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Suryaamba Spinning Mills Ltd.

BSE: 533101 Sector: Industrials
NSE: N.A. ISIN Code: INE360J01011
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OPEN 63.60
PREVIOUS CLOSE 63.60
VOLUME 1000
52-Week high 78.00
52-Week low 42.50
P/E 9.37
Mkt Cap.(Rs cr) 19
Buy Price 60.00
Buy Qty 50.00
Sell Price 69.50
Sell Qty 100.00
OPEN 63.60
CLOSE 63.60
VOLUME 1000
52-Week high 78.00
52-Week low 42.50
P/E 9.37
Mkt Cap.(Rs cr) 19
Buy Price 60.00
Buy Qty 50.00
Sell Price 69.50
Sell Qty 100.00

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 comprises the Balance Sheet as at 31st March2017 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary 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 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 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 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 of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fairview in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing an opinionon whether the Company has in effectiveness of such controls. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe 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.

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 bythe Act inthe mannerso 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 31stMarch 2017 its profit and its cash flows for the year ended on that date.

Report on Other legal and Regulatory requirements:

1. As required by the Companies (Auditor's Report) Order 2016 ("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 boo ks 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 the directors as on 31March 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2017 from being appointed as a director in terms of Section164 (2) of the Act.

f. With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B" and

g. 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 bythe Company.

iv) The Financial Statements contain all the requisite disclosures as to holdings aswell as dealings in Specified Bank Notes during the period November 8th 2016 to December30th 2016. Based on the audit procedures and relying on the management representation wereport thatthe disclosures are in accordance with the books of accounts maintained by thecompany and as produced to us by the management (Ref. Note 25)

For S.Venkatadri & Co.
Chartered Accountants
Firm's Regn No.0046145
(K.SRINIVASA RAO)
PARTNER
M.No.201470
Place: Hyderabad
Date :29.05.2017

Annexure "A" to the Independent Auditor's Report

With reference to the Annexure referred to in paragraph 1 under the heading"Report on other legal & Regulatory Requirements" of our Report of even dateto the members of SURYAAMBA SPINNING MILLS LIMITED on the financial statements for theyear ended 31" March 2017 We report 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 tothe size of the companyand the nature of its assets. No material discrepancieswere noticed on such verification.

c) According to the information and explanations given to us and on the basis of ourexamination of the records of the company the title deeds of immovable properties areheld in the name of company.

(ii) The inventory has been physically verified during the year by the management atreasonable intervals. In our opinion the frequency of verification is reasonable andadequate and no material discrepancies are noticed duringouraudit.

(iii). The company has not granted any loans secured or unsecured to the companiesfirms or other parties listed in the register maintained under section 189 of theCompanies act 2013. Hence provisions of clause (iii)(a)(b)&(c) of the order are notapplicable to the company and hence not reported upon.

iv) According to the information and explanations given to us Company has not given anyLoans guarantees security and not made any investments hence the provisions of clause(iv) of the order are not applicabletothe company.

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

vi) We have broadly reviewed the Cost records maintained by the Company prescribed bythe Central Govtforthe maintenance of cost records under Section 148 (1) of the Act andare of the opinion that prima facie the prescribed accounts and records have been made andmaintained However we have not made a detailed examination of the records.

vu) (a) According to the information and explanations given to us and based on therecordsof the companyexamined byusthe company is regular in depositing the undisputedstatutory dues including Provident Fund Excise Duty Income-tax Custom Duty ValueAdded Tax Service Tax and other material statutory dues as applicable with theappropriate authorities in India. Employees' State Insurance is not applicable to thecompany 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 Income Tax Service Tax Sales TaxCustoms Duty and Excise Duty which have not been deposited on account of any disputes.

viii) In Our opinion and according to the information and explanation given to us thecompany has not defaulted in repayment of dues to any financial institutions and Banksduring the year.

ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and Term loan have been applied for the purposefor which they has raised.

x) According to the information and explanation given to us no fraud by the company oron the company by its officers or employees has been noticed or reported during the courseofaudit.

xi) According to the information and explanations given to us and based on ourexamination of the records of the company the company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with schedule V of the act.

xii) In Our Opinion and according to the explanations given to us the company is not aNidhi company. Accordingly provisions of clause (xii) of the orderare not applicable.

xiii) According to the information and explanations given to us and based on ourexamination of the records of the company transactions with the related parties are incompliance with the sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicablestandards.

xiv) According to the information and explanations given to us the company has notmade any preferential allotment or Private placement of shares or fully or partlyconvertible debentures during the year.

xv) According to the information and explanations given to us and based on ourexamination of the records of the company The company has not entered into any non-cashtransactions with the directors or persons connected with him Accordingly provisions ofclause (xv) of the order are not applicable.

xvi) The company is not required to be registered under section 45-IA of the Reservebank of India Act 1934.

For S. Venkatadri & Co.
Chartered Accountants
Firm's Regn No.004614S
(K.SRINIVASA RAO)
PARTNER
M.No.201470
Place: Hyderabad
Date :29.05.2017 JIJJ

Annexure "B" to the Independent Auditors' Report of even date on theFinancial Statements of SURYAAMBA SPINNING MILLS LIMITED

Report on the Internal Controls on Financial Controls under clause (i) of sub-section(3) of section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of SURYAAMBASPINNING MILLS LIMITED ("the Company") as of March 31 2017 in conjunction withour audit of the financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired underthe CompaniesAct 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting A company's internalfinancial control over financial reporting is a process designed to provide reasonableassurance regarding the reliability of financial reporting and the preparation offinancial statements for external purposes in accordance with generally acceptedaccounting principles. A company's internal financial control over financial reportingincludes those policies and procedures that (1) pertain to the maintenance of recordsthat in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures maydeteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system overfinancial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For S. Venkatadri & Co.
Chartered Accountants
Firm's Regn No.004614S
(K.SRINIVASA RAO)
PARTNER
M.No.201470
Place : Hyderabad
Date : 29.05.2017