dl ffi

Reqd Ollice

422, Laxmi Plaza, Laxmi lnd. Eslate, New Link Road, Andheriiw), lvlumbai " 400053. Phone : 022'39381 100 Fax : 022-39381 123

13'r' .\ugusr, 2016

To.
Bon-rbav Stock F,xchan!.c

limittd

\ational

Dept. ot'Corporatc Scn,iccs

I'loor' 25, P.J. 'i o\\'ers

Pi()t no. (-/

l)a1al Street,

lientira (l:).

\Iurlrbai

[)car Sir

I-td.

-10() ()51

Script (-orlc:

Script (-ode: 532165

Tnrlie

Rrndra-KLula (,orrplcr.

\lumbai

.100001

Stock l'-xclrangc of
1. (l uiock,

SI

It:11.\(iR()

]Iadarn

Sub:Audited Financial Results for the Yeat ended 31.03.2016.

t1.rc llequlatiolrs 3i of thc Sb,UI (L()I)R)
mcctinq
hcld
on 13'r' -\ucust, 2016 has cotrsidcrcd aud
ir-r
its
of
Directots.
Regulations, 2015, the Board
(-ons<,iidatecl
of thc (-ompanr- for thc Finencirl
approvcd ,\udited financial results Stenclaknc and

\\'e rvish ro intbrm vou that as pct thc prrrision oi

ear endcd

i.03.2016.

We arc also enclosinil hcrervirh Statcments oi .\uclitccl l'inarcial ltcsults (Stanclakrnc and (,onsoliclatecl)
for thc iiinancial lcar ended 31" \larcli,2016 alonqwith rhc.\uclitots lLcport thcrcor.r srtbmittcci ll\{/s..lavcsh Sanqlraika & Co.I-Ll). Charrertd \ccountents. }Iu.r.rl>ai ancl thc Statement on Impact of

Audit Qualifications pursuant to provisions of Regulation 33(3) (d) of SEBI (LODR)

Regulations, 2015 with respect to Auditors Report with modified opinion.
The rneering startcd at 3.0(iPNI and cc.,nclucl,-cl at 11.15.P\l

\?ru arc reclutstccl to tlkc thc santc ou t-oitL rccorcl.

Thalking tou,
Yorrrs leithtulh

V sit us a t : w w w . u s h e r a g r 0 . c 0 m

Em a iI:u s h e r@ u s h e ra g ro .co

Clll. 101100MH1996P1C 100380

Chatta I ; 158, cohari, Delhi-Agra Highway (NH-2), Chatta, District i l\.4alhura (U.P) Tel: 05662 - 242101, 326888 Fax: 05662'242043
Chatra ll : 632-634, Village Dautana, (NH-2) Delhi-Agra Highway, Teshil Chhala, Dislricl : l\,4athura - 281401 (UP)Tel: 08859888500
l\rathura : 239, l\.,1aholi, Krishna NagaI, off. Delhi-Agra Highway (NH-2), Mathura'281004 U.P Tel; 08859008233, Fax: 565 - 2461068

Buxar: Plot No. 1898, Chaubeji Kl Chavani, Slkrol, Jalilpur, Thana Rajpur, District:Buxar (Bihar) - 801104 Tel: 06183 - 225846
- ll. Netaii Subhash Place, Pritampura, New Delhi - 110034. Telr 011-47253336/27356093

AYESH SANGHRA KA & CO.LLP.

I
CHARTERED ACCOUNTANTS
C&
INDEPENDENT AUDITOR'S REPORT
To,

The Members of
USHER AGRO LIMITED

Report on the Financial Statements

accompanying standalone financial statements of USHER

AGROLIMITED, ("the Company"), which comprises the Balance Sheet as at March 37,2016,
the statement of Profit and Loss, the cash Flow statement for the year then ended and a
summary of significant accounting policies and other expianatory information.

