Home  »  Company  »  Binny Mills Ltd.  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Binny Mills Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of Binny Mills Limited, (herein after referred to "the Company") which comprises the Balance Sheet as at March, 31 2015, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information (herein after referred to as "Financial Statements").

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (herein after referred to as "the Act") with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the company in accordance with the accounting principles generally accepted in India, including the accounting standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, effectively implementation and maintenance of adequate financial internal controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and 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 our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosure in the financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company's preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company's Directors, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide 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 explanations given to us, the aforesaid financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2015, 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 (Auditors' Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order, 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 best of our knowledge and belief were necessary for the purpose of our audit.

b. In our opinion, proper books of accounts as required by law have been kept by the Company 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 Statement dealt with by this Report are in agreement with the books of account;

d. In our opinion, the aforesaid financial statements comply with the accounting standards 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 31st March, 2015, taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2015, from being appointed as a director, in terms of section 164(2) of the Act;

f. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014 in our opinion and to the best of our information and according to the explanations given to us:

i) The Company has does not have any pending litigations which would impact its financial position.

ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

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

The Annexure referred to in our Independent Auditors' Report to the members of the Company on the financial statements for the year ended 31 March 2015, we report that

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

b. The fixed assets have been physically verified by the management at reasonable intervals and no material discrepancies were noticed on such verification

2. a. Physical verification of inventory has been conducted at reasonable intervals by the management

b. The procedure of physical verification of inventories followed by the management is reasonable and adequate in relation to the size of the Company and nature of its business.

c. The Company is maintaining proper records of inventory no material discrepancies were noticed on physical verification

3. a. The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act,2013

4. In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. No major weaknesses in internal control system were observed during the course of audit.

5. The Company has not accepted any deposits from public during the year.

6. The Company is not required to maintain cost records as per Section 148(1) of the Companies Act, 2013.

7. a. According to the information and explanations given to us and on the basis of our examination of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including provident fund, employees' state insurance, income tax, sales tax, wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and any other statutory dues have been regularly deposited during the year by the Company with the appropriate authorities.

b. According to the information and explanations given to us, no dues of income tax or sales tax or wealth tax or service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of any dispute.

c. No amount was required to be transferred to Investor education and Protection Fund in accordance with the provisions of the Act during the year.

8. The Company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

9. The Company did not have any outstanding dues to financial institutions, banks or debentures.

10. In our opinion and according to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from bank or financial institutions, the terms and conditions whereof are prejudicial to the interest of the company.

11. The Company did not apply for any term loans during the year.

12. According to the information and explanations given to us, no material fraud on or by the Company has been noticed or reported during the course of audit.

for M/s T.Selvaraj& Co Chartered Accountants Firm Registration No: 003703S

Place : Chennai Date : 29th May 2015 S Vidya Partner Membership No: 217934




Mar 31, 2014

We have audited the accompanying financial statements of Binny Mills Ltd, which comprises the Balance Sheet as at March, 31 2014, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position and financial performance in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act 2013. This responsibility includes the design, implementation and maintenance of internal controls relevant to the preparation and presentation of the financial statements that give a true and fair view and 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 our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosure in the financial statements. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of the Balance Sheet, of the State of Affairs of the Company as at March 31, 2014;

b) In the case of the Statement of Profit or Loss, of the Profit of the Company for the year ended on that date; and

c) In the case of the Cash Flow Statement, of the Cash Flows of the Company for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor''s Report) Order, 2003 ( the Order), issued by the Central Government of India, in terms of sub-section (4A) of Section 227 of the Act, we give in the Annexure a statement on the matters specified in Paragraphs 4 and 5 of the Order.

As required by section 227(3) of the Act, we report that

a. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b. In our opinion proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books;

c. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d. In our opinion, the Balance sheet, the Statement of Profit and Loss, and the Cash Flow statement comply with the accounting standards referred to sub-section (3C) of Section 211 of the Act;

e. On the basis of the written representations received from the Directors as on March 31, 2014, and taken on record by the Board of Directors, none of the directors is disqualified as on March

31, 2014, from being appointed as a director, in terms of clause (g) of sub-section (1) of section 274 of the Act;

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Act, nor has it issued any rules under the said section prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

Referred to in Paragraph 3 of our Report of even date

1. In respect of fixed assets, the Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

The fixed assets have been physically verified during the year by the management in accordance with a programme of verification, which provides for physical verification of all the fixed assets at reasonable intervals having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

Based on our scrutiny of the records of the company and the information & explanation received by us, we report that there were no sale of fixed assets during the year.

