Mar 31, 2018
Report on the Standalone Indian Accounting Standards (Ind AS) Financial Statements
We have audited the accompanying Standalone financial statements of Chordia Food Products Limited (âthe Companyâ), which comprise the Balance Sheet as at 31** March, 2018, the Statement of Profit and Loss and the Cash Flow Statement and the statement of Changes in Equity for the year then ended and a summary of the significant accounting policies and other explanatory information, (hereinafter referred to as Standalone financial statementsâ)
Managementâs Responsibility for the Standalone Ind AS Financial Statements
The Companyâs Management is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to preparation of these Standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance and cash flows and changes in equity of the Company in accordance with the Accounting principles generally accepted in India, including the (Indian Accounting Standards) Rules 2015(as amended) specified under section 133 of the Act, read with rule 7 of the Companies (Accounts) Rules 2014. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the company and for preventing and detecting 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 internal controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatements, whether due to fraud or error.
Auditorsâ Responsibility
Our responsibility is to express an opinion on these Standalone Ind AS 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 included in the audit report under the provisions of the Act and the rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under section 143 (10) of the Act. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Standalone Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the Standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal controls relevant to the Companyâs preparation and fair presentation of the Standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the company has in place an adequate internal financial controls system over financial reporting and the operative effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the companyâs Directors as well as evaluating the overall presentation of the Standalone Ind AS financial statements.
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.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Ind AS financial 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 31st March, 2018;
b. in the case of the Statement of Profit and Loss the profit of the Company for the year ended on that date.
c. in the case of the Cash Flow Statement, of the cash flows and the changes in equity of the Company for the year ended on that date.
Other Matter
The Comparative financial information of the Company for the year ended March 31**, 2017 and the transition date opening balance sheet as at April,2016 included in these Standalone Ind AS financial statements, are based on the previously issued statutory standalone financial statements for the years ended March 31st, 2017 and March 31 2016 prepared in accordance with the Companies (Accounting Standards) Rules 2006 (as amended) which were audited by the predecessor auditor who expressed an unmodified opinion vide reports dated 30 May, 2017 and 30 May 2016 respectively. The adjustments to those standalone financial statements for the differences in accounting principles adopted by the Company on transition to the Ind AS have been audited by us. Our report is not qualified in respect of this matter.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) as amended, issued by the Central Government in terms of sub section (11) of section 143 of the Act, we give in the âAnnexure Aâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(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 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, and the Cash Flow Statement and the Statement of Changes in Equity dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid Standalone Ind AS Financial Statements comply with the Indian Accounting Standards specified under section 133 the Act read with rule 7 of the Companies (Accounts) Rules 2014.
e) On the basis of the written representations received from the directors as on 31** March, 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2018 from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls refer to our separate Report in â Annexure Bâ
g) With respect to the other matters to be included in the Auditors report in accordance with rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The company does not have any pending litigations which would impact its financial position.
ii. The company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to transferred, to the Investor Education and Protection Fund by the company.
Referred to in Paragraph 1 under the heading âReport on Other Legal and Regulatory Requirementâ of our report of even date to the financial statements of the company for The year ended 31*â March 2018, we report that,
1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
(b) The major portion of fixed assets have been physically verified by the management in a phased manner, designed to cover all the items over a period of three years, which in our opinion is reasonable having regard to the size of the company and nature of its business. Pursuant to the programme a portion of the fixed assets has been physically verified by the management during the year and no material discrepancies between the books records and the physical fixed assets have been noticed.
(c) The title deeds of the immovable properties are held in the name of the company.
2. (a) The management has conducted the physical verification of inventory at reasonable intervals.
(b) The discrepancies noticed on physical verification of inventory as compared to books records Which has been properly dealt with in the books of account were not material.
3. The Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the Register maintained under section 189 of the Act. Accordingly, the provisions of clause 3(iii) (a) to (c) of the order are not applicable to the company and hence not commented upon.
4. In our opinion and according to the information and explanation given to us, the company has complied with the provisions of section 185 and 186 of the companies Act, 2013 in respect of loans, investments, guarantees and security.
5. The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of section 73 to 76 or any other relevant provisions of the Act and the Companies( Acceptance of Deposit) Rules,2015 with regard to the deposits accepted from public are not applicable.
6. As informed to us, the maintenance of Cost Records has not been specified by the Central Government under sub section (1) of Section 148 of the Act, in respect of the activities carried on by the Company.
7. (a) According to information and explanation given to us and on the basis of our examination of the books of account, and records the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales tax, Service Tax, Duty of Customs, Duty of Excise, Value added Tax, Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the above were in arrears as at March 31, 2018 fora period of more than six months from the date on when they become payable.
(b) According to the information and explanation given to us, there are no dues of income tax, sales tax, service tax, duty of customs, duty of excise, value added tax outstanding on account of any dispute.
8. In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks. The Company has not taken any loan either from financial institutions or from the government and has not issued any debentures.
