Home  »  Company  »  Nagreeka Exports  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Nagreeka Exports Ltd.

Mar 31, 2015

We have audited the accompanying standalone financial statements of "Nagreeka Exports Limited" ("the Company"), which comprises the Balance Sheet as at 31st March, 2015 and the Statement of Profit and Loss year then ended, and a summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation of these standalone 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 also 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 judgement 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 the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statements based on our audit. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be 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 misstatement.

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 judgement, 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 internal financial control relevant to the Company's preparation 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 operating 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 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 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, of the state of affairs of the Company as at 31st March, 2015, and its Profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143 (3) of the Act, 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, 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 standalone financial statements comply with the Accounting Standards specified under Section 133 of 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, 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.

f. With respect to the other matters to be included in the Auditor's 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 has disclosed the impact of pending litigations on its financial position in its 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.

The annexure referred to in our Independent Auditor's Report to the members of the Company on the standalone financial statements for the year ended 31 March, 2015, we report that:

(i) In respect of its fixed assets:

(a) The company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) Some of the fixed assets were physically verified during the year by the Management in accordance with programme of verification, which in our opinion provides for physical verification of all the fixed assets at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.

(c) The fixed assets disposed off during the year, in our opinion, do not constitute a substantial part of the fixed assets of the Company and such disposal has, in our opinion, not affected the going concern status of the Company.

(ii) In respect of its inventories:

(a) As explained to us, the inventories were physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories 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 and according to the information and explanations given to us, the Company has maintained proper records of its inventories and no material discrepancies were noticed on physical verification

(iii) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties covered in the register maintained under section 189 of the Companies Act, 2013. Consequently, the provisions of clauses iii (a) and iii (b) of the order are not applicable to the Company and hence, not commented upon.

(iv) In our opinion and according to the information and explanations given to us there is generally an adequate internal control procedure commensurate with the size of the Company and the nature of its business. During the course of our audit, no major instance of continuing failure to correct any weakness in the internal controls has been noticed.

(v) The Company has not accepted any deposit from the public covered under Section 73 to 76 of the Companies Act, 2013. Therefore, the provisions of the clause 4 (v) of the Order are not applicable to the Company.

(vi) We have reviewed the books of accounts and records maintained by the company relating to its manufacturing activity pursuant to the order made by the Central Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013 and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have however not made a detailed examination of the records with a view to determining whether they are accurate or complete.

(vii) a) According to the information and explanation given to us and the records of the company examined by us, the company is regular in depositing during the year, all undisputed statutory dues including Investors Education and Protection Fund, Provident Fund, Employees' State Insurance, - Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanation provided to us, there were no outstanding statutory dues as on 31st March, 2015 for a period of more than six months from the date they became payable.

b) The disputed statutory dues aggregating Rs. 397.12 lacs that have not been deposited on account of disputed matters pending before appropriate authorities are as under:

Sl No Name of the statute Nature of Amount the dues (Rs in lacs)

1.99

5.67

1 Income Tax Act, 1961 Income tax 25.93

93.87

217.38

2 Central Excise Act, Excise Duty 27.13 1944

3 Finance Act, 1994 Service Tax 25.15

Sl.Nameof thestatute Period to which Forum where dispute no. the amount relates is pending

1. 1999-2000 High Court

2004-2005 High Court

Income Tax Act,1961 2005-2006 CIT(Appeals)

2009-2010 CIT(Appeals)

2010-2011 CIT(Appeals)

2.Central Excise Act,1944 2005-2006 CCE(Appeals)

3.Finance Act,1994 2004-2005 CCE(Appeals)

& 2005-2006

c) According to the information and explanation given to us, the amounts which were required to be transferred to the Investor Education and Protection Fund in accordance with the relevant provisions of Companies Act, 2013 and rules there under has been transferred to such fund within time.

(viii) The company does not have any accumulated losses at the end of the financial year and has not incurred cash losses in the financial year and in the immediately preceding financial year.

(ix) The company has not defaulted in repayment of dues to financial institutions, banks during the year.

(x) In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from a banks or financial institutions.

(xi) In our opinion, and according to the information and explanations given to us, the company has not raised any term loans during the year.

(xii) Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported duriifg the year, nor have we been informed of such case by the management.