2. As explained to us, the inventories of the Company have been physically verified during the year by the management at reasonable intervals.

According to the information and explanations given to us, in our opinion, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

On the basis of our examination of records of inventories, in our opinion, the Company has maintained proper records of inventories and no material discrepancies were noticed between physical stocks and book records.

3. According to the information and explanations given to us, the company has not granted any loans, secured or unsecured, to the companies, firms or individual, parties covered in the register maintained under section 301 of the Companies Act, 1956. The Company has taken unsecured loan from one party covered in the register maintained under section 301 of the Companies Act, 1956, and the year end balance of such loan was Rs. 0.62 lakhs (Rs. 0.62 lakhs as on 31.3.2013). In our opinion, since the loan was received interest free without any terms and conditions stipulated for repayment, the same is not prima-facie prejudicial to the interest of the company In our opinion, since the loan was received interest free without any terms and conditions stipulated for repayment, the principal portion has not fallen due for repayment.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, with regard to the purchase and sale of goods and services. Further on the basis of our examination of the books and records of the Company carried out in accordance with the auditing standards generally accepted in India, and according to the information and explanations given to us, we have neither come across nor have we been informed of any continuing failure to correct major weaknesses in the internal control system.

5. In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register required to be maintained under section 301 of the Companies Act, 1956 have been so entered and the transactions during the year in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public.

7. The Company does not have a formal internal Audit. However, from the information and explanations given to us, the existing internal control procedures are commensurate with its size and nature of its business.

8. As explained to us and as per the information and explanations given to us the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 are not applicable.

9. According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, undisputed statutory dues including Provident Fund, Pension Fund, Employees State Insurance, income tax, service tax, professional tax, urban land tax, cess and other material statutory dues applicable to the Company have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax and other statutory dues were in arrears as at 31st March 2014 for a period of more than six months from the date they became payable except in respect of urban land tax to the tune of Rs.3,87,000/- Which is yet to be remitted.

There are no disputed statutory dues payables as at the Balance sheet date.

10. The Company does not have any accumulated losses as at 31st March 2014 and has not incurred cash loss during the financial year and also in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution and bank. The Company has not issued any debentures.

12. In our opinion and according to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Provisions of any special statute as specified under clause (xiii) of the Order are not applicable to the Company.

14. In our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in securities and hence Clause (xiv) of the Order is not applicable to the Company.

15. According to the information and explanations given to us, the company has not given any guarantee for loan taken by others from financial institutions and hence Clause (xv) of the Order is not applicable to the Company.

16. In our opinion and according to the information and explanations given to us, the company has not obtained any term loans during the year.

17. In our opinion and according to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report no funds raised on short term basis have been utilized for long term investments and vice versa.

18. The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under section 301 of the Companies Act, 1956 during the year.

19. The Company has not issued any debentures during the year and hence reporting under Clause (xix) of the Order is not applicable to the Company.

20. The Company has not raised any money by way of public issue during the year.

21. According to the information and explanations given to us, during the year, no fraud on or by the Company has been noticed or reported during the course of our audit.

For M/s T. Selvaraj & Co Chartered Accountants Firm Registration No: 003703S

Place: Chennai Date : 30th May 2014 S Vidya Partner Membership No: 217934


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Binny Mills Ltd, which comprises the Balance Sheet as at March, 31 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

The Company''s Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 (the Act). This responsibility includes the design, implementation and maintenance of internal controls relevant to the preparation and presentation of the financial statements that give a true and fair view and 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 our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with the ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosure in the financial statements. The procedures selected depend on the auditor''s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company''s internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of the Balance Sheet, of the State of Affairs of the Company as at March 31, 2013;

b) In the case of the Statement of Profit or Loss, of the LOSS of the Company for the year ended on that date; and

c) In the case of the Cash Flow Statement, of the Cash Flows of the Company for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor''s Report) Order, 2003 ( the Order), issued by the Central Government of India, in terms of sub-section (4A) of Section 227 of the Act, we give in the Annexure a statement on the matters specified in Paragraphs 4 and 5 of the Order.

