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Sunil Agro Foods Ltd.

BSE: 530953 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE224D01012
BSE LIVE 15:40 | 21 Nov 74.30 2.95
(4.13%)
OPEN

78.05

HIGH

78.05

LOW

71.05

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 78.05
PREVIOUS CLOSE 71.35
VOLUME 1916
52-Week high 108.80
52-Week low 27.90
P/E 34.40
Mkt Cap.(Rs cr) 22
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 78.05
CLOSE 71.35
VOLUME 1916
52-Week high 108.80
52-Week low 27.90
P/E 34.40
Mkt Cap.(Rs cr) 22
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Sunil Agro Foods Ltd. (SUNILAGROFOODS) - Auditors Report

Company auditors report

The Members of Sunil Agro Foods Limited

1. Report on the Financial Statements

We have audited the accompanying financial statements of Sunil Agro FoodsLimited("the Company") which comprise the Balance Sheet as at 31st March 2016the Statement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the significant and other explanatory information.

2. Management’s Responsibility for the Standalone Financial Statements TheCompany’s Board of Directors is responsible for the matters stated in Section 134(5)of the Companies Act 2013 ("the Act") with respect to the preparation of thesestandalone 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 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.

3. Auditors’ Responsibility

3.1 Our responsibility is to express an opinion on these financial statements based onour 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 there under. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

3.2 An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements accounting policies whether due to fraud or error. In makingthose risk assessments the auditor considers internal financial control relevant to theCompany’s preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company’s Directors as wellas evaluating the overall presentation of the financial statements.

3.3 We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the standalone financial statements.

4 . Basis for Qualified Opinion

4.1 As per Accounting Policy number 2.8 of the company has valued the investment atcost. As on March 31 2016 there is a fall in the value of investments to the extent ofRs.2810206/-. The company has created provision for fall in the value of investment onlyto the extent of Rs.91721/- in the earlier years. The impact of non-provision for thefall in the value of investment is Profit is overstated to the extent of Rs. 2718485lacks and investment are overstated to the same extent

5. Qualified Opinion

In our opinion and to the best of our information and according to the explanationgiven to us except for the effects of the matter described in the Basis for QualifiedOpinion paragraph above the aforesaid 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 31st March 2016 and its profit and its cash flows for the year ended on that date.

6. Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial required by the Act in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India:

• in the case of the Balance Sheet of the state of affairs of the Company as at31st March 2016;

• in the case of the Statement of Profit and Loss of the profit for the yearended on that date; and

• in the case of Cash Flow Statement of the cash flows for the year ended on thatdate.

7. Report on Other Legal and Regulatory Requirements

7.1 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 of the mattersspecified in paragraphs 3 and 4 of the Order.

7.2 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 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 the Statement of Profit Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d. In our opinion the aforesaid financial comply with the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. Except in para 4.1 above.

e. On the basis of the written representations received from the directors statementsas on 31st Marchgive the information 2016 taken on record by the Board of Directorsnone of the directors is disqualified as on 31st March 2016 from being appointed as adirector 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" g. With respect to the other matters to beincluded in the Auditor’s Report in accordance with Rule 11 of the Companies (Auditand Auditors) Rules 2014 in our opinion and to the best of our information and accordingto the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements refer note 29.

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 MSSV & CO.
and
Chartered Accountants
Firm Reg. No. 001987S
Place : Bangalore D. R. Venkatesh
Date : May 23 2016 statements Partner
Membership No. 25087

ANNEXURE TO INDEPENDENT AUDITORS’ REPORT

Referred to in paragraph 7.1 of our report of even date

Based upon the information and explanations furnished to us and the books and recordsexamined by us in the normal course of audit and to the best of our knowledge and beliefwe report that:

1. In respect of Fixed Assets:

a. The company has maintained records showing full particulars including situationfixed of assets.

b. The company has physically verified the fixed assets during the year which in ouropinion is reasonable having regard to the size of the company and the nature of itsbusiness. We have been informed that no material discrepancies were noticed on suchverification.

c. The title deeds of immovable properties are held in the name of the company.

