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Bannari Amman Spinning Mills Ltd.

BSE: 532674 Sector: Industrials
NSE: BASML ISIN Code: INE186H01014
BSE LIVE 15:40 | 09 Dec 269.65 -3.35
(-1.23%)
OPEN

263.05

HIGH

272.00

LOW

263.00

NSE LIVE 14:56 | 09 Dec 270.00 -0.15
(-0.06%)
OPEN

265.15

HIGH

274.00

LOW

265.00

OPEN 263.05
PREVIOUS CLOSE 273.00
VOLUME 52
52-Week high 348.00
52-Week low 177.00
P/E 24.03
Mkt Cap.(Rs cr) 424.70
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 263.05
CLOSE 273.00
VOLUME 52
52-Week high 348.00
52-Week low 177.00
P/E 24.03
Mkt Cap.(Rs cr) 424.70
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bannari Amman Spinning Mills Ltd. (BASML) - Auditors Report

Company auditors report

To

The Members

Bannari Amman Spinning Mills Limited

1. Report on the Financial Statements

We have audited the accompanying financial statements of Bannari Amman SpinningMills Limited ("the Company") which comprise the Balance Sheet as at March31 2015 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

2. 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 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.

3. 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 misstatements.

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 directors as well as evaluating theoverall 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 on the financial statements.

4. 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 of the state of affairs of the Company as at March31 2015 and its profit and its cash flows for the year ended on that date.

5. Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) order 2015 ('the order') issued by thecentral Government of India in terms of sub-section 11 of section 143 of the Companies Act2013 we give in the Annexure a statement on the matters specified in the paragraphs 3 and4 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 by 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) On the basis of the written representations received from the directors as on March31 2015 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) ofthe Act.

f) 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 has disclosed the impact of pending litigations on its financialposition in its financial statements as referred to in Note 30 to the financialstatements.

ii) The Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For P N RAGHAVENDRA RAO & CO
Chartered Accountants
P R VITTEL
Partner
Coimbatore M No 200/18111
30th May 2015 ICAI Firm Regn. No: 003328S

Annexure to the Independent Auditors' Report

The Annexure referred to in our Independent Auditors' Report to the members of theCompany on the financial statements for the year ended 31 March 2015 we report that:

I. a. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b. The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner. In accordance with this programmecertain fixed assets were verified during the year and no material discrepancies werenoticed on such verification. In our opinion this periodicity of physical verification isreasonable having regard to the size of the Company and the nature of its assets.

ii. a. Inventories have been physically verified during the year by the management atreasonable intervals.

b. In our opinion and according to the information and explanations given to us 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 our opinion and on the basis of our 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.

iii. According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not granted any loans secured orunsecured to companies firms or other parties listed in the register maintained undersection 189 of the Companies Act 2013 ('the Act'). Consequently the provisions of Clausesiii (a) iii (b) and of the Order are not applicable to the Company.

iv. In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the Company and thenature of its business with regard to purchase of inventory fixed assets and sale ofgoods and services. During the course of our audit we have not observed any major weaknessin the internal control system during the course of the audit.

v. The Company has not accepted any deposits from the public.

vi. As per information & explanation given by the management maintenance of costrecords has been prescribed by the Central Government and we are of the opinion that primafacie the prescribed accounts and records have been made and maintained under section148(1) of the Companies Act by the Company.

vii. a. According to the information and explanations given to us and on the basis ofour examination of the records of the Company the undisputed statutory dues includingprovident fund Employee's State Insurance Income tax Sales tax wealth tax servicetax duty of customs duty of excise value added tax cess and any other statutory dueshave been regularly deposited during the year by the Company with the appropriateauthorities.

b. According to the information and explanations given to us no undisputed amountspayable in respect of provident fund Employee's State Insurance Income tax Sales taxwealth tax service tax duty of customs duty of excise value added tax cess and othermaterial statutory dues were in arrears as at 31 March 2015 for a period of more than sixmonths from the date they became payable.

Name of the Statue Nature of the Dues Amount (Rs. in Lakhs) Period to which the amount relates Forum where dispute is pending
Central Sales Tax Act 1956 Sales Tax and Penalty 87.55 Assessment year 2009-10 High Court of Madras Chennai
Central Sales Tax Act 1956 Sales Tax 46.60 Assessment year 2008-09 High Court of Madras Chennai
Income Tax Act 1961 Income Tax 0.11 Assessment year 2011-12 CIT (Appeals) Coimbatore
Central Excise Excise Duty 69.61 December 2008 to July 2009 CESTAT Chennai
Central Excise Excise Duty 46.84 September 2010 to October 2011 Joint Commissioner of Central Excise Madurai
Central Excise Excise Duty 0.38 October 2011 to October 2012 Assistant Commissioner of Central Excise Dindugul
Service Tax Service Tax 3.20 April 2011 to October 2011 CESTAT Chennai

c. According to the information and explanations given to us the amounts which wererequired to be transferred to the investor education and protection fund in accordancewith the relevant provisions of the Companies Act 1956 (1 of 1956) and rules there underhas been transferred to such fund within time.

viii. The Company does not have any accumulated losses at the end of the financialyear. The company has not incurred cash losses in the financial year and in theimmediately preceding financial year. ix. The Company did not have any outstanding dues tofinancial institutions banks or debenture holders during the year.

x. In our opinion and according to the information and the explanations given to usthe Company has not given any guarantee for loans taken by others from banks or financialinstitutions.

xi. According to the information and explanations given to us the term loans areapplied for the purpose for which the loans were obtained.

xii. According to the information and explanations given to us no fraud on or by theCompany has been noticed or reported during the course of our audit.

For P N RAGHAVENDRA RAO & CO
Chartered Accountants
P R VITTEL
Partner
Coimbatore M No 200/18111
30 May 2015 th ICAI Firm Regn. No: 003328S

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