9. Based upon the audit procedures performed and the information and explanations given by the management, the Company has not raised moneys by way of initial public offer or further public offer including debt instruments and term Loans. Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the Company and hence not commented upon.
10. Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.
11. Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Companies Act;
12. In our opinion, the Company is not a Nidhi company. Therefore, the provisions of Clause 3 (xii) of the Order are not applicable to the Company.
13. In our opinion, all transactions with the related parties are in compliance with Section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Standalone Ind AS Financial Statements as required under Indian Accounting Standard (Ind AS) 24 Related Party Disclosures specified under Section 133 of the Act.
14. Based upon the audit procedures performed and the information and explanations given by the management, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 3 (xiv) of the Order are not applicable to the Company and hence not commented upon.
15. Based upon the audit procedures performed and the information and explanations given by the management, the Company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.
16. In our opinion, the Company is not required to be registered under section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Chordia Food Products Limited (âthe Companyâ) as of 31** March 2018 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (âICAIâ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companyâs assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India
M/s. Bharat Shah
Chartered Accountants
Bharat Shah
Place: Pune Proprietor
Date : 30th May, 2018 Membership No. 110878
Mar 31, 2016
INDEPENDENT AUDITORSâ REPORT
TO THE MEMBERS OF
CHORDIA FOOD PRODUCTS LIMITED
Report on the Financial Statements
We have audited the accompanying Financial Statements of Chordia Food Products Limited (âthe Companyâ), which comprise the Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to preparation of these Financial Statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting 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 internal controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Financial Statements that give a true and fair view and are free from material misstatements, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these 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 included in the Audit Report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143 (10) of the Act. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free from material misstatements.
An audit involves performing procedures to obtain audit evidence about the amounts and the 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 error. In making those risk assessments, the auditor considers the internal controls relevant to the Company''s preparation and fair presentation of the Financial Statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the company has in place an adequate internal financial controls system over financial reporting and the operative effectiveness of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Company''s Directors as well as evaluating the overall presentation of the Financial Statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Financial Statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Financial 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 31st March, 2016;
b. in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date
c. in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 (âthe Orderâ) as amended, issued by the Central Government in terms of Sub Section (11) of Section 143 of the Act, we give in the âAnnexure Aâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(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 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 and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid Financial Statements comply with the Accounting Standards specified under Section 133 the Act read with Rule 7 of the Companies ( Accounts) Rules 2014.
e) On the basis of the written representations received from the Directors as on 31st March, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls refer to our separate Report in â Annexure Bâ
g) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us
i. The Company does not have any pending litigations which would impact its financial position.
ii. The Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to transferred, to the Investor Education and Protection Fund by the Company.
Referred to in Paragraph 1 under the heading âReport on Other Legal and Regulatory Requirement'' of our report of even date to the Financial statements of the company for the year ended March 31,2016.
1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed
assets.
(b) The major portion of fixed assets have been physically verified by the management in a phased manner, designed to cover all the items over a period of three years, which in our opinion is reasonable having regard to the size of the Company and nature of its business. Pursuant to the program a portion of the fixed assets has been physically verified by the management during the year and no material discrepancies between the books records and the physical fixed assets have been noticed.
(c) The title deeds of the immovable properties are held in the name of the Company.
2. (a) The management has conducted the physical verification of inventory at reasonable intervals.
(b) The discrepancies noticed on physical verification of inventory as compared to books records which has been properly dealt with in the books of account were not material.
3. The Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the Register maintained under Section 189 of the Act. Accordingly, the provisions of clause 3(iii) (a) to (c) of the order are not applicable to the Company and hence not commented upon.
4. In our opinion and according to the information and explanation given to us, the Company has complied with the provisions of Section 185 and 186 of the Companies Act, 2013 in respect of loans, investments, guarantees and security.
5. The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Section 73 to 76 or any other relevant provisions of the Act and the Companies( Acceptance of Deposit) Rules,2015 with regard to the deposits accepted from public are not applicable.
6. As informed to us, the maintenance of Cost Records has not been specified by the Central Government under Sub Section (1) of Section 148 of the Act, in respect of the activities carried on by the Company.
7. (a) According to information and explanation given to us and on the basis of our examination of the books of account, and records
the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-Tax, Sales tax, Service Tax, Duty of Customs, Duty of Excise, Value added Tax, Cess and any other statutory dues with the appropriate authorities. According to the information and explanations given to us, no undisputed amounts payable in respect of the above were in arrears as at 31st March, 2016 for a period of more than six months from the date on when they become payable.
(b) According to the information and explanation given to us, there are no dues of Income Tax, Sales Tax, Service Tax, duty of Customs, duty of Excise, Value Added Tax outstanding on account of any dispute.
8. In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks. The Company has not taken any loan either from Financial Institutions or from the Government and has not issued any debentures.