As required by section 227(3) of the Act, we report that

a. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b. In our opinion proper books of accounts as required by law have been kept by the Company so far as appears from our examination of those books;

c. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d. In our opinion, the Balance sheet, the Statement of Profit and Loss, and the Cash Flow statement comply with the accounting standards referred to sub-section (3C) of Section 211 of the Act;

e. On the basis of the written representations received from the Directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director, in terms of clause (g) of sub-section (1) of section 274 of the Act;

f. Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Act, nor has it issued any rules under the said section prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

Referred to in Paragraph 3 of our Report of even date

1. In respect of fixed assets, the Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

The fixed assets have been physically verified during the year by the management in accordance with a programme of verification, which provides for physical verification of all the fixed assets at reasonable intervals having regard to the size of the Company and the nature of its assets. According to the information and explanations given to us, no material discrepancies were noticed on such verification. Based on our scrutiny of the records of the company and the information & explanation received by us, we report that there were sale of fixed assets during the year but the fixed assets disposed off did not constitute a substantial part of the fixed assets of the company.

2. As explained to us, the inventories of the Company have been physically verified during the year by the management at reasonable intervals.

According to the information and explanations given to us, in our opinion, the procedures of physical verification of stocks followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

On the basis of our examination of records of inventories, in our opinion, the Company has maintained proper records of inventories and no material discrepancies were noticed between physical stocks and book records.

3. According to the information and explanations given to us, the company has not granted any loans, secured or unsecured, to the companies, firms or individual, parties covered in the register maintained under section 301 of the Companies Act, 1956. The Company has taken unsecured loan from one party covered in the register maintained under section 301 of the Companies Act, 1956, and the year end balance of such loan was Rs. 0.62 lakhs (Rs. 0.62 lakhs as on 31.3.2012). In our opinion, since the loan was received interest free without any terms and conditions stipulated for repayment, the same is not prima-facie prejudicial to the interest of the company.

In our opinion, since the loan was received interest free without any terms and conditions stipulated for repayment, the principal portion has not fallen due for repayment.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, with regard to the purchase and sale of goods and services. Further on the basis of our examination of the books and records of the Company carried out in accordance with the auditing standards generally accepted in India, and according to the information and explanations given to us, we have neither come across nor have we been informed of any continuing failure to correct major weaknesses in the internal control system.

5. In our opinion and according to the information and explanations given to us, the transactions that need to be entered into the register required to be maintained under section 301 of the Companies Act, 1956 have been so entered and the transactions during the year in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public.

7. The Company does not have a formal Internal Audit. However, from the information and explanations given to us, the existing internal control procedures are commensurate with its size and nature of its business.

8. As explained to us and as per the information and explanations given to us the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 are not applicable.

9. According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, undisputed statutory dues including Provident Fund, Pension Fund, Employees State Insurance, income tax, service tax, cess and other material statutory dues applicable to the Company have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax and other statutory dues were in arrears as at 31st March 2013 for a period of more than six months from the date they became payable except in respect of service tax to the tune of Rs.3,06,250/- Which is yet to be remitted.

There are no disputed statutory dues payables as at the Balance sheet date.

10. The Company does not have any accumulated losses as at 31st March 2013 and has incurred cash loss during the financial year ended on that date. The Company has not incurred any cash loss in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution and bank. The Company has not issued any debentures.

12. In our opinion and according to the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Provisions of any special statute as specified under clause (xiii) of the Order are not applicable to the Company.

14. In our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in securities and hence Clause (xiv) of the Order is not applicable to the Company.

15. According to the information and explanations given to us, the company has not given any guarantee for loan taken by others from financial institutions and hence Clause (xv) of the Order is not applicable to the Company.

16. In our opinion and according to the information and explanations given to us, the company has not obtained any term loans during the year.

17. In our opinion and according to the information and explanations given to us and on an overall examination of the Balance Sheet of the Company, we report no funds raised on short term basis have been utilized for long term investments and vice versa.

