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Sri Nandaa Spinners Ltd.

BSE: 530667 Sector: Industrials
NSE: N.A. ISIN Code: INE836E01011
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Sri Nandaa Spinners Ltd. (SRINANDAASPIN) - Auditors Report

Company auditors report

To

The Members of

M/s. Sri Nandaa Spinners Limited.

Report on Financial Statements

We have audited the accompanying Financial Statements of M/s. Sri Nandaa SpinnersLimited ("the Company") which comprises the Balance Sheet for the year ended asat March 31 2016 the Statement of Profit and Loss and the Cash flow statement for theyear ended on that date and a summary of significant accounting policies and otherexplanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance of the Company inaccordance with the Accounting Standards referred to in Section 133 of the Companies Act2013 ("the Act"). 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.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the companies Act 2013. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

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 control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the.reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the financial statements.

Basis of Qualified Opinion:-

The company has received the amount of Rs.1.57 Crores from public towards shareapplication money.

As per the information provided by the management these shares could be not beallotted to the applicant company in the view of non-receipt of approval from SEBI andStock Exchange. By the virtue of the Rules of the Companies Acceptance and Deposit Rulesthese are public deposits to be repaid. However the company have not complied the same.

Trade Receivables Trade Payables and other payables are subject to confirmation andreconciliation.

Qualified Opinion

In our opinion except for the effects of the matter discussed in the basis forQualified Opinion paragraph the financial statements give the information required by theAct in the manner so required 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 at 31stMarch 2016; and

b) in the case of the Profit and Loss Account of the profit for the period ended onthat date;

c) In the case of the cash flow statement of the cash flows for the year ended on thedate.

Emphasis of Matter - Going Concern:

In forming our opinion on the financial statements we have considered the adequacy ofthe disclosures made in the note A of the financial statements concerning the company'sability to consider as a going concern. The company has incurred accumulated lossesamounting to Rs. 165761127/- as on 31st March 2016. These conditionsindicate the existence of material uncertainty which may cast significant doubt about thecompany's ability to continue as a going concern. The financial statements do not includethe adjustments that would result if the company was unable to continue as a goingconcern.

Report on Other Legal and Regulatory Requirements:-

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 of the Order.

2. As required by section 143(3) of the Act we report that:

a) We have obtained all the information and explanations which to the best of ourknowledge 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 and Statement of Profit and Loss dealt with by this Report are inagreement with the books of account.

d) In our opinion the Balance Sheet complies with the Accounting Standards referred toin Section 133 of the Companies Act 2013 read with Rule 7 of the Companies (Accounts)Rules 2014.

e) The company has adequate internal financial control system in place and operativeeffectiveness of such control subject to the qualification given in the opinion paragraph.

f) On the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors none of the directors aredisqualified as on March 31 2016 from being appointed as a director in terms of Section(2) of section 164 of the Companies Act 2013.

For Venkatesh & Co.
Chartered Accountants
FRN 004636S
CA Desikan G
M.No. 219101
Place: Chennai Partner
Date: 01/08/2016

Annexure to Independent Auditors' Report

(Referred to in paragraph 1 under the heading of "Report on other Legal andRegulatory Requirements" of our Report of even date)

As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment in terms of section 143 (11) of the Companies Act 2013 and on the basis ofsuch checks of the books and records of the Company as we considered appropriate andaccording to the information and explanations given to us during the course of the auditwe report that

1. a) The Company does not possess any fixed assets as on the Balance sheet date hencewe do not comment on the same.

b) Since the company does not have fixed assets the clause not arise.

c) Since the company does not have fixed assets the clause not arise.

2. The Inventories as per books of accounts are nil. Hence this clause does not arise.

3. a) The Company has not given or taken loans from the parties covered in the registerMaintained under section 189 of the Companies act of 2013.

b) In the light of (a) we do not comment on the interest or other conditions orsecurity of loans.

c) In the light of (a) we do not comment on the payment of principal or interest.

4. The company has not given any loan to any party during the year.

5. The company has not accepted any deposits in the current year hence the provision ofsections 73 to 76 does not apply.

6. The Central Government has not prescribed for the Company maintenance of the CostRecords under subsection (1) of section 148 of the Act.

7. a) According to the records of the Company the company is regular in depositingundisputed statutory dues relating to Income Tax and Service Tax and other statutory duesapplicable to it with the appropriate authorities.

b) According to the records of the Company and according to the information and ^explanations given to us there are no dues of Income tax and Service Tax.

8. The company has not defaulted in repayment of loans or borrowing to a financialinstitution bank Government or dues to debenture holders.

9. The company has not taken any term loan in the current year.

10. We had not noticed any fraud by the company or any fraud on the Company by itsofficers or employees to be reported during the year.

11. According to the records of the company provided to us managerial remuneration hasbeen paid or provided in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Companies Act.

12. The company is not a Nidhi company hence question of compliances relating to NidhiCompany does not apply to the company.

13. In our opinion the company the company has complies with the provisions of sections177 and 188 of Companies Act 2013 for all transactions with the related parties and thedetails have been disclosed in the Financial Statements as required by the applicableaccounting standards.

14. The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debenture during the year.

15. According to information and explanations furnished to us the company has notentered in to any non - cash transactions with directors or persons connected with him.

16. The company is not required to be registered under sec 45-IA of the Reserve Bank ofIndia Act 1934.

For Venkatesh & Co.
Chartered Accountants
FRN 004636S
Place: Chennai CA Desikan G
Date: 01/08/2016 M.No. 219101
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