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तेजःसवी आहाराम

बीएसई: 531628  |  NSE: N.A  |  ISIN: INE173E01019  |  Textiles - Spinning - Cotton Blended

खोजें तेजःसवी आहाराम कनेक्शन Mar 13
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '14
 We have audited the accompanying financial statements of M/s Sterling
 Spinners Ltd., Chennai (the Company) which comprise the Balance Sheet
 as at March 31, 2014, and 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
 
 Management is responsible for 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
 Accounting Standards referred to in sub-section (3C) of Section 211 of
 the Companies Act, 1956 (the Act), This responsibility includes the
 design, implementation and maintenance of internal control 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.
 
 Auditors Responsibility:
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We Conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of 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
 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 control relevant to the Company''s preparation and
 fair presentation of the financial statements 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 management, 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
 
 Subject to the following comments:
 
 BIFR SCHEDULE:
 
 The Company has been declared sick by BIFR on 6.5.2003. Pending
 Proceedings before BIFR action has been initiated under SARFAESI Act,
 2002 by TIIC. BIFR has abated the proceedings, since SARFAESI action
 has been taken. Appeal against the Abatement Order also been dismissed
 by AAIFR. SARFAESI action has been challenged and when it is pending,
 settlement has been made to TIIC. There is no liability either with
 Secured or Unsecured Creditors.
 
 GOING CONCERN BASIS:
 
 The Company has stopped its operations since October, 2007 and whole of
 the Plant and Machineries has been disposed off leaving only Land and
 Building. In spite of all the above, accounts has been prepared on a
 going concern basis.
 
 UN-SECURED LOANS FROM RELATED PARTIES:
 
 In order to settle the dues to Banks and other Creditors, the Company
 has taken Unsecured Loans from its Managing Director and one of Its
 related Company. The Company has paid an amount of Rs.241.02 lakhs
 towards interest on the above loans.
 
 SUBJECT TO ABOVE COMMENTS:
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the 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 31,2014;
 
 (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.  Report on Other Legal and Regulatory
 Requirements:
 
 1.  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 227 of the Act, we give in the Annexure a
 statement on the matters specified in paragraphs 4 and 5 of the Order.
 
 2.  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 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 Balance Sheet, Statement of Profit and Loss,
 and Cash Flow Statement comply with the Accounting Standards referred
 to in subsection (3C) of Section 211 of the Companies Act, 1956, 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; 
 
 (e) on the basis of written representations received from the directors
 as on March 31,2014, and taken on record by the Board of Directors, 
 none of the directors is disqualified as on March 31, 2014, from being
 appointed as a director in terms of clause (g) of sub-section (1) of 
 section 274 of the Companies Act, 1956 .
 
 ANNEXURE TO THE AUDITORS'' REPORT
 
 Referred to in Paragraph 1 of our Report of even date to the
 Members of M/s Sterling Spinners Ltd, (the Company) on the Financial
 Statement for the Year ended March 31, 2014.
 
 (i) In respect of Fixed Assets :
 
 (a) The Company has maintained proper records showing full particulars,
 including quantitative details and situation of Fixed Assets.
 
 (b) All the Fixed Assets were physically verified by the Management
 during the year and there is a regular programme of verification, 
 which, in our opinion, is reasonable haying regard to size of the 
 Company and the nature of its assets. No material discrepancies were
 noticed during verification.  
 
 (c) During the year the Company has not disposed off any Fixed Assets
 
 (ii) In respect of its Inventory :
 
 The Company has stopped production at the mill. There is no inventory,
 Therefore the provisions of Clause 4 (ii) of the order are not
 applicable to the Company.
 
 (iii) (a) As informed 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 Companies ACt. 1956.
 
 (b) 1. The Company has taken Un-Secured loans from two parties covered
 in the Register maintained under Section 301 of the Companies Act,
 1956. The maximum Amount involved during the year for those loans was
 Rs. 1760.94 lakhs. The year end balance of those loans was Rs. 1760.94
 Lakhs.
 
 2, The rate of Interest and all other Terms and Conditions for the
 loans taken are not prima facie, prejudicial to the interest of the
 Company, they are regular in payment of interest, wherever applicable.
 
 3.  The terms of arrangement do no stipulate any principal 
 repayment schedule and is repayable on demand.
 
 4.  There is no overdue amount of Loan taken from the party covered
 in the Register maintained under Section 301 of the Companies Act, 
 1956.
 
