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Aditya Spinners Ltd.

BSE: 521141 Sector: Industrials
NSE: ADITYASPIN ISIN Code: INE122D01026
BSE 00:00 | 24 May 6.29 -0.33
(-4.98%)
OPEN

6.29

HIGH

6.29

LOW

6.29

NSE 05:30 | 01 Jan Aditya Spinners Ltd
OPEN 6.29
PREVIOUS CLOSE 6.62
VOLUME 200
52-Week high 11.42
52-Week low 6.29
P/E
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.29
CLOSE 6.62
VOLUME 200
52-Week high 11.42
52-Week low 6.29
P/E
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Aditya Spinners Ltd. (ADITYASPIN) - Auditors Report

Company auditors report

To

The Members of Aditya Spinners Limited Report on the Financial Statements

We have audited the accompanying financial statements of M/s. Aditya Spinners Limited("the Company") which comprise the Balance Sheet as at March 312017 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India

(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 312017;

(b) In the case of the Statement of Profit and Loss of the profit of the Company forthe year ended on that date; and

(c) In the case of the Cash Flow Statement of the cash flows of the Company for theyear ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2017 ("the Order")issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Companies Act 2013 we give in the Annexure A a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

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 bestof 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 theCompany 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 Statementdealt with in this report are in agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

(e) Based on the Written Representation received from the directors as on March312017 and taken on record by the Board of Directors we report that none of thedirectors are disqualified as on March 312017 from being appointed as a director in termsof Sub-section 2 of Section 164 of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"; and

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

I. The Company does not have any pending litigations which would impact its financialposition;

ii. There is no requirement for any provision as required by any act or AccountingStandards for material foreseeable losses if any on long term contracts includingderivative contracts;

iii. There are no amounts which are required to be transferred to Investor Educationand protection fund.

iv. The Company has provided requisite disclosures in the financial statements as toholdings as well as dealings in specified Bank during the period from 8thNovember 2016 to 30th December 2016. Based on audit procedures and relying onthe management representation we report that the disclosures are in accordance with booksof account maintained by the Company ad as produced to us by the Management.

For C.RAMACHANDRAM & CO.

Chartered accountants

Firm Registration No. 002864S C. RAMACHANDRAM

Partner

M.No:025834

Place: Hyderabad

Date: 27.05.2017

Annexure A to the Auditors' Report

Annexure referred to in paragraph under 'Report on Other Legal and RegulatoryRequirements' section of our report of the Independent Auditors' Report of even date ofAditya Spinners Limited on the 'financial statements for the year ended March 312017

In terms of the information and explanations sought by us and given by the company andthe books and records examined by us in the normal course of audit and to the best of ourknowledge and belief we state the following:

i. (a) The Company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The Company has verified fixed assets at regular intervals. There are no materialdiscrepancies were noticed on such verification.

(c) According to information and explanation given to us title deeds of immovableProperties are held in the name of the company.

ii. Physical verification of inventory has been conducted at reasonable intervals bythe management. Material discrepancies noticed were properly dealt in books of account ofthe company.

iii. The company has not granted any loans secured or unsecured to Companies FirmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013. Thus paragraph 3(iii) of the Order is notapplicable to the company. However the company has given advances to the company coveredin the register maintained under section 189 of the Act and in our opinion and to thebest of our examination the terms are not prejudicial to the interests of the company.

iv. The Company has not made any transactions in the nature of loans investmentsguarantees and security where provisions of section 185 and 186 of the Companies Act2013 are applicable. Thus paragraph 3(iv) of the Order is not applicable to the Company.

v. The company has not accepted any deposits within the meaning of provisions ofSections 73 to 76 or any other relevant provisions of the Companies Act 2013 and therules framed there under. Thus paragraph 3(v) of the Order is not applicable to thecompany.

vi. We have broadly reviewed the cost records maintained by the Company pursuant to theCompanies (Cost Records and Audit) Rules 2014 as amended and prescribed by the CentralGovernment under sub-section (1) of Section 148 of the Companies Act 2013 and are of theopinion that prima facie the prescribed cost records have been made and maintained. Wehave however not made a detailed examination of the records with a view to determinewhether they are accurate or complete.

vii. (a) According to the information and explanations given to us and the records ofthe

Company examined by us in our opinion the Company is regular in depositing theundisputed statutory dues including provident fund income tax and other materialstatutory dues as applicable with the appropriate authorities.

(b) According to the information and explanations given to us and the records of the

Company examined by us there are no dues of income tax and other material statutorydues as applicable which have not been deposited on account of any dispute.

viii. In our opinion and according to information and explanations given to us thecompany has not defaulted in repayment of loans or borrowings due to any financialinstitution bank Government or dues to its debenture holders as on the date of balancesheet.

ix. The company has not raised any moneys by way of initial public offer or furtherpublic offer (including debt instruments) during the reporting period. Term loans availedduring the reporting period was applied for the purposes for which those were raised.

x. According to the information and explanations given to us no material fraud by thecompany or on the company by its officers or employees has been noticed or reported duringthe course of our audit.

xi. According to information and explanation given to us the company has providedmanagerial remuneration in accordance with Section 197 read with schedule V to theCompanies Act 2013

xii. In our opinion the company is not a Nidhi Company. Accordingly paragraph 3(xii)of the Order is not applicable for the company.

xiii. In our opinion and according to information and explanations given to us alltransactions with the related parties are in compliance with Sections 177 and 188 ofCompanies Act 2013 and the details of such transactions have been disclosed in theFinancial statements of the company as required by applicable Accounting Standards.

xiv. According to information and explanation given to us the company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year.

xv. According to information and explanation given to us the company has not enteredinto non cash transactions with directors or any persons connected with him. Thusparagraph 3(xv) of the Order is not applicable to the company.

xvi. In our opinion the company is not required to be registered under section 45IA ofReserve Bank of India Act 1934. Thus paragraph 3(xvi) of the Order is not applicable tothe company.

For C.RAMACHANDRAM & CO.

Chartered accountants

Firm registration No. 002864S

C.RAMACHANDRAM

Partner

M.No:025834 Place : Hyderabad

Date : 27.05.2017

Annexure - B to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of M/s. AdityaSpinners Limited ("the Company") as of March 31 2017 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 312017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For C.RAMACHANDRAM & CO.

Chartered accountants

Firm registration No. 002864S

C.RAMACHANDRAM

Partner

M.No:025834

Place : Hyderabad

Date : 27.05.2017