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Associated Alcohols & Breweries Ltd.

BSE: 507526 Sector: Consumer
NSE: ASOCALCHOL ISIN Code: INE073G01016
BSE LIVE 15:40 | 05 Dec 102.85 1.65
(1.63%)
OPEN

101.65

HIGH

104.75

LOW

100.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 101.65
PREVIOUS CLOSE 101.20
VOLUME 3565
52-Week high 138.70
52-Week low 58.35
P/E 11.08
Mkt Cap.(Rs cr) 185.95
Buy Price 102.85
Buy Qty 30.00
Sell Price 0.00
Sell Qty 0.00
OPEN 101.65
CLOSE 101.20
VOLUME 3565
52-Week high 138.70
52-Week low 58.35
P/E 11.08
Mkt Cap.(Rs cr) 185.95
Buy Price 102.85
Buy Qty 30.00
Sell Price 0.00
Sell Qty 0.00

Associated Alcohols & Breweries Ltd. (ASOCALCHOL) - Auditors Report

Company auditors report

To the Members of Associated Alcohols & Breweries Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Associated Alcohols &Breweries Limited ("the Company) which comprise the Balance Sheet as at March 312016 the Profit and Loss Statement the Cash Flow Statement for the year then ended and asummary 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 Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand 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.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on ouraudit.

While Conducting the Audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions 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 Companies Act 2013. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's directors as well as evaluating the overall presentationof 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 Act in the manner so requiredand give a true and fair

view in conformity with the accounting principles generally accepted in India of thestate of affairs of the

Company as at March 31 2016 and its profit and its cash flows for the year ended onthat date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order 2015 ("the Order")issued by the Central Government of India in terms of Section 143(11) of the CompaniesAct 2013 we give in the Annexure A a statement on the matter specified in Para 3 and 4of the order to the extent applicable.

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 Profit and Loss Statement and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d. in our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;

e. on the basis of the written representations received from the directors as on March31 2016 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2016 from being appointed as a director in terms of Section 164 (2) ofthe Act.

f. in our opinion the company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the company.

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 as referred to in Note 27 I (B) to the financialstatements.

(ii) the Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any and as required on long-termcontracts.

(iii) there has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the company.

For B. K. Agrawal & Co. For M.D. Agrawal & Co.
Chartered Accountants Chartered Accountants
Firm's Registration No. 314202E Firm's Registration No. 001177C
(CA B. K. Agrawal) (CA M.P. Agrawal)
PARTNER PARTNER
M.No.51873 M.No.016736
Place : Indore
Dated : 30th May 2016

Annexure A to the Auditor's Report

The Annexure referred to in Independent Auditor's Report to the members of the companyon the financial statements for the year ended 31st March 2016 we report that:

(i) In respect of its Fixed Assets:

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

(b) As explained to us these fixed assets have been physically verified by themanagement at reasonable intervals. According to the information and explanation given tous no material discrepancies were noticed on such verification.

(c) According to the information and explanation given to us and on the basis of ourexamination the title deeds of immovable properties are held in the name of the company.

(ii) In respect of its inventory:

According to the information and explanation given to us physical verification of theinventory has been conducted at reasonable interval by the management and discrepanciesnoticed were corrected on such physical verification during the year.

(iii) According to the information and explanation given to us the company has notgranted loans secured or unsecured companies firms limited liability partnership orother parties covered in the register maintained under section 189 of the Companies Act2013.

(iv) According to the information and explanation given to us the company has compliedwith the provision of section 185 and 186 of the companies act 2013 as applicable inrespect of loans investments guarantees and security.

(v) According to the information and explanation given to us the company has notaccepted deposits to which provisions of Section 73 to 76 of the Companies Act 2013 areapplicable.

(vi) According to the information and explanation given to us the central governmenthas not prescribed maintenance of cost records under sub-section (1) Section 148 of theCompanies Act 2013.