We have audited the

Management's Responsibitity for the Financial Statements

The company's Board of Directors is responsible for the matters in section 134(5] of the
companies Act, 2013 ["the Act"J with respect to the preparation of these standalone
finr.ncial statements that give a true and fair view of the financial position, financial
performanceand cash flowsof the company in accordance with the accounting
principles generaily accepted in India,including the Accounting Standards specified under
section 133 of the Act, read rvith Rule 7 of the companies [AccountsJ Rules, 2014. This
responsibility also includes the maintenance of adequate accounting records in accordance
with the provision of the Act for safeguarding cf the assets of the company and for
preventing and detecting the frauds and cther irregularities; seiection and application of
and
appropriate accounting policies; making judgments alld estimates that are reasonable
prudent; and design, implementation and maintenance of internal financial control, that
were operating effectively for ensuring the accuracy and compieteness of the accounting
records, relevant to the preparation and presentation of the standalone tlnancial statements
that give a true and fair view and are free frtrm material misstatement, whether due to fraud
or error.

Auditor's 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 includecl in the auciit report under the provisions of
the Act and the Rules made thereunder'

Batgq,gfu
A Network Approved by

lCAl

.;:i';lY;6i:i::r:i7;:";J'"d',,":f!,.",i.til.jiT,;';Y""T":ii""'JilH}":x:::;
l

C/kl

AYESH SANGHRA KA & CO.LLP.

CHARTERED ACCOUNTANTS

We conducted our audit in accordance with the Standards on Auditing specified under
section 143(10) of the Act,except with regard to the matters set out below in Basis of
Qualified Opinion, where we have not been able to perform audit in conformity with
relevant auditing standards in the absence of sufficient appropriate evidence,. Those
Standards require that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the standalone financial statements are free
froin material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
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 ert'or. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's preparation of the financial
statements that give true and fair view 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
Company's Directors, as well as evaluating the overall presentation of the standalone
financial statements.
We believe that the audit evidence we have obtained, except with regard to the matters set
out below in Basis of Qualified Opinior.r, is sufficient ancl appronriate to provide a basis ior
our qualified audit opinion on the standalone financial staterrents.

Basis for Qualified Opinion

1.

CFSIT Inc, USA has filed Winding-up Petition against the company for recovery of their
outstanding Dues of Rs.6,548.14 lakh ($10 Million) with the interest @120/o p.a. os per the
advance payment and supply contract. An interest omount comes to Rs.336.08 lakh ($0.507
Million) approx. for which the company has not made any provision in the financial
statements.

Had the company made such lnterest provision in the Statement of Profit and loss, the loss
for the year would hove been higher by Rs.336.08 lakh and the occumulated profit would
have been lower by an equivolent amount.

Z. PT Eonk Maybank Indonesia Tbk, Mumbai has filed Winding up petition against the
company for recovery of their outstanding Dues of Rs. 1778.18 lakh with the interest
@16.40/o p.a. The proceeding

ff

.,

405-407, Hind Rajasthan Centrc, D.S. Phalke Rd, Dadar [C. Rly.), Mumbai400014, Maharashtra
jsandco inlw\alv batsach conl
iavesh@isandco in /

mqql1fi,!"l. "
A Netwo*Approved by

lCAl

is pending before Hon'ble Bombay High Court. An interest

r'

"

';:J].1'"::li,:i';;r,yr"x'J::;#-'

IAYETH SANGHBAJ KA & CO.LLP.

CHARTERED ACCOUNTANTS
amount comes to Rs.6.2B lokh opprox. for which the company has not made ony provision in
the fi nanciol stotements.
Had the company made such lnterest Drovision in the statement of profit and loss, the loss
for the year would have been higher by Rs.6.28 lckh and the accumuloted profit would have
been lower by an equivalent amount.

3.

Axis bonk has imposed Penal charges omounting to Rs.70.4s lakh. However such
expenditure has not been expensed out in the statement of profit and loss ond the same is
adjusted against short term borrowing from bank.
Hod the compony expensed out such penal charges in the stotement of profit and loss, the
loss for the yeor would hove been higher by Rs. 70.4s lakh and occumulaied profit would
have been lower by on equivolent amount ond short term borrowing would iave been
lower by on equivolent omount.

