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moneycontrol.com भारत | लेखा परीक्षकों की रिपोर्ट > Textiles - Weaving > लेखा परीक्षकों की रिपोर्ट से सुभाष सिल्क मिल्स - बीएसई: 530231, NSE: N.A

सुभाष सिल्क मिल्स

बीएसई: 530231  |  NSE: N.A  |  ISIN: INE690D01014  |  Textiles - Weaving

खोजें सुभाष सिल्क मिल्स कनेक्शन Mar 14
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '15
We have audited the accompanying financial statements of SUBHASH SILK
 MILLS 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 Company''s Board of Directors is responsible for the matters 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 the Companies (Accounts)
 Rules, 2014. This responsibility also includes the maintenance of
 adequate accounting records in accordance with the provision of the Act
 for safeguarding of the assets of the Company and for preventing and
 detecting the frauds and other irregularities; selection and
 application of appropriate accounting policies; making judgments and
 estimates that are reasonable and prudent; and design, implementation
 and maintenance of internal financial control, 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
 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 true and fair view 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
 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 audit
 opinion on the financial statements.
 
 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 the Statement of Profit and Loss, of the Loss 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.
 
 Emphasis of Matters
 
 In our opinion and the best of our information and according to the
 explanation given to us, there is no matter which may have an adverse
 effect on the functioning of the company.
 
 Report on other Legal and Regulatory Requirements As required by
 section 143(3) of the Act, 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
 purposes 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, the 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
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014.
 
 e) On the basis of written representations received from the directors
 as on 31 March, 2015, taken on record by the Board of Directors, none
 of the directors is disqualified as on 31 March, 2015, from being
 appointed as a director in terms of Section 164(2) of the Act.
 
 f) With respect to the other matters included in the Auditor''s Report
 and to our best of our information and according to the explanations
 given to us :
 
 i. The Company did not have any pending litigations which would impact
 its financial position.
 
 ii. The Company did not have any long term contracts including
 derivatives contracts for which there were any material foreseeable
 losses.
 
 iii. There were no amounts which required to be transferred to Investor
 Education and Protection Fund by the Company.
 
 (Annexure to Auditor''s Report)
 
 (i) In respect of its fixed assets:
 
 (a) The Company has maintained proper records showing full particulars,
 including quantitative details and situation of fixed assets.
 
 (b) The Company has physically verified certain assets during the year
 in accordance with a programme of verification, which in our opinion
 provides for physical verification of the fixed assets at reasonable
 intervals. According to the information and explanations given to no
 material discrepancies were noticed on such verification.
 
 In our opinion fixed assets have been properly dealt with in the books
 of accounts
 
 (ii) In respect of its Inventories:
 
 (a) In our opinion, the management at reasonable intervals has
 physically verified the inventories and the frequency of verification
 is reasonable.
 
 (b) In our opinion and according to the information and explanation
 given to us, the procedure for verification of stocks 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, the Company has maintained proper records of its
 inventories and no material discrepancies were noticed on physical
 verification.
 
 (iii) The company has not granted any loans, secured or unsecured to
 companies, firms or other parties covered in the register maintained
 under section 301 of the Act and hence clause (iii) sub-clauses (a),
 (b), (c) and (d) of para 4 not applicable.
 
 (e) In respect of loans, secured or unsecured, taken by the Company
 from companies, firms or other parties covered in the register
 maintained under section 301 of the Companies Act 1956, according to of
 the information and explanations given to us, the Company has taken
 interest free loans from 3 parties covered in register u/s 301
 aggregating to Rs. 48,31,316.
 
 (f) The terms and conditions of the loans are, in our opinion, prima
 facie not prejudicial to the interests of the company.
 
 (g) The payment of principal amount to the parties from whom loans
 given by the company is regular as per the mutual understanding between
 the parties.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there are adequate internal control procedures
 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. Further, on the basis of our examination of
 books and records of the company, carried out in accordance with the
 auditing standards generally accepted in India and according to the
 information and explanation given to us, we have neither come across
 nor have we been informed of any continuing failure to correct major
 weaknesses in the aforesaid internal control system.
 
 (v) In our opinion and according to the information and explanation
 given to us, the company has not accepted deposits from the public as
 per section 73 to 76 or any other relevant provisions of the Companies
 Act, 2013.
 
 (vi) According to information and explanation given to us, the
 maintenance of cost records has not been prescribed by the Central
 Government sub section (1) of section 148 of the Companies Act 2013.
 
 (vii) According to the information and explanations given to us in
 respect of statutory and other dues:
 
 (a) The Company has been regular in depositing undisputed statutory
 dues, including Provident Fund, Employees'' State Insurance, Income-tax,
 Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Value
 Added Tax, cess and any other statutory dues with the appropriate
 authorities during the year, whenever there is delays in payment dues
 are paid along with interest as per rules and regulation under
 respective act except Income Tax dues for the Financial Year 2013-14 of
 Rs. 1.2 crores
 
 (b) There are no disputed dues of Sales Tax, Income Tax, Customs Duty,
 Wealth Tax, Service Tax, Excise Duty, Value Added Tax, Cess and any
 other statutory dues with the appropriate authorities during the year.
 
 (viii) The Company does not have accumulated losses which are more than
 50% at the end of the year.  Further the company did not have cash
 losses in the current financial year however incurred cash loss in the
 preceding financial year.
 
 (ix) 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 the repayment of dues to financial
 institutions, banks and debenture holders.
 
 (x) According to the information and explanations given to us, the
 company has not given any guarantee for loan taken by others from banks
 or financial institutions.
 
 (xi) 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 purposes for which the loans were obtained, other than temporary
 deployment pending application.
 
 (xii) 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 S.M. Kapoor & Co.
                                                   Chartered Accountants
 
                                                         (Shekhar Gupta)
                                                                Partner
                                                   Membership No. 15622
                                                Firm Regn. No. 104809 W
 Place: Mumbai
 Date: 6th August, 2015
 
 
 
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • NEWS FLASH EVE : कंसो मुनाफा `146 Cr से घटकर `39 Cr (YoY)
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