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Company Information

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Amarjothi Spinning Mills Ltd.

Feb 19, 03:42
81.25 +0.40 (+ 0.49 %)
VOLUME : 2839
Prev. Close 80.85
Open Price 80.50
Bid PRICE (QTY.) 81.25 (78)
Offer PRICE (Qty.) 0.00 (0)
Amarjothi Spinning Mills Ltd. is not traded in NSE
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Market Cap. ( ₹ ) 54.84 Cr. P/BV 0.50 Book Value ( ₹ ) 164.08
52 Week High/Low ( ₹ ) 160/78 FV/ML 10/1 P/E(X) 4.24
Bookclosure 25/09/2017 TTM EPS ( ₹ ) 20.32 Div Yield (%) 2.46
You can view full text of the latest Director's Report for the company.
Year End :2016-03 

Report on the Standalone Financial Statements:-

I have audited the accompanying standalone financial results of Amarjothi Spinning Mills Limited , which comprise the Balance sheet as at 31st March 2016, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements:

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Companies’ Act 2013 (The /Act)with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under section 133of the Act, read with Rule 7 of the Companies (Accounts) Rule 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies, making judgements and estimates that are reasonable and prudent and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility:

My responsibility is to express an opinion on these Standalone financial statements based on my audit.

I have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

I conducted my audit in accordance with the Standards on Auditing specified u/s 143(10) of the Act. These standards require that I comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by Company’s Directors as well as evaluating the overall presentation of the financial statements.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my Audit Opinion on the Standalone financial statements.


In my opinion and to the best of my information and according to the explanations given to me, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March 2016, and its PROFIT/LOSS and its CASH FLOWS for the year ended on that date.


As required by the Companies (Auditor’s Report) Order, 2016 ('the Order’) issued by the Central Government of India in terms of sub section (11) of section 143 of the Act, we give in the ANNEXURE - A, a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

As required by Section 143 (3) of the Act, I report that:

A I have sought and obtained all the information and explanations which to the best of my knowledge and belief were necessary for the purposes of my audit.

B. In my opinion, proper books of accounts as required by law have been kept by the company so far as it appears from my examination of those books.


D. The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

E. In my opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified u/s 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014.

F. On the basis of the written representations received from the directors as on 31st March 2016 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st march 2016 from being appointed as a director in terms of section 164(2) of the Act.

G With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to my separate Report in Annexure - B.

H. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in my opinion and to the best of my information and according to the explanations given to me;

1. The Company does not have any pending litigations which would impact its financial position.

2. The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

3. There has been no delay in transferring amounts, required to be transferred to the Investor Education and protection Fund by the Company.

(Referred to in paragraph (1) under 'Report on other legal and regulatory requirements’ of my report of even date)

In terms of the information and explanations sought by me and given by the company and the books and records examined by me in the normal course of audit and to the best of my knowledge and belief, I report the following:-

1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management during the year, which in my opinion is reasonable having regard to the size of the company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) The title deeds of all the immovable properties of the company shown under the Fixed Assets schedule are held in the name of the company.

2. The inventories have been physically verified by the management at reasonable intervals during the year. In my opinion, the frequency of such verification is reasonable and no material discrepancies were noticed at the time of verification.

3. The Company has not granted loans, secured or unsecured, to Companies, Firms, LLPs or other parties covered in the register maintained under section 189 of the Act.

4. In respect of loans, investments and guarantees, the provisions of Sections 185 and 186 of the Act have been complied with.

5. The Company has not accepted any deposits to which the provisions of Sections 73 to 76 or any other relevant provisions of the Act and the rules framed there under and the Directions issued by the RBI are applicable. Hence paragraph 3 (5) of CARO is not applicable to the company.

6. I have broadly reviewed the books of accounts maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under section 148 of the Act and I am of the opinion that prima facie the prescribed accounts and records have been made and maintained. I have not however made a detailed examination of the cost records with a view to determining whether they are accurate or complete.

7. (a) Undisputed statutory dues including PF, or ESI, Income Tax, sales tax, service tax, Excise duty, customs duty, VAT cess etc have been regularly deposited by the Company with the appropriate authorities in all cases during the year.

(b) There are no dues of income tax, sales tax, customs duty, excise duty, service tax, VAT or cess etc, which have not been deposited on account of any dispute. A sum of Rs.1579232 has not been paid being Generation tax payable on electricity charges. The matter is under dispute and pending with the honourable high court of Madras.

8. The Company has not defaulted in repayment of loans taken from Financial Institution, Banks, Government or dues to Debenture holders.

9. The Company has not raised any money by way of Initial Public offer/Further Public offer during the year. In my opinion, the moneys raised by way of Term Loans during the year have been applied for the purposes for which those are raised.

10. Based upon the audit procedures, I report that no fraud by the company and no fraud on the company by its officers/employees has been noticed or reported during the course of my audit.

11. The Managerial Remuneration has been paid / provided in accordance with the requisite approvals mandated by section 197 read with Schedule V of the Act.

12. The Company is not a NIDHI Company and therefore clause 3 (12) of the Order is not applicable to the Company.

13. In my opinion, all the related party transactions entered into by the company during the year are in compliance under section188 of the Act and the details there of have been disclosed in the financial statement as required by the Accounting Standard and the Act. The Company has a duly constituted Audit Committee as required under section 177 of the Act.

14. The Company has not made any preferential allotment / private placement of shares during the year and therefore clause 3 (14) of the Order is not applicable to the company for the year under review.

15. The Company has not entered into non cash transactions with directors / persons connected with him as stipulated under section 192 of the Act. Clause 3 (15) of the Order is therefore not applicable to the company.

16. In my opinion, the company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

Place : Coimbatore V.NARAYANASWAMI

Date : 27.05.2016 Chartered Accountant.

Membership No: 023661.