You are here » Home » Companies » Company Overview » Neelamalai Agro Industries Ltd

Neelamalai Agro Industries Ltd.

BSE: 508670 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE605D01012
BSE LIVE 10:08 | 05 Dec 1484.65 70.65
(5.00%)
OPEN

1484.65

HIGH

1484.65

LOW

1484.65

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1484.65
PREVIOUS CLOSE 1414.00
VOLUME 100
52-Week high 1521.45
52-Week low 919.00
P/E 21.46
Mkt Cap.(Rs cr) 94
Buy Price 1343.30
Buy Qty 100.00
Sell Price 1484.70
Sell Qty 100.00
OPEN 1484.65
CLOSE 1414.00
VOLUME 100
52-Week high 1521.45
52-Week low 919.00
P/E 21.46
Mkt Cap.(Rs cr) 94
Buy Price 1343.30
Buy Qty 100.00
Sell Price 1484.70
Sell Qty 100.00

Neelamalai Agro Industries Ltd. (NEELAMALAIAGRO) - Auditors Report

Company auditors report

To the members of

Neelamalai Agro Industries Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Neelamalai AgroIndustries limited (‘the Company’) which comprise the Balance Sheet as at31-March-2017 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Standalone 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 preparationof these standalone 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. 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.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

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 misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statement whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall 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 standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31-March-2017 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 (‘theOrder’) issued by the Central Government of India in terms of sub-section 11 ofsection 143 of the Act we give in the Annexure A a statement on the matters specified inparagraphs 3 and 4 of the said Order to the extent applicable.

2. As required by Section 143 (3) of the Act we report that: a. we have sought andobtained all the information and explanations which to the best of our knowledge andbelief 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 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 standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e. on the basis of the written representations received from the directors as on31-March-2017 and taken on record by the Board of Directors none of the directors isdisqualified as on 31-Mar-2017 from 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 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) The company does not have any pending litigations which would impact its financialposition

ii) 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 tothe Investor Education and Protection Fund by the Company;

iv) The Company has provided requisite disclosures in its standalone financialstatements as to holdings as well as dealings in Specified Bank Notes during the periodfrom 8th November 2016 to 30 December 2016.

Based on the audit procedures and relying on the management representation we reportthat the disclosure are in accordance with books of accounts maintained by the company andas produced to us by the management. Refer Note No. 32 to the standalone financialstatements.

For SURI & CO.
Chartered Accountants
Firm No.004283S
G. Rengarajan
Chennai Partner
30.05.2017 Membership No. 219922

ANNEXURE A

To the members of Neelamalai Agro Industries Limited

i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Fixed Assets.

(b) Physical verification of major items of these assets has been conducted by theManagement during the financial year and no material discrepancies were noticed on suchverification. In our opinion procedures followed by the management is reasonable havingregards to the size of the Company and the nature of its assets.

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

ii) The Physical verification of inventory has been conducted at reasonable intervalsby the management and no material discrepancies were noticed.

iii) The Company has not granted any loans secured or unsecured to the CompaniesFirms Limited Liability Partnerships or other parties covered in the register maintainedunder Section 189 of the Companies Act 2013. Accordingly Para 3 (iii) (a) (b) & (c)of the Order are not applicable.

iv) In our opinion and according to the information and explanation given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the investments made and no guarantee has been given

v) The company has not accepted any deposits from the public during the year.

vi) The Companies (Cost Records and Audit) Rules 2014 prescribed by the CentralGovernment for the maintenance of cost records under section 148 (1) (d) of the CompaniesAct 2013 is not applicable to the company for the current year.

vii) a) The Company is regular in depositing with appropriate authorities undisputedstatutory dues including Provident Fund Employees State Insurance Income tax Sales taxService Tax Customs duty Excise duty Value Added Tax Cess and other statutory duesapplicable to it. No undisputed statutory dues were outstanding as at the last day of thefinancial year for a period of more than six months from the date they became payable.

b) There are no disputed statutory dues.

viii) The company has not defaulted in repayment of dues to banks.

xi) The company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordingly Para3 (xi) of the Order is not applicable.

x) According to the information and explanations given to us no fraud by the companyor any fraud on the company by its officers or employees has been noticed or reportedduring the year.

xi) According to the information and explanation given to us and based on ourexamination of the records of the Company the Company has paid/ provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Companies Act.

xii) The Company is not a Nidhi Company. Accordingly Para 3 (xii) of the Order is notapplicable.

xiii) According to the information and explanation given to us and based on ourexamination of the records of the Company all transactions with the related parties arein compliance with sections 177 and 188 of Companies Act 2013 where applicable and thedetails of such transactions have been disclosed in the Financial Statements as requiredby the applicable accounting standards.

xiv) According to the information and explanation given to us and based on ourexamination of the records of the Company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xv) According to the information and explanation given to us and based on ourexamination of the records of the Company the company has not entered into any non-cashtransactions with directors or persons connected with him.

xvi) The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For SURI & CO.
Chartered Accountants
Firm No.004283S
G. Rengarajan
Chennai Partner
30.05.2017 Membership No. 219922

ANNEXURE B

To the members of Neelamalai Agro Industries Limited

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 NEELAMALAIAGRO INDUSTRIES LIMITED (‘the Company’) as of 31-March-2017 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

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 Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies 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 over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany’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 changes in conditions or thatthe 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 31-Mar-2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For SURI & CO.
Chartered Accountants
Firm No.004283S
G. Rengarajan
Chennai Partner
30.05.2017 Membership No. 219922