Aananda Lakshmi Spinning Mills Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018
1. The above unaudited financial results were reviewed by the Audit committee and approved by the board of directors at their meetings held on 05th, February, 2019 and statutory Auditors have carried out Limited review.
2. These financial results have been prepared in accordance With Indian Accoounting Standards (Ind AS) prescribed wlder Section 133 of the Companies Act, 2013 and other accounting; practices and policies to the extent applicable.
3. TIhe Company's business activity falls withlin a single business segment i.e. Textile products, in terms of IND AS 108 on operating segments.
4. The Company has recorded accumulated losses of Rs. 4194.30 lakhs as at 31st December, 2018. and negative net worth, of Rs .2648.10 lakhs and current liabilities exceed current assets by Rs.2452.17 Lakhs.Further there were lower cash inflows from existing business activities. The Company has defaulted payment of dues to banks/ Financiallnstitutions. As the Management of the Company is of thle view that Financial institutions would agree for reasonable setUement of liabilities for the rehabilitation
of the company, the accompanying financial statements have been prepared on a "Going Concern" basis
5. The company has not provided the interest on Working capital Loans and Term Loans with SBI, Andhra Bank to the extent of Rs.935.19 Lakhs up to 31st March,2018 and Rs. 473.06 lakhs for Nine monU,s ending 31st December, 2018.