Mar 31, 2015
We have audited the accompanying financial statements of SARDA PROTEINS
LIMITED , which comprise the Balance Sheet as at 31st March, 2015, the
Statement of Profit and Loss, the Cash Flow Statement for the year then
ended, and a summary of the significant accounting policies and other
explanatory information.
Management's Responsibility for the 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 of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of 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 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 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 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 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. An audit also includes evaluating the
appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, 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.
Emphasis of Matters
We draw attention to the matter that Company has sold substantial parts
of Fixed Assets and for the same reason company books are showing
profit. There was no manufacturing taken place during the current
period and company is now working on rented premises. These conditions
indicate the existence of a material uncertainty that may cast
significant doubt about the Company's ability to continue as a
manufacturing concern. However, the financial statements of the Company
have been prepared on a going concern basis.
Our opinion is not modified in respect of this matter.
Report on Other Legal and Regulatory Requirements As required by
Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanation
which to the best of our Knowledge and belief were necessary for the
purposes of our audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) In our opinion, the aforesaid 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) The going concern matter described in the Emphasis of Matters
paragraph above, in our opinion, may have an adverse effect on the
functioning of the Company.
(f) 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.
(g) 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 does not have any pending litigations which would
impact its financial position.
ii. The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
iii. There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
The Annexure referred to in our Independent Auditors' Report to the
members of the Company on the financial statements for the year ended
31 March 2015, we report that:
1. (i) The Company has maintained proper records showing full
particulars, quantitative details and situation of fixed assets.
(ii) All the assets have not been physically verified by the management
during the year, but there is a regular program of verification which,
in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets. But during the year land, building and
plant and machinery fully disposed off.
2. As explained to us, the inventory has been physically verified
during the year by the management. In our opinion, the frequency of
verification is reasonable.
(i) 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 nature of its business.
(ii) In our opinion and according to their 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 inventory.
3. 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.
4. 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 with regard to the purchase of inventory and fixed assets, and
with regard to the sale of goods and services. During the course of our
audit, no major weakness has been noticed in the internal controls.
5. In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from the public and
therefore, the provisions of Section 73 and 76 of the Companies Act,
2013 and Rules framed there under are not applicable to the Company.
6. According to the information and explanations given to us, the
Central Government has not prescribed the maintenance of cost records
under sub-section (l) of section 148 of the Companies Act, 2013 in
respect of services carried out by the Company.
7. (i) According to the information and explanations given to us and
according to the books and records as produced and examined by us, in
our opinion, the undisputed statutory dues in respect of provident
fund, employees state insurance, income tax, sales tax, wealth tax,
customs duty, excise duty, cess and other material statutory dues as
applicable, have been regularly deposited by the Company during the
year with the appropriate authority.
According to the information and explanations given to us, no
undisputed amounts payable in respect of income tax, sales tax, wealth
tax, customs duty, excise duty and cess were in arrears, as at 31st
March 2015 for a period of more than six months from the date they
become payable.
(ii) According to the information and explanations given to us, there
are no dues of Income Tax, Sales Tax, wealth tax, customs duty, excise
duty and cess that have not been deposited on account of any dispute.
(iii) There is no amount required to be transferred to investor
education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made
thereunder.
8 The Company has no accumulated losses as at 31st March 2015.
9 Based on our audit procedures and on the information and explanations
given by the management, in our opinion, the Company has not defaulted
in repayment of dues to any financial institution or bank as at the
balance sheet date.
10 According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from
banks and financial institutions.
11 To the best of our knowledge and belief and according to the
information and explanations given to us, the Company has applied the
term loans for the purpose for which the loans were obtained.