Quaiified opinion
In our opinion and to the best of our information and according to the explanations given to
us, except for the possible effects, which are not quantifiable, of the matters described in the
Basis for Qualified Opinion paragraph, the aforesaid standalone flnancial 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 31't March 2016 and itsloss and its cash flou,s for the year ended on
that date:

Emphasis of Matters

we draw attention to the following matters in the Notes to the financial statements:

a. All the lenders of the consortium in loint Lenders forum [JLF) meeting held on 13th of
May 2016, agreed for opting option of Strategic Debt Restructuring
[sDR] scheme for
'
better financial situation of the company. Referral clate for sDR is decided 13th May,
2016.

b.

ReJerence is invited to Note No.47

tothe Standalone financial stotements, which states that

balances of sundry Debtors, creditors, Loans & Advances ond other parties are subject to
co nfi rmatio n a nd co nse q uen t a dj ustments, if re q uire d.

Our opinion is not modified in respect of these matters.

Batgqryh
A Network Approved by tCAl

405-407, Hind Rajasthan Centre, D.S. Phalke Rd, Dadar [C. Rly.), Mumbai400014, Maharashtra
Ef: jayesh@jsandco .in / I | 4A77 4600 [t B LinesJ Websire: www.isandco.in/www.batgach.com
Branches at Kanjurmarg & Vashi

Gl

AYLSH S_ANGHMIKA & CO.LLP.

CHARTERED ACCOUNTANTS

Report on Other Legal and Regulatory Requirements

1.

As required by the Companies [Auditor,s Report] Order,2016

[,,the Order,,), issued by
the central Government of India in terms of sub-section
[11) of section 143 of the
companies Act,2073, we give in the Annexure "A" a staiement on the matters
specified
rn paragraphs 3 and 4 ofthe Order, to the extent applicable.

2.

As reQuired by section 143(31

ofthe Act, we report that:

We have sought and except for the possible effects of ihe inatters described
in the
Basis for Qualified opinion paragraph, obtainecl a[ the information
and explanations
which to the best of our knorvledge and berief rvere necessary for the purposes
of our
audit.

b. except for the possible effects of the matters described in the Basis
for Qualified
Opinion paragraph, 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 company has not appointed a person other than companies auditor for audit of
accounts of branch offices under Section 143[B); hence clause (cJ of sub-section
[3] of
section 143 is not applicable.

d. The Balance Sheet, the statement of profit and Loss and cash FIow statement
dealt
with by this Report are in agreement with the books of account.
e,

except for the possible effects of the matters described in the Basis of
Qualified
opinion paragraph, in our opinion, the aforesaid standaione financial statements
comply with the Accounting Standards specified under section 133 0f the Act, read
with Rule 7 ofthe Companies fAccounts) Rules,2014
fas amended).

f.

the matters described under the Basis for eualified opinion paragraph, Emphasis
of
Matter paragraph read further with para vii b, and viir of our report in Annexure ,,A,,
and

with respect to the adequacy of the internal financial controls over financial reporting
of the
company and the operating effectrveness of such contrors, refer to our separale
report in
'Annexure B'; and

h. on the basis of written representations received from the directors as on 31.tMarch,

2016, taken on record by the Board of Dilectors, none of the directors is disqualified

Batgpgh
A Network Approved by lCAl

405-407, Hind Rajastha, Centre, lJ.S. phaike Rd, Dadar

[C. Riy.], Mumbai 400014, Maharashtra
Branches at Kanjurmarg & Vashi

Gl

AYESH SANGHRA
CHARTERED ACCOUNTANTS

as on 3lstlvlarch, 2016, from being appointed as a director in terms of Section 164[2J

of the Act.

the qualification relating to the maintenance of accounts and other matters connected
therewith are as stated in the Basis for Qualified Opinion paragraph above.
l. with respect to the adequacy of the internal financial controls over financial reporting
ofthe Company and the operating effectiveness ofsuch controls, we give our separate
Report in "Annexure 8".
k.

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

i.