9. Based upon the audit procedures performed and the information and explanations given by the management, the Company has not raised moneys by way of initial public offer or further public offer including debt instruments and term Loans. Accordingly, the provisions of clause 3 (ix) of the Order are not applicable to the Company and hence not commented upon.
10. Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.
11. Based upon the audit procedures performed and the information and explanations given by the management, the managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Companies Act 2013.
12. In our opinion, the Company is not a Nidhi company. Therefore, the provisions of Clause 3 (xii) of the Order are not applicable to the Company.
13. In our opinion, all transactions with the related parties are in compliance with Section 177 and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements as required by the applicable Accounting Standards.
14. Based upon the audit procedures performed and the information and explanations given by the management, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of clause 3 (xiv) of the Order are not applicable to the Company and hence not commented upon.
15. Based upon the audit procedures performed and the information and explanations given by the management, the Company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly, the provisions of clause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.
16. In our opinion, the Company is not required to be registered under Section 45 IA of the Reserve Bank of India Act, 1934 and accordingly, the provisions of clause 3 (xvi) of the Order are not applicable to the Company and hence not commented upon.
Report on the Internal Financial Controls under Clause (i) of Sub-Section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Chordia Food Products Limited (âthe Companyâ) as of 31st March, 2016 in conjunction with our audit of the Financial Statements of the Company for the year ended on that date.
Management''s Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (''ICAIâ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditors'' Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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 error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Financial Statements for external purposes in accordance with generally accepted accounting principles. A Companyâs internal financial control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Financial Statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and Directors of the Company; and
(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company''s assets that could have a material effect on the Financial Statements.
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
M/s. Sunil Shah
Chartered Accountants
Sunil Shah
Place : Pune Proprietor
Place : Pune Membership No. 37483
Date : 30th May, 2016
Mar 31, 2015
We have audited the accompanying financial statements of Chordia Food
Products Limited ('the Company'), which comprise the Balance Sheet as
at 31st March, 2015 the Statement of Profit and Loss, the Cash Flow
Statement for the year then ended and a summary of the significant
accounting policies and explanatory information.
Management's Responsibility for the Financial Statements
The Company's Management is responsible for the matters stated in
Section 134(5) of the Companies Act, 2013 ('The Act') with respect to
the preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash lows of
the Company in accordance with the Accounting Standards specified under
Section 133 of the Companies Act, 2013, read with Rule 7 of the
Companies (Accounts) Rules, 2014 and in accordance with the accounting
principles generally accepted in India. This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and the presentation of the financial statements that
give a true and fair view and are free from material misstatements,
whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these Financial
Statement based on our audit. We conducted our audit in accordance with
the Standards on Auditing under Section 143(10) of the Act. Those
Standards require that we comply with the ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether the
Financial Statements are free from material misstatements. An audit
involves performing procedures to obtain audit evidence about the
amounts and disclosures in the Financial Statement. The procedures
selected depend on the auditor's judgment, including the assessment of
the risk of material misstatement of the financial statement, whether
due to fraud or error in making those risk assessments, that auditor
considers the internal controls relevant to the Company's preparation
and fair presentation of the financial statements in order to design
audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the
Company's internal control. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Management as well as
evaluating the overall presentation of the Financial Statements. We
believe that the audit evidence we have obtained is sufficient 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 aforesaid Financial Statement gives the
information required by the Act in the manner so required and gives 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, 2015;
b. In the case of the Statement of Profit and Loss, of the Profit of the
Company for the year ended on that date.
c. In the case of the Cash Flow Statement, of the Cash Flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order 2015 (the Order)
issued by the Central Government of India in terms of Sub ÂSection (11)
of Section 143 of the Act, we give in the Annexure a statement on the
matters specified in Paragraph 3 & 4 of the Order to the extent
applicable.
As required by Section 143 (3) of the Act, we report that:
a. We have obtained all the information and explanation 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, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the accounting Standards
notified under the Act under Section 133 of Companies Act, 2013, read
with Rule 7 of Companies (Accounts) Rules, 2014.
e. On the basis of the written representation received from the
Directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2015
from being appointed as a Director in terms of Section 164 (2) of the
Act.
Annexure to the Auditors' Report [As referred to in our Report of even
date]
Report under the Companies (Auditors Report) Order, 2015
We report that:- 1. (a) The Company has maintained proper records
showing full particulars, including quantitative details and situation
of fixed Assets.
(b) The major portion of fixed assets has been physically verified by the
Management during the year. In our opinion the frequency of physical
verification of fixed asset by the management is reasonable having regard
to the size of the Company and nature of its assets. The discrepancies
noticed have been properly dealt with in the books of account.
(c) The assets disposed off during the year are not significant and
therefore do not affect the going concern assumption.
2. (a) The inventory have been physically verified by the management at
reasonable intervals.
