
 Income-tax                                Assessment year
 Act 1961     Income tax      33,86,521    2000 - 2001
 
 Total                        46,07,871
 
 Employee''s   Contribution     4,15,356    2000-01
 State        Employee''s
 Act 1948     State
              Insurance
              Corporation
 
 Name of the           Forum where dispute
 Statue                is pending
 
 Income-tax            IT Appeals before
 Act 1961              ITAT, & High Court
 
 Income-tax            IT Appeals before
 Act 1961              ITAT, & High Court
 
 Employee''s State      High Court
 Insurance Act 1948
 
 (c) According to the information and explanations given to us, the
 amounts which were required to be transferred to Investor Education and
 Protection Fund in accordance with the relevant provisions of the
 Companies Act, 1956 (1 of 1956) and rules made thereunder has been
 transferred to such fund within time.
 
 (viii) The Company has accumulated losses as at March 31, 2015 and has
 incurred cash loss in the financial year and there was no cash loss in
 the immediately preceding financial year.
 
 (ix) The company did not have any outstanding dues to financial
 institutions, banks during the year.
 
 (x) In our opinion and 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.
 
 (xi) The Company did not have any term loans outstanding during the
 year.
 
 (xii) According to the information and explanations given to us, no
 material fraud on or by the Company has been noticed or reported,
 during the course of our audit.
 
 17, Bishop Wallers Avenue (West),            For M/s S Viswanathan
 CIT Colony, Mylapore,                         Chartered Accountant
 Chennai - 600 004.                                    FRN: 004770S
 
 Place: Chennai
 Date: May 26, 2015                             Chella K Srinivasan
                                                            Partner
                                             Membership No: .023305
स्रोत: रेलीगरे टेचनोवा

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