Mar 31, 2015
1. We have audited the accompanying financial statements of M/s
Piccadily Sugar & Allied Industries Limited (the "Company"), which
comprise the Balance Sheet as at March 31, 2015, the Statement of Proft
& Loss account, the Cash Flow Statement of the Company for the year
then ended, and a summary of significant accounting policies and other
explanatory information, which we have signed under reference to this
report.
Management's Responsibility for the Financial Statements
2. 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 fow of the
Company in accordance with accounting principles generally accepted in
India including the Accounting Standards specifed under Section 133 of
the Act, read with Rule 7 of the Companies (Accounts) Rule, 2014. The
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 judgments and estimates that are reasonable and
prudent; and the design; and 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
3. 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 thereunder. We have conducted
our audit in accordance with 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.
4. An audit involves performing procedures to obtain audit evidence,
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditors' 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 auditors consider internal financial control relevant
to the Company's preparation and fair presentation of the financial
statements that give 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
operating effectiveness of such controls. 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 financial statements.
5. 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:
In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
In the case of the Statement of Profit and Loss, of the Loss of the year
ended on that date; and
In the case of Cash Flow Statement, of the cash flows for the year ended
on that date.
Report on Other Legal and Regulatory Requirements
7. As required by 'the Companies (Auditor's Report) Order, 2015',
issued by the Central Government of India in terms of Section 143 (11)
of the Act (hereinafter referred to as the "Order"), and on the basis
of such checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given to
us, we give the Annexure a statement on the matters specified in
paragraphs 3and 4 of the Order to the extent applicable.
8. 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
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 it 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 aforesaid Financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rule, 2014;
e) On the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of Section164(2) of the Act.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in paragraph 1 of our report of even date)
1. 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) According to the information and explanations given to us, the
company has a system of physical verification of all its fixed assets
over a period of three years. In our opinion having regard to the size
of the company and the nature of its assets, the program of verification
is reasonable. No material discrepancies have been noticed in respect
of assets physically verified.
2. In respect of its inventories:
a) The inventory was physically verified during the year by the
management. In our opinion, 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 according to the information and explanations
given to us and on the basis of our examination of the records of
inventory, the Company is maintaining proper records of its inventory.
The discrepancies noticed on physical verification of inventory as
compared to the book records were not material and have been properly
dealt with in the books of account.
3. (a) According to the information and explanations given to us, the
company has not granted any loan to body corporate covered in the
register maintained under section 189 of the Companies Act 2013.
Accordingly paragraph III (b) and (c) of the Order is not applicable to
the Company.
4. 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 the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our Audit, we have not observed any
continuing failure to correct major weaknesses in Internal Control
System.
5. The company has not accepted any deposits from the public.
6. The Company is required to maintain cost records under section
148(1) of the Act for the products of the company and according to the
information and explanation given to us, the company has maintained
proper records as prescribed by the central government.
7. According to the information and explanations given to us in respect
of Statutory and other dues:
a) The company is regular in depositing undisputed statutory dues,
including Provident Fund, Employees' State Insurance , Income Tax,
Value Added Tax, wealth Tax, Service Tax, Custom Duty, Excise Duty,
cess and other statutory dues with the appropriate authorities during
the year.
b) As per the information and explanation given to us, there is no
amount of Income tax/sales tax/ custom duty/ wealth tax/excise
duty/Value Added Tax/service tax/Cess which have not been deposited on
account of any dispute.
c) As per our verification, we have not come across any amount to be
transferred to investor education and protection Fund in accordance
with the relevant provisions of the Companies Act, 1956 and rules made
there under.
8. The Company have accumulated losses of Rs.857.39 Lacs and its paid
up capital is Rs.2322.10 Lacs. The company has incurred no cash losses
during the current financial year and in preceding financial year.
9. Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in the repayment of dues to financial
institutions and banks.
10. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from
banks or financial institutions.