18. The Company has not made any preferential allotment of shares to parties and Companies covered in the register maintained under section 301 of the Companies Act, 1956 during the year.

19. The Company has not issued any debentures during the year and hence reporting under Clause (xix) of the Order is not applicable to the Company.

20. The Company has not raised any money by way of public issue during the year.

21. According to the information and explanations given to us, during the year, no fraud on or by the Company has been noticed or reported during the course of our audit.

For T.SELVARAJ & CO.,

Chartered Accountants

Firm Regn No:003703S

M. Balaganesh

Partner

Membership No. 208781

Place : Chennai

Date : 29th May 2013


Mar 31, 2012

1. We have audited the attached Balance Sheet of Binny Mills Limited as at 31st March 2012, the Statement of Profit and Loss and also the Cash Flow Statement for the year ended on that date annexed there to. These Financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that, our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors'' Report)(Amendment) Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we give in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to above, we report that:

a) We have obtained all information and explanations which, to the best of 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 the Company so far as appears from our examination of such books;

c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the Books of Account;

d) In our opinion the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt by this report, comply with the Accounting Standards referred to in Sub-section (3C) of Section 211 of the Companies Act, 1956;

e) On the basis of written representation received from the Directors, as on 31/03/2012 and taken on records by the Board of Directors, we report that, none of the Directors are disqualified as on 31/03/2012 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) We draw the attention of members to the following Note:

i). Non-confirmation of balances as at 31.03.2012 from Debtors, other Current Assets and Sundry Creditors as stated in Note 24 in Notes Forming part of Financial Statements and we are unable to express any opinion on the recoverability or otherwise and the effect, if any, on the reported results of the company for the period under audit.

g) Subject to f(i) above, the said accounts, in our opinion and to the best of our information and according to the explanations given to us, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :

i. In the case of Balance Sheet, of the State of Affairs of the Company as at 31st March 2012,

ii. In the case of Statement of Profit and Loss, of the PROFIT of the Company for the year ended on that date; and

iii. In the case of Cash Flow Statement, of the Cash Flows for the year ended on that date.

Re: BINNY MILLS LIMITED

Referred to in Paragraph 3 of our Report of even date

1. (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets, which needs to be updated.

(b) The fixed assets have not been verified by the management during this year. The discrepancies (between physical verification and book records) and accounting for such discrepancies does not arise.

(c) The Company has not disposed off any fixed assets during the year.

2. (a) The inventory has been physically verified by the management at reasonable intervals.

(b) The procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3. According to the information and explanations given to us, the company has not granted any loans, secured or unsecured, to the companies, firms or individual, parties covered in the register maintained under section 301 of the Companies Act, 1956. The Company has taken unsecured loan from one party covered in the register maintained under section 301 of the Companies Act, 1956, and the year

I end balance of such loan was Rs. 0.62 lakhs (Rs. 0.62 lakhs as on 31.3.2011). In our opinion, since the loan was received interest free without any terms and conditions stipulated for repayment, the same is not prima-facie prejudicial to the interest of the company.

In our opinion, since the loan was received interest free without any terms and conditions stipulated for repayment, the principal portion has not fallen due for repayment.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the company and the nature of its business, for purchases and for sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control systems.

5. (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been entered in the register maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanation given to us, the Company has not accepted deposits from public.

7. The Company does not have any internal audit system to commensurate with the size of the company and the nature of its business and services.

8. As explained to us and as per the information and explanation given to us the maintenance of Cost Records under section 209 (1 )(d) of the Companies Act, 1956 are not applicable.

9. According to the information and explanations given to us and according to the books and records as produced and examined by us, in our opinion, undisputed statutory dues including Provident Fund, Pension Fund, Employees State Insurance, income tax, service tax, cess and other material statutory dues applicable to the Company have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax and other statutory dues were in arrears as at 31st March 2012 for a period of more than six months from the date they became payable except in respect of service tax to the tune of Rs.236529/- Which is yet to be remitted.

There are no disputed statutory dues payables as at the Balance sheet date.