12 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 Khetawat Agarwal & Co
Chartered Accountants
FRN: 003960C
M.L. AGARWAL
Partner
Membership No. 072854
Place: Alwar
Date: May 27, 2015
Mar 31, 2014
We have audited the accompanying Financial Statements of Sarda Proteins
Limited (''the Company''), which comprise the Balance Sheet as at March
31, 2014, and the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and Notes to Financial Statements comprising
of 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 notified under Companies Act, 1956 ("the Act")
read with General Circular 15/2013 dated 13 September 2013 of the
Ministry of Corporate Affairs in respect of section 133 of Companies
Act, 2013. This responsibility includes the design, implementation and
maintenance of internal controls relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditors'' Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
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 controls relevant to the
Company''s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and 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 Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
a) In the case of Balance Sheet, of the state of affairs of the Company
as at March 31, 2014;
b) In the case of Statement of Profit and Loss, of the loss for the
year ended on that date; and
c) 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
1) As required by the Companies (Auditors'' Report) Order, 2003 (''the
Order'') issued by the Central Government of India in terms of sub Â
section (4A) of section 227 of the Companies Act, 1956, we give in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of
the said Order.
2) As required by section 227(3) of the Companies Act, 1956, 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
Companies Act, 1956 ("the Act") read with General Circular 15/2013
dated 13 September 2013 of the Ministry of Corporate Affairs in respect
of section 133 of Companies Act, 2013; and
e) On the basis of written representations received from the directors
as on March31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 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 AUDITORS'' REPORT
(Annexure referred to in our report of even date)
RE : SARDA PROTEINS LIMITED
1. (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The Company has a phased programme of physical verification of its
fixed assets which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. Management has
physically verified certain fixed assets during the year. There were no
discrepancies noticed on such verification between the physical
balances and fixed assets records.
(c) Fixed assets disposed off during the year were not substantial.
2. (a) The inventory has been physically verified by the management at
reasonable intervals during the year. In our opinion, the frequency of
such verification is reasonable.
(b) The procedures for the physical verification of inventory followed
by the management are, in our opinion, reasonable and adequate in
relation to the size of the Company and nature of its business.
(c) In our opinion, the Company is maintaining proper records of
inventory. The discrepancies noticed on physical verification of
inventory as compared to book records were not material and have been
properly dealt with in the books of account.
3. (a) As informed, the Company has not granted any loan, secured or
unsecured, to Companies, firms and other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(b) As informed, the company has not taken any loan, secured or
unsecured, from companies, firms and other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(c) Since there are no such loans, the comments regarding terms &
conditions, repayment of the principal amount & interest thereon and
overdue amount are not required.
4. In our opinion and according to the information and explanations
given to us during the course of audit, there are adequate internal
control systems commensurate with size of the Company and the nature of
its business with regard to purchase of inventory and fixed assets and
for the sale of goods. Further, on the basis of our examination of the
books & records of the Company, carried out in accordance with the
generally accepted auditing practices in India, we have neither come
across nor have we been informed of any instance of major weaknesses in
the aforesaid internal control systems.
5. (a) Based upon the audit procedures applied by us and according to
the information and explanations given to us, there are no particulars
of contracts or arrangements which are required to be entered into the
register maintained under section 301 of the Companies Act, 1956.
(b) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
or arrangements required to be entered in the register maintained under
Section 301 of the Companies Act,1956 and aggregating during the year
to Rupees five lakhs or more in respect of each party.
6. The Company has not accepted any deposits from the public within
the meaning of section 58A and 58AA of the Companies Act, 1956 or any
other relevant provisions of the Act including the Companies
(Acceptance of Deposit) Rules, 1975.
7. In our opinion, the Company has an adequate internal audit system
commensurate with the size and nature of its business.
8. The Central Government has not prescribed the maintenance of cost
records under section 209(1)(d) of the Companies Act, 1956 for any of
the products of the Company.
9. (a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income-tax, Sales-tax, Wealth-tax, Service
tax, Custom Duty, Excise Duty, Cess and other material statutory dues
wherever applicable have been generally regularly deposited with the
appropriate authorities during the year and there are no undisputed
statutory dues outstanding as on the date of Balance Sheet for a period
exceeding six months from the date they became payable.
(b) According to the information & explanations given to us and as per
the books and records examined by us, there are no dues of Income Tax,
Custom duty, Wealth Tax, Service tax, Sales tax, Excise duty and Cess
which have not been deposited on account of any dispute.