As detailed in Note No. 2 to the Standalo:re Financial Statements, the Company

has disclosed the impact of pending litigations on its standalone financial
position.

ii. The Company has made provisions as required under the applicable Iaw or
accounting standards for material foreseeable losses if any, on long term
contracts including deri.;ative contracts.

iii.There has been no delay in transferrir.rg amounts, iequired to be transferred, to

the Investor Education and Protection Fund by the company.
For fayesh Sanghrajka & Co. LLP.
Chartered Accountants

Viraj
Designated Palther
M. No.: 153525 'r..
Place: Mumbai

Date: 13th August 2016

Batgpgh
A Network Approved by lCAl

I 405-407, Hind Itajasthan Centre, D.S. Phalke Rd, Dadar [C. Rly.), Mumbai 400014, Maharashtra
:E: jayesh@ jsandco .in I I :40774600 (18 Lines) Website: www. jsandco.in/ww,\,,,,.batgach.com
Branches at Kanjurmaig & Vashi

Registered Office:422,Laxmi ptaz4 t axmi Indushat Estate. Andheri (W)

Mumbai-53
Teli 022-19381100, Fax :022-39181123 Email : compliance@usheragro.com websire:
w\rw.usherago.com (cIN- Lol t00MHl996plcl00380)

STATf,Mf,NT OF CONSOLIDATf,D ASSETS AND LIABILI'IIES

stsrd;Alone
Prrticrlrrl
A,

3lst March 2016

Ar

.llst,Mrrch 2015

Audited

pvurr r Atrr, rrtAt lLlltlrs

Consotidared

rt

3lst.March 2016

3lst March 20ls

Audited

Auditd

(l) Shareholder's Fund

la) Share Capital
lb) Reserves and Surplus

1,805 90

7.517 ts

Shareholder,s Funds
(2, rrlare Appncauon ]\loney
(3) Minority lntercst
(4) Non-Current Liabititics
(a) Long Termponowings
(b) Deffered Tax Liabilities(Net)
(c) Other Long term Liabilities
(d) Long Term Provisions

11323.0s

18,309.24
2,500.86
1,338.08

Non-cu rrent

Liabilities

(5) Current Liabilities

(a) Short term borrowings
(b) Trade Payables
(c.) Other Current Liabilities
(d) Short te.m provisions

Current Liabilities
TOTAL EQUITY AND LIABILITIES

3,805.90
37.430.91

41.236,a1

16,832.87
2,574.25
1,494.65

22.148.18

20,901.77

78,184.16
16,708.02
24,216.64
402.84

69,556.55
9,618.14
14,256.58
666.06

I19.511.66
r52,982.89

94.097 -33

156.235.9r

31,210.33

33,965.38

B.ASSETS
( l) Non current Assets

3,805 90

1,805.90

8.215 S7

36.674 20

12.021.47

40.480.10

181.53

198.21

29,',|30.7t

22,910.34

2,2t1.17
|,282.53

2,516.80
t,494.24

60.80
33.291.22

26,962.59

82,37 5.49

70,656.67

17,668.67

11,67866

2t,447.58

16.369 t5

680.25
122,112.00
167.666.21

,9"155.86

4120

651 38

166.996.?S

(a) Fixed Assets

i.Tangible Assets
ii Intangible Assets

iiiGoodwill
iv.Capital Work in Progress
Fixed Assets
(o) Non current lnvestments
(c) Long term loans and advances

c)Trade receivable
d)Cash and cash equivalents
e)Short term Loans and advances
0 Other cunent Assets

Current Assets

TOTAL ASSETS

99.s4
43.88

3.620.05
37.585.43
1,725.36
1,858.39

2.589.t1

284.ss

I1.713.87

3.583.7s

4,210.91

354,27

48,268.09
45,515.66
220.77
520.56

69,046.23
35,002.30
3,200.13

69,236 78

482.t5

48,508.22
46,977.44
8.297.79
47 5.95

I1.383.12

7.335.92

I1,696.94

105.908.20
152,982.89

I I5,066.7J
t56,2J5.91

I r s,956.34
161,666.21

lz) Lurrent Assets

'a)lnventories

44,82t 86

4-090.49
35,360.83
8,645.22
3,068.65

ld) Other non-current assets

Non-current Assets

43,160.62
16.05
43.88
4.218.42
47,498.97

3,640.96

48.612.24

I1.28

I L28

1,610.46

58.44

3t,4t7.32
1,381.36

4t9.19

I18,030.24
166,996.75

USIIER AGRO TIMITTD

Registered Ofiice:a22,taxmi Plaza, Laxml !ndustrial Estate. Andheri {W} Mumbai-53

