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Vippy Spinpro Ltd.

BSE: 514302 Sector: Industrials
NSE: N.A. ISIN Code: INE660D01017
BSE LIVE 19:40 | 19 Oct 47.25 0.70
(1.50%)
OPEN

46.70

HIGH

50.00

LOW

46.70

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 46.70
PREVIOUS CLOSE 46.55
VOLUME 675
52-Week high 61.60
52-Week low 26.05
P/E 8.12
Mkt Cap.(Rs cr) 28
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 46.70
CLOSE 46.55
VOLUME 675
52-Week high 61.60
52-Week low 26.05
P/E 8.12
Mkt Cap.(Rs cr) 28
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Vippy Spinpro Ltd. (VIPPYSPINPRO) - Auditors Report

Company auditors report

TO THE MEMBERS OF VIPPY SPINPRO LTD.

Report on the Financial Statements

We have audited the accompanying financial statements of VIPPY SPINPRO LTD. ("theCompany") which comprise the Balance Sheet as at March 31 2016 and theStatement of Profit and Loss and the Cash Flow Statement for the year ended March 312016 and 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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting StandardsAct read with Rule 7 specified under of the Companies (Accounts) Rules 2014.Section 133 of the This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls 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 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.

An audit also includes evaluating the appropriateness of the accounting policies usedand the reasonableness of the accounting estimates made by the Company’s Directorsas well as evaluating the overall 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 by the Actin the manner so 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 2016 and 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 sub-section (11) ofsection 143 of the Act we give in the "Annexure A" a statement on thematters specified in paragraphs 3 and 4 of the Order.

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 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 the Cash Flow Statementdealt with by this Report are in agreement with the books of account; with the AccountingStandards specified under

(d) In our opinion the a fore said financial Section 133 of the Act read with Rule 7of the Companies (Accounts) Rules 2014;

(e) On the basis of the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 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 and theoperating effectiveness of such controls refer to our separate report in "AnnexureB"; 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 has disclosed the impact of pending litigations on its financialposition in its financial statements. Refer to note no. 27 to the financial statements.

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 Sodani & Company
Chartered Accountants
Firm Registration No. 000880C
Rajesh Sodani
Date : May 23rd 2016 Partner
Place: Dewas M. No. 077005

ANNEXURE TO INDEPENDENT AUDITORS REPORT ANNEXURE A

(Referred in paragraph first of our report of even date to the members of Vippy SpinproLtd. for the year ended 31st

March 2016)

As required by the Companies Auditor’s Report Order 2016 issued by the CentralGovernment in terms of section 143 of the Companies Act 2013 we further report that :

(i) In respect of its Fixed Assets

a) As informed to us the Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets.

b) As informed to us the management of the Company has physically verified fixedassets at reasonable intervals which in our opinion is reasonable having regard to thesize of the Company and nature of its assets and no material discrepancies were noticed onsuch verification.

c) In oue opinion and according to the information and explanations given to us and onthe basis of our examination of the records of the Company the title deeds of immovableproperties are held in the name of the Company except for the following which are notheld in the name of the Company

Particulars Leasehold Land
Gross Block as at 31st March 2016 867683.00
Net Block as at 31st March 2016 867683.00

(ii) a) The inventory of the Company has been physically verified during the yearby the management at regular intervals

b) In our opinion and according to the information and explanation given to usthe procedure of physical verification of inventories followed by the management is reasonableand adequate in relation to the size of the Company and the nature of its business.

c) In our opinion and according to the information and explanation given to us theCompany has maintained proper records of its inventories. No material discrepancies havebeen noticed on physical verification of stock.

(iii) As per information and explanation given to us the Company has not grantedany secured/unsecured loans to companies firmsLLP or other parties covered in theregister maintained under section 189 of the Companies Act 2013.

(iv) As per information and explanation given to us the Company has not grantedany loan or given any guarantee on such loans covered under section 185 and neither hasmade any investment covered under section 186 of the Companies Act 2013.

(v) The Company has not accepted any deposits from the public within the meaning ofSections 73 to 76 of the Act and the rules framed there under to the extent notified.