10. The Company has accumulated losses, which are not in excess of
fifty percent of its net worth. The company has incurred cash losses
during the current financial year. However, the company has incurred
cash losses during the immediately preceding financial year.
11. According to the information and explanations given to us and as
per the books and records examined by us, the Company has not defaulted
in repayment of dues to any financial institution or bank.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The Company does not fall within the category of Chit fund / Nidhi
/ Mutual Benefit fund / Society and hence the related reporting
requirements of the Order are not applicable.
14. In respect of the Company''s dealing in shares and other
investments, proper record has been made of the transactions &
contracts and timely entries have been made therein. All the
investments are held by the company in its own name.
15. The company has not given any guarantee for loan taken by others
from bank or financial institution.
16. According to the information & explanations given to us, the
Company has not taken any term loans during the year.
17. According to the information and explanations given to us and on
an overall examination of balance sheet of the company, the funds
raised on short term basis have not been applied for long term
investments.
18. 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. According to the information and explanations given to us, the
Company has not issued any debentures nor has any outstanding
debentures.
20. The Company has not raised any money by way of public issues
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, we have neither come across any instance
of fraud on or by the Company, noticed and reported during the year,
nor have we been informed of such case by the management.
For KHETAWAT AGARWAL & Co.
Chartered Accountants
FRN : 03960C
M.L.AGARWAL
Place: Alwar Partner
Date : May 28,2014 Membership No : 072854
Mar 31, 2012
1. We have audited the attached Balance Sheet of Sarda Proteins
Limited ('the Company') as at March 31, 2012 and also Statement of
Profit & Loss and the Cash Flow Statement for the year ended on that
date, annexed thereto. These financial statements are the
responsibility of the Company's management. Our responsibility is to
express an opinion on these financial statements based on our audit
2. We conducted our audit in accordance with auditing standards
generally accepted in India Those Standards require that we pjan 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 cur audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditors' Report) Order, 2003 as
amended by the Companies (Auditors' Report) (Amendment) Order, 2004
(collectively the Order) issued by the Central Government of India in
terms of Section 227 (4A) of the Companies Act, 1956 and on the basis
of such checks as we considered appropriate and according to the
information and explanations given to us, 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 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 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 appears from our examination of those
books;
c) The Balance Sheet, Statement of Profit & 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 & Loss 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;
e) On the basis of information & explanations received from the
management and the written representations received from directors of
the company, as on March 31, 2012, and taken on record by the Board of
Directors, we report that none of the directors of the company are
disqualified as on March 31, 2012 from being appointed as a director in
terms of clause (g) of sub section (1) of section 274 of the Companies
Act,. 1956;
f) Without qualifying our opinion, attention is invited to note no. 8
of Schedule XIII wherein the company has not provided for diminution in
the value of investment in the equity shares of a company for the
reasons explained therein.
g) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with the
Accounting policies and Notes thereon, give the information required by
the Companies Act, 1956 in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India:
I., the case of Balance Sheet, of the state of affairs of the Company
as at March 31, 2012;
II. In the case of Statement of Profit and Loss, of the profit for the
year ended on that date; and
Hi. the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO AUDITORS' REPORT
(Annexure referred to In our report of even date)
RE : SARDA PROTEINS LIMITED
1. (a) The .Company has maintained proper records showing full
particulars, including quantitative details ' and situation of fixed
assets.
(b) The Company has a phased programme of physical verification of its
fixed assets which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. Management has
physically verified certain fixed assets during the year. There were no
discrepancies noticed on such verification between the physical
balances and fixed assets records.
(c) Fixed assets disposed off during the year were not substantial.
2. (a) The inventory has been physically verified by the management at
reasonable intervals during the year. In our opinion, the frequency of
such verification is reasonable.
(b) The procedures for the physical verification of inventory followed
by the management are, in our opinion, reasonable and adequate in
relation to the size of the Company and nature of its business.
