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Sri Chamundeswari Sugars Ltd.

BSE: 522300 Sector: Agri and agri inputs
NSE: SRICHAMUND ISIN Code: INE004H01019
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Sri Chamundeswari Sugars Ltd. (SRICHAMUND) - Auditors Report

Company auditors report

To The Members of SRI CHAMUNDESWARI SUGARS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of SRI CHAMUNDESWARI SUGARSLIMITED ("the Company") which comprise the Balance Sheet as at 31st March2015 the Statement of Profit and Loss the Cash Flow Statement for the year then endedon that date and a summary of the significant accounting policies and other explanatoryinformation.

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 Act2013 ("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) Rule 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 accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

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 • andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under.

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 theauditors' judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers interna! 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 anopinion on whether the Company has in place an adequate internal financial control systemover financial reporting and the operative effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by 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 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 LOSS and its cash flows for the year ended on that date.

Emphasis of Matter

We draw attention to Note No: 37 (1) and (2) to the financial statements whichspecifies the claims disputed challenged by the company.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors Report) Order 2015 ("the Order")issued by the Central Government of India in terms of subsection (11) of section 143 ofthe Companies Act 2013 we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order to the extent applicable.

8. 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 ofthose 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 in terms ofSection 164(2) ofthe 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 disclosed the impact of pending litigations on its financialposition in its financial statements- Refer Note 37(1) and (2) to the financialstatements;

(ii) The Company has a long-term lease contract for operating a Sugar Unit atSrinivasapura Hassan District. As per the management representation there are nomaterial foreseeable losses which require provision on account of this. The companyduring the year has not entered into any derivative contracts.

(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection fund by the company.

For P.N. Raghavendra Rao & Co.
Chartered Accountants
Firm Registration Number: 003328S
P.R.Vittel
May 30 2015 Partner
Coimbatore Membership Number: 018111

Annexure referred to Auditors report of even date

Re: Sri Chamundeswari Sugars Limited (the "Company")

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

(b) These fixed assets have been physically verified by the management at reasonableintervals. No material discrepancies were noticed on such verification.

ii. (a) Physical verification of the inventory has been conducted at reasonableintervals by the management.

(b) The procedures of physical verification of inventories followed bythe management are reasonable and adequate in relation to the size of the Companyand the nature of its business.

(c) The Company is maintaining proper records of inventories. No materialdiscrepancies were noticed on physical verification of inventory.

iii. According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under section 189 of the Act.

iv. There is an adequate internal control system commensurate with the size of theCompany and the nature of its business for the purchase of inventory and fixed assetsforthe sale of goods and services. During the course of our audit we have not observed anymajor weakness or continuing failure to correct any major weakness in internal controlsystem.

v. In our opinion and according to the information and explanations given to us inrespect of deposits accepted by the company from public amounting to Rs116800000/-(553 depositors) remaining unpaid as on 31.03.2015. An application under section 74 (2) ofthe Companies Act 2013 has been made by the Company to the Company Law Board ChennaiBench seeking extension of time till 31.03.2016 for repayment of those deposits and orderof the Company Law Board is awaited. The Company has notaccepted any deposits frompublicduringtheyear.

vi. We have broadly reviewed the cost records maintained by the Company specified undersub-section (1) of Section 148 of the Companies Act and are of the opinion that theprescribed accounts and records have been made and maintained.

vii. (a) The company has deposited with appropriate authorities with delay on manyoccasions undisputed statutory dues including provident fund employees' stateinsurance income-tax sales-tax service tax duty of excise duty of customs valueadded tax cess and other statutory dues. There are no such statutory dues as at the lastday of the financial year remaining in arrears for a period of more than six months fromthe date they became payable.

(b) According to the information and explanation given to us and records of theCompany the statutory dues that have not been deposited on account of dispute are asunder:

Name of the statute Nature of dues Amount (Rs in Lakhs) Period to which the amount relates Forum where the dispute is pending
The Central Excise Act 1944 Excise Duty 2022.88 FY : 2005-06 to 2012-13 Commissioner of Central Excise Mysore

(c) The amount required to be transferred to Investor Education and Protection Fund inaccordance with the relevant provisions of the Act and rules framed thereunder has been transferred to such fund within time.

viii. The company's accumulated losses at the end of the financial year does not exceed50% of its Networth. The Company has incurred cash losses during the year and cash profitin the immediately precedingyear.

ix. Defaults by the Company in repayment of dues to banks and financial institutionsare as under:

(a) Default in repayment of dues to Banks:

Particulars Amount of Default (Rs in Lakhs) Period of Default Amount since paid (Rs in Lakhs)
Principal 198.12 January 2015 Nil
Interest 4.14 January 2015 & February 2015 Nil

(b) Default in repayment of dues to financial institution:

Particulars Amount of Default (Rs in Lakhs) Period of Default Amount since paid (Rs in Lakhs)
Principal 360.89 Sept 14 to Mar 15 Nil
Interest 20.50 16.2.15 to 15.3.15 Nil

(c) The Company has notaccepted any debentures.

x. The Company has not given guarantees for loans taken by others from banksorfinancial institutions.

xi. Term loans availed during the year have been applied for the purpose for which theloans were obtained.

xii. According to the information and explanation given to us no fraud on or by thecompany has been noticed or reported during the year.

For P.N. Raghavendra Rao & Co.
Chartered Accountants
Firm Registration Number: 003328S
P.R.Vittel
May 30 2015 Partner
Coimbatore Membership Number: 018111