11. To the best of our knowledge and belief and according to the
information and explanation given to us, term loans have been availed
by the company, were prima facie, and applied by the company during the
year for the purposes for which the loans were obtained.
XII. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
was noticed or reported during the year.
FOR JAIN & ASSOCIATES
CHARTERED ACCOUNTANTS
(Regd No.:001361N)
Sd/-
(KRISHAN MANGAWA)
PARTNER
Membership No.513236
PLACE: GURGAON
DATE : 30.05.2015
Mar 31, 2014
Report on the Financial Statements
We have audited the accompanying Financial Statements of M/s Piccadily
Sugar & Allied Industries Limited as at 31st March 2014 which comprise
the Balance Sheet as at March 31st 2014, and the statement of Profit
and Loss and Cash Flow statement for the year ended, and a summary of
significant amounting 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 13th
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 requirement 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 over-afl
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 the Balance Sheet, of the state of affairs of the
Company as at 31st March 2014.
(ii) In the case of Profit and Loss Account, of the loss for The year
ended on that date, and
(iii) in the case of Cash Flow Statement, the cash flow for
the year ended on that date.
Report on Other Legal and Regulatory Requirements:
1. As required by Companies (Auditors'' Report Order, 2003, issued by
the Central Government of India in terms of Section 227(4A) of the
Companies Act 1956, we annex hereto a statement on the matters
specified in paragraph 4 & 5 of the said 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 Accounting Standards notifies 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;
e) On the basis of written representations received from the directors
as on March 31st 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31st 2014, 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
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) According to the information and explanations given to us, the
company has a system of physical verification of all its fixed assets
once in a year. In our opinion having regard to the size of the company
and the nature of its assets, the program of verification is
reasonable. No material discrepancies have been noticed in respect of
assets physically verified.
c) During the year, Company has not disposed of any substantial / major
part of fixed assets.
II. In respect of its inventories:
a) The inventory was physically verified during the year by the
management. In our opinion, 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 according to the information and explanations
given to us and on the basis of our examination of the records of
inventory, the Company is maintaining proper records of its inventory.
The discrepancies noticed on physical verification of inventory as
compared to the book records were not material and have been properly
dealt with in the books of account.
III. In respect of loans, secured or unsecured, granted or taken by
the company from any party covered in the register maintained under
section 301 of the Companies Act 1956 -
a) In pursuant to requirements of Clause (a) to (d) of Section 301 of
the Companies Act 1956,: According to the information and explanations
given to us, and our verification we observed that the company during
the year has not granted any loans to any party covered in the register
maintained under section 301 of the Companies Act 1956.
b) In pursuant to requirements of Clause (e) to (g) of Section 301 of
the Companies Act 1956,: According to the information and explanations
given to us, and our verification we observed that the company during
the year has not taken any loans from any party covered in the register
maintained under section 301 of the Companies Act 1956.
IV. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods.
V. In respect of particulars of contracts or arrangements and
transactions entered in the register maintained in pursuance of section
301 of the Companies Act 1956.
To the best of our knowledge and belief and according to the
information and explanation given to us, the Company has not entered
into any transaction that needed to be entered into the register
maintained u/s 301 of the Companies Act, 1956.
VI. In our opinion, the Company has not accepted deposit under the
provisions of section 58A and 58AA of the Companies Act 1956 and the
rules framed there under and the directives issued by the Reserve Bank
of India
VII. In our opinion, the Company has internal audit system which
commensurate with the size and nature of its business.
VIII. The Company is required to maintain cost records under section
209(1 )(d) of the Companies Act, 1956 for the products of the company
and according to the information and explanation given to us, the
company has maintained proper records as prescribed by the central
government
IX. According to the information and explanations given to us, in
respect of Statutory and other dues:
a) The company is regular in depositing undisputed statutory and other
dues, including provident fund, Income Tax, Sales Tax, Service Tax,
Excise Duty and any other statutory dues with the appropriate
authorities during the year.
b) As per the information and explanation given to us, no disputed
amounts payable in respect of Income Tax, Sales Tax, Wealth Tax, Custom
Duty were outstanding as on 31.03.2014
X. The company has accumulated losses of Rs.831.40 lacs and its paid
up capital is Rs. 2322.10 lacs. The company has not incurred any cash
losses during the financial year covered by this audit report and in
the immediately preceding financial year.