Tl: 022-39381 100, Fax : 022-39381 123 Email : compliance@ushemgro.co Websiter www.usheragro.com (CIN- L0l l00MHl996PLCI00380)
STATEMENTOF CONSOI,IDATEDAUDIIED RESUI.TS FORTHE YEAR ENOEOAND OUARTER ENOED MARCH 31ST.2016
Stand alone

StandAlon

Quanerended

Consolidated

Year Ended

YerrEnded

Nin nonlhs

31.03.2015

31.O3.2015

at
31.03.2015
C

ross se les/ln.ome from

]t1.12.20L5

31.03.2015

31.03.2016

31.03.2015

{Unaudited)

{Unaudited)

Audited

Audited

40.174.44

42,282.25

157.536.44

127

200.90

364.97

-450.4a
224.44

160,612.54
705.35

737,266.94

61.52

30,825.06

40,235.96

42,483.L5

157.901.82

L27.674.96

161.317.89

131,494.00

10,061.58
48,550.18

?a 619_72

534.9s
862.21

60,595.79

1,361.67
37.064.77

1a,722,64

(29,769.73)

3,L57.20

3,760.51

86.19

33_30

26.63

129,683.541

3,200.50

3_747.14

h7.840.231

3,248.77

3,043.85

3,121.10

12,009.32

{32,931.71)

155.55

666.04

(32,931.71)

omhtlons

'al Net Sales/ln.ome from Oo.rations

10.785.46

Other ODeratinE ln.ome

40.60

227.05

EXPENDITUXE

(lncrease)/decrea5e in stock intrade & work in

Consumotion of Raw Mater.lt
:molovee b.n.fii & man.ower cost

lrher Expendiiures
Iotal Erpnditures

586.86

(5,038.91)

(4,370.171

4,355.03

(4,370.30)

40,582.69

160,930.87

!o9.677.49

162,977.O4

112,947.3t

512.85

448.27

2,033.37

1,341.57

2,180.83

1,453.45

1,009.67

1,315.09

3,877.38

3,736.L2

4,527.65

3,771.O2

1,415.50

4,740.60
175,947.25

4.332.32

4,611.31
178,6s1.85

4,068.52
117.470.01

i4.43s.1s)

4,355.04

114117.19

Profit / (Loss) from Operations before Othr

Income. Finance cost & Exceptlonal

ltehs

Prollt from ordinary activities beforc tinance cost

rnd .ke btlonal it.n!

342.79

13,523.98
148.88

13,648.93
8.231-67

(16,991.18)

L3,772,47

12,959.t2

9,005.19

129,849.ss)

s-417.26

(29,950.291

4.767.64

{29,849.5s

5.417.26
t,232.28

129,950.29)

4,761.68

1162.0s)

195.20

11.557.77

(17,333.961

9L.!6

h8.03s.431

&

Profit from ordinary activities after Finance

cost but before Exceptlonal ltehs

Prolltfrom ordinarv a.tivitis before iax

Profit after tax from OrdinarvActivitis aftr tax
Extraordinarv ite ms lnet of tax xonsel
Net Profit/ {Loss)forthe period
thare ol Profit

156.65

666-tl4

|.779.41)

36.68

353.30

64_20

132,212.2a)

119.97

312.74

{29,913.75

4184.98

{29788.25)

909.32
3,858.36

132,212.2a)

119.97

312.74

{29 913.751

4184.98

129,788.25)

3,858.36

/ llo$) ofassociates.
{15.68)

Xet Profit

l23s.z7)

{Loss) aftertaxs, minority interest and

ihare of orofit

/ (losd olassociates

Paid uD eouitv sh are caoital of Rs. 10/- each

l.32.272.28)
3,805.90

LL9.97

312.74

3,805.90

3,805.90

Reserys ercludins Revaluation Reserves

{,r84.98

4,093.63

{29,913.75}
3,805.90
7.517.75

3,805.90

3,805.90

3,805.90

37.430.91

4,2!5.57

36,614.24

'29,77r.56)

Earnlnr PerShare IEPSI

Basi.