(c) In our opinion, the Company is maintaining proper records of
inventory. The discrepancies noticed on physical verification of
inventory as compared to book records were not material and have been
properly dealt 'with in the books of account.
3. (a) As informed, the Company has not granted any loan, secured or
unsecured, to Companies, firms and other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(b) As informed, the company has not taken any loan, secured or
unsecured, from companies, firms and other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(c) Since there are no such loans, the comments regarding terms &
conditions, repayment of the principal amount & interest thereon and
overdue amount are not required.
4. In our opinion and according to the information and explanations
given to us during the course of audit, there are adequate internal
control systems commensurate with size of the Company and the nature of
its business with regard to purchase of inventory and fixed assets and
for the sale of goods. Further, on the basis of our examination of the
books & records of the Company, carried out in accordance with the
generally accepted auditing practices In India, we have neither come
across nor have we been informed of any instance of major weaknesses in
the aforesaid internal control systems.
5. (a) Based upon the audit procedures applied by us and according to
the information and explanations given to us, there are no particulars
of contracts or arrangements which are required to be entered into the
register maintained under section 301 of the Companies Act, 1956.
(b) In our opinion and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
or arrangements required to be entered in the register maintained under
Section 301 of the Companies Act, 1956 and aggregating during the year
to Rupees five lakhs or more in respect of each party.
6. The Company has not accepted any deposits from the public within
the meaning of section 58A and 58AA of the Companies Act, 1956 or any
other relevant provisions of the Act including the Companies
(Acceptance of Deposit) Rules, 1975. "
7. In our opinion, the Company has an adequate internal audit system
commensurate with the size of the Company and nature of its business.
8. The Central Government has not prescribed the maintenance of cost
records under section 209(1 )(d) of the Companies Act, 1956 for any of
the products of the Company.
9. (a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, income-tax, Sales-tax, Wealth-tax, Service
tax, Custom Duty, Excise Duty, Cess and other material statutory dues
wherever applicable have been generally regularly deposited with the
appropriate authorities during the year and there are no undisputed
statutory dues outstanding as on the date of Balance Sheet for a period
exceeding six months from the date they became payable.
(b) According to the information & explanations given to us and as per
the books and records examined by us, there are no dues of Income Tax,
Custom duty, Wealth Tax, Service tax. Sales tax, Excise duty and Cess
which have not been deposited on account of any dispute.
10. There are no accumulated losses as at the end of the financial
year. The company has not incurred cash losses during the current
financial year. However, the Company had incurred cash losses in the
immediately preceding financial year.
11. According to the information and explanations given to us and as
per the books and records examined by us, the Company has not defaulted
in repayment of dues to any financial institution or bank.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. The Company does not fall within the category of Chit fund / Nidhi
/ Mutual Benefit fund / Society and hence the related reporting
requirements of the Order are not applicable.
14. In respect of the Company's dealing in shares and other
investments, proper record has been made of the transactions &
contracts and timely entries have been made therein. All the
investments are held by the company in its own name.
15. The company has not given any guarantee for loan taken by others
from bank or financial institution.
16. According to the information & explanations given to us, the
Company has not taken any term loans during the year.
17. According to the information and explanations given to us and on
an overall examination of balance sheet of the company, the funds
raised on short term basis have not been applied for long term
investments.
18. 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 during the year nor are
there any outstanding debentures.
20. The Company has not raised any money by way of public issues
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, we have neither come across any instance
of fraud on or by the Company, noticed and reported during the year,
nor have we been informed of such case by the management.
For S.S. KOTHARI MEHTA & Co.
Chartered Accountants
FRN: 000756N
Place: New Delhi Kamal Klshore
Date : August 16, 2012 Partner
Membership No : 078017
Mar 31, 2010
1. We have audited the attached Balance Sheet of Sarda Proteins
Limited as at 31st March, 2010 and also the Profit & Loss Account and
the Cash Flow Statement of the Company for the year ended on that date,
an- nexed thereto.