(vii) According to the information and explanations given to us in respect ofstatutory dues:

(a) The company is generally regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income Tax Sales Tax Service Tax duty ofCustoms duty of excise Value Added Tax cess and other statutory dues to the appropriateauthorities and there were no undisputed amounts payable in respect of Provident FundEmployees' State Insurance Income Tax Sales Tax Service Tax duty of Customs duty ofexcise Value Added Tax cess and other statutory dues in arrears as at 31st March 2016for period of more than six months from the date they became payable.

(b) According to the information and explanation given to us the dues of Income taxSales Tax Service Tax duty of Customs duty of Excise Value Added tax have not beendeposited as on 31st March 2016 on account of dispute are as under.

Name of the Statute Nature of dues Amount (Rs. in Lacs) Forum where dispute is pending
1 Income Tax Act 1961 Income Tax Demand - AY 2011-12 7.64 Commissioner of Income Tax (Appeals)
2 Income Tax Act 1961 Income Tax Demand - AY 2012-13 6.28 Commissioner of Income Tax (Appeals)
3 Income Tax Act 1961 Income Tax Demand - AY 2013-14 2.68 Commissioner of Income Tax (Appeals)
4 Entry Tax Act 2012-13 Entry Tax 74.35 MP Commercial Tax Appellate Board Bhopal
5 Central Sales Tax Act2006-07 Central Sales Tax 702.33 M.P. High Court
6 (Central Sales Tax Act 2007-08 Central Sales Tax 311.36 M.P. High Court
7 Central Sales Tax Act 2008-09 Central Sales Tax 244.51 M.P. High Court
8 Central Sales Tax Act 2009-10 Central Sales Tax 177.41 M.P. High Court
9 Central Sales Tax Act2010-11 Central Sales Tax 214.75 M.P. High Court
10 Central Sales Tax Act2011-12 Central Sales Tax 232.31 M.P. High Court
11 Central Sales Tax Act2012-13 Central Sales Tax 206.54 M.P. High Court
12 Madhya Pradesh VAT Act 2012-13 M.P. VAT 93.38 M.P. High Court
13 Madhya Pradesh VAT Act 2013-14 M.P. VAT 271.55 Addl. Commissioner Commercial Tax Indore
14 Central Sales Tax Act 2013-14 Central Sales Tax 3.61 Addl. Commissioner Commercial Tax Indore
15 Entry Tax Act 2013-14 Entry Tax 0.77 Addl. Commissioner Commercial Tax Indore
16 The Madhya Pradesh Excise Act State Excise Duty 6.63 Board of Revenue
17 The Madhya Pradesh Excise Act State Excise Duty 262.40 M.P. High Court
18 The Madhya Pradesh Excise Act State Excise Duty 334.95 Excise Commissioner Gwalior

(viii) The company has not defaulted in repayment of loans or borrowing to a financialinstitution bank government or dues to debenture holders.

(ix) The company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments). In our opinion and according to the information andexplanations given to us the Company has generally applied the term loans for the purposefor which the loans were obtained.

(x) We have not noticed or reported any fraud by the company or any fraud on thecompany by its officers or employees during the year.

(xi) The managerial remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of section 197 read with schedule V to theCompanies Act.

(xii) The company has not been a Nidhi Company and as such requirement for comments asapplicable to Nidhi Company is not applicable.

(xiii) According to the information and explanations given to us all transactions withthe related parties are in compliance with section 177 and 188 of Companies Act 2013applicable and the details have been disclosed in the Financial Statements etc. asrequired by the applicable accounting standards

(xiv) According to the information and explanations given to us the company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review.

(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 andthe provisions of section 192 of Companies Act 2013 are not applicable.

(xvi) The company has not been registered under section 45-IA of the Reserve Bank ofIndia Act 1934 and as such the requirements for comments as applicable to such companiesis not required.

For B. K. Agrawal & Co. For M.D. Agrawal & Co.
Chartered Accountants Chartered Accountants
Firm Registration No. 314202E Firm Registration No. 001177C
(CA B. K. Agrawal) (CA M.P. Agrawal)
PARTNER PARTNER
M. No.51873 M.No.16736
Place : Indore
Dated : 30th May 2016

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