XI. Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that there
is no secured/unsecured loan from any Bank/ Financial institution and
the Company has not defaulted in the repayment of dues to the financial
institutions and banks.
XII. According to the information and explanations, given to us, the
Company has not granted loans or advances 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 / nidhi / mutual
benefit fund / society. Therefore, the provisions of clause (xiii) of
paragraph 4 of the Order are not applicable to the Company.
XIV. According to information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments and hence the related reporting requirements are not
applicable.
XV. According to information and explanations given to us, The Company
has not given guarantee for loans taken by others from banks or
financial institutions.
XVI. To the best of our knowledge and belief and according to the
information and explanation given to us no term loans has been availed
by the company from banks and financial institutions.
XVII. According to the Cash flow statement and other records examined
and as per the information and explanations given to us, on an overall
basis, funds raised on short term basis have, prima facie, not been
used during the year for long term investment and vice versa.
XVIII. According to 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 Companies Act 1956, during the year.
XIX. According to information and explanations given to us, The
Company has not issued any debentures during the year.
XX. According to information and explanations given to us, The Company
has not raised any monies by way of public issues during the year.
XXI. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
was noticed or reported during the year.
FOR JAIN & ASSOCIATES
FRN : 01361N
CHARTERED ACCOUNTANTS
Sd/-
(KRISHAN MANGAWA)
PARTNER
PLACE: Gurgaon M.NO.: 513236
DATE: 30.05.2014
Mar 31, 2013
We have audited the accompanying Financial Statement of M/S Piccadily
Sugar and Allied Industries Ltd as at March 31st 2013, and the
statement of Profit ana Loss and 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 ttw nanal im- Sn iai
performance and cashes of the Company in accordance to (30 of
section 211 of the Companies Act, 1956. This responsibility includes
the design, implementation and rrartnwn oMntemal control recant to the
proration 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. ards on Auditing issued by the Institute of Chartered
Accountants of India. require that we with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether
the Bran- cial statements are free from material misstatement.
KiS
on the auditor''s judgment, including the assessment of the risks of
material nM£ KancTa statements, wti due to fraud or error. In making
those risk assessments, the auditor considers
Opinion: Â
In ouropinion and to the best of ourinformation and according to the
explanations given to us information required by the Act in the manner
so required and give a true and fair view in conformrty with the
accounting pim- ples generally awepled in India:
(i) In the case the Balance Sheet, of the state of affairs of the
Company as at 31st March 2013.
ii) In the case of Profit and Loss Account, of the loss for the year
ended on that date, and In the case of Cash Row Statement, the cash
flow for the year ended on that date. Report on Other Legal and
Regulatory Requirements: 1 As required by Companies (Auditors'' Report)
Order, 2003, issued by the Central Government of India m, terms of
Secton 227(4A) of the Companies Act 1956, we annex hereto a statement
on the matters specified in paragraph 415 of the said order.
b) books of account as required by law have been kept by the Company so
far as appears from our exan
Balance Sheet Statement of Profit and Loss, and Cash Row Statement
comply with the Accounting Standards referred to in Sub Section (3C) of
Section 211 of the Companies Act, 1956,
On he basi of written representation received from the directors as on
March 31st 2013, and taken on record by the tort is
disoualied as on March 31st 2013, from being appointed as a director ,n
terms of dause
(g) of sub-section (1) of section 274 of the Companies Act, ist*.