(b) In our opinion and according to the information and explanation
given to us, the procedure for physical verification of inventory
followed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion the Company has maintained proper records of
inventory. The discrepancies between the physical stocks and the book
stocks are not material and have been properly dealt with in the books
of account.
3. (a) During the year, the Company has not granted any loans to
companies, firms or other parties covered in the register
maintained under Section 189 of the Companies Act , 2013;
(b) During the year, the Company has not taken any loan from companies,
firms or other parties covered in the register maintained under section
189 of the Companies Act, 2013:
4. In our opinion and according to the information and explanation
provided to us there are adequate internal control procedures,
commensurate with the size of the Company and nature of its business
with regard to purchase of inventory, fixed assets and sale of goods.
During the course of our audit, no major weakness has been noticed in
the internal control.
5. The Company has not accepted any Deposits from the public.
6. We have broadly reviewed the cost records maintained by the Company
pursuant to the Companies (Cost Records and Audit) Rules 2014 under
Section 148 (1) (d) of the Companies Act, 2013 and are of the opinion
that, prima facie, the prescribed accounts and cost records have been
maintained. We have however, not made a detailed examination of the
cost records with a view to determine whether they are accurate or
complete.
7. According to the records, information and explanation provided the
Company is generally regular in depositing with appropriate authorities
undisputed amount of provident fund, employee state insurance, income
tax, sales tax, wealth tax and other statutory dues applicable to it
and no undisputed amounts payable were outstanding as at 31st March,
2015 for a period of more than six months from the date they become
payable.
8. The Company does not have accumulated losses at the end of the
Financial Year and has not incurred cash losses in the Financial Year
covered by the audit and in the immediately preceding Financial Year.
9. Based on our audit procedures and on the information and
explanations given to us, the Company has not defaulted in repayment of
dues to any financial institution or bank.
10. Based on our examination and accordingly to the information and
explanations given to us, the Company has not given guarantees for
loans and advances taken by others.
11. As informed to us the Company has not raised any term loans.
12. On the audit procedures performed and information and explanations
given to us by the management, we report that no fraud on or by the
Company has been noticed or reported during the course of our audit.
M/s. Sunil Shah
Chartered Accountants
Sunil Shah
Proprietor
Membership No.37483
Place : Pune
Date : 30th May, 2015
Mar 31, 2014
We have audited the accompanying financial statements of CHORDIA FOOD
PRODUCTS LIMITED ("the Company"), which comprise the Balance Sheet as
at 31st March, 2014, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended and a summary of the significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in the Companies
Act, 1956 ("the Act")(which continue to be applicable in respect of
Section 133 of the Companies Act, 2013 in terms of General Circular
15/2013 dated 13th September of the Ministry of Corporate Affairs) and
in accordance with the accounting principles generally accepted in
India. This responsibility includes the design, implementation and
maintenance of internal controls relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatements, whether due to fraud or
error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
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 the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements. An audit involves performing procedures to
obtain audit evidence about the amounts and the 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
error. In making those risk assessments, the auditor considers the
internal controls relevant to the Company''s preparation and fair
presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of the accounting policies used and the reasonableness of the
accounting estimates made by the Management, as well as evaluating the
overall presentation of the financial statements. We believe that the
audit evidence we have obtained is sufficient 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 aforesaid financial 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 31st March, 2014;
b. in the case of the Statement of Profit and Loss, of the Profit of
the Company for the year ended on that date
c. in the case of the Cash Flow Statement, of the cash flows of the
Company 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 in terms of Section 227(4A) of
the Act, we give in the Annexure a statement on the matters specified
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 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, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
notified under the Act. (which continue to be applicable in respect of
Section 133 of the Companies Act, 2013 in terms of General Circular
15/2013 dated 13th September of the Ministry of Corporate Affairs)
e. On the basis of the written representations received from the
Directors as on 31st March, 2014 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2014
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
ANNEXURE TO THE AUDITORS'' REPORT (Referred to in our Report of even
date) We report as follows
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The major portion of fixed assets have been physically verified by
the management during the year. In our opining the frequency of
physical verification of fixed assets by the management is reasonable
having regard to the size of the company and nature of its assets. The
discrepancies noticed have been properly dealt with in the books of
account.
(c) The Assets disposed off during the year are not significant and
therefore do not affect the going concern assumption.
2. (a) The inventory have been physically verified by the management
at reasonable intervals.
(b) In our opinion, and according to the information & explanation
given to us, the procedure for physical verification of inventory
followed by the management were reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion the Company has maintained proper records of
inventory. The discrepancies between the Physical stocks and the Book
stocks are not material and have properly dealt with in the books of
account.
3. (a) During the year, the Company has not granted/ taken any loans
to/from parties listed in the register maintained under Section 301
of the Companies Act, 1956;
(b) During the year, the Company has not taken loan from companies
firms or other 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
provided to us there are adequate internal control procedure,
commensurate with the size of the company and nature of its business
with regard to purchase of inventory, fixed assets and sale of goods.
