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Andhra Sugars Ltd.

BSE: 590062 | NSE: ANDHRSUGAR |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE715B01013 | SECTOR: Sugar

BSE Live

Jul 30, 15:40
562.10 -10.60 (-1.85%)
Volume
AVERAGE VOLUME
5-Day
19,501
10-Day
16,435
30-Day
40,825
7,798
  • Prev. Close

    572.70

  • Open Price

    573.95

  • Bid Price (Qty.)

    556.00 (1)

  • Offer Price (Qty.)

    564.80 (100)

NSE Live

Jul 30, 15:59
561.90 -10.35 (-1.81%)
Volume
AVERAGE VOLUME
5-Day
181,430
10-Day
140,599
30-Day
512,122
80,782
  • Prev. Close

    572.25

  • Open Price

    572.15

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    561.90 (18)

Annual Report

For Year :
2017 2015 2014 2013 2012 2011 2010 2009 2007

Auditor's Report

We have audited the attached Balance Sheet of THE ANDHRA SUGARS LIMITED, as at 31st March 2010, its Profit and Loss account and also the Cash-Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in India, which require that we plan and perform the audit to obtain reasonable assurance that the financial statements are free from material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes an assessment of the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion. As required by the Companies (Auditors Report) Order, 2003 issued by the Government of India in terms of sub-Section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. Further to our comments in the Annexure referred to above, 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 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 appears from our examination of such books; c. The Balance Sheet and 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, Profit and Loss account and Cash-flow Statement dealt with 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 representations received from the directors, as on 31st March, 2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 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. In our opinion and to the best of our information and according to the explanations given to us, the said accounts 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 the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010 ; II. in the case of the Profit and Loss Account, of the Profit for the year ended on that date, and III. in the case of the Cash-flow Statement of the cash-flows of the company for the year ended on that date. Annexure referred to in paragraph 3 of our report of even date 1.1 According to the information and explanations furnished to us, the company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets except in the case of furniture and fixtures. 1.2 According to the information and explanations furnished to us, the company has informed us that it has adopted a phased programme of verification of its fixed assets. In our opinion such a programme is reasonable and adequate in relation to the nature and location of the Fixed Assets. In accordance with the said programme of physical verification of fixed assets, during the year the management has verified all fixed assets of various divisions located at Tanuku, Taduvai and Bhimadole except furniture & fixtures. No material discrepancies were noticed on such physical verification. 1.3 According to the information and explanations furnished to us, the company has not disposed of a substantial part of its fixed assets during the year as to affect the going concern assumption in preparing the financial statements under report. 2.1 According to the information and explanations furnished to us, during the year under report the com- pany has physically verified its inventories of Raw materials, Finished goods & stores and spares. In our opinion, the frequency of such verification to the extent carried out is reasonable. 2.2 In our opinion, the procedures of physical verification of inventories, as followed by the management in respect of such verification carried out during the year are reasonable and adequate in relation to the size of the company and the nature of its business. 2.3 According to the information furnished to us, the company is maintaining proper records of its inventory. The discrepancies if any noticed on verification of Raw Materials, Finished goods & Stores and Spares between the physical stocks to the extent verified during the year and the book records were not mate- rial, and have been properly dealt with in the books of account. 3.1 According to the information and explanations furnished to us, the company has not granted any loans secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act 1956, at the beginning of the year or during the year, and conse- quently reporting under sub-clauses b, c and d of clause 4(iii) of the Order does not arise during the year. 3.2 According to the information and explanations furnished to us, the company has taken Fixed deposits/ inter-corporate loans aggregating at the date of the Balance Sheet to Rs.7162.85 lakhs from forty seven parties covered in the register maintained under Section 301 of the Companies Act 1956. 3.3 In our opinion, the rate of interest and other terms and conditions on which loans/deposits have been taken by the company from parties covered in the register maintained under section 301 of the Compa- nies Act, 1956 are not, prima facie, prejudicial to the interest of the company. 3.4 According to the information and explanations furnished to us, the company has been regular in repay- ing the principal and interest amounts as stipulated on the loans taken by it from the parties covered in the register maintained under Section 301 of the Companies Act 1956. 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 the purchase of inventory, fixed assets and with regard to the sale of goods and services. Further, during the course of our audit, we have not come across any instances of major weaknesses in the internal control system, that in our opinion, require correction but have so continued without correction. 