ANNEXURE TO THE AUDITORS'' REPORT
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) According to the information and explanations given to us, the
company has a sys- tem of physical verification of all its fixed assets
once in a year. In our opinion hav- ing regard to the size of the
company and the nature of its assets, the program of verification is
reasonable. No material discrepancies have been noticed in respect of
assets physically verified,
c) During the year. Company has disposed off part of its Plant and
Machinery, which has not affected the going concern of the company.
II. In respect of its inventories:
a) The inventory was physically verified during the year by the
management. In our opinion, frequency of verification is reasonable.
b) In our opinion and according to the information and explanations
given to us, the pro- cedures of physical verification of inventories
followed by the management are rea- sonable 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 and on the basis of our examination of the records of
inventory, the Company is maintaining proper records of its inventory.
The discrepancies noticed on physical verification of inventory as
compared to the book records were not material and have been prop- erly
dealt with in the books of account.
III. In respect of loans, secured or unsecured, granted or taken by
the company from any party covered in the register maintained under
section 301 of the Companies Act 1956-
a) In pursuant to requirerr 3nts of Clause (a) to (d) of Section 301 of
the Companies Act 1956,: According to the information and explanations
given to us, and our verification we observed that the company during
the year has not granted any loans to any party covered in the register
maintained under section 301 of the Companies Act 1956.
b) In pursuant to requirements of Clause (e) to (g) of Section 301 of
the Companies Act 1956, : According to the information and explanations
given to us, and our verification we observed that the company during
the year has not taken any loans from any party covered in the register
maintained under section 301 of the Companies Act 1956,
IV. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the compa- ny and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods.
V. In respect of particulars of contracts or arrangements and
transactions entered in the register maintained in pursuance of section
301 of the Companies Act 1956.
To the best of our knowledge and belief and according to the
information and expla- nation given to us, the Company has not entered
into any transaction that needed to be entered into the register
maintained u/s 301 of the Companies Act, 1956.
VI. In our opinion, the Company has not accepted deposit under the
provisions of sec- tion 58A and 58AA of the Companies Act, 1956 and the
ruies framed there under and the directives issued by the Reserve Bank
of India
VII. In our opinion, the Company has internal audit system which
commensurate with the size and nature of its business.
VIII. The Company is required to maintain cost records under section
209(1 )(d) of the Companies Act, 1956 for the products of the company
and according to the informa- tion and explanation given to us, the
company has maintained proper records as prescribed by the centra!
government.
IX. According to the Information and explanations given to us, in
respect of Statutory and other dues:
a) The company is regular in depositing undisputed statutory and other
dues, including provident fund, Income Tax, Sales Tax, Service Tax,
Excise Duty and any other statu- tory dues with the appropriate
authorities during the year.
b) As per the information and explanation given to us, no disputed
amounts payable in respect of Income Tax, Sales Tax, Wealth Tax, Custom
Duty were outstanding as on 31.03.2013
X. The company has accumulated losses of Rs.795.20 lacs and its paid
up capita! is Rs. 2322.10 lacs. The company has not incurred any cash
losses during the finan- cial year covered by this audit report and in
the immediately preceding financial year.
XI. Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that there
is no secured/unsecured loan from any Bank/ Financial institution and
the Company has not defaulted in the repayment of dues to the financial
institutions and banks.
XII. According to the information and explanations, given to us, the
Company has not granted loans or advances on the basis of security by
way of pledge of shares, debentures and other securities.
XIII. The company does not fall within the category of Chit fund/N id
hi/Mutual Benefit fund/Society and hence the related reporting
requirements are not applicable.
XIV. According to information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments and hence the related reporting requirements are not
applicable.
XV. According to information and explanations given to us, The company
has not given guarantee for loans taken by others from banks or
financial institutions.
XVI. To the best of our knowledge and belief and according to the
information and expla- nation given to us no term loans has been
availed by the company from banks and financial institutions.
XVII. According to the Cash flow statement and other records examined
and as per the information and explanations given to us, on an overall
basis, funds raised on short term basis have, prima facie, not been
used during the year for long term invest- ment and vice versa.