During the course of our audit, no major weakness has been noticed in
the internal control.
5. Based on the audit procedure applied by us and according to the
information and explanation provided by the management, we are of the
opinion that the transactions that need to be entered into the Register
maintained under Section 301 have been properly entered in the said
Register;
6. The Company has not accepted any deposits from the public;
7. The Company has a system of internal audit which, in our opinion, is
commensurate with its size and nature of its business;
8. The Central Government has not prescribed maintenance of cost
records under section 209 (1)
(d) of the Companies Act, 1956 for any of the products of the Company.
9. According to the records, information and explanations provided to
us, the Company is Generally regular in depositing with appropriate
authorities undisputed amount of provident fund, employees'' state
insurance, income-tax ,sales- tax, Wealth Tax and other statutory dues
applicable to it and no undisputed amounts payable were outstanding as
at 31st March, 2014 for a period of more than six months from the date
they became payable;
10. The Company neither has accumulated losses at the end of the
financial year nor has incurred Cash losses during the year and in the
immediately year preceding;
11. Based on our audit procedure and on the information and
explanations given to us the Company has not defaulted in repayment of
dues to any financial institution or bank;
12. Based on our examination and according to the information and
explanations given to us, the Company has not granted loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities;
13. The Company is not a chit/ nidhi/mutual benefit fund/society and
clause(xiii)of the order is not applicable.
14. The Company is not dealing or trading in shares, securities,
debentures and other investment;
15. On the basis of information and explanation given to us the Company
has not given any Guarantee for loans taken by others from bank or
financial institutions;
16. On the basis of our examination of the books of accounts and the
information and explanation given to us. In our opinion, the funds
raised on short-term basis have not been used for long term investment
and vice versa;
17. During the year, the Company has not made any preferential
allotment of shares to parties and Companies covered in the Registered
maintained under Section 301 of the Act;
18. The Company did not have any outstanding debentures during the
year;
19. The Company has not raised any money by public issued during the
year;
20. Based on the audit procedures performed and information and
explanations given to us by the management, we report that no fraud on
or by the Company has been noticed or reported during the course of our
audit.
M/s SUNIL P. SHAH
Chartered Accountants
Sunil Shah
Proprietor
Membership. 37483
Place : Pune
Date :31st May, 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of CHORDIA FOOD
PRODUCTS LIMITED ("the Company"), which comprise the Balance Sheet as
at 31 March, 2013, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended and a summary of the significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards referred to in Section 211(3C)
of the Companies Act, 1956 ("the Act") and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal
controls relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatements, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
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 the
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatements. An audit involves performing procedures to
obtain audit evidence about the amounts and the 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
error. In making those risk assessments, the auditor considers the
internal controls relevant to the Company''s preparation and fair
presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating the appropriateness
of the accounting policies used and the reasonableness of the
accounting estimates made by the Management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient 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 aforesaid financial 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 31 March, 2013;
b. in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date
c. in the case of the Cash Flow Statement, of the cash flows of the
Company 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 as
amended ("the Order") issued by the Central Government in terms of
Section 227(4A) of the Act, we give in the Annexure a statement on the
matters specified 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 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, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d. In our opinion, the Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with the Accounting Standards
referred to in Section 211(3C) of the Act.
e. On the basis of the written representations received from the
directors as on 31 March, 2013 taken on record by the Board of
Directors, none of the directors of the Company is disqualified as on
31st March, 2013 from being appointed as a Director in terms of Section
274(1)(g) of the Act.
We report as follows :-
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The major portion of fixed assets have been physically verified by
the management during the year. In our opining the frequency of
physical verification of fixed assets by the management is reasonable
having regard to the size of the company and nature of its assets. No
material discrepancies were noticed on such verification.
(c) The Assets disposed off during the year are not significant and
therefore do not affect the going concern assumption.
2. (a) The inventory have been physically verified by the management
at reasonable intervals.
(b) In our opinion, and according to the information & explanation
given to us, the procedure for physical verification of inventory
followed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion the company has maintained proper records of
inventory. The discrepancies between the Physical stocks and the book
stocks are not material and have properly dealt with in the books of
account.
3. (a) During the year, the Company has not granted/ taken any loans
to/from parties listed in the register maintained under Section 301 of
the Companies Act, 1956.
(b) During the year, the Company has not taken loan from companies
firms or other 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
provided to us there are adequate internal control procedure,
commensurate with the size of the Company and nature of its business
with regard to purchase of inventory, fixed assets and sale of goods.
During the course of our audit, no major weakness has been noticed in
the internal control.
5. a) Based on the audit procedure applied by us and according to the
information and explanation provided by the management, we are of the
opinion that the transactions that need to be entered into the Register
maintained under section 301 have been properly entered in the said
Register.
b) In our opinion and according to the information and explanation
given to us, the transations made in pursuance of contracts and
arrangements referred to in (a) above and exceeding the value of Rupees
five lacs 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.