10. The Company does not have any accumulated losses as at 31st March 2012 and has not incurred cash losses during the financial year ended on that date or in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to the financial institutions, bank and debenture holders.

12. In our opinion and according to the information and explanations given to us, the Company has not granted loans and advances on the basis of securities by way of pledge of shares, debentures and other securities.

13. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provision of clause 4 (xiii) of the Companies (Auditor''s Report) (Amendment) Order, 2004 are not applicable to the Company.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4 (xiv) of the Companies (Auditor''s Report) (Amendment) Order, 2004 are not applicable to the Company.

15. In our opinion and according to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks / financial institutions.

16. In our opinion and according to the information and explanation given to us, the Company has not obtained any term loans during the year.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long- term investment.

18. According to the information given to us, the Company has not made any preferential allotment of preference shares during the year.

19. According to the information and explanation given to us, the Company has not issued any debentures during the year and creation of security for issue of debenture does not arise.

20. According to the information and explanation given to us, the Company has not raised money by public issue during the year and disclosure of end use of public issue does not arise.

21. According to the information and explanation given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For T.SELVARAJ & CO

CHARTERED ACCOUNTANTS

Firm Regn.No:003703S

T.SELVARAJ

Place : Chennai PARTNER

MEMBERSHIP No:11370

Date : 01.09.2012


Mar 31, 2011

1. We have audited the attached Balance Sheet of Binny Mills Limited as at 31s'' March 2011 tne Profit and Loss Account and also the Cash Flow Statement for the year ended on that date annexed there to.These Financial statements are the responsibility of the Company''s management Our responsibility is tB express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditiog standards generally accepted in India Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement Ah audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used ana significant estimates made by the management, as well as evaluating the overall financial statement presentation We believe that our audit provides a reasonable basis for our opinion.

3. - As required by the Companies (Auditors'' Report)(Amendment! Order. 2004 issued by the Centrai

Government of India in terms of sub-section (4A) of section 227 of the Companies Act. 1956, we give in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said order

4. Further to our comments in the Annexure referred to above, we report that

a) We have obtained all information and explanations which, to the best of 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 the Company so tar as appears from our examination of such books,

c) The Balance Sheet Profit and loss Account and Cash Flow Statement dealt with Dy this Report dir- in agreement with the Books of Account

di In our opinion the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt by tnis report, comply with tne Accounting Standards referred to in Sub-section i3C) of Section 211 of the Companies Act 1956

e) On the basis of written representation received from the Directors, as on 31/03/2011 and taken on records by the Board of Directors, we report that, none of the Directors are disqualified as on 31/03/2011 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act. 1956

f) We draw the attention of members to the following Note:

i). Non-confirmation of balances as at 31.03.2011 from Debtors, other Current Assets and Sundry Creditors as stated in Note 1 in Notes on accounts and we are unable to express any opinion on the recoverability or otherwise and the effect, if any, on the reported results of the Company for the period under audit.

g) Subject to f(i) above, the said accounts, in our opinion and to the best of our information and according to the explanations given to us, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :

i. In the case of Balance Sheet, of the State of Affairs of the Company as at 31st March 2011.

ii. In the case of Profit and Loss Account, of the PROFIT of the Company for the year ended on that date; and iii. In the case of Cash Flow Statement, of the Cash Flows for the year ended on that date

Re: BINNY MILLS LIMITED

Referred to in Paragraph 3 of our Report of even date

1. (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets, which needs to be updated.

(b) The fixed assets have not been verified by the management during this year. The discrepancies (between physical verification and book records) and accounting for such discrepancies does not arise.

(c) The Company has not disposed off any fixed assets during the year.

2. (a) The inventory has been physically verified by the management at reasonable intervals.

(b) The procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventory The discrepancies noticed on verification between the physical stocks and the book records were not material

3. According to the information and explanations given to us. the Company has not granted any loans. secured or unsecured, to or from the companies, firms or individual, parties covered in the register maintained under section 301 of the Companies Act, 1956. The Company has taken unsecured loan from one party covered in the register maintained under section 301 of the Companies Act, 1956, and the year end balance of such loan was Rs. 0.62 lakhs (Rs. 0.62 lakhs as on 31.3.2010). In our opinion, since the loan was received interest free without any terms and conditions stipulated for repayment, the same is not prima-facie prejudicial to the interest of the company.

