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Bannari Amman Sugars Ltd.

BSE: 500041 Sector: Agri and agri inputs
NSE: BANARISUG ISIN Code: INE459A01010
BSE LIVE 15:40 | 05 Dec 1812.00 -18.00
(-0.98%)
OPEN

1840.00

HIGH

1840.00

LOW

1800.00

NSE LIVE 15:54 | 05 Dec 1816.85 -15.15
(-0.83%)
OPEN

1826.00

HIGH

1839.80

LOW

1800.00

OPEN 1840.00
PREVIOUS CLOSE 1830.00
VOLUME 69
52-Week high 2242.25
52-Week low 940.50
P/E 13.86
Mkt Cap.(Rs cr) 2072.93
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1840.00
CLOSE 1830.00
VOLUME 69
52-Week high 2242.25
52-Week low 940.50
P/E 13.86
Mkt Cap.(Rs cr) 2072.93
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Bannari Amman Sugars Ltd. (BANARISUG) - Auditors Report

Company auditors report

To the Members of Bannari Amman Sugars Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Bannari Amman SugarsLimited ("the Company") which comprise the Balance Sheet as at March 31 2015the Statement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the 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 preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities selection and application of appropriateaccounting policies making judgments and estimates that are reasonable and prudent anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accounting recordsrelevant to the preparation and presentation of the financial statements that give a trueand fair view and are free from material misstatement whether due to fraud or error

Auditors' Responsibility

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

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions 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 Act Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe 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 but not for the purpose of expressing an opinionon whether the Company has in place an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's directors as well asevaluating the overall presentation of 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 inthe manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2015 and its profit and its cash flows for the year ended on that date

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) order 2015 ('the order') issued by thecentral Government of India in terms of sub-section 11 of section 143 of the Companies Act2013 we give in the Annexure a statement on the matters specified in the paragraphs 3 and4 of the order to the extent applicable

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 theStatement of Profit and Loss and the Cash Flow Statement dealt with by this Report are inagreement 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 2015 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2015 from being appointed as a director in terms of Section 164 (2) of the Act

f) With respect to the other matters to be included in the Auditor's Report inaccordance with the Rule 11 of the Companies (Audit and Auditors) Rules 2014 in ouropinion and 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 28 to the financial statementsii) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses

iii) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company

For P N RAGHAVENDRA RAO & CO
Chartered Accountants
P R VITTEL
Partner
Coimbatore M No 200/18111
29.5.2015 ICAI Firm Regn. No: 003328S

Annexure to the Independent Auditors' Report

The Annexure referred to in our Independent Auditors' Report to the members of thecompany on the financial statements for the year ended 31 March 2015 we report that:

i) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets

b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner In accordance with this programmecertain fixed assets were verified during the year and no material discrepancies werenoticed on such verification In our opinion this periodicity of physical verification isreasonable having regard to the size of the company and the nature of its assets

ii) a) Inventories have been physically verified during the year by the management atreasonable intervals

b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness

c) In our opinion and on the basis of our examination of the records the company isgenerally maintaining proper records of its inventories No material discrepancy wasnoticed on physical verification of stocks by the management as compared to book records

iii) According to the information and explanations given to us and on the basis of ourexamination of the books of account the Company has not granted any loans secured orunsecured to the companies firms or other parties listed in the register maintained underSection 189 of the Companies Act 2013 ('the Act') Consequently the provisions of Clausesiii (a) iii (b) and of the Order are not applicable to the company

iv) In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the company and thenature of its business with regard to purchase of inventory fixed assets and sale of goodsand services During the course of our audit we have not observed any major weakness in theinternal control system

v) The Company has not accepted any deposits from the public

vi) As per information & explanation given by the management maintenance of costrecords has been prescribed by the Central Government and we are of the opinion that primafacie the prescribed accounts and records have been made and maintained under Section148(1) of the Companies Act 2013 by the company

vii) a) According to the information and explanations given to us and on the basis ofour examination of the records of the company the undisputed statutory dues includingprovident fund Employee's State Insurance income tax sales tax wealth tax service tax dutyof customs duty of excise value added taxes cess and any other material statutory dueshave been regularly deposited during the year by the company with the appropriateauthorities According to the information and explanations given to us no undisputedamounts payable in respect of the above dues were in arrears as at 31 March 2015 for aperiod of more than six months from the date they became payable

b) According to the information and explanations given to us the disputed statutorydues (in case of income tax sales tax wealth tax service tax duty of customs duty ofexcise value added taxes and cess) aggregating to Rs1579.62 Lakhs that have not beendeposited on account of matters pending before appropriate authority are as under :

Name of the Statute Nature of Dues Amount (Rs in Lakhs) Period to which the Amount Relates to Forum where dispute is pending
Income Tax Act 1961 Income Tax 1579.62 Assessment Year 2012 - 13 Commissioner of Income Tax (Appeals) Coimbatore

c) According to the information and explanations given to us the amounts which wererequired to be transferred to the Investor Education and Protection Fund in accordancewith the relevant provisions of the Companies Act 1956 (1 of 1956) and rules thereunderhas been transferred to such fund within time

viii) The Company does not have any accumulated losses at the end of the financial yearThe Company has not incurred cash losses in the financial year and in the immediatelypreceding financial year

ix) The Company did not have any outstanding dues to financial institutions banks ordebenture holders during the year

x) In our opinion and according to the information and the explanations given to us thecompany has not given any guarantee for loans taken by others from banks or financialinstitutions.

xi) According to the information and explanations given to us the term loans areapplied for the purpose for which the loans were obtained

xii) According to the information and explanations given to us no fraud on or by thecompany has been noticed or reported during the course of our audit

For P N RAGHAVENDRA RAO & CO
Chartered Accountants
P R VITTEL
Partner
Coimbatore M No 200/18111
29.5.2015 ICAI Firm Regn. No: 003328S

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