6. The Company has not accepted any deposits from the public.
7. The Company has a system of internal audit which, in our opinion,
is commensurate with its size and nature of its business.
8. We have broadly reviewed the books of Accounts maintained by the
Company pursuant to the Rules prescribed by the Central Government for
maintainance of cost-records under section 209(1) (d) of the Act and
are of the opinion that prima-facie the prescribed accounts & records
have been made and maintained. However we have not made a detailed
examination of the records.
9. According to the records, information and explanations provided to
us, the company is Generally regular in depositing with appropriate
authorities undisputed amount of provident fund, employees'' state
insurance, income- tax, sales- tax, Wealth Tax and other statutory dues
applicable to it and no undisputed amounts payable were outstanding as
at 31st March, 2013 for a period of more than six months from the date
they became payable.
10. The Company neither has accumulated losses at the end of the
financial year nor has incurred Cash losses during the year and in the
immediately year preceding;
11. Based on our audit procedure and on the information and
explanations given to us the Company has not defaulted in repayment of
dues to any financial institution or bank, during the year.
12. Based on our examination and according to the information and
explanations given to us, the Company has not granted loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities.
13. The Company is not a chit/ nidhi/mutual benefit fund society and
clause(xiii)of the order is not applicable.
14. The Company is not dealing or trading in shares, securities,
debentures and other investment.
15. On the basis of information and explanation given to us the
Company has not given any Guarantee for loans taken by others from bank
or financial institutions.
16. On the basis of our examination of the books of accounts and the
information and explanation given to us. In our opinion, the funds
raised on short- term basis have not been used for long term investment
and vice versa.
17. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Registered
maintained under Section 301 of the Act.
18. The Company did not have any outstanding debentures during the
year.
19. The Company has not raised any money by public issue during the
year.
20. Based on the audit procedures performed and information and
explanations given to us by the management, we report that no fraud on
or by the Company has been noticed or reported during the course of our
audit.
M/s. SUNIL SHAH
Chartered Accountants
Sunil Shah
Place :Pune Proprietor
Date : 30th May, 2013 Membership No. 37483
Mar 31, 2012
1) We have audited the attached Balance Sheet of Chordia Food Products
Limited, as on 31st March, 2012 and also the Profit & Loss Account and
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 auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statement are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statement. An audit also includes
assessing the accounting principles used and significant 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 (Auditors' Report) Order, 2003, (the
Order) 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 specified in paragraphs 4 & 5
of the said order.
4) Further to our comments in the Annexure referred to above we report
that:
(a) We have obtained all the information and explanation 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 the law, have
been kept by the Company so far as appears from our examination of
those books;
(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this Report are in agreement with the books of accounts;
(d) In our opinion the Balance Sheet and Profit and Loss Account and
the 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 the written representation received from all the
Directors as on March 31st, 2012 and taken on record by the Board of
Directors, we report that none of the said directors are disqualified
as on 31st March 2012 from being appointed as directors 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 Principle
Generally Accepted in India;
(i) In the case of Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012.
(ii) In the case of the Profit and Loss Account, of the Profit for the
year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The major portion of fixed assets have been physically verified by
the management during the year. In our opining the frequency of
physical verification of fixed assets by the management is reasonable
having regard to the size of the company and nature of its assets. The
discrepancies noticed have been properly dealt with in the books of
account.
(c) The Assets disposed off during the year are not significant and
therefore do not affect the going concern assumption.
2. (a) The inventory have been physically verified by the management
at reasonable intervals.
(b) In our opinion, and according to the information & explanation
given to us, the procedure for physical verification of inventory
followed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion, the Company has maintained proper records of
inventory. The discrepancies between the physical stocks and the book
stocks are not material and have properly dealt within the books of
account.
3. (a) During the year, the Company has not granted/ taken any loans
to/from parties listed in the Register maintained under Section 301 of
the Companies Act, 1956. (b) During the year, the Company has not
taken loan from companies firms or other 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
provided to us there are adequate internal control procedure,
commensurate with the size of the Company and nature of its business
with regard to purchase of inventory, fixed assets and sale of goods.
During the course of our audit, no major weakness has been noticed in
the internal control.
5. Based on the audit procedure applied by us and according to the
information and explanation provided by the management, we are of the
opinion that the transactions that need to be entered into the Register
maintained under section 301 have been properly entered in the said
Register.
6. The Company has not accepted any deposits from the public.
7. The Company has a system of Internal Audit which, in our opinion,
is commensurate with its size and nature of its business.
8. The Central Government has not prescribed maintenance of cost
records under section 209 (1)
(d) of the Companies Act, 1956 for any of the products of the Company.
