You are here » Home » Companies » Company Overview » Subhash Silk Mills Ltd

Subhash Silk Mills Ltd.

BSE: 530231 Sector: Industrials
NSE: N.A. ISIN Code: INE690D01014
BSE LIVE 15:30 | 08 Nov 11.64 0
(0.00%)
OPEN

11.64

HIGH

11.64

LOW

11.64

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 11.64
PREVIOUS CLOSE 11.64
VOLUME 59
52-Week high 12.25
52-Week low 11.40
P/E 77.60
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 11.64
CLOSE 11.64
VOLUME 59
52-Week high 12.25
52-Week low 11.40
P/E 77.60
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Subhash Silk Mills Ltd. (SUBHASHSILK) - Auditors Report

Company auditors report

To The Members of SUBHASH SILK MILLS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of SUBHASH SILK MILLS LIMITED("the Company") which comprise the Balance Sheet as at March 31 2017the 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 Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation andpresentation 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 the Companies (Accounts)Rules 2014. This responsibility also includes the maintenance of adequate accountingrecords in accordance with the provision of the Act for safeguarding the assets of theCompany and for preventing and detecting the frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable prudent; and design implementation and maintenance of adequate internalfinancial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due 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 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 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 financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe 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.

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:

a) in case of the Balance Sheet of the state of affairs of the Company as at March 312017;

b) in case of the Statement of Profit and Loss of the Loss for the year endedon that date; and

c) in case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Emphasis of Matters

In our opinion and the best of our information and according to the explanation givento us there is no matter which may have an adverse effect on the functioning of thecompany.

Report on other Legal and Regulatory Requirements

As required by the Companies (Audit Report) Order 2016 ("the order") issuedby the Central Government of India in terms of sub section (11) of section 143 of the Actwe give in the Annexure -A a statement on the matters specified in Para 3 and 4 of theorder.

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 Cash Flow Statement dealtwith 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 written representations received from the Directors as on 31 March2017 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2017 from being appointed as a Director in terms of Section 164(2) of theAct.

f) With respect to the adequacy of the internal financial controls the system ofinternal financial controls over financial reporting of the Company was not made availableto us to enable us to determine if the Company has established adequate internal controlover financial reporting and whether such internal financial controls were operatingeffectively as at March 31 2017.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditor) Rules 2014 in our opinionand to our best of our information and according to the explanations given to us:

i. The Company did not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There were no amounts which required to be transferred to Investor Education andProtection Fund by the Company.

For S M KAPOOR & CO.
Chartered Accountants
SD/-
(SHEKHAR GUPTA)
PARTNER
Membership No. 15622 Place: Mumbai
Firm Registration No. 104809W Date: 29-05-2017

ANNEXURE TO AUDITOR'S REPORT

i. In respect of its fixed assets:

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

(b) The Company has physically verified certain assets during the period in accordancewith a programme of verification which in our opinion provides for physical verificationof the fixed assets at reasonable intervals. According to the information and explanationsgiven to no material discrepancies were noticed on such verification. In our opinion fixedassets have been properly dealt with in the books of accounts.

(c) In our opinion and according to the information and explanations given to us thetitle deeds of the immovable properties of the company are held in the name of thecompany.

ii. In respect of its Inventories in our opinion and according to the information andexplanations given to us the management at reasonable intervals has physically verifiedthe trading goods and no material discrepancies were noticed on physical verifications.

iii. According to the information and explanations given to us the Company has notgranted loan to any party covered in register u/s. 2(76) hence clause iii (a) (b) and(c) are not applicable.

iv. In respect of loans investments and guarantees In our opinion and according to theinformation and explanations given to us provisions of Section 185 and 186 of theCompanies Act 2013 have been complied with.

v. In our opinion and according to the information and explanation given to us thecompany has not accepted deposits from the public as per section 73 to 76 or any otherrelevant provisions of the Companies Act 2013.

vi. According to information and explanation given to us the maintenance of costrecords has not been prescribed by the Central Government sub section (1) of section 148of the Companies Act 2013.

vii. According to the information and explanations given to us in respect of statutoryand other dues:

(a) The Company has been regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income-tax Sales-tax Wealth Tax ServiceTax Custom Duty Excise Duty Value added Tax cess and any other statutory dues with theappropriate authorities during the year whenever there is delays in payment dues are paidalong with interest as per rules and regulation under respective act except Income Taxdues for the Financial Year 2013-14 of Rs. 1.2 crores

(b) There are no disputed dues of Sales Tax Income Tax Customs Duty Wealth TaxService Tax Excise Duty Value Added Tax Cess and any other statutory dues with theappropriate authorities during the period.

viii. In our opinion and according to the information and explanations given to ussince the company has not taken any loan from financial institutions banks or debentureholders clause viii is not applicable.

ix. In our opinion and according to the information and explanations given to us thecompany has not raised any money by way of public issue/follow-on offer. Further withreference to money raised as term loans in our opinion were applied for the purpose forwhich the said loans are raised.

x. To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the Company was noticed or reported during theperiod.

xi. In our opinion and according to the information and explanations given to us themanagerial remuneration has been paid/provided in accordance with the requisite approvalsmandated by the provisions of section 197 read with schedule V to the Companies Act.

xii. Since the company is not a Nidhi Company clause xii is not applicable.

xiii. In our opinion and according to the information and explanations given to us alltransactions with the related parties are in compliance with Section 188 and 177 ofCompanies Act 2013 and the relevant details have been disclosed in the financialstatement etc. as required by the accounting standards and Companies Act 2013

xiv. In our opinion and according to the information and explanations given to us thecompany has not made any preferential allotment/private placement of shares or fully orpartly convertible debentures during the year under review.

xv. According to the information and explanations given to us the non- cashtransactions with directors or persons connected with them in our opinion provisions ofSection 192 have been complied with.

For S M KAPOOR & CO.
Chartered Accountants
SD/-
(SHEKHAR GUPTA)
PARTNER
Membership No. 15622 Place: Mumbai
Firm Registration No. 104809W Date: 29-05-2017