XVIII. According to 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 Companies Act 1956, during the year.
XIX. According to information and explanations given to us. The
Company has not issued any debentures during the year.
XX. According to information and explanations given to us, The Company
has not raised any monies by way of public issues during the year.
XXI. To the best of our knowledge and belief and according to the
information and expla- nations given to us, no fraud on or by the
company was noticed or reported during the year.
FOR JAIN & ASSOCIATES
CHARTERED ACCOUNTANTS
Sd/-
NEERAJ JAIN
(PARTNER)
PLACE: Chandigarh M NO. 89477
DATE: 29.05.2013 Firm. No. 01361N
Mar 31, 2012
We have audited the attached Balance Sheet of M/s Piccadily Sugar &
Allied Industries Limited as at 31st March 2012 and 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
responsibility 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 mis- statement. An audit includes
examining, on a test basis, evidence supporting the amount 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 Companies (Auditors' Report) Order, 2004, issued by
the Central Government of India in terms of Section 227{4A) of the
Companies Act 1956, we annex hereto a statement on the matters
specified in paragraph 4 & 5 of the said order.
2. Further to our comments in the annexure referred to in paragraph 1
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, the Company has kept proper books of accounts as
required by law, so far as appear from our examination of the books.
c) The Balance Sheet and Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.
d) In our opinion, the Balance Sheet, Profit & Loss Account and the
Cash Flow Statement dealt with by this report are in com- pliance with
accounting standards specified by The Institute of Chartered
Accountants of India referred to in Section 211(3C) of Companies Act,
1956.
e) On the basis of the written representations received from the
Directors as on 31.3.2012 & taken on record by the Board of Directors,
we report that none of the Directors is disqualified for being
appointed as a Director in terms of Clause (g) of sub- section (1) of
Sec 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
explanations given to us, the said accounts read together with notes
thereon, give the information required by the Companies Act, 1956 in
the manner so required and also give a true and fair view.
i) In the case the 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 for the year
ended on that date. t '
iii) In case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
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) According to the information and explanations given to us, the
company has a system of physical verification of all its fixed assets
once in a year. In our opinion having regard to the size of the company
and the nature of its assets, the program of verification is
reasonable. No material discrepancies have been noticed in respect of
assets physically ver- ified.
c) During the year, Company has not disposed of any substantial I major
part of fixed assets. '
II. In respect of its inventories:
a) The inventory was physically verified during the year by the
management. In our opinion, 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 according to the information and explanations
given to us and on the basis of our examination of the records of
inventory, the Company is maintaining proper records of its inventory.
The discrepancies noticed on physical verification of inventory as
compared to the book records were not material and have been properly
dealt with in the books of account.
III.
a) According to the information and explanations given to us, and our
verification we observed that the company during the year has not
granted any loans to any party covered in the register maintained under
section 301 of the Companies Act 1956. -
b) According to the information and explanations given to us, and our
verification we observed that the company during the year has not taken
any loans from any party covered in the register maintained under
section 301 of the Companies Act 1956.
IV. In our opinion and according to the information and explanations
given to us, there are adequate internal control pro- cedures
commensurate with the size of the company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods.
V. In respect of contracts or arrangements and transactions entered in
the register maintained in pursuance of section 301 of the Companies
Act 1956.
To the best of our knowledge and belief and according to the
information and explanation given to us, the company has not entered
into any transactions that needed to be entered into the register
maintained u/s 301 of the Companies Act, 1956.
VI. In our opinion, the Company has not accepted deposit under the
provisions of section 58A and 58AAof the Companies Act, 1956 and the
rules framed there under and the directives issued by the Reserve Bank
of India
VII. In our opinion, the Company has internal audit system which
commensurate with the size and nature of its business.
VIII. The Company is required to maintain cost records under section
209(1 )(d) of the Companies Act, 1956 for the prod- ucts of the company
and according to the information and explanation given to us, the
company has maintained prop- er records as prescribed by the central
government.
