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Balrampur Chini Mills Ltd.

BSE: 500038 Sector: Agri and agri inputs
NSE: BALRAMCHIN ISIN Code: INE119A01028
BSE LIVE 15:50 | 22 Sep 167.05 -3.25
(-1.91%)
OPEN

169.10

HIGH

170.20

LOW

166.00

NSE 15:43 | 22 Sep 166.80 -3.55
(-2.08%)
OPEN

169.45

HIGH

170.50

LOW

166.00

OPEN 169.10
PREVIOUS CLOSE 170.30
VOLUME 52717
52-Week high 182.50
52-Week low 98.60
P/E 6.53
Mkt Cap.(Rs cr) 3,926
Buy Price 0.00
Buy Qty 0.00
Sell Price 167.05
Sell Qty 467.00
OPEN 169.10
CLOSE 170.30
VOLUME 52717
52-Week high 182.50
52-Week low 98.60
P/E 6.53
Mkt Cap.(Rs cr) 3,926
Buy Price 0.00
Buy Qty 0.00
Sell Price 167.05
Sell Qty 467.00

Balrampur Chini Mills Ltd. (BALRAMCHIN) - Auditors Report

Company auditors report

To

The Members of

Balrampur Chini Mills Limited

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statementsof BALRAMPUR CHINI MILLS LIMITED ("the Company") which comprise the BalanceSheet as at 31st March 2017 the Statement of Profit and Loss (including OtherComprehensive Income) the Statement of Cash Flows and the Statement of Changes in Equityfor the year then ended and a summary of the significant accounting policies and otherexplanatory information.

Management's Responsibility for the Standalone FinancialStatements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these standalone Ind AS financial statements that give a true and fairview of the state of affairs (financial position) profit or loss (financial performanceincluding other comprehensive income) cash flows and changes in equity of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) prescribed under section 133 of the Act.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and 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 standalone Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind ASfinancial statements based on our audit. We have taken into account the provisions of theAct the accounting and auditing standards and matters which are required to be includedin the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit of the standalone Ind AS financial statements inaccordance with the Standards on Auditing specified under section 143(10) of the Act.Those standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the standalone Ind AS financialstatements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and the disclosures in the standalone Ind AS financial statements. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the standalone Ind AS financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company's preparation of the standalone Ind ASfinancial 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 the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overallpresentation of the standalone Ind AS financial statements.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the standalone Ind AS financialstatements.

Opinion

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone Ind AS financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India including the IndAS of the state of affairs (financial position) of the Company as at 31st March 2017 andits profit (financial performance including other comprehensive income) its cash flowsand the changes in equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. 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 thematters specified in paragraphs 3 and 4 of the Order.

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

i. We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

ii. In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books.

iii. The Balance Sheet the Statement of Profit and Loss the Cash flowStatement and Statement of Changes in Equity dealt with by this Report are in agreementwith the books of account.

iv. In our opinion the aforesaid standalone Ind AS financialstatements comply with the Indian Accounting Standards prescribed under section 133 of theAct. v. On the basis of the written representations received from the directors as on 31stMarch 2017 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 terms of section164 (2) of the Act.

vi. With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure B". vii. With respect to the othermatters to be included in the Auditor's Report in accordance with Rule 11 of theCompanies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us:

a. The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone Ind AS financial statements – Refer Note No.40(1) to the standalone Ind AS financial statements.

b. The Company did not have any long-term contracts includingderivatives contracts for which there were any material foreseeable losses.

c. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.

d. The Company has provided requisite disclosures in the standalone IndAS financial statements as to holdings as well as dealings in Specified Bank Notes duringthe period from 8th November 2016 to 30th December 2016 and these are in accordance withthe books of account maintained by the Company– Refer Note No. 40(6) to thestandalone Ind AS financial statements.

For G. P. Agrawal & Co.
Chartered Accountants
Firm's Registration No. - 302082E
Sd/-
(CA. Sunita Kedia)
Place of Signature: Kolkata Partner
Date: 27th May 2017 Membership No. 60162

"Annexure A" to the Independent Auditor's Report

Statement referred to in paragraph ‘Report on Other Legal andRegulatory Requirements' of our report of even date to the members of Balrampur ChiniMills Limited on the Standalone Ind AS Financial Statements for the year ended 31st March2017.