(vi) We have broadly reviewed the books of accounts maintained by the company inrespect of products where pursuant to the rule made by the Central Government of Indiathe maintenance of cost records has been specified under sub section (1) of Section 148 ofthe Act and are of the opinion that prima facie the prescribed accounts and recordshave been made and maintained. However we have not made a detailed examination of therecords with a view to determine whether they are accurate or complete.

(vii) a.) According to the information and explanation given to us the Company hasbeen generally regular in depositing undisputed dues relating to Provident FundEmployees’ State Insurance Income Tax Service Tax Duties of Customs Duties ofExcise Value Added Tax cess and other material statutory dues applicable to it withappropriate authorities. There are no undisputed statutory dues payable which areoutstanding as at March 31 2016 for a period of more than 6 months from the date theybecame payable.

b) According to the information and explanations given to us there are no dues ofSales Tax Income Tax Customs Duty Excise Duty & cess which have not been depositedon account of any dispute except the following –

Name of the Statute (Nature of the Dues) Forum where matter is pending Period to which the amounts relates Amount (in Rs.)
Entry Tax Act M.P.Tax 2007-08 631496.00
Tribunal Board Bhopal

(viii) Based on our audit and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of anyloan to Banks. No debentures have been issued by the Company till date and hence there areno debenture holders.

(ix) According to the information and explanations given to us and based ondocuments provided to us term loans availed by the Company were prima-facie applied bythe Company for the purposes for which the loans were obtained. However there were no newterm loans that had been obtained during the year and neither any money was raised by wayof further public offers.

(x) To the best of our knowledge and belief and according to the information andexplanations given to us no fraud by the Company and no fraud on the Company has beennoticed or reported during the year nor have we been informed of such case by themanagement.

(xi) According to the information and explanation given to us and based ondocuments provided to us the managerial remuneration has been paid/ provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith schedule V to the Companies Act 2013.

(xii) As explained and informed to us the Company is not a Nidhi Company and hencethis clause is not applicable on it.

(xiii) According to the information and explanation given to us and based on ourexamination of the records of the company transactions with the related parties are incompliance with section 177 and section 188 of the Act where applicable and details ofsuch transactions have been disclosed in the financial statements as required by theapplicable accounting standards.

(xiv) According to the information and explanation given to us the Company has notmade any preferential allotment/ private placement of shares or fully or partlyconvertible debenture during the year.

(xv) According to the information and explanation given to us the Company has notentered into any non-cash transactions with Directors or persons connected with him.

(xvi) The Company is a manufacturing concern and therefore the Company is notrequire to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For Sodani & Company
Chartered Accountants
Firm Registration No. 000880C
Rajesh Sodani
Date : May 23rd 2016 Partner
Place: Dewas M. No. 077005

ANNEXURE B

(Referred in paragraph first of our report of even date to the members of Vippy SpinproLtd. for the year ended 31st March 2016.) Report on the Internal FinancialControls 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 VippySpinpro Ltd. ("the Company") as of March 31 2016 in conjunction with ouraudit of the financial statements of the Company for the year ended 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 Reporting issuedby the Institute of Chartered Accountants of

India (ICAI). These responsibilities include the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company’spolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrolsoverfinancialreporting based on our audit.

We conducted our audit in accordance with the Standards on Auditing to the extentapplicable to an audit of internal financial controls and the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting (the "Guidance Note") bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects. Our audit involves performing procedures to obtainaudit evidence about the adequacy of the internal financial controls system over financialreporting and their operating effectiveness. Our audit of internal financial controls overfinancial reporting included obtaining an understanding of internal financial controlsover financial reporting assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor’s judgment includingthe assessment of the risks of material misstatement of the financial statements whetherdue to fraud or error. We believe that the audit evidence we have obtained issufficientand appropriate to provide a basis for our audit opinion on the Company’sinternal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that

1. Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

2. Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial accordance with generally accepted accounting principles andthat receipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and

3. Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company’s assets that could havea 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 may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For Sodani & Company
Chartered Accountants
Firm Registration No. 000880C
Rajesh Sodani
Date : May 23rd 2016 Partner
Place: Dewas M. No. 077005