These financial statements are the responsibility of the Companys
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
2. We have conducted our audit in accordance with auditing standards
generally accepted in India. These 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 finan- cial 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 as
amended by the Companies (Auditors Report) (Amendment) Order, 2004
(collectively the Order) issued by the Central Government of India in
terms of Section 227 (4A) of the Companies Act, 1956 and on the basis
of such checks as we considered appropriate and according to the
information and explanations given to us, 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 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 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 ap- pears from our examination of
those books;
c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & 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.
e) On the basis of information & explanations received from the
management and further the written repre- sentations received from
directors of the company as on31 March, 2010,and taken on record by the
Board, none of the directors of the company are disqualified as on 31
March, 2010 from being appointed as a di- rector in terms of clause (g)
of sub section (1) of section 274 of the Companies Act, 1956.
f) Without qualifying our opinion, attention is invited to note no.9 of
Schedule Xii! wherein the company has not provided for diminution in
the value of investment in the equity shares of a company for the
reasons explained therein.
g) In our opininon and to the best of our information and according to
the explanations given to us, the said accounts read with the
Accounting policies and Notes thereon, give the information required by
the Compa- nies Act, 1956 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 Balance Sheet, of the state ot affairs of the Company
as at 31 March, 2010:
ii) In the case of Profit and Loss Account, of the profit for the year
ended an that date: arid
iii) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO AUDITORS REPORT
(Annexure referred to in our report of even date)
1. (a) The Company has maintained proper records
showing full particulars, including quantitative details and situation
of fixed assets.
(b) The Company has a phased program of physical verification of its
fixed assets which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. Management has
physically verified certain fixed assets during the year, There were no
discrepancies noticed on such verification between the physical
balances and fixed assets records.
(c) No substantial pari of fixed assets have been dis- posed off during
the year.
2. (a) The inventory has been physically verified by the man- agement
during the year In our opinion, the frequency of such verification is
reasonable.
(b) The procedures for the physical verification of inven- tory
followed by the management are, in our opinion, reasonable and adequate
in relation to the size of the Company and nature of its business
(c) In our opinion, the Company is maintaining proper records of
inventory. The discrepancies noticed on physical verification of
inventory as compared to book records were not material and have been
properly dealt with in the books of account.
3. (a) The Company has not granted any loan, secured or unsecured, to
Companies, firms and other parties cov- ered in the register maintained
under section 301 of the Companies Act, 1956.
(b) The company has not taken any loan, secured or unsecured, from
companies, firms and other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(c) Since there are no such loans, the comments regarding terms and
conditions, repayment of the principal amount & interest thereon and
overdue amount are not required.
4. In our opinion, and according to the information and explanations
given to us during the course of audit, there are adequate interna!
control systems commen- surate with size of the Company and the nature
of its business with regard to purchase of inventory and fixed assets
and for the sale of goods. Further, on the basis of our examination of
the books & records of the company, carried out in accordance with the
gener- ally accepted auditing practices in India, we have nei- ther
come across nor have we been informed of any instance of major
weaknesses in the aforesaid inter- nal control systems.
5. (a) Based upon the audit procedures applied by us and ac- cording
to the information and explanations given to us, there are no
particulars of contracts or arrangements which are required to be
entered into the register main- tained under section 301 of the
Companies Act, 1956.
(b) in our opinion, and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
or arrangements required to be entered in the register maintained under
Section 301 of the Act and aggregating during the year to Rupees five
lakhs or more in respect of each party.
6. The Company has not accepted any deposits from the public within
the meaning of section 58A and 58AA of the Companies Act, 1956 or any
other relevant provi- sions of the Act including the Companies
(Acceptance of Deposit) Rules, 1975.
7. In our opinion, the Company has an interna! audit sys- tem
commensurate with the size & nature of its busi- ness.
8. The Central Government has not prescribed the main- tenance of cost
records under section 209(1 )(d) of the Companies Act, 1956 for any of
the products of the Company.
9 (a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income-tax, Sales-tax, Wealth-tax, Service
tax, Custom Duty, Excise Duty, Cess and other material statutory dues
have been generally regularly deposited with the appropriate
authorities during the year and there are no undisputed statutory dues
outstanding as on the date of Balance Sheet for a period exceeding six
months from the date they became payable.
