Santaram Spinners Limited
1. We have audited the financial statements of Santaram Spinners Limited ("theCompany") which comprise the Balance Sheet as at 31st March 2017 andProfit and Loss Account and the Cash Flow Statement for the year then ended and a summaryof significant accounting policies and other explanatory information on that date annexedthereto.
2. 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 preparationof these financial statements that give 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 the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting fraud 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 accounting recordsrelevant to the preparation and presentation of the financial statements that give trueand fair view and are free from material misstatement whether due to fraud or error.
3. Our responsibility is to express an opinion on these financial statements based onour audit. We have taken into account the provisions of the Act 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 accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.
4. An audit involves performing procedures to obtain audit evidence about the amountsand 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 assessment theauditor considers internal financial control relevant to the Company's preparation andfair presentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion onwhether the Company has in place adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls. An audit includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company's Director as well as evaluating the overallpresentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.
6. In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner 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 at 31stMarch 2017 ; and
b) in the case of the Profit and Loss Account of the profit for the year ended on thatdate ; and
c) In the case of Cash Flow statement of the cash flows for the year ended on thatdate.
7. As required by the Companies (Auditor's report) Order 2015 ("the Order) issuedby the Central Government of India in terms of sub-section (11) of section 143 of theCompanies Act 2013 we hereby provide the details as required in the paragraph 3 and 4 ofthe said Order in Annexure-A to Independent Auditor's Report.
8. As required by section 143(3) of the Act we further 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 accounts as required by law have been kept by theCompany so far as appears from our examination of those books;
(c) The Balance Sheet Statement of Profit & Loss Account and Cash Flow Statementdealt with by this report are in agreement with the books of account;
(d) In our opinion the aforesaid financial statements comply with applicableAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies ( Accounts ) Rules 2014;
(e) On the basis of written representation received from the directors as on 31stMarch 2017 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in termsof sub-section (2) of section 164 of the Act;
(f) With respect to the adequacy of Internal Financial Controls over FinancialReporting of the Company and the operating effectiveness of such controls refer to ourseparate report in Annexure B to Independents Auditor's Report.
(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 ouropinion and to the best of our information and according to the explanations given to us ;
(a) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements as referred to in Note 30(A) to the financialstatements.
(b) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any and as required on long term contractsincluding derivative contracts.
(c) There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question of delayin transferring such sums does not arise.
(d) The Company has provided requisite disclosures in the standalone FinancialStatements as regards its holding and dealing in Specified Bank Notes as defined in theNotification S.O. 3407(E) dated 8th November 2016 of the Ministry of Financeduring the period from 8th November 2016 to 30th December 2016.Based on audit procedure performed and the representations provided to us by themanagement we report that the disclosures are in accordance with the books of accountmaintained by the Company and as produced to us by the Management.
| ||FOR AND ON BEHALF OF |
| ||JAYESH M. SHAH & CO. |
| ||Chartered Accountants |
| ||F.R.N. 104173W |
| || |
|Place : Ahmedabad ||JAYESH M. SHAH |
|Date : 30th May 2017 ||Proprietor |
| ||Mem. No. : 30638 |
| || |