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Sree Jayalakshmi Autospin Ltd.

BSE: 530037 Sector: Industrials
NSE: N.A. ISIN Code: INE618F01010
BSE 00:00 | 24 Jan 3.93 0






NSE 05:30 | 01 Jan Sree Jayalakshmi Autospin Ltd
OPEN 3.93
52-Week high 4.13
52-Week low 1.85
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.93
CLOSE 3.93
52-Week high 4.13
52-Week low 1.85
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sree Jayalakshmi Autospin Ltd. (SRJAYALAAUTO) - Auditors Report

Company auditors report

To the Members of

Sree JayalakshmiAuto SpinLimited

Report onthe Ind AS Financial Statements


We have audited the accompanying Ind AS financial statements of Sree Jayalakshmi AutoSpin Limited which comprises the Balance Sheet as at March 31 2020 the Statement ofProfit and Loss (including Other Comprehensive Income) Statement of Changes in Equity andstatement of cash flows for the year then ended and notes to the financial statementsincluding a summary of significant accountingpolicies andother explanatory information Inour opinion and to the best of our information and according to the explanations given tous the aforesaid Ind AS financial statements give the information required by the Actinthe manner so required and give a true and fair view in conformity with the IndAS andaccountingprinciples generally accepted in India of the state of affairs of the Companyas at March 312020 andprofit/loss total comprehensive income the changes in equity andits cash flows for the year endedonthat date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Ourresponsibilities under thoseStandardsarefurther described inthe Auditor's Responsibilities forthe Audit of theFinancial Statements section of ourreport. We are independent of the Company in accordancewith the Code of Ethics issued by the Institute of Chartered Accountants of India togetherwith the ethical requirements that are relevant to our audit of the Ind AS financialstatements under the provisions of the Companies Act 2013 and the Rules thereunderandwehave fulfilled our other ethical responsibilities inaccordance with these requirementsandthe Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate toprovide abasis for ouropinion.

Key Audit Matters

Key Audit Matters arethose matters that inourprofessional judgment were of mostsignificance in ouraudit of the Ind AS financial statements of the current period. Thesematters were addressed in the context of our audit of the Ind AS financial statements asawhole and informing our opinion thereon and we do not provide a separate opinion onthese matters.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Management Discussion andAnalysis Board's Report including Annexures to Board's Report Business ResponsibilityReport Corporate Governance and Shareholder's Information but does not include thestandalone financial statements andour auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements ourresponsibility istoreadthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing toreport inthis regard.

Responsibilities of Management and those charged with governance forthe lnd ASfinancial 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 Ind AS financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income change in equity andcash flows of the Company in accordance with the Indian Accounting Standards (Ind AS) andaccounting principles generally accepted in India specified under section 133 of theActread with the Companies (Indian Accounting Standards) Rules 2015 asamended. Thisresponsibility also includes maintenance of adequate accounting records inaccordance withthe provisions of the Act for safeguarding of the assets of the Company and forpreventingand detecting frauds and other irregularities; selection and application ofappropriateimplementation andmaintenance of accountingpolicies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial controls that were operating effectively forensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe Ind AS financial statement that give atrue and fair view and arefreefrom materialmisstatement whether dueto fraud or error.

In preparing the Ind AS financial statements management is responsible for assessingthe Company's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The Board of Directors are alsoresponsible for overseeing the company's financialreporting process.

Auditor's Responsibilities for the Audit oflnd AS Financial Statement

Our objectives are to obtain reasonable assurance about whether the Ind AS financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance isahighlevel of assurance but isnot a guarantee that an auditconducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions ofuserstaken onthebasisof these lndAS financial statements.

A further description of the auditor's responsibilities for the audit of the Ind ASfinancial statements is included in Annexure A. Thisdescription formspart ofourauditor'sreport.

Our opinion isnot modified inrespect of thesematters.