EPS

Diluted

b.fore& aft.r extrao.dinad items

EPS

before & after extraordinarv items

(84.64)

0_32

0.a2

178.50)

11_00

(78.221

10.76

l.84.6t

0.32

0.82

178.60)

11.00

178-22

10.76

-(a /"
-

...-ar

t'v'
u

bYth..udt committee and app@.d tt the

The.bove Audit.d FtnancialGsut$torth.y.a.e.ded on 31rt March,2o15 hav. blcn evi.w.d
meting of Bo.rd ol Diectors held on 13th Auguti 2016.
2Ih.company,onco.solidatedba5is,13operatin8inthrc.dlff.rentbu'ine'g5.8m.nt5i...F@dPressing,BiGhas3PowerG.n.6tio.and
LoSistics.Howevel,GonsideinSth.3izeandvolumeofop.Etion3,there.r.onlytworeportin!9.gmnt',i,.,F@dProc.''in...dBioMass
p*.rGeneEiion (exclplth. captive power pl.nt in the p.rcnt companv)ar Burln.ss s.Ementt at decnbd in th. AccountinS Standad (as)
Th. Requned Diic6ur4 ar..5 follows:
17 as S.,m.nt Rep;n4, arru.d bythe tnstitur. of chanered Accoontang oltndi. {tcAD.

Fnrwl

P'mdinr lPor.rGen.r.tiorl

154,936.02
2,600 83

3,679.16
873 84

340l9
157,901.82
legmcnt

(299r1.76)
152,982 89
141,659 84

S.gne

3lst

M.r.t

2015

!27,122.54

I,813.15

352 42
9t.! 6

5712

1|

76

2,542.62

4,89319
(5468)

t27,166.12
4,205 25

1171

26,120 t5

I56,138 05

t2,426

61

21,998.?5
l0? 02

I14,881.01

|,611

53

650 21

3,8?? 38

Geogr.phic.l

Pmgtins I Po*.rGemrttror

M.r.h.2015

2016

r.sults aftcr td

Food

t4)

61818
:t t3612

.:

d expon hcnc(
* ,ts opeoxonat acrivities in the donesft meker re rndia 6 wel d n over*as Mk.t ,c
pc. As l7 nsued b)
";",,y.s
i<tennned as secondary s.8nmt ed rh. dalih of *smst resulb a
oversea
has
ed
a.-"stic
i."g."pr,i*rlg__ii"
rh;t;p""y

hIo.m.tio..bout S.condrry

Segnenr3

Mr ct

l5?,099 5l

{ddirior To Fixed tuset3 Ard htirgibleAesr3

(lnclud. Ctpilsl ,orl ir Proeres)

t2l,5l )

86

7.982

ll

2,008 89

ry'3812

2,003

l-4

C.rying Anount Of Fit.d A!.et.

tirurB

tl$l

2015

Pc.tic{1.6
Raenue By G@sr.phicrl

(R!'itr

48,612 24

have bcen Esrcup.d/earEnged whercvg nece5s'ry'

ffinctale5u|i3ofit99ub'idlaries,vi.,U3herEcoPowerLtdlh
UsherwoddwideFzE(UAE)lorthefinancialend.donMaEh3l,2016.Thcebov.consolldationhasbc.hdoneasP.rtheA<ountinS
21 on Consolldated Finan.ial St.t.m.nt5, i$oed bv lCAl.

@on8thM.y2o15,h.vea8r..d'or.st.atesicDebtR.structuring
,ntschemctortheimpmmentofiinanci.lsituationofth.companvhth'raidlLFmeetinSdatedl3thMav2016'watd'cidedatthe
nf.renc. date for soR. At Dre3ent, th.

sDR

&hem. i3 und'r lmplementation'

@w.snotusabt.d!.totun8atdevelopo.nt&orhe.
lnfection .nd hi8h holsture cont.nt.