(i) a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of its fixed assets.

b) The fixed assets were physically verified during the year by themanagement in accordance with a regular programme of verification which in our opinionprovides for physical verification of all the fixed assets at reasonable intervals.According to the information and explanations given to us no material discrepancies werenoticed on such verification. c) According to the information and explanations given to usand on the basis of our examination of the records of the Company the title deeds ofimmovable properties are held in the name of the Company.

(ii) The inventories have been physically verified during the year bythe management at reasonable intervals and no material discrepancies were noticed on suchphysical verification. (iii) The Company has not granted any loan secured or unsecuredto companies firms limited liability partnerships or other parties covered in theregister maintained under section 189 of the Act. Therefore clauses (iii) (a) (b) and(c) of paragraph 3 of the said order are not applicable to the Company.

(iv) In our opinion and according to the information and explanationsgiven to us there are no guarantees and securities granted in respect of which provisionsof section 185 and 186 of the Companies Act 2013 are applicable. Based on our auditprocedures performed and according to information and explanations given by themanagement the Company has complied with provisions of section 186 of the Act in respectof loans granted and investments.

(v) The Company has not accepted any deposit within the meaning ofsection 73 to 76 or any other relevant provisions of the Act and the rules framedthereunder. The directives issued by the Reserve Bank of India are not applicable to theCompany.

(vi) We have broadly reviewed the books of account maintained by theCompany in respect of products where pursuant to the rules made by the Central Governmentthe maintenance of Cost records has been prescribed under section 148(1) of the Act andare of the opinion that prima facie the prescribed accounts and records have been madeand maintained. We however as not required have not made a detailed examination of suchrecords.

(vii) (a) On the basis of our examination the Company is regular indepositing undisputed statutory dues including provident fund employees' stateinsurance income tax sales tax service tax duty of customs duty of excise valueadded tax cess and other statutory dues to the extent applicable with appropriateauthorities and no undisputed amounts payable in respect of the aforesaid dues wereoutstanding as at 31st March 2017 for a period of more than six months from the date ofbecoming payable.

(b) The disputed statutory dues aggregating to Rs 111.70 lacs that havenot been deposited on account of matters pending before appropriate authorities are asunder:

Sl. No. Name of the Statute Nature of dues Period to which pertain Amount (Rs in Lacs) Forum where the dispute is pending
1 Central Sales Tax Act 1956 Central Sales Tax 2009-10 1.08 Dy. Commissioner (Appeal) – Balrampur
2 Central Excise Act 1944 Cenvat Credit 2006-08 12.77 CESTAT - New Delhi
3 Central Excise Act 1944 Cenvat Credit 2005-06 15.69 CESTAT - New Delhi
4 Central Excise Act 1944 Excise Duty 2003-05 82.16 CESTAT - New Delhi
Total 111.70

(viii) The Company has not defaulted in repayment of loans orborrowings to financial institutions or banks or Government. The Company has not issuedany debentures.

(ix) The Company has not raised any money by way of initial publicoffer or further public offer (including debt instruments) during the year. On the basisof our examination and according to the information and explanations given to us moneyraised by way of term loans have been applied for the purpose for which the loans wereobtained.

(x) According to the information and explanations given to us nomaterial fraud by the Company or on the Company by its officers or employees has beennoticed or reported during the year.

(xi) According to the information and explanations give to us and basedon our examination of the records of the Company the Company has paid/provided formanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Act.

(xii) In our opinion the Company is not a nidhi company. Thereforeclause (xii) of paragraph 3 of the said order is not applicable to the Company.

(xiii) According to the information and explanations given to us andbased on our examination of the records of the Company transactions with the relatedparties are in compliance with section 177 and 188 of the Act where applicable and detailsof such transactions have been disclosed in the financial statements as required by theapplicable accounting standards.

(xiv) According to the information and explanations give to us andbased on our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures during the year.

(xv) According to the information and explanations given to us andbased on our examination of the records of the Company the Company has not entered intonon-cash transactions with directors or persons connected with them. Accordingly clause(xv) of paragraph 3 of the said order is not applicable to the Company.

(xvi) According to the information and explanations given to us theprovisions of section 45-IA of the Reserve Bank of India Act 1934 are not applicable tothe Company.

For G. P. Agrawal & Co.
Chartered Accountants
Firm's Registration No. - 302082E
Sd/-
(CA. Sunita Kedia)
Place of Signature: Kolkata Partner
Date: 27th May 2017 Membership No. 60162