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Amit Spinning Industries Ltd.

BSE: 521076 Sector: Industrials
NSE: ASIL ISIN Code: INE988A01026
BSE LIVE 15:14 | 30 Nov 1.18 0.05
(4.42%)
OPEN

1.18

HIGH

1.18

LOW

1.18

NSE LIVE 00:00 | 05 Sep Stock Is Not Traded.
OPEN 1.18
PREVIOUS CLOSE 1.13
VOLUME 201
52-Week high 1.18
52-Week low 0.74
P/E
Mkt Cap.(Rs cr) 4.86
Buy Price 1.08
Buy Qty 226.00
Sell Price 1.18
Sell Qty 799.00
OPEN 1.18
CLOSE 1.13
VOLUME 201
52-Week high 1.18
52-Week low 0.74
P/E
Mkt Cap.(Rs cr) 4.86
Buy Price 1.08
Buy Qty 226.00
Sell Price 1.18
Sell Qty 799.00

Amit Spinning Industries Ltd. (ASIL) - Auditors Report

Company auditors report

To the members of AMIT SPINNING INDUSTRIES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of Amit Spinning IndustriesLimited ("the Company") which comprise the Balance Sheet as at March 31 2015the Statement of Profit and Loss and Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information

Management's Responsibility for the Financial Statements

The management and Board of Directors of the Company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ('the act') with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with rule 7 of Companies (Accounts) Rules2014. This responsibility includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; design implementation and maintenance of adequate internal financial controlsthat are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor’s 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 thereunder. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders 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 but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's management and Board of Directors aswell as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Basis for Qualified Opinion

We draw attention to:

a. Note No. 30 with respect to recoverability of amount of 19346572 in respect ofduty drawbacks.

We report that had the Company decided to write off the sums as mentioned above theloss for the year would have been greater by Rs.19346572 and would have amounted toRs.260517316 (as against the reported figure of Rs.241170744) with a consequentialeffect on Accumulated losses and Loans and Advances.

Qualified Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us except for the effects of the matter described in the Basis for QualifiedOpinion paragraph above the aforesaid financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at 31st March 2015 its loss and its cash flows for the year ended on thatdate.

Emphasis of Matters

We draw attention to the following matters in the Notes to the financial statements:

Note 31 in the financial statements which indicates that the Company has accumulatedlosses and its net worth has been fully eroded the Company has incurred a net cash lossduring the current and previous year(s) and the Company's current liabilities exceededits current assets as at the balance sheet date. These conditions along with othermatters set forth in Note 31 indicate the existence of a material uncertainty that maycast significant doubt about the Company's ability to continue as a going concern.However the financial statements of the Company have been prepared on a going concernbasis for the reasons stated in the said Note.

Our opinion is not modified in respect of these matters.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central Government of India in terms of subsection (11) of section143 of theAct we give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 ofthe Order.

As required by section 143(3) of the Act we further 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 purpose of our audit;

b. in our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

c. the Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

d. in our opinion the aforesaid financial statements comply with the applicableAccounting Standards specified under Section 133 of the

Act read with Rule 7 of the Companies (Accounts) Rules 2014;

e. The going concern matter described in sub-paragraph (b) under the Emphasis ofMatters paragraph above in our opinion may have an adverse effect on the functioning ofthe Company;

f. on the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of Section 164(2) of theAct;

g. In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:

(i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements – Refer Note 25 to the financial statements;

(ii) The Company did not have any long-term contracts including derivative contracts;as such the question of commenting on any material foreseeable losses thereon does notarise;

(iii) There has not been an occasion in case of the Company during the year underreport to transfer any sums to the Investor Education and Protection Fund; as such thequestion of delay in transferring such sums does not arise.

For Sunil Jain & Co.

Chartered Accountants

(Registration No. 003855N)

Sd/-

Sanchit Jain

Partner

Membership No. 511714

Place New Delhi

Date : May 27 2015

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