IX. According to the information and explanations given to us in
respect of Statutory and other dues:
a) The company is regular in depositing undisputed statutory and other
dues, including Provident fund. Income Tax, Sales Tax, Service Tax,
Excise Duty and any other statutory dues with the appropriate
authorities during the year.
b) As per the information and explanation given to us, no disputed
amounts payable in respect of Income Tax, Wealth Tax, Custom Duty were
outstanding as on 31.03.2012 except in respect of Sales Tax demand of
Rs. 30.08 lacs in Distillery unit against which appeal is pending
before sales tax authorities.
X. The company has accumulated losses of Rs.726.19 lacs and its paid
up capital is Rs. 2322.10 lacs. The company has not incurred cash
losses during the current and the immediately proceeding financial
year.
XI. Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that there
is no secured/unsecured loan from any Bank/ Financial institution
XII. According to the information and explanations, given to us, the
Company has not granted loans or advances on the basis of security by
way of pledge of shares, debentures and other securities.
XIII. The company does not fall within the category of Chit
fund/Nidhi/Mutual Benefit fund/Sodety and hence the related reporting
requirements are not applicable.
XIV. According to information and explanations given to us, the Company
is not dealing or trading in shares, securities, debentures and other
investments and hence the related reporting requirements are not
applicable.
XV. The company has not given guarantee for loans taken by others from
banks or financial institutions.
XVI. To the best of our knowledge and belief and according to the
information and explanation given to us no term loans has been availed
by the company from banks and financial institutions.
XVII. According to the Cash flow statement and other records examined
and as per the information and explanations given to us, on an overall
basis, funds raised on short term basis have, prima facie, not been
used during the year for long term investment and vice versa.
XVIII. 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, during the year.
XIX. The Company has not issued any debentures during the year,
XX. The Company has not raised any monies by way of public issues
during the year.
XXI. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
was noticed or reported during the year.
FOR JAIN & ASSOCIATES
CHARTERED ACCOUNTANTS
Sd/-
NEERAJ JAIN (PARTNER)
PLACE: Chandigarh M NO. 89477
DATE: 25.05.2012 Firm. No. 01361N
Mar 31, 2010
We have audited the attached Balance Sheet of M/s Piccadily Sugar &
Allied Industries Limited as at 31st March 2010 and i & Loss Account
and Cash Flow Statement of the Company 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.
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 amount 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 Companies (Auditors Report) Order, 2003, issued by
the Central Government of India in terms of Section 227(4A) of the
Companies Act 1956, we annex here to a statement on the matters
specified in paragraph 4 & 5 of the said order. Ã ;
2. Further to our comments in the annexure referred to in paragraph 1
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, the Company has kept proper books of accounts as
required by law, so far as appear from our examination of the books.
c) The Balance Sheet and Profit and Loss Account and the Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts.
d) In our opinion, the Balance Sheet, Profit & Loss Account and the
Cash Flow Statement dealt with by this report are in compliance with
accounting standards specified by The Institute of Chartered
Accountants of India referred to in Section 211 (3C) of Companies Act,
1956.
e) On the basis of the written representations received from the
Directors as on 31.3.2010 & taken on record by the Board of Directors,
we report that none of the Directors is disqualified for being
appointed as a Director in terms of Clause (g) of subsection (1) of Sec
274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
explanations given to us, the said accounts read together with notes
thereon, give the information required by the Companies Act, 1956 in
the manner so required and also give a true and fair view.
i) In the case the Balance Sheet, of the state of affairs of the
Company as at 31st March 2010.
ii) In the case of Profit and Loss Account, of the Profit for the year
ended on that date. iii) In case of Cash Flow Statement, of the cash
flows for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
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) According to the information and explanations given to us, the
company has a system of physical verification of all its fixed assets
once in a year. In our opinion having regard to the size of the company
and the nature of its assets, the program of verification is
reasonable. No material discrepancies have been noticed in respect of
assets physically verified.
c) During the year, Company has not disposed of any substantial / major
part of fixed assets.