@ecompa.yha'P!blishedP.riodtodateaud[.d.onsolid.ted
result',Th.sta.dalonenna.ci.lr$ultsolthe.o6P.n,willhowev.r,besvail.bleonth.weBiteofN5Elww'nleindi.,com)andBsE
Thekeyrt.ndalonefinancElinformaiion'saivenb.lowi

t1.03.2016

31.12.2015

31.03.2011

31.0t.2015

31.03.2015

30,826.06

40,235,96

42,1a3.15

L57.907.42

727,674.96

32,93L.77

155.65

566,04

29,449.55

t,411.26

32.272,24

119.97

29_913,75

4,744.94

v'
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"

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,- -,'1.
l:' t

dl ffi
Hegd Oflice : 422, Laxmi Plaza, Laxmi lnd. Eslale, New Link Road. Andheri(W), Mumbai - 400053. phone : 022-39381100 Fax : 022-39381123

Statement on Impact of Audit Qualifications (for audit report with modified opinion)
submitted along-with Annual Audited Financial Results - (Standalone)
\Lrdrr(J I iBure: Ix.
p,,rr(d l)( [,rc
.rJiLr.rrrr! ti 'r'

I
Particulars

s1.

r(

No.

gu:rlific:rri.n:t
1.
,)

l urnor-er
I

otal

rpenditure

gualificad, 'n:

l5-5.1r.8+

157537.i1.1

t81)16.6

188359..t1

29913.

30326.5(t

.)_

\ct

+.

I,.arnings Pcr Share

:).

Total l\sscts

105908.2

105()08.2

6.

'lotal Liabilitics

ili660.tJ

112('ri1.61

Nct Worth

1323.0-5

10910.21

8.

ProfitiQ-oss)

t-5

8.60

19.68

.\nv othcr financirl itcm(s) (as fclt

appropriatc

II.

'l otal ircome

] .\Jlusrcd I igurc*
I tauCirr.d figurc.
afrtr:rdiu.ting lor

bl

thc managcrnent)

:\udit Qualification (each r\udit QuaLfication scparateh):

Dctails of ,\udit Qualification:
1. CFSI'I' Inc, USr\ has filcd Winding-up Pctiti<xr egainsr thc c.mpan' for recovcr' of
thcir outsta,ding Ducs of lis.6,5.18.1.1 lakh (S1t) \ltlli.n) rvith thc interest @12o,i p.a. as
pcr the advance p?\'mcnt ar.rd suppi' c().tract. ,\n inrercst amount comcs t. Rs. 336.0fJ
lakh (si).507 \Iillion) appr.x. for r,v].rich thc companv has not madc an' pror.ision i. the
financial statcmcnts.

2.

l\Ia'bank Indo.csie 'l bk, \lumbai has hlecl Winding up petiuon against rhc
companv fcrr teco.cfl' of thcir .utstancling t)ues of Rs. 177u.18 iakh rvith the intcrcst
'l'he procceding is pcncling bcforc Holr,ble Bombar.
@,16.1oh p.a.
High Court. An
interesr arrrount c(),es ro 11s.6.28 lakh appr.x. for rvhich the ..r-ponu h". not madc
any provision in thc financial st,ltcments.
P'1' Bank

3.

b.

.\xis bank has imposed l)c.al chargcs am.u,ting t. l{s.70.'15 lakh. Horver.cr such
cxpenditurc has not becn expcnscci out in thc sratemcnt of profit and loss and the samc
is adiusted against slrort term borrcxving from bank.
T'pe of -\udit Qualitlcati.n : (]uaiified ()pi,ion 1 Disclaimer of Opini.n / ,\dverse
()prrur,n
1

Vis

Quali{ied

,r u,l *fiU4tlfdagro.com
3. Qualified -

Em a rI:u s h e r@ u s h e ra g ro .c o

ctN. L0.ll00MH1996pLclo0380

Chatta I : 158, Gohari, Delhi-Agra Highway (NH-2), Chatta. District : MathLrra (U.P) Tel: 05662 - 242101,326888 Fax.05662 - 242043
Chatta ll :632-634, Village Dautana, (NH-2) Oelhr-Agra Highway, Teshil Chhala, District: lvlathura - 281401 (Up) Tet: 08859888500
Mathura : 239, l\raho i, Krishna Nagar, off. Dethi-Agra Htghlyay (NH-2), [.4athura - 281004. u.p. Tet: 088s9008233, Fax; 565 - 2461068