(b) According to the information & explanations given to us and as per
the books and records examined by us, there are no dues of Income Tax,
Custom duty, Wealth Tax, Service tax, Sales tax, Excise duty and Cess
which have not been deposited on account of any dispute.
10. There are no accumulated losses as at the end of the financial
year. The company has not incurred any cash losses during the financial
year and in the immediately preceding financial year.
11. According to the information and explanations given to us and as
per the books and records examined by us, the Company has not defaulted
in repayment of dues to any financial institution or bank.
12. According to the information and explanations given to us, the
Company has not granted any loans and ad- vances on the basis of
security by way of pledge of shares, debentures and other securities.
13. 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.
14. In respect of the Companys dealing in shares and other
investments, proper record has been made of the trans- actions &
contracts and timely entries have been made therein. The investments
are held by the company in its own name.
15. The company has not given any guarantee for loan taken by others
from bank or financial institution.
16. According to the information & explanations given to us, the
company has not taken any term loans during the year.
17. According to the information and explanations given to us and on
an overall examination of balance sheet of the company, the funds
raised on short term basis have not been applied for long term
investments.
18. 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 during the year nor are
there any outstanding debentures.
20. The Company has not raised any money by way of pub- lic issues
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, we have neither come across any instance
of fraud on or by the Company, noticed and reported during the year,
nor have we been informed of such case by the manage- ment.
For S.S. KOTHARI MEHTA & CO.
Chartered Accountants
(Firm Reg. No. 000756N)
Place: New Delhi (ARUN K. TULSIAN)
Dated: 31st Aug. 2010 Partner
M. No. 89907
Mar 31, 2009
1. We have audited the attached Balance Sheet of Sarda Proteins
Limited as at 319 March, 2009 and also the Profit & Loss Account and
the 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.
2. We have conducted our audit in accordance with auditing standards
generally accepted in India. These 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 finan- cial 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 as
amended by the Companies (Auditors Report) (Amendment) Order, 2004
(collectively the Order) issued by the Central Government of India in
terms of Section 227 (4A) of the Companies Act, 1956 and on the basis
of such checks as we considered appropriate and according to the
information and explanations given to us, 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 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 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 ap- pears from our examination of
those books;
c) The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss æ 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.
e) On the basis of information & explanations received from the
management and further the written repre- sentations received from
directors of the company as onSI5* March, 2009,and taken on record by
the Board, none of the directors of the company are disqualified as on
31 March, 2009 from being appointed as a di- rector in terms of clause
(g) of sub section (1) of section 274 of the Companies Act, 1956.
f) Without qualifying our opinion, attention is invited to note no. 8
of Schedule XII wherein the company has not provided for diminution in
the value of investment in the equity shares of a company for the
reasons explained therein.
g) In our opininon and to the best of our information and according to
the explanations given to us, the said accounts read with the
Accounting policies and Notes thereon, give the information required by
the Compa- nies Act, 1956 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 Balance Sheet^ of the state of affairs of the Company
as at 31 March, 2009;
ii) In the case of Profit and Loss Account, of the profit for the year
ended on that date; and
iii) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO AUDITORSREPORT (Annexure referred to in our report of even
date)
1. (a) The Company has maintained proper records ;
showing full particulars, including quantitative details and situation
of fixed assets.
(b) The Company has a phased program of physical verification of its
fixed assets which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. Management has
physically verified certain fixed assets during the year. There were
no discrepancies noticed on such verification between the physical
balances and fixed assets records.
(c) No substantial part of fixed assets have been dis- posed off during
the year.
2. (a) The inventory has been physically verified by the man agement
during the year. In our opinion, the frequency of such verification is
reasonable.
(b) The procedures for the physical verification of inven- tory
followed by the management are, in our opinion, reasonable and adequate
in relation to the size of the Company and nature of its business.