9. According to the records, information and explanations provide to
us, the Company is generally regular in depositing with appropriate
authorities undisputed amount of Provident Fund, Employee's State
Insurance, Income-Tax, Sales-Tax, Wealth-Tax and other statutory dues
applicable to it and no undisputed amounts payable were outstanding as
at 31st March, 2012 for a period of more than six months from the date
they became payable.
10. The Company neither has accumulated losses at the end of the
financial year nor has incurred cash losses during the year and in the
immediately year preceding.
11. Based on our audit procedure and on the information and
explanations given to us the Company has not defaulted in repayment of
dues to any Financial Institution or Bank.
12. Based on our examination and according to the information and
explanations given to us, the Company has not granted loans and
advances on the basis of security by way of Pledge of Shares,
Debentures and other Securities.
13. The Company is not a chit/ nidhi/mutual benefit fund/ society and
clause(xiii)of the order is not applicable.
14. The Company is not dealing or trading in shares, securities,
debentures and other investment.
15. On the basis of information and explanation given to us the
Company has not given any guarantee for loans taken by others from bank
or financiaf institutions.
16. On the basis of our examination of the books of accounts and the
information and explanation given to us. In our opinion, the funds
raised on short-term basis have not been used for long term investment
and vice versa.
17. During the year, the Company has not made any preferential
allotment of shares to parties and Companies covered in the Register
maintained under Section 301 of the Act.
18. The Company did not have any outstanding debentures during the
year.
19. The Company has not raised any money by Public Issue during the
year.
20. Based on the audit procedures performed and information and
explanations given to us by the management, we report that no fraud on
or by the Company has been noticed or reported during the course of our
audit.
M/s. SUNIL SHAH
Chartered Accountants
Sunil Shah
Place : Pune Proprietor
Date : 30th May, 2012 Membership No. 37483
Mar 31, 2010
1. We have audited the attached Balance Sheet of Chordia Food Products
Limited, as at 31st March, 2010 and also the Profit & Loss Account and
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.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial 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 significant 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 (Auditors Report) Order, 2003, (the
order) 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 specified in paragraphs 4 & 5
of the said Order.
4. 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 purpose of our
audit;
(b) In our opinion proper books of account as required by the law, have
been kept by the Company so far as appears from our examination of
those books;
(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
(d) In our opinion the Balance Sheet and Profit & Loss Account and the
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 the written representation received from all the
Directors as on March 31, 2010 and taken on record by the Board of
Directors, we report that none of the said Directors are disqualified
as on 31st March, 2010 from being appointed as Directors 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 principle
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 & Loss Account, of the Profit for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The major portion of fixed assets have been physically verified by
the management during the year. In our opinion the frequency of
physical verification of fixed assets by the management is reasonable
having regard to the size of the Company and nature of its assets. The
discrepancies noticed have been properly dealt with in the books of
account.
(c) The Assets disposed off during the year are not significant and
therefore do not affect the going concern assumption.
2. (a) The inventory have been physically verified by
the management at reasonable intervals.
(b) In our opinion, and according to the information & explanation
given to us, the procedure for physical verification of inventory
followed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion the Company has maintained proper records of
inventory. The discrepancies between the physical stocks and the book
stocks are not material and have properly dealt with in the books of
account.
3. (a) During the year, the Company has not granted/
taken any loans to/from parties listed in the register maintained under
Section 301 of the Companies Act, 1956;
(b) During the year, the Company has not taken loan from companies
firms or other 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
provided to us there are adequate internal control procedure,
commensurate with the size of the Company and nature of its business
with regard to purchase of inventory, fixed assets and sale of goods.
During the course of our audit, no major weakness has been noticed in
the internal control.
5. Based on the audit procedure applied by us and according to the
information and explanation provided by the management, we are of the
opinion that the transactions that need to be entered into the Register
maintained under Section 301 have been properly entered in the said
Register;
6. The Company has not accepted any deposits from the public;
7. The Company has a system of internal audit which, in our opinion,
is commensurate with its size and nature of its business;
8. The Central Government has not prescribed maintenance of Cost
records under Section 209 (1)
(d) of the Companies Act, 1956 for any of the products of the Company.
9. According to the records, information and explanations provided to
us, the Company is generally regular in depositing with appropriate
authorities undisputed amount of provident fund, employees state
insurance, income-tax, sales-tax, Wealth Tax and other statutory dues
applicable to it and no undisputed amounts payable were outstanding as
at 31st March, 2010 for a period of more than six months from the date
they became payable;
10. The Company neither has accumulated losses at the end of the
financial year nor has incurred cash losses during the year and in the
immediately year preceding;
11. Based on our audit procedures and on the information and
explanations given to us the Company has not defaulted in repayment of
dues to any financial institution or bank;
12. Based on our examination and according to the information and
explanations given to us, the Company has not granted loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities;
13. The Company is not a chit / nidhi / mutual benefit fund / society
and clause (xiii) of the order is not applicable.