2. In respect of its inventories:

Physical verification of inventory has been conducted issued by the Reserve Bank ofIndia does not arise.

6. Maintenance of cost records under sub section (1) of section 148 of the CompaniesAct 2013 read with Companies (Cost Records and Audit) Rules 2014 has been prescribed tothe Company. We are of the opinion that that prima facie prescribed cost records aremaintained. We have however not made the detailed examination of the cost records with aview to determine whether they are accurate or complete.

7. In respect of statutory dues: a. Except dividend distribution tax as detailed belowthere are no undisputed amounts payable in respect of Provident Fund Investor Educationand Protection Fund Employees’ State Insurance Custom Duty Excise Duty cess andother undisputed statutory dues were outstanding at the year end for a period of morethan six months from the date they became payable.

Name of the statue Nature of Dues Amount Payable Amount Amount Short Paid Due date of payment
(Rs.)
Income Tax Act 1961 Divident Distribution Tax 300252 255171 45081 29/09/2015

at reasonable intervals by the management. There were no material discrepancies thatwere noticed on such verification of inventory as compared to the stock records.

3. The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under Section 189 of the Companies Act2013. Hence commenting on regularity in receipt of principal and interest steps taken torealize overdue amount does not arise.

4. The company has not given any loan investments guarantees and security undersection 185 and 186 of the Companies Act 2013. Hence commenting on paragraph 3(iv)Companies (Auditor’s Report) Order 2016 does not arise.

5. The company has not accepted any deposits from the public. Hence commenting on thecompliance of Section 73 to 76 of the Companies Act 2013 read with the rules framed thereunder and the directives b. Except central excise as detailed below there are no dues ofsales tax income tax custom duty wealth tax cess and service tax which have not beendeposited on account of any dispute.

8. The company has not defaulted in the repayment of dues to any banks / financialinstitutions. Also the company has not issued any debentures.

9. During the period covered under our audit the company has taken term loans and thesame were utilized for the purpose for which they were availed. Further company has notraised any money by way of initial public offer or further public offer during the year(including debt instruments). 10. No fraud by the company or on the company by itsofficers or employees has been noticed or reported during the course of our audit.

11. The company has provided managerial remuneration in within the limits prescribedunder section 197 read with Schedule V to the Companies Act 2013.

Name of the statue Nature of Dues Amount Period Forum where dispute is pending
(Rs.)
Central Excise duty 19551297/- 05/08/2010 to 31/10/2013 Company proposes to file the appeal before the appellate authorities against the order passed by Commissioner Bangalore – V Commissionerate Bangalore as the time for filing the appeal is not elapsed as on the date of audit report
Central Excise Act 1944 Central Excise - Penalty 19551297/- 05/08/2010 to 31/10/2013
Central Excise - Interest Department yet to quantify the interest liability Until payment

12. Company is not a Nidhi Company. Hence commenting of the paragraph 3(xii) ofCompanies (Auditor’s Report) Order 2016 does not arise.

13. All the transactions with the related parties are in compliance with Sections 177and 188 of Companies Act 2013 and the details have been disclosed in the financialstatements as required by Accounting Standard 18.

14. During the period covered under our audit the company has not made anypreferential allotment or private placement of shares or fully or partly convertibledebentures. Hence commenting on the compliance of section 42 of the Companies Act does notarise.

15. During the period covered under our audit the company has not made any non-cashtransactions with directors or persons connected with him. Hence commenting on thecompliance of Section 192 read with schedule V of the Companies Act 2013 does not arise.

16. The company is not require to be registered under section 45-IA of the Reserve Bankof India Act 1934

For MSSV & CO.
Chartered Accountants
Firm Reg. No. 001987S
Place : Bangalore D. R. Venkatesh
Date : May 23 2016 Partner
Membership No. 25087