For DAS & PRASAD

Chartered Accountants Firm's Registration No. 303054E

(CA. B. N. AGARWALA)

Place : Kolkata Partner

Date : 28th May, 2015 M. No. 011709


Mar 31, 2014

We have audited the accompanying financial statements of Nagreeka Exports Limited 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 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 notified under the Companies Act, 1956 (The Act) read with the General Circular 15/2013 dated September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act,2013 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 presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these 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 ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control 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 accounting policies used and the reasonableness of the accounting estimates made by 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:

(i) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;

(ii) In the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and

(iii) In the case of the Cash Flow Statement, of the cash flows 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"), as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters 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 purpose of our audit;

b. In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

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

d. In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards notified under the Act read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013; and

e. On the basis of written representations received from the directors as on 31st March 2014, and 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 clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

(The Annexure referred to in paragraph 1 under the heading of "report on other legal and regulatory requirements" of our report of even date to the members of Nagreeka Exports Limited on the accounts of the company for the year ended 31st March, 2014.)

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

1. In respect of fixed assets:

(a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) The company has regular programme of verification of fixed assets in a phased periodical manner to cover all the items over a period of 3 years which is our opinion is reasonable having regard to the size of the company and the nature of its assets. As informed ,no material discrepancies were noticed on such verification.

(c) In our opinion the company has not discarded or disposed off any substantial part of its fixed assets and therefore the going concern status of the Company is not affected.

2. In respect of Inventories:

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

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and as explained to us , the Company is maintaining proper records of Inventory. There was no material discrepancies noticed on physical verification of inventories as compared to the book records.

3. As informed to us the Company has not granted any loans, secured or unsecured to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses 4(iii) of the Order are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control system commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, we have neither come across nor have been informed of any continuing failure to correct major weakness in the aforesaid internal control system.

5. In respect of the contracts or arrangements referred to in section 301 of the Companies Act,1956

(a) To the best of our knowledge and belief and according to the information and explanation given to us, we are of the opinion that the transactions made in pursuance of contracts or arrangements that need to be entered in the register maintained under section 301 of the Companies Act, 1956 have been so entered.

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

6. In our opinion and according to information and explanation given to us, the Company has not accepted any deposits from the public during the year. Therefore, the provisions of Clause (vi) of paragraph 4 are not applicable to the Company.

7. In our opinion the Company has an internal audit system commensurate with its size and the nature of its business. However there are some further scopes of improvement by coverage of more areas.

8. We have reviewed the books of accounts and records maintained by the company relating to its manufacturing activity pursuant to the order made by the Central Government for the maintenance of cost records under section 209 (1)(d) of the Companies Act ,1956 and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have however not made a detailed examination of the records with a view to determining whether they are accurate or complete.

9. In respect of statutory due:

(a) According to the information and explanation given to us and the records of the company examined by us, the company is regular in depositing during the year, all undisputed statutory dues including Investor Education and Protection fund, Provident Fund, Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2014 for a period of more than six months from the date they became payable.

(b) The disputed statutory dues aggregating Rs.498.27 lacs that have not been deposited on account of disputed matters pending before appropriate authorities are as under:

Sl Name of the statute Nature of Amount Period to which No the dues (Rs in lacs) the amount relates 1.99 1999-2000

5.67 2004-2005

1 Income Tax Act, 1961 Income tax 25.93 2005-2006

101.15 2007-2008

93.87 2009-2010

217.38 2010-2011

2 Central Excise Act, Excise Duty 27.13 2005-2006 1944

3 Finance Act, 1994 Service Tax 25.15 2004-2005 & 2005-2006

Sl Name of the statute Forum where dispute No is pending High Court

High Court

1 Income Tax Act, 1961 CIT(Appeals)

ITAT

CIT(Appeals)

CIT(Appeals)

2 Central Excise Act, CCE(Appeals) 1944

3 Finance Act, 1994 CCE(Appeals) 10. The Company does not have any accumulated losses at 31st March, 2014 .It has not incurred cash losses in the current financial year covered by the audit as well as in the immediately preceding financial year.

11. Based on our audit procedures and according to the records of the company examined by us and the information and explanations given by the management, in our opinion the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders. No debentures are issued by the company.

