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Binny Mills Ltd.

BSE: 535620 Sector: Others
NSE: N.A. ISIN Code: INE160L01011
BSE LIVE 14:06 | 06 Dec 172.05 -8.95
(-4.94%)
OPEN

172.05

HIGH

172.05

LOW

172.05

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 172.05
PREVIOUS CLOSE 181.00
VOLUME 354
52-Week high 288.90
52-Week low 131.00
P/E 157.84
Mkt Cap.(Rs cr) 54.88
Buy Price 172.00
Buy Qty 10.00
Sell Price 190.05
Sell Qty 45.00
OPEN 172.05
CLOSE 181.00
VOLUME 354
52-Week high 288.90
52-Week low 131.00
P/E 157.84
Mkt Cap.(Rs cr) 54.88
Buy Price 172.00
Buy Qty 10.00
Sell Price 190.05
Sell Qty 45.00

Binny Mills Ltd. (BINNYMILLS) - Auditors Report

Company auditors report

To

The Members Binny Mills Limited Chennai

Report on the Financial Statements

We have audited the accompanying financial statements of Binny Mills Limited(herein after referred to “the Company”) which comprises the Balance Sheet as atMarch 31 2015 and the Statement of Profit and Loss and Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation (herein after referred to as “Financial Statements”).

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 (herein after referred to as “the Act”) withrespect to the preparation of these financial statements that give a true and fair view ofthe financial position financial performance and cash flows of the company in accordancewith the accounting principles generally accepted in India including the accountingstandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgements andestimates that are reasonable and prudent; and design effectively implementation andmaintenance of adequate financial internal controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor's 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 to be included in the audit report under the provisions ofthe 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 the 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 anddisclosure in the financial statements. The procedures selected depend on the auditor'sjudgement 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 financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe Company's Directors as well as evaluating the overall presentation of the financialstatements.

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 Actin the 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 31stMarch 2015 and its Profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order 2015 (“the Order”)issued by the Central Government of India in terms of sub-section (11) of Section 143 ofthe Act we give in the Annexure a statement on the matters specified in the paragraph 3and 4 of the Order 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 purpose of our audit.

b. In our opinion proper books of accounts 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 Statement of Profit and Loss and the Cash Flow Statementdealt with 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 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director interms of section 164(2) of the Act;

f. 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 does not have any pending litigations which would impact itsfinancial position.

ii) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company

for M/s T.Selvaraj& Co
Chartered Accountants
Firm Registration No: 003703S
Place : Chennai
Date : 29th May 2015 S Vidya
Partner
Membership No: 217934

ANNEXURE TO THE 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

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

b. The fixed assets have been physically verified by the management at reasonableintervals and no material discrepancies were noticed on such verification

2. a. Physical verification of inventory has been conducted at reasonable intervals bythe management

b. The procedure of physical verification of inventories followed by the management isreasonable and adequate in relation to the size of the Company and nature of its business.

c. The Company is maintaining proper records of inventory no material discrepancieswere noticed on physical verification

3. a. The company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the CompaniesAct2013

4. 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 for the purchase of inventory and fixed assets and for the sale ofgoods and services. No major weaknesses in internal control system were observed duringthe course of audit.

5. The Company has not accepted any deposits from public during the year.

6. The Company is not required to maintain cost records as per Section 148(1) of theCompanies Act 2013.

7. a. According to the information and explanations given to us and on the basis of ourexamination of the Company amounts deducted/accrued in the books of account in respect ofundisputed statutory dues including provident fund employees' state insurance incometax sales tax wealth tax service tax duty of customs duty of excise value added taxcess and any other statutory dues have been regularly deposited during the year by theCompany with the appropriate authorities.

b. According to the information and explanations given to us no dues of income tax orsales tax or wealth tax or service tax or duty of customs or duty of excise or value addedtax or cess have not been deposited on account of any dispute.

c. No amount was required to be transferred to Investor education and Protection Fundin accordance with the provisions of the Act during the year.

8. The Company does not have any accumulated losses at the end of the financial yearand has not incurred cash losses in the financial year and in the immediately precedingfinancial year.

9. The Company did not have any outstanding dues to financial institutions banks ordebentures.

10. In our opinion and according to the information and explanation given to us theCompany has not given any guarantee for loans taken by others from bank or financialinstitutions the terms and conditions whereof are prejudicial to the interest of thecompany.

11. The Company did not apply for any term loans during the year.

12. According to the information and explanations given to us no material fraud on orby the Company has been noticed or reported during the course of audit.

for M/s T.Selvaraj& Co
Chartered Accountants
Firm Registration No: 003703S
Place : Chennai
Date : 29th May 2015 S Vidya
Partner
Membership No: 217934

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