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Aditya Spinners Ltd.

BSE: 521141 Sector: Industrials
NSE: ADITYASPIN ISIN Code: INE122D01026
BSE LIVE 10:16 | 01 Dec 5.35 -0.26
(-4.63%)
OPEN

5.35

HIGH

5.35

LOW

5.35

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 5.35
PREVIOUS CLOSE 5.61
VOLUME 80
52-Week high 7.34
52-Week low 3.29
P/E 7.23
Mkt Cap.(Rs cr) 8.96
Buy Price 5.35
Buy Qty 1920.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.35
CLOSE 5.61
VOLUME 80
52-Week high 7.34
52-Week low 3.29
P/E 7.23
Mkt Cap.(Rs cr) 8.96
Buy Price 5.35
Buy Qty 1920.00
Sell Price 0.00
Sell Qty 0.00

Aditya Spinners Ltd. (ADITYASPIN) - Auditors Report

Company auditors report

ADITYA SPINNERS LIMITED ANNUAL REPORT 2011-2012 AUDITORS' REPORT To The Members of M/s ADITYA SPINNERS LIMITED 1. We have audited the attached balance sheet of M/s. Aditya Spinners Limited as at March 31, 2012 and the related profit and loss Account for the year ended on that date annexed there to and the cash flow statement of the year ended on that date. These financial Statements are the responsibility of the management of the Company. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimate made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the companies (Auditors Report) Order 2003 issued by the Central Government in terms of Section 227(4A) of the companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order. 4. Further to our comments in the annexure referred to in paragraph 3 above, 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 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 it appears from our examination of those books. c) The Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of account. d) In our opinion, these financial statements have been prepared in compliance with the applicable accounting standards referred to in Section 211 (3C) of the companies Act, 1956. e) Based on the representations made by all the Directors of the Company as on March 31, 2012 and taken on record by the Board of Directors of the Company and in accordance with the information and explanations as made available, the Directors of the Company do not, prima face, have any disqualification as referred to in Clause (g) of subsection (1) to Section 274 of the Companies Act 1956. f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) In the case of the Balance Sheet, of the State of affairs of the Company as at March 31, 2012. (ii) In the case of the profit and loss Account, of the loss for the year ended on that date, and (iii) In the case of cash flow statement, of the cash flows for the year ended on that date. For C. RAMACHANDRAM & CO. Chartered Accountants. Sd/- C. RAMACHANDRAM Partner Membership No. 025834 Place: Hyderabad Date : 31st May, 2012. ANNEXURE TO AUDITORS REPORT: (Referred to in paragraph 3 of our report of even date) 1. (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 have been physically verified by the management during the year in a phased periodical manner, which in our opinion is reasonable, having regard to size of the company and nature of its assets. No material discrepancies were noticed on such physical verification. (c) In our opinion the Company has not disposed off substantial part of fixed assets during the year and the going concern status of the company is not affected. 2. (a) As explained to us, inventories have 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) On the basis of our examination of the inventory records in our opinion the Company is maintaining proper records of inventory. The Discrepancies noticed on Physical verification of inventory as compared to book records were not material. 3. (a) The Company has not granted any loans, secured or unsecured to companies, firms, or other parties covered in the register maintained U/s 301 of the companies Act 1956. (b) The Provisions of Clause (b), (c), and (d) of Paragraph 4(iii) of the companies (Auditors Report) order, 2003 are not applicable to the company. (c) The Company has taken loans from two parties covered in the register maintained U/s.301 of the Companies Act, 1956. The maximum amount involved during the year was Rs.20.14 lakhs and the year end balance of loans outstanding from such party was Rs.20.14 Lakhs. (d) The rate of interest and other terms of loan as explained above, are prima facie not prejudicial to the interest of the company. (e) The loans taken by the company are repayable on demand. 4. 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 with regard to purchase of inventory, fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system. 5. According to the information and explanations given to us, we are of the opinion that there are no contracts or arrangements which need to be entered in the register maintained under section 301 of the Act. In view of this, paragraphs 4v(a) and 4v(b) of CARO are not applicable. 6. The Company has not accepted any deposits from the public within the meaning of sections 58A and 58AA or any other relevant provisions of the Company Act, 1956 and the ruled framed there under. 7. In our opinion the company has an internal audit system commensurate with its size and nature of its business. 8. We have broadly reviewed the books of accounts maintained by the Company in respect of manufacturing yarn, pursuant to the Rules made by the Central Government of India, the maintenance of cost records has been prescribed under clause (d) of sub-section (1) of section 209 of the Act and are of the 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. 9. (a) According to the information and explanation given to us, the Company has been regular in depositing with appropriate authorities undisputed statutory dues including investor education and protection fund, wealth tax, custom duty, excise duty, service tax, cess, other statutory dues to the extent applicable to it. (b) According to the information and explanations given to us no undisputed amounts payable in respect of income tax, wealth tax, services tax, custom duty, excise duty and cess were in arrears as at March 31, 2012 for a period of more than Six months from the date they became payable. (c) According to the information and explanation given to us, there are no dues of income tax, sales tax, excise duty, service tax, custom duty, wealth tax and cess which have not been deposited on account of the dispute. 10. In our opinion the accumulated losses of the company are more than fifty percent of its networth. The company has not incurred cash losses during the financial year covered by our report and in the immediately proceeding financial year. 11. In our opinion that the Company has not defaulted in repayment of dues to a financial institution or debenture holders during the year. 12. 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. In our opinion, the company is not a chit fund or nidhi mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the companies (Auditor's Report) Order, 2003 are not applicable to the company. 14. In our opinion the Company has maintained proper records of transaction and contracts relating to dealing or trading in shares, securities, debentures and other investments and timely entries have been made therein. The shares, debentures and other securities have been held by the Company in its own name. 15. In our opinion and according in the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks for financial institutions during the year. 16. The company has not raised any new term loans during the year. The term loans out standings at the beginning of the year were applied for the purposes for which they were raised. 17. 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. 18. The company has made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act during the year. The No. of shares alloted is 91,40,000 shares at a price of Rs.10/- each and the price at which shares have been issued is not prejudicial to the interest of the company. 19. The company has not issued any debentures during the year. 20. The company has not raised any money by way of public issue during the year. 21. In our opinion and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year, that causes the financial statements to be materially misstated. For C. RAMACHANDRAM & CO., Chartered Accountants Sd/- C. RAMACHANDRAM Partner Membership No. 02S834 Place: Hyderabad Date : 31st May, 2012.

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