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Binny Mills Ltd.

BSE: 535620 Sector: Others
NSE: N.A. ISIN Code: INE160L01011
BSE LIVE 15:04 | 28 Jul 265.00 -7.00
(-2.57%)
OPEN

260.20

HIGH

270.00

LOW

260.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 260.20
PREVIOUS CLOSE 272.00
VOLUME 494
52-Week high 405.00
52-Week low 131.00
P/E 109.50
Mkt Cap.(Rs cr) 85
Buy Price 265.00
Buy Qty 58.00
Sell Price 272.00
Sell Qty 33.00
OPEN 260.20
CLOSE 272.00
VOLUME 494
52-Week high 405.00
52-Week low 131.00
P/E 109.50
Mkt Cap.(Rs cr) 85
Buy Price 265.00
Buy Qty 58.00
Sell Price 272.00
Sell Qty 33.00

Binny Mills Ltd. (BINNYMILLS) - Auditors Report

Company auditors report

To

The Members of Binny Mills Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Binny Mills Limited (hereinafter referred to the Company) which comprises the Balance Sheet as at March 31 2016 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information (herein afterreferred 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 (hereinafter referred to as the Act) with respect to thepreparation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting 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. The Board of Directors of the Company is responsible for maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and the design implementationand maintenance of internal financial 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 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 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 andthe disclosures in the financial statements. These procedures selected depend on theauditor s judgment including the assessment of the risk of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers 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 the accounting policies used and the reasonableness of the accountingestimates made by the Company s Board of Directors as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence obtained by us 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 2016 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 (Auditor s Report) Order 2016 (the Order) issued bythe Central Government of India in terms of sub-section (11) of Section 143 of the Act wegive in the Annexure A a statement on the matters specified in paragraphs 3 and 4 of theOrder 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 purpose 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 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 written representation received from the Directors of the Company ason 31st March 2016 taken on record by the Board of Directors of the Companynone of the directors of the Company is disqualified as on 31st March 2016from being appointed as a director in terms of section 164(2) of the Act;

f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in Annexure B ; and

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) TheCompany has disclosed the impact of pending litigations in its financial statements

ii) The Company does not have any material foreseeable losses on long-term contracts.

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

For T. Selvaraj & Co.
Chartered Accountants
Firm Regn. No. 003703S
Place : Chennai
Date : 30.05.2016 S Vidya
Partner
M. No: 217934

ANNEXURE ‘A' TO 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 31st March 2016 wereport that:

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

b. The Company has physically verified the fixed assets during the year and no materialdiscrepancies were noticed on such verification.

c. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company in respect of leasehold land lease agreementis held in the name of the Company.

2. The management has conducted physical verification of inventories at reasonableintervals and no material discrepancies were noticed.

3. The Company has not granted any loans to Companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013

4. The Company has not given/made any loans investments guarantees and securitiesrequiring compliance with Section 185 and 186 of the Companies Act 2013.

5. The Company has not accepted any deposits from the 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 explanation given to us and on the basis of ourexamination of the records of the Company the company is generally regular in depositingundisputed statutory dues including Provident fund Income tax Service tax Value AddedTax Excise duty with the appropriate authorities.

According to the information and explanation given to us no undisputed amounts payablein respect of Provident fund Income tax Service tax Value added tax Excise duty werein arrears as at 31st March 2016 for a period of more than six months from thedate they become payable.

b. According to the information and explanation given to us there are no material duesof VAT Service tax Customs duty Excise duty and Cess which have not been deposited withthe appropriate authorities on account of any dispute.

8. The Company has not obtained any loans from banks and hence there is no repayment ofdues to banks.

9. The Company did not raise any money by way of intial public offer or further publicoffer (including debt instruments) during the year. The Company did not obtain any termloans during the year.

10. According to the information and explanations given to us no material fraud by thecompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

11. No Managerial remuneration has been paid or provided during the year.

12. The Company is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order isnot applicable.

13. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act wherever applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

14. The Company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year.

15. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv)of the order is not applicable.

16. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934.

For T. Selvaraj & Co.
Chartered Accountants
Firm Regn. No. 003703S
Place : Chennai
Date : 30.05.2016 S Vidya
Partner
M. No: 217934

ANNEXURE ‘B' TO INDEPENDENT AUDITORS' REPORT

Report on the Internal Financial Controls under Clause (i) of Sub- section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Binny MillsLimited (the company) as of 31st March 2016 in conjunction with our audit ofthe standalone financial statements of the Company for the year ended on that date

Management's Responsibility for Internal Financial Controls

The Company s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Internal Financial Controls over Financial Reporting issued by theInstitute of Chartered Accountants of India . These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to company s policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls and the Standards onAuditing issued by ICAI and deemed to be prescribed under Section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls and both issued by theInstitute of Chartered Accountants of India. Those Standards and Guidance Note requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls over financialreporting was established and maintained and if such controls operated effectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor s judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company s internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company s internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company s internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and and that receipts andexpenditures of the company are being made only in accordance with authorizations of themanagement and the directors of the company; and (3) provide reasonable assuranceregarding prevention or timely detection of unauthorized acquisition use or dispositionof the Company s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of the changes in conditions orthat the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 2016based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls over Financial Reporting issued by the Institute ofChartered Accountants of India

For T. Selvaraj & Co.
Chartered Accountants
Firm Regn. No. 003703S
Place : Chennai
Date : 30.05.2016 S Vidya
Partner
M. No: 217934