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KCP Sugar Ind Corp Ltd.

BSE: 533192 | NSE: KCPSUGIND |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE790B01024 | SECTOR: Sugar

BSE Live

Jun 24, 09:31
24.45 0.40 (1.66%)
Volume
AVERAGE VOLUME
5-Day
54,330
10-Day
83,799
30-Day
95,936
3,055
  • Prev. Close

    24.05

  • Open Price

    24.20

  • Bid Price (Qty.)

    24.40 (1000)

  • Offer Price (Qty.)

    24.45 (107)

NSE Live

Jun 24, 09:31
24.40 0.30 (1.24%)
Volume
AVERAGE VOLUME
5-Day
461,778
10-Day
797,576
30-Day
903,230
26,553
  • Prev. Close

    24.10

  • Open Price

    24.25

  • Bid Price (Qty.)

    24.40 (421)

  • Offer Price (Qty.)

    24.50 (1563)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

1) We have audited the attached Balance Sheet of K.C.P.SUGAR AND INDUSTRIES CORPORATION LIMITED, as at 31st March, 2012, and the 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 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 fi nancial 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 signifi cant estimates made by 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 (Auditor's Report) order, 2003 issued by the Central 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 specifi ed in paragraphs 4 and 5 of the said order.

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

i) 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;

ii) 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 those books;

iii) The Balance Sheet, Profit and Loss account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

iv) 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;

v) On the basis of written representations received from the directors, of the company as at 31st March, 2012 and taken on record by the board of directors, we report that none of the directors is disqualifi ed as on 31st March 2012 from being appointed as a director in terms of under clause (g) of sub section (1) of sect ion 274 of the companies act, 1956;

vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts together with the notes and Accounting Polices 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;

a) In the case of the Balance Sheet, of the state of affairs of the company as at 31st March, 2012 and

b) In the case of the Profit and Loss Account, of the Profit for the year ended on that date. and

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

ANNEXURE TO THE AUDITOR'S REPORT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE

i) In respect of Fixed assets:

a) The Company has maintained proper records showing full particulars including Quantitative details and situation of fixed assets.

b) All the assets have not been physically verified by the Management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the company and the nature of its assets. Material discrepancy noticed between book balance and physical assets of fixed assets have been properly dealt with in the books of accounts.

c) During the year, the Company has not disposed off any substantial part of Fixed Assets. ii) In respect of inventory:

a) The inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

b) The procedures of physical verification of inventories followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business.

c) On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

iii) In respect of Loans:

a) According to the information and explanations given to us, the Company has granted loan to two companies, covered in the register maintained under section 301 of the companies act,1956.The maximum amount involved during the year was Rs.4,16,67,373 and the year-end balance of the loans granted to such parties was Rs.NIL

b) In our opinion, the rate of interest and other terms and conditions of such loans are not prima facie, prejudicial to the interest of the company.

c) The companies have repaid the principal amount as stipulated and have also been regular in the payment of interest to the company.

d) There is no overdue amount in excess of Rs.1 lakh in respect of the above loans.

e) The Company has not taken any loans, from companies, firms or other parties, covered in the register maintained u/s 301 of the companies Act,1956,except an amount of Rs.3.00 Crores(Rupees Three crores only) from a Director of the company in accordance with the companies (Acceptance of Deposits)Rules 1975.

In our opinion, the rate of interest and other terms and conditions on which loans (deposits)have been taken by the company from the parties covered in the register maintained under section 301 of the companies act, 1956 are not, prima facie, prejudicial to the interest of the company.

The company is regular in repaying the principal amounts as stipulated and has been regular in the payment of interest.

iv) 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 for the purchase of inventory and fixed assets , 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 system of the company.

v) a) According to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered into the register in pursuance of Section 301 of the Companies Act, 1956 and exceeding the value of Rupees five lakhs in respect of any party during the year, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

vi) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of section 58A and 58AA and other applicable provisions of the Companies Act,1956 and Companies (Acceptance of Deposits) Rules,1975 with regard to the deposits accepted from the public. According to the information furnished to us, the Company Law Tribunal or Reserve Bank of India or any court or any other Tribunal has passed no order on the company.

vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business.

viii) We have broadly reviewed the books of account and records maintained by the company at its Sugar, Distillery, and Power generation units 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 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained.

ix) a) According to the records of the Company, the Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income tax, Sales tax, Service tax, Custom duty, Excise Duty, cess and other material statutory dues applicable to it except the following:

Name of the statute Nature of the Amount Period to which the Due date Date of dues Rs. amount payment relates

Andhra Pradesh Agri Non Agri Land 8,62,152 FY 1993-94 to On 30th September of Not paid at Lands Assessment Assessment Tax 1999-2000, Act and each year, on receipt the date of our 2005-06. of demand report

b) According to the information and explanation given to us no undisputed amounts payable in respect of Income tax, Sales tax, wealth tax, Service tax, Customs Duty and Excise Duty and Cess were in arrears, as at 31-03-2012 for a period of more than six months from the date they became payable.

c) According to the information given to us, there no dues of Income tax, Sales tax, Wealth tax, Service tax, Excise duty, Customs duty and Cess which have not been deposited on account of any dispute.

x) The company has no accumulated losses and has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.

xi) Based on our audit procedures and on the basis of information and explanations given by the Management, we are of the opinion that the Company has not defaulted in repayment of dues to financial institutions or banks.

xii) According to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures or other securities.

xiii) In our opinion, the company is not a Chit Fund or a Nidhi /Mutual Benefit Fund/Society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

xiv) The nature of Company's business/activities during the year does not include dealing in shares, securities, debentures or other investments. Accordingly, the requirements of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the company.

xv) According to the information and explanations given to us, the company has not given any guarantees for loans taken by others from banks or financial institutions.

xvi) According to the information and explanations given to us the company did not avail of any term loans during the year under report.

xvii) 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 by the Company.

xviii) According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties covered in the register maintained under section 301 of the Companies Act, 1956.

xix) The Company has not issued any debentures during the year under report.

xx) The Company has not raised any money by way public issue during the year and hence the question of disclosure and verification of end use of such moneys does not arise during the year.

xxi) Based upon the audit procedures performed and information and explanations given by the Management, we report that no fraud on or by the Company has been noticed or reported during the course of our audit.

Place : Chennai For B Purushottam & Co.

Date : 11.05.2012 Chartered Accountants,

FRN 002808S

K.V.N.S. Kishore

Partner (M. No. 206734)