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Suryaamba Spinning Mills Ltd.

BSE: 533101 Sector: Industrials
NSE: N.A. ISIN Code: INE360J01011
BSE LIVE 15:40 | 17 Aug 61.80 0.25
(0.41%)
OPEN

57.10

HIGH

63.00

LOW

57.10

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 57.10
PREVIOUS CLOSE 61.55
VOLUME 780
52-Week high 85.00
52-Week low 42.50
P/E 7.83
Mkt Cap.(Rs cr) 18
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 57.10
CLOSE 61.55
VOLUME 780
52-Week high 85.00
52-Week low 42.50
P/E 7.83
Mkt Cap.(Rs cr) 18
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Suryaamba Spinning Mills Ltd. (SURYAAMBASPINNI) - Auditors Report

Company auditors report

To

The Members of

SURYAAMBA SPINNING MILLS LIMITED

Report on the Financial Statements :

We have audited the accompanying financial statements of SURYAAMBA SPINNING MILLSLIMITED ("the Company") which comprise the Balance Sheet as at March 31 2016the Statement of Profit and Loss and Cash Flow Statement for the year ended and a summaryof 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 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 Companies (Accounts) Rules2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of 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.

Auditor's Responsibility :

Our responsibility is to express an opinion on these

financial statements based on our audit. We have taken into account the provisions ofthe Act the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules made thereunder.

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 andthe disclosures in the financial statements. The procedures selected depend on theAuditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in effectiveness of such controls. Anaudit also includes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall presentation of the financial statements. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion on the financial statements.

Opinion :

In our opinion and to the best of our information and according to the explanationsgiven to us theafore said 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 the case of the Balance Sheet of the State of affairs of the Company as at31st March 2016;

b) In the case of the Statement of Profit and Loss of the Profit for the Yearended on that date; and

c) In the case of Cash flow statement of the Cash Flows for the year ended on thatdate.

Report on Other legal & Regulatory requirements :

1. As required by the Companies (Auditor`s Report) Order 2015 ("theorder") issued by the Central Government of India in terms of subsection (11) ofsection 143 of the Companies Act 2013 we give in Annexure a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

2. 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 purpose 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 and Statement of Profit and Loss and the 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 CompaniesAccounts Rules 2014 e) On the basis of the written representations received from thedirectors as on 31st March 2016 taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2016 from being appointed as a director interms of Section 164 (2) of the 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 does not have any pending litigations which would impact its financialposition.

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

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For S. Venkatadri & Co.

Chartered Accountants

Firm's Regn No. 004614S

(K.SRINIVASA RAO)

PARTNER

M.No. 201470

Place : Hyderabad

Date : 30-May-2016

ANNEXURE TO THE AUDITOR'S REPORT

The Annexure referred to in paragraph 1 under "Report on other legal &Regulatory Requirements" of our Report of even date to the members of SURYAAMBASPINNING MILLS LIMITED on the financial statements for the year ended 31st March 2016 wereport that :

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

b) As explained to us the fixed assets have been physically verified by the managementduring the year in a phased periodical manner which in our opinion is reasonable havingregard to the size of the company and the nature of its assets. No material discrepancieswere noticed on such verification.

(ii) a) The inventory has been physically verified during the year by themanagement at reasonable intervals. In our opinion the frequency of verificationis reasonable and adequate.

b) The procedures of physical verification of inventories followed by the managementare reasonable and adequate in relation to the size of the company and the nature of itsbusiness.

c) The company is maintaining proper records of inventory and no material discrepancieswere noticed on physical verification.

(iii) The company has not granted any loan secured or unsecured to companiesfirms or other parties covered in the register maintained under Section 189 of theCompanies Act.

(iv) In our opinion and according to the information and explanations givento us there is an adequate internal control system commensurate with the size of thecompany and the nature of its business for the purchase of inventory fixed assetsand for sale of goods.

(v) The Company has not accepted deposits from the public covered by theprovisions of Section 73 to 76 of the Companies Act 2013.

(vi) We have broadly reviewed the Cost records maintained by the Company prescribedby the Central Govt for the maintenance of cost records under Section 148 (1) ofthe Act and are of the opinion that prima facie the prescribed accounts andrecords have been made and maintained However we have not made a detailedexamination of the records.

(vii) a) According to the information and explanations given to us and based on therecords of the company examined by us the company is regular in depositing the undisputedstatutory dues including Provident Fund Employees’ State Insurance Income-taxValue Added Tax Wealth Tax Service Tax Custom Duty Excise Duty and othermaterial statutory dues as applicable with the appropriate authorities in India.Employees' State Insurance is not applicable to the company for the current year.

b) According to the information and explanations given to us and based on the recordsof the company examined by us there are no dues of company examined by us there are nodues of Income Tax Wealth Tax Service Tax Sales Tax Customs Duty and Excise Duty whichhave not been deposited on account of any disputes.

c) There are no amounts which are required to be transferred to Investor Education andProtection Fund in accordance with the relevant provisions of the Companies Act1956 (1 of1956) and rules made there under.

(viii) The company had no accumulated losses and has not incurred cash lossesduring the financial year covered by our audit or in the preceding financial year.

(ix) In our opinion and according to the information and explanations given to usthe company has not defaulted in repayment of dues to financial institutions banksor debenture holders.

(x) The company has not given any guarantee for loans taken by others from bank orfinancial institutions.

(xi) In our opinion and according to the information and explanations given to usthe term loans have been applied for the purposes for which the loans wereobtained.

(xii) In our opinion and according to the information and explanations given to usno fraud on or by the company has been noticed or reported during the year.

For S. Venkatadri & Co.

Chartered Accountants

Firm's Regn No. 004614S

(K.SRINIVASA RAO)

PARTNER

M.No. 201470

Place : Hyderabad

Date : 30-May-2016