Buxar: Plot No. 1898, Chaubeji Ki Chavani, Sikrol, Jalilpur, Thana Rajpur, District : Buxar (Bhar) - 801104 Tel: 06183 - 225846
Delhi :405, Pearl Best Height- ll, Nelali subhash place, pritampura, New De h - j10034. Tet: 011 - 47253336 / 27356093

c. Irrcquencl of qualification: Whcrhcr appcarcd

since hory long continuing

fr.t t r.l l"p.,titi.. /

For ,\udit Qualificadon(s) rvhcrc thc imprct is tluandhccl bv thc .\uditor, \lanagcment!
Yieu's:
1. IIad the c()mpan\. made such Intercst pror-ision in thc Sratcmeflt of Profit and ioss. rhe
loss for ti.rc r-car rvould har.c bccn higher bl Rs.3.i6.0ij irkh rnJ rhc rccumrrlared pr,,fi1
rvould har-e bccn lorver br.an ccluilalcnr an.rour.rt.

Management Note:

'l he

c.mpa,v has tai<c. thc adr-ance f'rm cusro*c' i.e CFSI 1 , Inc L-S-\ [.r supplr- rf
matcrials under the supplr' c.ntact cr.rtcrcd * itl.r rhe m. l he sai<.l supph, i, vet i , tak.
placc duc to
i^rsincss iss,es. ]turther the firal confirmarion and amount of
'ari.us
olcrdue interest
rvitLr rhe saici cust()l.!rcr is unclcr ciiscussion and t.ct t<i fir.ralisc. hencc rve
hrrc n,'r ma.le anr n,o\ r\t,,n ,,I rnrcre.r ,,t] .:liLi ,,ur{til)dirrg,aqlliu. irt tht. ll,u,ks,,I
accounts.

Had tl.re companr- rnadc such Intercst pror-isi., in rhc Statcmcnt of pr.ht and krss.
the loss tirr the veat rv.uld ha'c been hrqher b\-l{s.(r.28 lakh and tlrc accumulated profit
rvould har-e been lorver bv an ccluivalent amount

Management Note:
Thc companl, has taken thc ad'ancc fL.m cusr,u.rer i.c CFSIT , I.c t.Sr\ for supph, .f
matcrials undcr the suppil contract cntcred rvith rhcm. Thc said s,ppli. i.
i., t^k.
"ct
place due to
busincss issues. Iiurthcr the fi.ar cc,nfrmati<m and am.u.t
of
'arious
or-erdue interest with the said custolTlcr is unclcr discussi<xr anal \-ct to ltnalisc, hcnce rvc
har-e .ot madc anr- p'or-isirn .f intcrest (xr said outsraflding .r-erduc in thc bo.ks of
accounfs-

3.

Had thc companr expcnscd .ut such l)enal oharqes in thc statcmenr ofprofit and krss.
the loss for the I'ear rvoulcl har-c bccn higher bl lts. 7()..15 lakh ancl accumulated profit
would har-e, bccn lower bl ar.r equir-alcnt amr>unt anci sh()rt tcrm borrou ing r.,,rrld. h"l-.
bcen lo\\cr br ln cqunllent am,'trnr.
Management Note:

'I'he ,\sis bank has chargcd per.ral charses

and dcbiteci the sarnc in the account of thc
company, u'ith.ut conhr-rnari.n ancl propct dctails. \\'c are in discussion rvith thc bank
to remorre the said chargcs, on which thc bank iras also ir.t princtpallv agrccd and
approval fcrr the respcctive audroritics is'ct to reccir-e. Sincc this is nrt a Liabilifi *,hich
companv is supposed t o pav, hcncc we ha\.c not recorded thc seme
.rp.n.. in th.
bo.ks. else reco'cdng this arnou.t as liabilin' * ill bc morc difhcult t."sreceir-c [r.m
bank.
e. For ,\udit QuaLificanon(s) rvhcre thc irnpact is not quanrificd bl thc
auditor:
(i) \.{aoagemcnt's estimation on thc impact of audit <jualificati,rn:

(ii)

if

management is unablc ro csdmare thc impact, rcasols for rhe

(iii) Auditors' Comrnents on (i) or (ii) abor-e:

Sigmatorics

"
(L::--cq".:-,/-

"

Vinod KumallChaturvedi
OF-()/\Ianagrng Ditcctor (.1 ()

tx/
i Savla
Statutory Auditor
I)atc:13'' r\ugust.
Placc: \Iumbai

201 6

-,</ rctq
-r

ry"

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