In our opinion, since the loan was received interest free without any terms and conditions stipulated for repayment, the principal portion has not fallen due for repayment.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business. for purchases and for sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control systems.

5. (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been entered in the register maintained under that section.

(b) In our opinion and according to the information and explanations given to us. the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to prevailing market prices at the relevant time

6 In our opinion and according to the information and explanation given to us. the Company has not accepted deposits from public.

7. The Company does not have any internal audit system to commensurate with the size of the Company and the nature of its business and services.

8. As explained to us and as per the information and explanation given to us the maintenance of Cost Records under section 209 (1)(d) of the Companies Act, 1956 are not applicable

9. According to the information and explanations given to us and according to the books and records as produced and examined by us. in our opinion, undisputed statutory dues including Provident Fund, Pension Fund. Employees State Insurance, income tax. service tax, cess and other material statutory dues applicable to the Company have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax and other statutory dues were in arrears as at 31s1 March 2011 for a period of more than six months from the date they became payable except in respect of service tax to the tune of Rs. 72,356/- which is yet to be remitted.

There are no disputed statutory dues payables as at the Balance sheet date.

10. The Company does not have any accumulated losses as at 31s'' March 2011 and has not incurred cash losses during the financial year ended on that date or in the immediately preceding financial year

11. In our opinion and according to the information and explanations given to us. the Company has not defaulted in repayment of dues to the financial institutions, bank and debenture holders

12 In our opinion and according to the information and explanations given to us. the Company has not granted loans and advances on the basis of securities by way of pledge of shares, debentures and other securities.

13 In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund /society Therefore, the provision of clause 4 (xiii) of the Companies (Auditor''s Report) (Amendment) Order. 2004 are not applicable to the Company.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4 (xiv) of the Companies (Auditor''s Report) (Amendment) Order, 2004 are not applicable to the Company.

15. In our opinion and according to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks / financial institutions.

16 In our opinion and according to the information and explanation given to us. the Company has not obtained any term loans during the year

17 According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment

18. According to the information given to us. the Company has made preferential allotment of preference shares during the year pursuant to the Demerger Scheme of Binny Limited as approved by the Honourable High Court of Madras, as follows:

28,14,18.142 9% Cumulative Redeemable Preference Shares of Rs 5 each amounting to Rs. 140,70.90.710/- 5.88,000 9 75 % Cumulative Redeemable Preference Shares of Rs. 5 each amounting"to Rs. 29.40.000/-

The Company has not made any preferential allotment of equity shares during the year

19. According to the information, and explanation given to us. the Company has not Issued any debentures during the year and creation of security for issue of debenture does not arise

20. According to the information and explanation given to us the Company has not raised monev bv public issue during the year and disclosure of end use of public issue does not arise

21. According to the information and explanation given to us. no fraud on or by the Company has beer noticed or reported during the course of our audit.

For T.SELVARAJ & CO

CHARTERED ACCOUNTANTS

Hnr, Regn.No:0G3703S

T.SELVARAJ

Place: Chennai & ARTNER

Date : 29.08.2011 MEMBERSHIP No 11300


Mar 31, 2010

1. We have audited the attached Balance Sheet of Binny Mills Limited as at 31st March 201.0, the Profit and Loss Account and also the Cash Flow Statement for the year ended on that date annexed there to.These Financial statements are the responsibility of the Company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors'' Report)(Amendment) Order, 2004 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we give in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to above, we report that:

a) We have obtained all information and explanations which, to the best of 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 the Company so far as appears from our examination of such books;

c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this Report are in agreement with the Books of Account;

d) In our opinion the Balance Sheet, the Profit and Loss Account and the Cash Flow Statement dealt by this report, comply with the Accounting Standards referred to in Sub-section (3C) of Section 211 of the Companies Act, 1956;

e) On''the basis of written representation received from the Directors, as on 31/03/2010 and taken on records by the Board of Directors, we report that, none of the Directors are disqualified as on 31/03/2010 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) We draw the attention of members to the following Note:

i) Transfer of assets from the Binny Ltd as per the High Court Approved Scheme of Demerger and consequent accounting of share application Pending allotment, creation of Revaluation Reserve and utilization of the reserve for writing off the Goodwill on account of demerger as stated in the notes on accounts.