5.1 Based on 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 Act have been entered in the register re- quired to be maintained under that section. 5.2 In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements that have been entered in the Register referred to in Section 301 of the Companies Act have been made at prices which are reasonable having regard to prevailing market prices and other terms of business with such parties, at the relevant time. 6. In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 58A, 58AA and other relevant provisions of the Act and Compa- nies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. Ac- cording to the information furnished to us, no Order has been passed on the company by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal for non-compliance with the provisions of Sections 58A, 58AA of the Companies Act 1956. 7. In our opinion, the company has an internal audit system commensurate with the size and nature of its business. 8. We have broadly reviewed the books of account and records maintained by the company pursuant to the Rules made by the Central Government for the maintenance of Cost Records under section 209 (1) (d) of the Companies Act, 1956, wherever prescribed, and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. However, we are not required to and have not carried out a detailed audit of the same. 9.1 According to the information furnished to us, the company has been generally regular in depositing with the appropriate authorities, the undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and other material statutory dues applicable to it; and the following undisputed statutory dues were outstanding, as at the date of the Balance Sheet under report, for a period of more than six months from the date they became payable,. Amount Sl. No. Name of the statute Period Remarks Rs. 1. Andhra pradesh State Excise Act Upto August, 1976 358290 Pending receipt of (establ ishment demand by the charges) Company 2. Andhra pradesh State Excise Act August, 1976 to 1445371 Pending receipt of March, 2010 (Interest on above) demand by the Company 9.2 According to the information furnished to us, at the date of the Balance Sheet, there were no amounts of Sales Tax, Customs Duty, Excise Duty, Cess, Income Tax, Wealth Tax and Service Tax that were disputed by the Company and hence were not remitted to the concerned authorities, except the following: Sl. No. Name of the statute Nature of the Dues Amount Forum where dispute is Rs. pending 1 Water (Prevention and control of Cess 48703 Appellate Committee Pollution) Cess Act of 1977 of the Govt. of AP 2 Sales Ta x laws in different States Sales Tax 29666061 Different appellate authorities 3 Income Tax Act, 1961 Income Tax 1345603 Income Tax Appellate Tribunal 4 Central Excise Act, 1944 Excise Duty 10354 Different departmental appellate authorities 5 Customs Act Customs Duty 292004 Dy.Comr. Customs 6 Service Tax Law Service Tax 6262243 Commissioner of Service Tax 10. According to the information and explanations furnished to us the company had no accumulated losses at the end of the year under report and it did not incur cash losses during the said year or in the immediately preceding financial year. 11. In our opinion and according to the information and explanations furnished to us by the company, there were no defaults in repayment of its dues to financial institutions, banks or debenture holders at the date of the Balance Sheet. 12. According to the information furnished to us, the company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures, and other securities. 13. In our opinion and according to the information and explanations furnished to us, the company is not a chit fund or a nidhi / mutual benefit fund/ society and hence, the requirements of clause 4(xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the company during the year under report. 14. According to the information furnished to us, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the requirements of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the company. 15. According to the information furnished to us, the company has not given any guarantees for loans taken by others from any banks or financial institutions, except in respect of repayment, out of its cane price dues to its sugarcane suppliers, the agricultural loans taken by them from banks, the terms and conditions of which, in our opinion are not prima facie prejudicial to the company. 16. In our opinion, and according to the information and explanations furnished to us, the term loans obtained by the company have been applied for the purpose for which they were raised. 17. According to the information and explanations given to us and on an overall examination of the Balance Sheet of the company, we are of the opinion that considering the internal accruals of the company during the year under report, funds raised by the company on shortterm basis have prima facie not been used for long term investment. 18. According to the information and explanations furnished to us, the company has not made any preferential allotment of shares during the year to parties and companies covered in the register maintained under section 301 of the Companies Act 1956. 19. According to the information and explanations given to us, the company has not issued any debentures during the year under report. 20. The company has not raised any moneys through public issue of its securities during the year, and the question of end use of such moneys does not arise during the year. 21. During the course of our examination of the accounts of the company in accordance with generally accepted auditing practices, we have not come across any instances of fraud on or by the company, nor have we been informed by the management, of any such instance being noticed or reported during the year. For BRAHMAYYA & CO., Chartered Accountants (Firm Regn. No. 000513S) Camp : TANUKU T.V. RAMANA Date : 9th August, 2010 Partner (Membership No. 200523)