12. Based on our audit procedures and according to the records of the company examined by us and the information and explanations given by the management, in our the opinion the Company, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion the Company is not a chit fund or a nidhi /mutual benefit fund/societies. Therefore the provisions of clause (xiii) of paragraph 4 of the Order are not applicable to the Company.

14. In our opinion, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the order are not applicable to the company.

15. In our opinion and according to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16. According to the records of the company examined by us and information and explanation to us, the term loans outstanding at the beginning of the year have been applied for the purpose for which they were obtained.

17. On the basis of an overall examination of the Balance Sheet of the Company, in our opinion and according to the information and explanations given to us we report that there are no funds raised on short-term basis that have been used for long-term investment by the Company.

18 According to the records of the company examined by us and information and explanations given to us by the management, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956.

19. The Company has not issued any debentures and hence no securities or charge have been created.

20. The Company has not raised any money by public issue during the year.

21. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, either noticed or reported during the year, nor have we been informed of such case by the management.

For DAS & PRASAD Chartered Accountants Firm''s Registration No. 303054E

(CA. B. N. AGARWALA) Place : Kolkata Partner Date : 29th May,2014 M. No. 011709


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying financial statements of Nagreeka Exports Limited, which comprise the Balance Sheet as at 31st March, 2013, the statement of Profit and Loss and the Cash Flow Statement for the year ended and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

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 sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from matenal misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on Ihese 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 ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the 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 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 :

(i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March. 2013;

(ii) In the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and

(iii) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor''s Report) Order. 2003 ("the Order") issued by the Central Government of India in terms of sub- section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters 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 purpose of our audit;

b. In our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books;

c. The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this Report are in agreement with the books of account;

d. In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; and

e. On the basis of written representations received from the directors as on 31st March. 2013. and taken on record by the Board of Directors, none of the directors is disqualified as on 31 st March, 2013 from being appointed as a director in terms of clause '' (g) of sub-section (1) of section 274 of the Companies Act, 1956.

ANNEXURE TO THE AUDITORS'' REPORT

(Referred to in paragraph 1 of our report of even date to the members of Nagreeka Exports Limited on the Financial Statements for the year ended 31st March, 2013)

1) In respect of fixed assets :

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

b) The company has a regular programme of physical verification of fixed assets in a phased manner to cover all the items over a period of 3 years which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets. As informed, no material discrepancies were noticed on such verification.

c) In our opinion, during the year the Company has net discarded or disposed off any substantial part of its fixed assets and therefore the going concern status of the Company is not affected.

2) In respect of its inventories :

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

b) In our opinion and according to information and explanations given to us, the Procedures of physical of inventory followed by the management are reasonable and adequate in relation to size of the Company and nature of its business.

c) In our opinion and according to information and explanations given to us, the Company is maintaining proper lecords of inventory. The discrepancies noticed on verification were not material.

3) As informed to us, the Company has neither taken nor granted any secured or unsecured loan from/to Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.Therefore the provisions cf clauses 4(iii) of the order are not applicable to the Company.

4) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for purchase of inventories and fixed assets and sale of goods. During the course of audit, we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system.

5) In respect of the contracts or arrangements referred to in section 301 of the Companies Act, 1956

a) To the best of our knowledge and belief and according to the information and explanation given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

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

6) In our opinion and according to information and explanation given to us, the Company has not accepted any deposit from public during the year and as such provisions of Section 58A and 58AA of the Companies Act, 1956 and rules made there under are not applicable.

7) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. However there are some further scopes of improvement by coverage of more areas.

8) We have reviewed the books of accounts and records maintained by the Company relating to its manufacturing activity pursuant to the order made by the Central government for the maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956 and are of the opinion that the prima facie the prescribed accounts and records have been made and maintained. We have however not made a detailed examination of the records with a view to determining whether they accurate or complete.

9) In respect of statutory due :

According to the information and explanation given to us and the records of the Company examined by us, the Company is regular in depositing during the year, all undisputed statutory dues including Investor Education and Protection Fund, Provident Fund, Income-tax. Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess, Employees State Insurance and any other statutory dues as applicable, with the appropriate authorities. According to the information and explanation given to us, no undisputed amounts payable in respect of Income Tax, Wealth tax, sales tax, customs duty, excise duty and cess were in arrears, as on 31st March, 2013 for a period more than six months from the date they become payable.

