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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 21, 16:00
24.55 1.15 (4.91%)
Volume
AVERAGE VOLUME
5-Day
70,008
10-Day
150,256
30-Day
111,749
106,253
  • Prev. Close

    23.40

  • Open Price

    23.25

  • Bid Price (Qty.)

    24.55 (32208)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Jun 21, 15:56
24.50 1.15 (4.93%)
Volume
AVERAGE VOLUME
5-Day
666,316
10-Day
1,550,097
30-Day
1,145,456
534,370
  • Prev. Close

    23.35

  • Open Price

    22.95

  • Bid Price (Qty.)

    24.50 (30655)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

Report on the Financial Statements We have audited the accompanying fi nancial statements of K.C.P.SUGAR AND INDUSTRIES CORPORATION LIMITED (the Company), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profi t and Loss and Cash Flow Statement for the year then ended, and a summary of signifi cant accounting policies and other explanatory information. Management''s Responsibility for the Financial Statements Management is responsible for the preparation of these fi nancial statements that give a true and fair view of the fi nancial position, fi nancial performance and cash fl ows 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 control relevant to the preparation and presentation of the fi nancial 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 fi nancial 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 ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the fi nancial 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 fi nancial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the fi nancial statements. We believe that the audit evidence we have obtained is suffi cient 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 fi nancial 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 Profi t and Loss, of the profi t for the year ended on that date; and c) in the case of the Cash Flow Statement, of the cash fl ows for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. 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 specifi ed in paragraphs 4 and 5 of the Order. 2. 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 account as required by law have been kept by the Company so far as appears from our examination of those books c) the Balance Sheet, Statement of Profi t 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, Statement of Profi t and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; e) on the basis of 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 disqualifi ed 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 Companies Act, 1956. f) Since the Central Government has not issued any notifi cation as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 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. ANNEXURE TO THE INDEPENDENT AUDITOR''S REPORT (Referred to in paragraph 1 of under Report on Other Legal and Regulatory Requirements section of our report of even date) i) a) The Company has maintained proper records showing full particulars including quantitative details and situation of fi xed assets. b) All the assets have not been physically verifi ed by the Management during the year but there is a regular programme of verifi cation 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 fi xed 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) a) The inventory has been physically verifi ed during the year by the management. In our opinion, the frequency of verifi cation is reasonable. b) The procedures of physical verifi cation 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 verifi cation between the physical stocks and the book records were not material. iii) a) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, fi rms or other parties covered in the register maintained under section 301 of the companies act, 1956. Accordingly, clauses iii(b),iii(c),iii(d) of Para 4 of the Order, are not applicable. The Company has not taken any loans, from companies, fi rms or other parties, covered in the register maintained u/s 301 of the companies Act, 1956, except an amount of Rs. 3 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. In respect of loans taken, repayment of the principal amount is as stipulated and payments of interest have been regular. 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 fi xed 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 fi ve 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, Biotech 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: Period to Name of the Nature of the Amount which the Statute Dues in Rs. Amount relates Andhra Pradesh Non Agri Land FY 1993-94 to Agri Lands Assessment 801891 1999-2000, and Assessment Act Tax 2005-06. Name Date of Due Date Payment Andhra Pradesh On 30th September Not paid at of each year, on the date of our receipt 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 31-03-2013 for a period of more than six months from the date they became payable. c) According to the information given to us, there are 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 fi nancial year covered by our audit and the immediately preceding fi nancial 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 fi nancial 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 Benefi t 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 fi nancial 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 verifi cation 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. Date : 29-05-2013