We have audited the accompanying Standalone financial statements of THE ANDHRA SUGARS LIMITED
(“the company”), which comprise the Balance Sheet as at 31st March 2025, the Statement of Profit and Loss
(including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash
Flows for the year ended on that date, and a summary of the material accounting policies and other explanatory
information (herein after referred to as “the Standalone financial statements”)
In our opinion and to the best of our information and according to the explanations given to us the accompanying
financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so
required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under
section 133 of the Act read with the Companies (Indian Accounting Standard) Rules, 2015, as amended, (“Ind
AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at
31st March 2025, and itsprofit and total comprehensive income, changes in equity and its cash flows for the
year ended on that date.
Basis for Opinion
We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs)
specified under Section 143(10) of the Act. Our responsibilities under those standards are further described in
the Auditor’s responsibility for the Audit of Financial Statements section of our report. We are independent of
the company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India
(ICAI) together with the ethical requirements that are relevant to our audit of financial statements under the
provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI’s code of Ethics. 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.
Key Audit Matters
Key Audit matters are those matters that in our professional judgment, were of most significance in our audit
of the Standalone Financial Statements of the current period. These matters were addressed in the context of
our audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters. We have determined that there are no key audit matters to
communicate in our report.
Information Other than the Standalone Financial Statements and Auditor’s Report Thereon
The Company’s Board of Directors are responsible for the preparation of the other information. The other
information comprises the information included in the Management Discussion and Analysis, Board’s Report
including Annexures to Board’s Report, Business Responsibilityand Sustainability Report, Corporate Governance
and Shareholder’s Information, but does not include the Standalone Financial Statements and our auditor’s
report thereon.
Our opinion on the Standalone Financial Statements does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the Standalone
Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be
materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Standalone Financial
Statements:
The Company’s Board of Directors are responsible for the matters stated in Section 134(5) of the Companies
Act, 2013 (“the Act”) with respect to the preparation of these StandaloneFinancial Statements that give a true
and fair view of the financial position, financial performance including other comprehensive income, cash flows
and changes in equity of the Company in accordance with the Indian Accounting Standards (Ind AS) prescribed
under Section 133 of the Companies Act, 2013 read with relevant rules issued there under and other accounting
principles generally accepted in India.
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 the 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 Standalone Financial Statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
In preparing the Standalone Financial Statements, the management and Board of Directors are responsible
for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless the Board of Directors either intends
to liquidate the company or to cease operations, or has no realistic alternative but to do so.
The Company’s Board of Directors are responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibility for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone
financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Standalone Financial Statements, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for
expressing our opinion on whether the Company has adequate internal financial controls with reference to
Standalone Financial Statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or
conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including
the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and
events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in theStandalone Financial Statements that, individually or
inaggregate, makes it probable that the economic decisionsof a reasonably knowledgeable user of the
StandaloneFinancial Statements may be influenced. We considerquantitative materiality and qualitative factors
The Andhra Sugars Limited
(i) in planningthe scope of our audit work and in evaluating the resultsof our work; and (ii) to evaluate the effect
of any identifiedmisstatements in the Standalone Financial Statements.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the Standalone Financial Statements of the current period and are therefore
the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1) As required by the Companies (Auditor’s Report) Order,2020(“the Order”) 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 Companies Act,2013 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 including Other Comprehensive Income,
Statement of Changes in Equity and the 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 Indian Accounting
Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013 read with Rule 7 of
Companies (Accounts) Rules, 2014:
e) on the basis of written representations received from the directors as on 31st March, 2025 taken
on record by the Board of Directors, none of the directors are disqualified as on 31st March, 2025
from being appointed as a director in terms of Section 164(2) of the Act;
f) with respect to the adequacy of internal financial controls with reference to Standalone Financial
Statements of the Company and the operating effectiveness of such controls, refer to our separate
report in “Annexure B”, Our report expresses an unmodified opinion on the adequacy and operating
effectiveness of the company’s internal financial controls with reference to Standalone Financial
Statements;
g) With respect to Managerial Remuneration to be included in the Auditor’s report under Section
197(16)
In our opinion and according to the information and explanations given to us, the remuneration
paid by the Company to its directors during the year is in accordance with the provisions of
Section 197 of the Act.The remuneration paid to any director is not in excess of the limit laid
down under Section 197 of the Act;
h) With respect to the other matters to be included in the Auditor’s report in accordance with Rule
11 of the Companies (Audit and Auditor’s) Rules, 2014,as amended 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 on its financial position in its Standalone
Financial Statements - Refer Note 32& 33 to the Standalone 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;
iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds
(which are material either individually or in the aggregate) have been advanced or loaned
or invested (either from borrowed funds or share premium or any other sources or kind of
funds) by the Company to or in any other person or entity, including foreign entity
(“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that
the Intermediary shall, whether, directly or indirectly lend or invest in other persons or
entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no funds
(which are material either individually or in the aggregate) have been received by the
Company from any person or entity, including foreign entity (“Funding Parties”), with the
understanding, whether recorded in writing or otherwise, that the Company shall, whether,
directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate
in the circumstances, nothing has come to our notice that has caused us to believe that
the representations under sub-clause (i) and (ii) of Rule 11 (e), as provided under (a) and
(b) above, contain any material misstatement.
v As stated in Note 12(2) to the Standalone Financial Statements
(a) The final dividend proposed in the previous year, declared and paid by the Company
during the year is in accordance with Section 123 of the Companies Act, 2013 as
applicable.
(b) The Board of Directors of the Company have proposed 40 percent dividend for the
year which is subject to the approval of the members at the ensuing Annual General
Meeting. Thedividend proposed is in accordance with section 123 of the Companies
Act, 2013 as applicable.
vi. Based on our examination, which included test checks, the Company has used accounting
software systems for maintaining its books of account for the financial year ended March
31,2025 which has a feature of recording audit trail (edit log) facility and the same has
operated throughout the year for all relevant transactions recorded in the software systems.
Further, during the course of our audit we did not come across any instance of the audit
trail featurebeing tampered with and the audit trail has been preserved by the Company
as per the statutory requirements for record retention.
For Brahmayya & Co
Chartered Accountants
FirmRegistrationNo:000513S
Place: Tanuku
Date: 29th May 2025 (T.V.Ramana)
Partner
Membership No: 200523
UDIN: 25200523BMLEYC8356
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