 (iv) In our opinion, and according to the information and explanations
 given to us, there is an adequate internal control and procedures
 commensurate with the size of the Company and the nature of its
 business, with regard to purchase of inventory, fixed assets and with
 regard to the sale of goods. During the course of our audit, we have
 not observed any continuing failure to correct major weakness in the
 internal control system of the Company.
 
 (v) (a) According to the information and explanations given to us, we
 are of the opinion that the particulars of contracts or arrangements 
 referred to in Section 301 of the Companies Act, 1956have been entered
 into the register required to be maintained under that Section.
 
 (b) In our opinion, and according to the Information and explanations
 given to us, the transactions made in pursuance of contracts or 
 arrangements entered in the register maintained under Section 301 of 
 the Companies Act, 1956, have been made at prices that are reasonable
 having regard to 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 not accepted any deposits from the Public
 and consequently the provisions of Sections 58A and 58AA or any other
 relevant provisions of the Companies Act, 1956 and the rules framed 
 there under are: not applicable.
 
 (vii) In our opinion, the Company has an internal audit system
 commensurate with the size and the nature of its business.
 
 (viii) Since the Company has stopped operations in the plant, reporting
 under Clause 4 (viii) of the Companies'' (Auditor''s Report) Order, 2003
 does not arise.
 
 (ix) (a) According to the information and explanations given to us,the
 Company is regular In depositing with appropriate authorities 
 undisputed statutory dues including Provident Fund, Investor education
 protection fund, Emloyees State Insurance, Income Tax, Sales Tax, 
 Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other 
 material statutory dues applicable to it.
 
 (b) According to the information and explanations given to us, no
 undisputed amounts payable in respect of Income Tax, Sales Tax, Wealth
 Tax, Service Tax, Excise Duty and Cess were in arrears, as at 31st
 March, 2014 for a period of more than six months from the
 date they became payable.
 
 (c) Income Tax, Sales Tax, Wealth Tax, Service Tax, Excise Duty and
 Cess which have not been deposited on account of any dispute
 
 (x) In our opinion, accumulated losses have exceeded its net worth at
 the end of financial year. The company has incurred cash losses in this
 financial year, but incurred cash Profit in the immediate preceding
 financial year.
 
 (xi) According to the information and explanations given to us, the
 Company has no loans due to bank and Financial Institutions.
 
 (xii) In our opinion and according to information and explanations
 given to us, no loans and advances have been granted by the Company 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 / Nidhi / Mutual
 Benefit Fund / Society, therefore, the provisions of Clause 4 (xiii) of
 the Companies (Auditors Reprot) Order, 2003 are not applicable to the 
 Company.
 
 (xiv) In our opinion, the Company is not dealing in or trading in
 shares, Securities, debentures and other investments. Accordingly, the
 provisions of clause 4 (xiv) of the Companies (Auditor''s Report) Order,
 2003 are not applicable to the Company.
 
 (xv) According to the information and explanations given to us, the
 Company has given guarantee for loans taken by M/s Savorit Limited from
 Banks. According to the information and explanations given to us, we
 are of the opinion that the Terms and Conditions thereof are not
 primafacie prejudicial to the interest of the Company.
 
 (xvi) The Term Loans raised by the Company, was applied for the purpose
 of loans were obtained.
 
 (xvii) According to the information and explanations given to us and on
 an overall examination of the balance sheet of the Company, we report
 that no funds raised on short-term basis have been used for long-term
 investment.
 
 (xviii) According to the information and explanation given to us, the
 Company has not made preferential allotment of shares to parties and
 companies covered In the register maintalned under Section 301 of the
 Companies Act, 1956
 
 (xix) According to the information and explanations given to us, during
 the period covered by our audit report, the Company has not issued any
 debentures.   
 
 (xx) The Company has not raised any money by public issues during the
 year.
 
 (xxi) According to the information and explanations given to us, no
 fraud on or by the Company has been noticed or reported during the
 course of our audit
 
 PLACE: CHENNAI                              For D.SAMPATH KUMAR & CO.,
 DATE : 30.05.2014                              CHARTERED ACCOUNTANTS
                                                   (FRN. 003556S)
 
                                                 
                                                    M.K.RAVINDRAN
                                                      (PARTNER)
                                                Membership No: 20887
स्रोत: रेलीगरे टेचनोवा

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