10) The Company does not have any accumulated losses as at 31st March 2013. It has not incurred cash losses in the current financial as well as in the immediately preceding financial year.

11) Based on our audit procedures and according to the records of the Company examined by us and the information and explanations given to us, in our opinion the Company has not defaulted in repayment of dues to a financial institution or hank. No Debentures are issued by the company

12) Based on our audit procedures and according to the records of the Company examined by us and the information and explanations given to us, in our opinion 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 provisions of any special statute applicable to chit fund/mdhi/mutual benefit fund/societies are not applicable to the Company.

14) In our opinion, the Company is no! dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the order are not applicable to the Company.

15) In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for tains taken by others from bank or other financial institutions.

16) According to the records of the company examined by us and information and explanations given to us, Ihe term loans outstanding at the beginning of the year have been applied for the purpose for which they were obtained.

17) On the basis of an overall examination of the balance sheet of the Company, in our opinion and according to the information and explanations given to us, we report that no funds raised on short term basis have been used for long term investmxrf

18) According to the records of the company examined by us and information and explanations given to us, the com; ¦"-'' has not made any preferential allotment of shares to parties and companies covered in the Register maintained under sect: -r> n of the Act.

19) The Company has not issued any debentures and hence no securities or charge have been created.

20) The Company has not raised any money by public issue during the year.

21) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, either noticed or reported during the year, nor have we been informed of such case by the management.

For DAS & PRASAD

Chartered Accountants

FRN - 303054E

(CA. B. N. AGARWALA)

Place : Kolkata Partner

Date : 29th day of May, 2013 M. No. 011709


Mar 31, 2012

We have audited the attached Balance Sheet of NAGREEKA EXPORTS LIMITED as at 31st March, 2012, the Profit & Loss Account and Cash Flow statement of the Company for the year ended on that date annexed thereto. These financial statements are the respon- sibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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.

1. As required by the Companies (Auditors' Report) Order, 2003 as amended by the Companies (Auditors Report ) Amendment Order, 2004 issued by the Central Government of India in terms of section 227 (4A) of the Companies Act, 1956, We enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order.

2. Further to our above comments in the Annexure referred to in Paragraph (1) 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 accounts as required by Companies Act, 1956 have been kept by the company so far as it appears from our examination of those books.

c. The Balance Sheet, Profit and Loss Account and cash flow statement dealt with by this report are in agreement with the books of accounts.

d. In our opinion, the Profit and Loss Account and Balance Sheet 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 written representation received from the directors, as on 31st March 2012 and taken on record by the board of directors, we report that none of the directors is disqualified as on 31st March 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 244 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 statement of accounts read together with significant accounting policies and notes on accounts thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view :

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 Profit and Loss Account, of the Profit of the Company for the year ended on that date and

iii) In the case of Cash Flow Statement, of the cash flows of the company for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT

(Referred to in paragraph 1 of our report of even date to the members of Nagreeka Exports Limited on the Financial Statements for the year ended 31st March, 2012)

1) In respect of fixed assets :

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

b) The company has a regular programme of physical verification of fixed assets in a phased manner to cover all the items over a period of 3 years which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets. As informed, no material discrepancies were noticed on such verification.

c) In our opinion, during the year the Company has not discarded or disposed off any substantial part of its fixed assets and therefore the going concern status of the Company is not affected.

2) In respect of its inventories:

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

b) In our opinion and according to information and explanations given to us, the Procedures of physical of inventory followed by the management are reasonable and adequate in relation to size of the Company and nature of its business

c) In our opinion and according to information and explanations given to us the Company is maintaining proper records of inventory The discrepancies noticed on verification were not material.

3) As informed to us. the Company has neither taken nor granted any secured or unsecured loan from/to Companies, firms or other parties covered in the register maintained under section 301 of the Companies Act 1956 Therefore the provisions of clauses 4(iii) of the order are not applicable to the Company.

4) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the company and the nature of its business for purchase of inventories and fixed assets and sale of goods During the course of audit we have neither come across nor have been informed of any continuing failure to correct major weaknesses in the aforesaid internal control system. -

5) In respect of the contracts or arrangements referred to in section 301 of the Companies Act, 1956

a) To the best of our knowledge and belief and according to the information and explanation given to us, we are of the opinion that the transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956 have been so entered.

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

6) In our opinion and according to information and explanation given to us, the Company has not accepted any deposit from public during the year and as such provisions of Section 58A and 58AA of the Companies Act, 1956 and rules made there under are not applicable.

7) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. However there are some further scopes of improvement by coverage of more areas.

8) We have reviewed the books of accounts and records maintained by the Company relating to its manufacturing activity pursuant to the order made by the Central government for the maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956 and are of the opinion that the prima facie the prescribed accounts and records have been made and maintained. We have however not made a detailed examination of the records with a view to determining whether they accurate or complete.

9) In respect of statutory due :

a) According to the information and explanation given to us and the records of the Company examined by us, the Company is regular in depositing during the year, all undisputed statutory dues including Investor Education and Protection Fund, Provident Fund, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess, Employees State Insurance and any other statutory dues as applicable, with the appropriate authorities. According to the information and explanation given to us, no undisputed amounts payable in respect of Income Tax, Wealth tax, sales tax, customs duty, excise duty and cess were in arrears, as on 31st March 2012 for a period more than six months from the date they become payable.

b) The disputed statutory dues aggregating to Rs 381.06 lacs that have not been deposited on account of disputed matters pending before appropriate authorities are as under .

Particulars Financial Year to which Forum where dispute is pending Amount the matter pertains (Rs.in lacs)

Income Tax 1999-2000 High Court 1.99

2004-2005 High Court 5.67

2005-2006 CIT (Appeal) 25.93

2007-2008 CIT (Appeal) 295.19

Central Excise 2005-2006 Commissioner (Appeals) Central Excise 27.13

Service Tax 2004-2005 & Commissioner (Appeals) 25.15

2005-2006 Central Excise

381.06

10) The Company does not have any accumulated losses as at 31st March 2012 It has not incurred (ash losses in the current financial as well as in the immediately preceding financial year.

11) Based on our audit procedures and according to the records of the Company examined by us and the information and explanations given to us. in our opinion the Company has not defaulted in repayment of dues to a financial institution or bank No Debentures are issued by the company.

12) Based on our audit procedures and according to the records of the Company examined by us and the information and explanations given to us, in our opinion 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 provisions of any special statute applicable to chit fund/nidhi/mutual benefit fund/societies are not applicable to the Company.

14) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments Accordingly, the provisions of clause 4(xiv) of the order are not applicable to the Company.

15) In our opinion and according to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from bank or other financial institutions.

16) According to the records of the company examined by us and information and explanations given to us, the term loans outstanding at the beginning of the year have been applied for the purpose for v.'uch they were obtained.

17) On the basis of an overall examination of the balance sheet of the Comp -y, in our opinion and according to the information and explanations given to us, we report that no funds raised on short terr,. ojsis have been used for long term investment.

18) According to the records of the company examined by us and information and explanations given to us, 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.

19) The Company has not issued any debentures and hence no securities or charge have been created.

20) The Company has not raised any money by public issue during the year.

21) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, either noticed or reported during the year, nor have we been informed of such case by the management.

For DAS & PRASAD

Chartered Accountants FRN - 303054E (CA. B. N. AGARWALA)

Place : Kolkata Partner

Date : 26th day of May, 2012 M. No. 011709


Mar 31, 2010

1. We have audited the attached Balance Sheet of NAGREEKA EXPORTS LIMITED as at March 31, 2010, and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto of which we have signed under reference to this report. 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 the 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 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 and 5 of the said Order.

4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that:

- (i) we have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit;

(ii) in our opinion, proper books of account as required by laws have been kept by the Company so far as appears from our examination of those books;

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

(iv) in our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

(v) on the basis of written representations received from the directors, as on March 31, 2010, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2010 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956; and

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said statement of accounts read together with significant accounting policies and notes on accounts in Schedule "O" give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view ;-

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2010;

(b) in the case of the Profit and Loss Account, of the Profit for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our report of even date) i. In respect of its fixed assets :

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

(b) The company has a regular programme of physical verification of fixed assets in a phase manner 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 the nature of its assets. As informed, no material discrepancies were noticed on such verification.

