You are here » Home » Companies » Company Overview » Riga Sugar Company Ltd

Riga Sugar Company Ltd.

BSE: 507508 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE909C01010
BSE 00:00 | 24 May 4.39 0
(0.00%)
OPEN

4.39

HIGH

4.39

LOW

4.39

NSE 05:30 | 01 Jan Riga Sugar Company Ltd
OPEN 4.39
PREVIOUS CLOSE 4.39
VOLUME 1481
52-Week high 9.69
52-Week low 3.50
P/E
Mkt Cap.(Rs cr) 6
Buy Price 4.60
Buy Qty 3719.00
Sell Price 4.39
Sell Qty 281.00
OPEN 4.39
CLOSE 4.39
VOLUME 1481
52-Week high 9.69
52-Week low 3.50
P/E
Mkt Cap.(Rs cr) 6
Buy Price 4.60
Buy Qty 3719.00
Sell Price 4.39
Sell Qty 281.00

Riga Sugar Company Ltd. (RIGASUGAR) - Auditors Report

Company auditors report

TO

THE MEMBERS OF

RIGA SUGAR COMPANY LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of RIGA SUGAR COMPANY LIMITED("the Company") which comprise the Balance Sheet as at 31st March 2017 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

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 ("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) 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.

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 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 theauditor's 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 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 Directors as well as evaluating the overall presentationof 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 2017 and its loss 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 2016 (the Order) issued by theCentral Government of India in terms of sub-section 11 of section 143 of the Act we givein "Annexure -A" statement on the matters specified in the paragraphs 3 and 4 ofthe Order as may be 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 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 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 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (2) of the Act; (f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsplease refer to our separate Report in "Annexure -B" (g) With respect to theother matters to be included in the Auditor's Report in accordance with Rule 11 of theCompanies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us:-(i) The Company has disclosedthe impact of pending litigations on its financial position in its financial statements -Refer Note 31 to the financial statements; (ii) The Company did not have any long-termcontracts including derivative contracts for which there were any material foreseeablelosses.

(iii) There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company (iv) The Company has providedrequisite disclosures in the financial statements as to holdings as well as dealings inSpecified Bank Notes during the period from the 8th November 2016 to 30th December 2016and the disclosures are in accordance with books of accounts maintained by the Company andas produced to us.

For K. N. Gutgutia & Co.
Chartered Accountants
(ICAI Firm Registration No. 304153E)
CA SUBHASISH PORE
Kolkata Partner
29th May 2017 Membership No. 55862

Annexure - A

As referred to our Report of Even Date in Para 1 of Report on Other Legal &Regulatory Requirements.

(i) (a) The Company is maintaining 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.

(c) The title deeds of immovable properties are held in the name of the Company.

(ii) Physical verification of inventory has been conducted at reasonable intervals bythe management and no material discrepancies were noticed.

(iii) The Company has granted unsecured loan to a company covered in the registermaintained under section 189 of the Companies Act 2013.

(a) The terms and conditions of the grant of such loans are not prejudicial to theCompany's interest;

(b) The loan is repayable on demand and the payment of interest has been stipulated andthe receipts are regular;

(c) No amount is overdue.

(iv) In respect of loans and guarantees the provisions of section 185 and 186 of theCompanies Act 2013 have been complied with.

(v) The Company has not accepted any deposits.

(vi) Maintenance of cost records has been specified by the Central Government undersub-section (1) of section 148 of the Companies Act 2013 and such accounts and recordshave been so made and maintained.

(vii) (a) The Company is regular in depositing undisputed statutory dues includingprovident fund income-tax sales-tax service tax duty of excise value added tax cessand any other statutory dues to the appropriate authorities.

(b) Dues of duty of Excise and value added tax that have not been deposited on accountof any disputes is detailed below in annexure- I.

(viii)The Company has not defaulted in repayment of loans or borrowing to Bank andGovernment.

(ix) No moneys were raised by way of initial public offer or further public offer(including debt instruments). Term loans were applied for the purposes for which those areraised.

(x) Any fraud by the Company or any fraud to the Company by its officers or employeeshas not been noticed or reported during the year.

(xi) The managerial remuneration has been paid or provided in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theCompanies Act.

(xii) The Company has not been incorporated as Nidhi.

(xiii)All transactions with the related parties are in compliance with sections 177 and188 of Companies Act 2013 where applicable and the details have been disclosed in thefinancial statements etc. as required by the applicable Accounting Standards.

(xiv)The Company has made preferential allotment of equity shares on private placementon conversion of convertible warrants during the year under review and the requirement ofsection 42 of the Companies Act 2013 have been complied with and the amount raised havebeen used for the purposes for which the funds were raised.

(xv) The Company has not entered into any non-cash transaction with directors orpersons connected.

(xvi)The Company is not required to be registered under Section 45-1A of the RBI Act1934.

For K. N. Gutgutia & Co.
Chartered Accountants
(ICAI Firm Registration No. 304153E)
CA SUBHASISH PORE
Kolkata Partner
29th May 2017 Membership No. 55862

Annexure-I

Name of Statute Nature of dues Amount demanded Amount deposited under dispute Period to which amount relates Forum where dispute is pending
(Rs. in Lacs)
Bihar VAT VAT Demand on SDS/ODS and Stock Transfer of RS 124.66 (Basic) 90.34 2009-10 to 2012-13 Commercial Tax Tribunal Bihar

Annexure - B

As referred to our Report of Even Date in Para 2(f) of Report on Other Legal &Regulatory Requirements.

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 Riga SugarCo. Ltd. ("the Company") as of March 31 2017 in conjunction with our audit ofthe 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 Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India("ICAI"). Theseresponsibilities include the design imp lementation 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 safeguarding ofits 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 ("the Act").

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 Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects. Our audit involves performing procedures to obtain audit evidence about theadequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of the risksof material 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 March 31 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 ICAI.

For K. N. Gutgutia & Co.
Chartered Accountants
(ICAI Firm Registration No. 304153E)
CA SUBHASISH PORE
Kolkata Partner
29th May 2017 Membership No. 55862