14. The Company is not dealing or trading in shares, securities,
debentures and other investment;
15. On the basis of information and explanation given to us the
Company has not given any guarantee for loans taken by others from bank
or financial institutions;
16. On the basis of our examination of the books of accounts and the
information and explanation given to us, in our opinion, the funds
raised on short-term basis have not been used for long term investment
and vice versa;
17. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Registered
maintained under Section 301 of the Act;
18. The Company did not have any outstanding debentures during the
year;
19. The Company has not raised any money by public issues during the
year;
20. Based on the audit procedures performed and information and
explanations given to us by the management, we report that no fraud on
or by the Company has been noticed or reported during the course of our
audit.
M/s. SUNIL SHAH
Chartered Accountants
Sunil Shah
Place : Pune Proprietor
Date : 31st May, 2010 Membership No. 37483
Mar 31, 2009
1. We have audited the attached Balance Sheet of Chordia Food Products
Limited, as at 31st March, 20Q9 and also the Profit & Loss Account and
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 expresi an opinion on these
financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial 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 significant 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 (Auditors Report) Order, 2003, (the
order) 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 specified in paragraphs 4 & 5
of the said Order.
4. 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 purpose of our
audit;
(b) In our opinion proper books of account as required by the law, have
been kept by the Company so far as appears from our examination of
those books;
(c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts.
(d) In our opinion the Balance Sheet and Profit & Loss Account and the
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 the written representation received from all the
Directors as on March 31, 2009 and taken on record by the Board of
Directors, we report that none of the said Directors are disqualified
as on 31st March, 2009 from being appointed as Directors 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 principle
generally accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2009;
(ii) in the case of the Profit & Loss Account, of the Profit for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The major portion of fixed assets have been physically verified by
the management during the year. In our opinion the frequency of
physical verification of fixed assets by the management is reasonable
having regard to the size of the Company and nature of its assets. The
discrepancies noticed have been properly dealt with in the books of
account. (c) The Assets disposed off during thp year are not
significant and therefore do not affect the g||pg concern assumption.
2. (a) The inventory have been physically verified by the management
at reasonable intervals.
(b) In our opinion, and according to the information & explanation
given to us, the procedure for physical verification of inventory
followed by the management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion the Company has maintained proper records of
inventory. The discrepancies between the physical stocks and the book
stocks are not material and have properly dealt with in the books of
account.
3. (a) During the year, the Company has not granted/ taken any loans
to/from parties listed in the register maintained under Section 301 of
the Companies Act, 1956;
(b) During the year, the Company has not taken loan from companies
firms or other parties covered in the registered maintained under
Section 301 of the Companies Act, 1956;
4. In our opinion and according to the information and explanations
provided to us there are adequate internal control procedure,
commensurate with the size of the Company and nature of its business
with regard to purchase of inventory, fixed assets and sale of goods.
During the course of our audit, no major weakness has been noticed in
the internal control.
5. Based on the audit procedure applied by us and according to the
information and explanation provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under Section 301 have been properly entered in the said
register;
6. The Company has not accepted any deposits from the public;
7. The Company has a system of internal audit which, in our opinion,
is commensurate with its size and nature of its business;
8. The Central Government has not prescribed maintenance of Cost
records under Section 209 (1) (d) of the Companies Act, 1956 for any of
the products of the Company.
9. According to the records, information and explanations provided to
us, the Company is generally regular in depositing with appropriate
authorities undisputed amount of provident fund, employees state
insurance, income-tax, sales-tax, Wealth Tax and other statutory dues
applicable to iv and no undisputed amounts payabie were outstanding as
at 31st March, 2009 for a period of more than six months from the date
they became payable;
10. The Company neither has accumulated losses at the end r f the
financial year nor has incurred cash losses during the year and in the
immediately year preceding;
11. Based on our audit procedures and on the information and
explanations given to us the Company has not defaulted in repayment of
dues to any financial institution or bank;
12. Based on our examination and according to the information and
explanations given to us, the Company has not granted loans and
advances on the basis of security by way of pledge of shares,
debentures and other securities;
13. The Company is not a chit / nidhi / mutual benefit fund / society
and clause xiii of the order is not applicable.
14. The Company is not dealing or trading in shares, securities,
debentures and other investment;
15. On the basis of information and explanation given to us the
Company has not given any guarantee for loans taken by others from bank
or financial institutions;
16. On the basis of our examination of the books of accounts and the
information and explanation given to us, in our opinion, the funds
raised on short-term basis have not been used for long term investment
and vice versa;
17. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Registered
maintained under Section 301 of the Act;
18. The Company did not have any outstanding debentures during the
year;
19. The Company has not raised any money by public issues during the
year;
20. Based on the audit procedures performed and information and
explanations given to us by the management, we report that no fraud on
or by the Company has been noticed or reported during the course of our
audit.
M/s. SUNIL SHAH
Chartered Accountants
Sunil Shah
Place : Pune Proprietor
Date: 27th June, 2009 Membership No. 37483