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થીરૂ અરૂરન સ્યુગર્સ ઇન્ડસ્ટીઝ

બીએસઈ: 507450  |  ઍનઍસઈ : THIRUSUGAR  |  ISIN: INE409A01015  |  Sugar

શોધો થીરૂ અરૂરન સ્યુગર્સ ઇન્ડસ્ટીઝ કનેક્શન � Mar 15
ઓડિટર રિપોર્ટ વર્ષાન્ત : Mar '16

To

The Members of

Thiru Arooran Sugars Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of THIRU AROORAN SUGARS LIMITED (the Company), which comprise the Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.

Management''s Responsibility for the Standalone Financial Statements

The Company''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 these standalone financial statements that give a true and fair view of the financial position and financial performance 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 judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial 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.

Auditors'' Responsibility

Our responsibility is to express an opinion on these standalone 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 required to be included in the audit report under the provisions of the Act and the Rules made there under. 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 ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, 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 the 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 standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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:

i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2016;

ii) In the case of the Statement of Profit and Loss of its LOSS for the year ended on that date and;

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors'' Report) Order, 2016, (the Order), as amended, 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 a statement on the matters specified in the paragraph 3 and 4 of the Order, to 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 purposes of our audit.

b) In our opinion, proper books of account 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 Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) In our opinion, the aforesaid standalone 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, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure B.

g) 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 disclosed the impact of pending litigations in the Financial Statements. Refer Note No.27 and 32 of the Notes to the Financial Statements.

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

(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

ANNEXURE A TO THE INDEPENDENT AUDITORS'' REPORT OF EVEN DATE ON THE STANDALONE FINANCIAL STATEMENTS OF THIRU AROORAN SUGARS LIMITED

Referred to in paragraph 1 under the heading ''report on Other Legal & Regulatory Requirement'' of our report of even date to the financial statements of the Company for the year ended 31st March 2016:

(i) (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 during the year and no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us, the title deeds of immovable properties are held in the name of the Company.

(ii) The Management has conducted physical verification of inventories at reasonable intervals and on the basis of information and explanations given to us and the records produced to us, no material discrepancies were noticed on such verification.

(iii) The Company has not granted any loans, secured or unsecured to Companies, Firms, Limited Liability Partnership or other parties covered in the Register maintained under Section 189 of the Companies Act 2013.

(iv) In our opinion and according to the information and explanations give to us, in respect of investments made by the Company and the provision of guarantee for loans taken by the subsidiary company and the Associate Company, the Company has complied with the provisions of Section 185 and 186 of the Companies Act, 2013, as applicable.

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

(vi) The Central Government has prescribed the maintenance of cost records under sub-section (1) of Section 148 of the Companies Act, 2013 and such records and accounts have been made and maintained. However, we are not required to and have not carried out any detailed examination of such accounts and records.

(vii) (a) The Company is regular in depositing undisputed statutory dues including provident fund, Employees'' State Insurance, Income-Tax, Sales Tax, Service Tax, Duty of Customs, Duty of Excise, Value added Tax, Cess and other statutory dues with the appropriate authorities, though there has been delay in the remittance of cane cess, value added tax, excise duty during the year. The details of statutory dues outstanding as at the last day of the financial year for a period of more than six months from the date they became payable is as under:

Details

Amount outstanding for a period of more than six months from the date they became payable

Cane Cess

Rs. 54,64,862

(b) There are no dues of income tax, sales tax, service tax, duty of customs, duty of excise, value added tax or cess that have not been deposited on account of any dispute except the following:

Name

of the Statute

Nature of the dues

Amount Rs.

Forum where dispute is pending

Central Excise Act, 1944

Cenvat on materials and penalty

17,86,537

CESTAT

Finance Act, 1994

Service tax on goods transport

3,63,998

Supreme Court

Finance Act, 1994

Service tax on goods transport

2,42,904

Supreme Court

Tamilnadu General Sales Tax Act, 1959

Waiver of purchase tax on cane

10,25,97,189

High Court of Judicature at Madras

Tamilnadu General Sales tax Act, 1959

Purchase tax on cane

8,43,950

Deputy

Commissioner, Commercial Taxes, (Appeals)

Income tax Act, 1961

Income tax

33,291

Commissioner of Income tax (Appeals)

Finance Act, 1994

Service tax on Cane harvesting charges

10,47,14,986

CESTAT

Income tax Act, 1961

Tax and interest for assessment year 2010-11

7,95,96,970

ITAT

Income tax Act, 1961

Tax and interest for assessment year 2012-13

1,46.02,070

Commissioner of Income Tax (Appeals)

Income tax Act, 1961

Tax and interest for assessment year 2013-14

2,50,15,710

Commissioner of Income Tax ( Appeals)

Finance Act, 1994

Service tax on cane transport

25,19,555

CESTAT

(viii) The Company has not defaulted in the repayment of loans or borrowings from banks and financial institutions. However, delays had been noticed in payment of interest and repayment of principal.

(ix) The Company has not raised moneys by way of initial public offer or further public offer. The term Loans were applied for the purpose for which those were availed.

(x) According to the information and explanations given to us, no frauds by the Company or its officers or employees have been noticed or reported during the year.

(xi) As explained to us, the Company has not paid/ provided any remuneration to its Managing Director except Sitting Fees to the Directors.

(xii) The Company is not a Nidhi Company. Therefore, the provisions of Clause 3 (xii) of the Order are not applicable to the Company.

(xiii) In our opinion, all transactions with the related parties are in compliance with Section 177 and 188 of

Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable accounting standards.

(xiv) Based upon the audit procedures performed and the information and explanations given to us by the management, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.

(xv) Based upon the audit procedures performed and the information and explanations given to us by the management, the company has not entered into any non-cash transactions with director or persons connected with him.

(xvi) In our opinion, the company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934.

Annexure B to the Independent Auditor''s Report of even date on the Standalone Financial Statements of THIRU AROORAN SUGARS LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (the Act)

We have audited the internal financial controls over financial reporting of THIRU AROORAN SUGARS LIMITED (the Company) as of 31st March 2016 in conjunction with our audit of the standalone 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 internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over financial reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors'' Responsibility

Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the Guidance Note) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143 (10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls system over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedure selected depend on the auditor''s judgment, including the assessment of the risk of 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 to provide a basis for our audit opinion on the Company''s internal financial controls system over financial reporting,

Meaning of Internal Financial Controls Over Financial Reporting

A Company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our Opinion, the company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial Controls over financial reporting were operating effectively as at March 31, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For S N S Associates

Chartered Accountants

Firm Registration No. 006297S

S Nagarajan

Partner

Membership No. 20899

Chennai : June 14, 2016

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