II. In respect of its inventories:
a) The inventory was physically verified during the year by the
management. In our opinion, frequency of verification is reasonable. j
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 ë nature of its business.
c) In our opinion and according to the information and explanations
given to us and on the basis of our examination of the records of
inventory, the Company is maintaining proper records of its inventory.
The discrepancies noticed on physical verification of inventory as
compared to the book records were not material and have been properly
dealt with in the books of account.
III. A) According to the information and explanations given to us, and
our verification we observed that the company duringthe year has not
granted any loans to any party covered in the register maintained under
section 301 of the Companies Act 1956.
b) According to the information and explanations given to us, and our
verification we observed that the company during the year has not taken
any loans from any party covered in the register maintained under
section 301 of the Companies Act 1956.
IV. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business for the purchase of inventory and fixed assets and for the
sale of goods.
V. In respect of contracts or arrangements and transactions entered in
the register maintained in pursuance of section 301 of the Companies
Act 1956. To the best of our knowledge and belief and according to the
information and explanation given to us, the company has not entered
into any transactions that needed to be entered into the register
maintained u/s 301 of the Companies Act, 1956.
VI. In our opinion, the Company has not accepted deposit under the
provisions of section 58A and 58AA of the Companies Act, 1956 and the
rules framed there under and the directives issued by the Reserve Bank
of India
VII. In our opinion, the Company has internal audit system which
commensurate with the size and nature of its business.
VIII. The Company is required to maintain cost records under section
209(1)(d) of the Companies Act, 1956 for the products of the company
and according to the information and explanation given to us, the
company has maintained proper records as prescribed by the central
government.
IX. According to the information and explanations given to us in
respect of Statutory and other dues:
a) The company is regular in depositing undisputed statutory and other
dues, including provident fund,, Income Tax, Sales Tax, Service Tax,
Excise Duty and any other statutory dues with the appropriate
authorities during the year.
b) As per the information and explanation given to us, no disputed
amounts payable in respect of Income Tax, Wealth Tax, and Custom Duty
were outstanding as on 31.03.2010 except in respect of Sales Tax demand
of Rs 37.39 lacs in Sugar Unit and Rs 30.08 lacs in Distillery Unit
against which appeal is pending before sales tax authorities.
X. The company has accumulated losses of Rs.2879.57 lacs and its paid
up capital is Rs. 2944.19 Lacs and the accumulated losses at the end of
the financial year are not less than fifty percent of its net worth.
The Company has not incurred cash losses in the year under report and
also has not incurred cash losses in the year immediately proceeding
the current financial year.
XI. Based on our audit procedures and on the basis of information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in the repayment of dues to State Bank of
Patiala. During the year company has made the full and final payment of
dues of State Bank of Patiala.
XII. According to the information and explanations, given to us, the
Company has not granted loans or advances on the basis of security by
way of pledge of shares, debentures and other securities.
XIII. The company does not fall within the category of Chit
fund/Nidhi/Mutual Benefit fund/ Society and hence the related reporting
requirements are not applicable.
XIV. According to information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
other investments and hence the related reporting requirements are not
applicable.
XV. The company has not given guarantee for loans taken by others from
banks or financial institutions.
XVI. To the best of our knowledge and belief and according to the
information and explanation given to us no term loans has been availed
by the company.
XVII. According to the Cash flow statement and other records examined
and as per the information and explanations given to us, on an overall
basis, funds raised on short term basis have, prima facie, not been
used during the year for long term investment and vice versa.
XVIII. 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, during the year.
XIX. The Company has not issued any debentures during the year.
XX. The Company has not raised any monies by way of public issues
during the year.
XXI. To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the company
was noticed or reported during the year.
FOR JAIN & ASSOCIATES
CHARTERED ACCOUNTANTS
Sd/-
NEERAJ JAIN
PLACE: New Delhi (PARTNER)
DATE: 29-05-2010 M.N0.89477