Report on OtherLegal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 (''the Order'') issuedby the Central Government of India in terms of sub-section (11) of section 143 of theCompanies Act 2013 we give in the Annexure B a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 143(3) of the Act we report that:

a) Wehave sought and obtained all the information and explanations which to the best ofourknowledge 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 ourexamination of those books.

c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreementwith the books of account

d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards specified under Section 133of theAct.

e) On the basis of the written representations received from the directors as on 31stMarch 2020 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2020 from being appointed as a director in terms of Section164 (2) of the Act.

t) With respect to the adequacy of the Internal Financial Control with reference toFinancial Statements of the Company andthe operating effectiveness of such controls referto our separate Report in "Annexure C"

g) In our opinion and to thebest of ourinformation andaccording to the explanationsgiventous the remuneration paid by the Company to itsdirectors duringtheyearisinaccordance with the provisions ofsection 197(16) of the Act.

h) With respect to the othermatters to be included in the Auditor's Report inaccordance with Rule 11of 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 doesnothaveanypending litigations which would impact itsfinancialposition.

ii) The Company didnot have any long-term contracts including derivative contractsforwhich therewere any material foreseeable losses.

iii) There hasbeen no delay intransferring amounts required tobetransferred tothe Investor Education and Protection Fundby the Company

For Sumanth Anantharam & Co
Date:19-6-2020 Chartered Accountants
Place: Chitradurga Firm Registration No.016140s
Sumanth A. Proprietor.
Member Ship No.237227


Responsibilities forAuditof Financial Statement

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

Identify andassessthe risks ofmaterial misstatement of the lndAS financial statementswhether duetofraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient andappropriate toprovide abasis forouropinion. Therisk ofnot detecting amaterial misstatement resulting from fraud is higherthan for one resulting from error as fraud may involve collusion forgery intentionalomissions misrepresentations orthe override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion onwhether thecompany has internal financial controls with reference toFinancial Statements inplace andthe operating effectiveness of such controls.

Evaluatethe appropriateness of accounting policies used andthe reasonablenessofaccounting estimates and related disclosures madebymanagement.

Conclude onthe appropriateness ofmanagement' suse of the going concern basisofaccounting andbased on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt onthe Company'sability to continue as a going concern. Ifwe conclude that amaterial uncertainty existswe arerequired to draw attention inourauditor's report to the related disclosures in the Ind AS financial statements or ifsuch disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may causethe Company to cease to continueasagoingconcern.

Evaluate the overall presentation structure and content of the Ind AS financialstatements including the disclosures and whether the IndAS financial statementsrepresent the underlying transactions and events in amanner that achievesfairpresentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes itprobablethat the economicdecisions ofareasonablyknowledgeable user of the fmancial statements maybe influenced. We consider quantitativemateriality and qualitative factors in (i) planning the scope of our audit work and inevaluating the results of our work; and (ii) to evaluate the effect of any identifiedmisstatements inthe financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope andtiming of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Ind AS financial statements ofthe current period and are therefore the key audit matters. We describe these mattersinour auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expectedto outweigh the public interest benefitsof suchcommunication.

Date: 19-06-2020 For Sumanth Anantharam & Co.
Place: Chitradurga Chartered Accountants
Firm Registration No.016140s
Sumanth A. Proprietor.
Member Ship No.237227


Auditor's certificate to the members of Sri Jayalakshmi Autospin Ltd.on compliance ofthe condition of corporate governance fortheyear ended 31st March 2020 underLODRRegulations

We have examined the compliance of the conditions of corporate governance by SriJayalakshmiAutospin Ltd. for the year ended 31st March 2020 as stipulated in regulation17 to 27 and clauses (b) to (i) of regulation 46(2) and para C and D of Schedule V of theSEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

The compliance of conditions of corporate governance is the responsibility of themanagement. Our examination has been limited to the review of the procedures andimplementation thereof adopted by the company for ensuring compliance of the conditionsof corporate governance. It is neither anaudit nor an express of opinion of the financialstatements of the company.

In our opinion and to the best of information and according to the explanation given tous and the representation made by the directors and management we certify that thecompany has by 31st March 2020 complained in all material respect with theconditions of corporate governance as stipulated in LODR Regulations.

As required by the guidance note on certification of corporate governance issued by theInstitute of Chartered Accountants of India we state that the registrars of the companyhave certified that as on 31st March 2020 there were no investors grievances remainingpending for aperiod exceeding onemonth and as explained to us by the management theregistrars have reported to the shareholders Investors grievance committee regularlyonthe status of such grievances.

Wefurther state that such compliance isneither an assurance asto the future viabilityof the company nor the efficiency oreffectiveness with which the management had conductedthe affairs of the company.

Date: 19/06/2020 For SumanthAnantharam& Co.
Place: Chitradurga Chartered Accountants
Firm Registration No.016140s
Sumanth A
Member Ship No.237227