You are here » Home » Companies » Company Overview » Samrat Spinners Ltd

Samrat Spinners Ltd.

BSE: 503243 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN
PREVIOUS CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty
OPEN
CLOSE
VOLUME
52-Week high 0.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price
Buy Qty
Sell Price
Sell Qty

Samrat Spinners Ltd. (SAMRATSPINNERS) - Auditors Report

Company auditors report

SAMRAT SPINNERS LIMITED ANNUAL REPORT 2000-2001 AUDITORS' REPORT We have audited the attached Balance Sheet of SAMRAT SPINNERS LIMITED as at March 31, 2001 and the Profit & Loss Account of the Company for the year ended on that date annexed thereto and report as follows 1. As required by the Manufacturing and Other Companies (Auditors' Report) Order, 1988 issued by the Company Law Board in terms of Section 227(4-A) of the Companies Act, 1956 and in terms of the information and explanations given to us and on the basis of the checks as we considered appropriate. We enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order. 2. Further to our comments in the Annexure referred to in Paragraph 1 above: a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. b) In our opinion, proper books of accounts, as required by Law have been kept by the Company, so far as appears from our examination of the books of the Company. c) The Balance Sheet and Profit & Loss Account dealt with by the Report, are in agreement with the books of account of the Company. d) In our opinion the Profit & Loss account and Balance Sheet comply with the accounting standards referred to in sub section (3C) of Section 211 of the Companies Act, 1956. e) According to the information and explanations given to us, none of the Directors of the Company is disqualified from being appointed as a Director under clause (g) of sub-section (1) of 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 read together with the notes thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view. i. in the case of the Balance Sheet of the state of affairs as at March 31,2001: and ii. in the case of the Profit & Loss Account, of the Profit of the Company for the year ended on that date. For C K S Associates Chartered Accountants Hyderabad (N V S Srikrishna) May 25, 2001 Partner ANNEXURE TO THE AUDITORS' REPORT 1. The Company has maintained proper records showing full particulars including quantitative details and situation of Fixed Assets. All the fixed assets have been physically verified by the management during the year and to the best of our knowledge, no material discrepancies were noticed on such verification. 2. None of the fixed assets of the Company have been revalued during the year. 3. The stock of finished goods, spare parts and raw materials have been physically verified at reasonable intervals. 4. The procedures of physical verification of stocks followed by the management are reasonable and adequate, in relation to the size of the Company and the nature of its business. 5. No material discrepancies have been noticed on physical verification of stocks as compared to the book records. 6. On the basis of examination of stock records, we are of the opinion that the valuation of stocks is fair and proper, in accordance with the normally accepted accounting principles and is on the same basis as in the preceding year. 7. In our opinion, the rate of interest and other terms and conditions on which loans have been taken from the parties listed in the register maintained under Section 301 and 370(1-B) of the Companies Act, 1956 are not, prima facie, prejudicial to the interest of the Company. 8. In respect of the interest-free loans granted to companies listed in the register maintained under Section 301 of the Companies Act 1956, the terms and conditions are not prima facie prejudicial to the interest of the Company. The Company has not given any loans to the companies under the same management as defined under sub-section (1-B) of Section 370 of the Companies Act, 1956. 9. In respect of loans or advances in the nature of loans given by the Company, the amounts are being recovered regularly, as per the specified terms and conditions. 10. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of stores, raw materials, plant & machinery, equipment and other assets and for the sale of goods. 11. In our opinion and according to the information and explanations given to us, there are no purchase of goods and materials and there are no sales of goods, materials and services made aggregating to Rs.50,000/- or more during the year, in respect of each party made in pursuance of contracts or arrangements entered in the register(s) maintained under Section 301 of the Companies Act 1956. 12. According to the information and explanations given to us and according to our assessment, there are no unserviceable or damaged stores and raw materials or finished goods and therefore the question of determination and write off thereof does not arise. 13. The Company has not accepted any deposits from the public. 14. The Company has maintained reasonable records for the sale and disposal of scrap and wastage. There are no by-products. 15. In our opinion, the Company has an internal audit system commensurate with the size and nature of the business of the Company. 16. We have broadly reviewed the books of accounts maintained by the Company pursuant to the order made by the Central Government for the maintenance of Cost records under Section 209(1)(d) of the companies Act, 1956 and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. 17. Out of Provident fund contributions of Rs.47,40,778/- relating to the period August 2000 to March 2001, which have fallen due for deposit with the appropriate authorities as on March 31, 2001, a sum of Rs.5,25,375/- has only been remitted in the subsequent period. Out of Employee State Insurance dues of Rs.8,22,745/- relating to the period December 2000 to March 2001, which have fallen due for deposit with the appropriate authorities as on March 31, 2001 a sum of Rs.1,53,694/- has only been remitted subsequently. 18. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sales tax, customs-duty and excise-duty were outstanding as at March 31, 2001, for a period of more than six months from the date they became payable. 19. According to the information and explanations given to us, no personal expenses of employees or directors have been charged to Revenue Account, other than those payable under contractual obligations. 20. The provisions of the Sick Industrial Companies (Special Provisions) Act, 1985 are not applicable to the Company. For C K S Associates Chartered Accountants Hyderabad (N V S Srikrishna) May 25, 2001 Partner