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Amarjothi Spinning Mills Ltd.

BSE: 521097 Sector: Industrials
NSE: AMARJOTHI ISIN Code: INE484D01012
BSE LIVE 15:45 | 09 Dec 154.00 -3.65
(-2.32%)
OPEN

156.95

HIGH

158.00

LOW

153.55

NSE LIVE 00:00 | 29 Jan Stock Is Not Traded.
OPEN 156.95
PREVIOUS CLOSE 157.65
VOLUME 2891
52-Week high 168.00
52-Week low 65.00
P/E 8.15
Mkt Cap.(Rs cr) 103.95
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 156.95
CLOSE 157.65
VOLUME 2891
52-Week high 168.00
52-Week low 65.00
P/E 8.15
Mkt Cap.(Rs cr) 103.95
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Amarjothi Spinning Mills Ltd. (AMARJOTHI) - Auditors Report

Company auditors report

TO THE MEMBERS OF AMARJOTHI SPINNING MILLS LIMITED

I have audited the accompanying accounts and every financial statement of AmarjothiSpinning Mills Limited which comprise the Balance Sheet as at March 31 2015 and theStatement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards referred to in section 133 of theCompanies Act 2013. This responsibility includes the design implementation andmaintenance of internal control relevant to the preparation and presentation of thefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

I also state that :

a) I have sought and obtained all the information and explanations which to the best ofmy knowledge and belief were necessary for the purpose of my audit and if not the detailsthereof and the effect of such information on the financial statements;

b) In my opinion proper books of account as required by law have been kept by thecompany so far as appears from my examination of those books and proper returns adequatefor the purposes of my audit have been received;

c) The company s balance sheet and profit and loss account dealt with in the report arein agreement with the books of account and returns;

d) In my opinion the financial statements comply with the accounting standards;

e) There are no observations or comments on the financial statements which have anyadverse effect on the functioning of the company;

f) No director is disqualified from being appointed as a director under sub-section (2)of section 164;

g) There are no qualifications reservation or adverse remark relating to themaintenance of accounts and any other matters connected therewith;

h) The company has adequate internal financial controls system in place and iseffective; In my opinion and to the best of my information and according to theexplanations given to me the financial statements give the information required by theAct in the manner so required and give a TRUE and FAIR view in conformity with theaccounting principles generally accepted in India:

a) in the case of the Balance Sheet of the STATE OF AFFAIRS of the Company as at March31 2015;

b) in the case of the Profit and Loss Account of the PROFIT for the year ended on thatdate; and

c) in the case of the Cash Flow Statement of the CASH FLOWS for the year ended on thatdate.

As required by the Companies (Auditor s Report) Order 2015 issued by the Ministry ofCorporate Affairs the Central Government of India under the powers conferred bysub-section (11) of section 143 of the Companies Act 2013 I give in the Annexure astatement on the matters specified in paragraph 3 of the Order.

(Sd/-) V. NARAYANASWAMI M.A. F.C.A
Place : Coimbatore Chartered Accountant
Date : 29.05.2015 Membership No. 023661

Annexure to Independent Auditor's Report

The Annexure referred to in paragraph above of the My Report of even date to themembers of Amarjothi Spinning Mills Limited on the accounts of the company for the yearended 31st March 2015.

On the basis of such checks as I considered appropriate and according to theinformation and explanation given to me during the course of my audit I report that:

1. a) The company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets.

b) As explained to me fixed assets have been physically verified by the management atreasonable intervals; no material discrepancies were noticed on such verification.

2. a) As explained to me inventories have been physically verified during the year bythe management at reasonable intervals.

b) In my opinion and according to the information and explanations given to me theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

c) In my opinion and on the basis of my examination of the records the company isgenerally maintaining proper records of its inventories. No material discrepancy wasnoticed on physical verification of stocks by the management as compared to book records.

3. a) The company has taken unsecured loan from parties covered in the registermaintained under section 189 of the Companies Act 2013. The maximum amount involvedduring the year was Rs. 57.21 crores and the year-end balance of loans taken from suchparties was Rs. 51.67 crores.

These amounts have been brought in pursuant to the terms of sanction given by thebankers.

b) The company is regular in repaying the principal amounts as stipulated and has beenregular in the payment of interest.

c) There is no overdue amount of loans taken from parties listed in the registersmaintained under section 189 of the Companies Act 2013.

e) According to the information and explanations given to me and on the basis of myexamination of the books of account the Company has taken unsecured loans from 4 partieslisted in the register maintained under Section 189 of the Companies Act 2013.

f) The Company has not granted any loan secured or unsecured to companies firms andother parties listed in the register maintained under section 189 of the Companies Act2013 and hence the other subsections are not applicable.

4. In my opinion and according to the information and explanations given to me thereis generally an adequate internal control procedure commensurate with the size of thecompany and the nature of its business for the purchase of inventories & fixed assetsand payment for expenses & for sale of goods. During the course of my audit no majorinstance of continuing failure to correct any weaknesses in the internal controls has beennoticed.

5. The Company has not accepted any deposits during the year and hence the directivesissued by the Reserve Bank of India and provisions of section 73 to 76 and any otherrelated provisions of the Companies Act 2013 and the rules framed there under are notapplicable.

6. As per information & explanation given by the management maintenance of costrecords has been prescribed by the Central Government under clause (d) of sub-section (1)of section 148 of the Act and I am of the opinion that prima facie the prescribed accountsand records have been made and maintained.

7. a) According to the records of the company undisputed statutory dues includingProvident Fund Investor Education and Protection Fund Employees State InsuranceIncome-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty cess to theextent applicable and any other statutory dues have generally been regularly depositedwith the appropriate authorities.

According to the information and explanations given to me there were no outstandingstatutory dues as on 31st of March 2015 for a period of more than six monthsfrom the date they became payable.

b) According to the information and explanations given to me there is no amountspayable in respect of income tax wealth tax service tax sales tax customs duty andexcise duty which have not been deposited on account of any disputes.

8. The Company does not have any accumulated loss and has not incurred cash loss duringthe financial year covered by my audit and in the immediately preceding financial year.

9. Based on my audit procedures and on the information and explanations given by themanagement I am of the opinion that the Company has not defaulted in repayment of duesto banks.

10. According to the information and explanations given to me the Company has notgiven any guarantees for loan taken by others from a bank or financial institution.

11. Based on my audit procedures and on the information given by the management Ireport that the company has applied the term loans taken for the purpose for which theywere obtained.

12. Based on the audit procedures performed and the information and explanations givento me I report that no fraud on or by the Company has been noticed or reported during theyear nor have I been informed of such case by the management.

(Sd/-) V. NARAYANASWAMI M.A. F.C.A
Place : Coimbatore Chartered Accountant
Date : 29.05.2015 Membership No. 023661

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