ii). Non-confirmation of balances as at 31.03.2010 from Debtors, Loans and Advances, other Current Assets and Sundry Creditors as stated in Note 10 in Notes on accounts and we are unable to express any opinion on the recoverabitity or otherwise and the effect, if any, on the reported results of the company for the period under audit.

g) Subject to f(ii) above, the said accounts, in our opinion and to the best of our information and according to the explanations given to us, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India :

i. In the case of Balance Sheet, of the State of Affairs of the Company as at 31" March 2010, ii. In the case of Profit and Loss Account, of the PROFIT of the Company for the year ended on that date; and iii. In the case of Cash Flow Statement, of the Cash Flows for the year ended on that date.

Referred to in Paragraph 3 of our Report of even date

1. (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets, which needs to be updated.

(b) The fixed assets have not been verified by the management during this year. The discrepancies (between physical verification and book records) and accounting for such discrepancies does not arise.

(c) The Company has not disposed off any fixed assets during the year.

2. (a) The inventory has been physically verified by the management at reasonable intervals.

(b) The procedure of physical verification of inventory followed by the management is reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

3. According to the information and explanations given to us, the company has not granted or taken any loans, secured or unsecured, to or from the companies, firms or individual, parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4 (iii) of the Companies (Auditor''s Report) (Amendment) Order, 2004 are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the company and the nature of its business, for purchases of fixed assets and for sale of goods and services. During the course of our audit, we havenot observed any continuing failure to correct major weaknesses in internal control systems.

5. (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been entered in the register maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to prevailing market prices at the relevant time.

6. In our opinion and according to the information and explanation given to us, the Company has not accepted deposits from public.

7. The Company does not have any internal audit system to commensurate with the size of the company and the nature of its business and services.

8. As explained to us and as per the information and explanation given to us the maintenance of Cost Records under section 209 (1)(d) of the Companies Act, 1956 are not applicable.

9. The Company is depositing undisputed statutory dues like Provident Fund, Employees Pension Fund and Employees State Insurance with some delays. There are no undisputed Statutory dues like Investor Education and Protection Fund, Wealth Tax, Service Tax, Customs Duty, and other statutory dues.

10. In our opinion, there are no accumulated losses of the Company as at the year end. The company has not incurred cash losses during the financial year covered by our audit and incurred cash loss in the immediately preceding financial year.

11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to the financial institutions, bank and debenture holders.

12. In our opinion and according to the information and explanations given to us, the Company has not granted loans and advances on the basis of securities by way of pledge of shares* debentures and other securities. . ,

13. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund /society. Therefore, the provision of clause 4 (xiii) of the Companies (Auditor''s Report) (Amendment) Order, 2004 are not applicable to the Company.

14. In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4 (xiv) of the Companies (Auditor''s Report) (Amendment) Order, 2004 are not applicable to the Company.

15. In our opinion and according to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks / financial institutions.

16. In our opinion and according to the information and explanation given to us, the Company has not obtained any term loans during the year.

17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short-term basis have been used for long-term investment. '' . ¦ .

18. According to the information given to us, the Company has not made any preferential allotment of shares during the year. The amount of share capital pending allotment is as per the high Court approved scheme of demerger, as stated in the notes on accounts.

19. According to the information and explanation given to us, the Company has-not issued any debentures during the year and creation of security for issue of debenture does not arise.

20. According to the information and explanation given to us, the Company has not raised money by public issue during the year and disclosure of end use of public issue does not arise.

21. According to the information and explanation given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For CNGSN& ASSOCIATES For T.SELVARAJ & CO

CHARTERED ACCOUNTANTS CHARTERED ACCOUNTANTS

R.THIRUMALMARUGAN T.SELVARAJ

PARTNER PARTNER

Membership No.200102 MEMBERSHIP No:11370

Firm Regn.No: 004915S Firm Regn.No:003703S

Place: Chennai Date: 27.08.2010

 
Subscribe now to get personal finance updates in your inbox!