(c) In our opinion, the company has not disposed of a substantial part of its fixed assets during the year and the going concern status of the Company is not affected.

ii. In respect of its inventories;

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

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventory followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) In our opinion and according to the information and explanations given to us, the Company is maintaining proper records of inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.

iii. As informed to us, the Company has neither granted nor taken any loans, secured or unsecured, from companies, firms or other parties listed in the register maintained under section 301 of the Companies Act, 1956. Hence, clause 4 (iii) of the Companies (Auditors Report 2003) are not applicable to the Company.

iv. In our opinion and according to the information and explanations given to us there is an adequate internal control system commensurate with the size of the company and the nature of its business for purchase of inventory and fixed assets and on the sale of goods. During the course of our audit, no major weakness has been noticed in the internal controls. We have not observed any failure on the part of the company to correct major weakness in the internal control system.

v. In respect of the contracts or arrangements referred to in section 301 of the Companies Act, 1956.

(a) To the best of our knowledge and belief and according to the information and explanations given to us, we are of the opinion that the transactions that need to be entered into the register maintained under Section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion, and according to information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the register maintained under Section 301 of the Companies Act, 1956 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 prevailing marker prices at the relevant time.

vi. According to the information and explanations given to us, The Company has not accepted any deposits from the public. Therefore the provision of clause 4 (vi) of the Companies (Auditors Report Order 2003) are not applicable to the company. vii. In our opinion, the Company has an internal audit system commensurate with its size and nature of its business. viii. We have reviewed the books of account and records maintained by the Company relating to its manufacturing activity pursuant to the order made by the Central Government for the maintenance of cost records under Section 209(1)(d) of the Companies Act, 1956 and are of the opinion that the prima facie the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of the records with a view to determining whether they are accurate or complete. ix. In respect of statutory dues:

(a) According to the information and explanations given to us, the Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, income tax, sales tax, wealth tax, customs duty, excise duty, cess and other material statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts payable in respect of income tax, wealth tax, sale tax, customs duty, excise duty and cess were in arrears, as at March 31, 2010 for a period of more than six months from the date they became payable.

(b) The disputed statutory dues aggregating to Rs. 151.80 lacs that have not been deposited on account of disputed matters pending before appropriate authorities are as under :

Particulars Financial Year to which Forum where dispute is pending Amount the matter pertains (Rs.in lacs)

Sales Tax 1998-1999 Appellate Tribunal 7.01

Income Tax 1999-2000 High Court 1.99

2004-2005 High Court 5.67

2005-2006 CIT (Appeal) 35.93

Central Excise 2005-2006 Commissioner (Appeals) 75.61

& 2008-2009 Central Excise

Custom 1994 High Court 25.59

151.80

x. The Company has neither accumulated losses as at 31st March 2010 nor has incurred any cash losses during the financial year ended on that date or in the immediately preceding financial year.

xi. Based on our audit procedures and on the information and explanations given to us by the management, in our opinion, the Company has not defaulted in repayment of dues to a financial institution or bank as at the balance sheet date.

xii. In our opinion and according to the explanations given to us and based on the information available, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities.

xiii. In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Therefore, the provisions of clause 4 (xiii) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

xiv. According to the information and explanations given to us, the Company is not dealing or trading in shares, securities, debenture and other investments. xv. According to information and explanations given to us, the Company has not given any guarantees for loans taken by others from banks or financial institutions.

xvi. According to the information and explanations given to us, the term loans outstanding at the beginning of the year have been applied for the purpose for which they were obtained.

xvii. According to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investments.

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

xix. In our opinion and according to the information and explanations given to us, the Company has not issued any secured debentures during the period covered by our report. Accordingly, the provisions of clause 4 (xix) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

xx. During the period covered by our audit report, the Company has not raised any money by public issues.

xxi. During the course of our examination of the books of account carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management.



For DAS & PRASAD Chartered Accountants

(CA. B. N. AGARWALA)

Partner

Place : Kolkata M. No. 011709

Date : 28th May, 2010 Firm Ftegn. No. 303054E



 
Subscribe now to get personal finance updates in your inbox!