(c) In our opinion, the Company is maintaining proper records of
inventory. The discrepancies noticed on physical verification of
inventory as compared to book records were not material and have been
properly dealt with in the books of account.
3 (a) toe Company has not granted any loan, secured or unsecured, to
Companies, firms and other parties cov- ered in the register maintained
under section 301 of the Companies Act, 1956.
(b) The company has not taken any loan,- secured or unsecured, from
companies, firms and other parties covered in the register maintained
under section 301 of the Companies Act, 1956.
(c) Since there are no such loans, the comments regarding terms and
conditions, repayment of the principal amount & interest thereon and
overdue amount are not required.
4. In our opinion, and according to the information and explanations
given to us during the course of audit, there are adequate internal
control systems commen- æ surate with size of the Company arid the
nature of its business with regard to purchase of inventory and fixed
assets and for the sale of goods. Further, on the basis of our
examination of the books & records of the company, carried out in
accordance with the gener- ally accepted auditing practices in India,
we have nei- ther come across nor have we been informed of any instance
of major weaknesses in the aforesaid inter- nal control systems.
5. (a) Based upon the audit procedures applied by us and ac cording to
the information and explanations given to us, there are no particulars
of contracts or arrangements which are required to be entered into the
register main- tained under section 301 of the Companies Act, 1956.
(b) In our opinion, and according to the information and explanations
given to us, there are no transactions made iri pursuance of contracts
or arrangements required to be entered in the register maintained under
Section 301 of the Act and aggregating during the year to Rupees five
lakhs or more in respect of each party.
6. The Company has not accepted any deposits from the public within
the meaning of section 58A and 58AA of the Companies Act, 1956 or any
other relevant provi- sions of the Act including the Companies
(Acceptance of Deposit) Rules, 1975.
7. In our opinion, the Company has an internal audit sys- tem
commensurate with the size & nature of its busi- ness.
8 The Central Government has not prescribed the main- tenance of cost
records under section 209(1 )(d) of the Companies Act, 1956 for any of
the products of the Company.
9 (a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income-tax, Sales-tax, Wealth-tax, Service
tax, Custom Duty, Excise Duty, Cess and other material statutory dues
have been generally regularly deposited with the appropriate
authorities during the year and there are no undisputed statutory dues
outstanding as on the date of Balance Sheet for a period exceeding six
months from the date they became payable.
(b) According to the information & explanations given to us and as per
the books and records examined by us, there are no dues of Income Tax,
Custom duty, Wealth Tax, Service tax, Sales tax, Excise duty and Cess
which have not been deposited on account of any dispute.
10. There are no accumulated losses as at the end of the financial
year. The company has not incurred any cash losses during the financial
year and in the immediately preceding financial year.
11. According to the information and explanations given to us and as
per the books and records examined by us, the Company has not defaulted
in repayment of dues to any financial institution or bank.
12. According to the information and explanations given to us, the
Company has not granted any loans and ad- vances on the basis of
security by way of pledge of shares, debentures and other securities.
13. 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.
14. In respect of the Companys dealing in shares and other
investments, proper record has been made of the trans- actions &
contracts and timely entries have been made therein. The investments
are held by the company in its own name.
15. The company has not given any guarantee for loan taken by others
from bank or financial institution.
16. According to the information & explanations given to us, the
company has not taken any term loans during the year.
17. According to the information and explanations given to us and on
an overall examination of balance sheet of the company, the funds
raised on short term basis have not been applied for long term
investments.
18. The Company has not made any preferential allotment of Ãshares 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 during the year nor are
there any outstanding debentures.
20. The Company has not raised any money by way of pub- lic issues
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, we have neither come across any instance
of fraud on or by the Company, noticed and reported during the year,
nor have we been informed of such case by the management.
For S.S. KOTHARI MEHTA & CO.
Chartered Accountants
Place : New Delhi Arun K. Tulsian
Dated : 29th Aug. 2009 Partner
M. No. 89907
Mar 31, 2004
We have audited the attached Balance Sheet of Sarda Proteins Limited as
at 31st March, 2004 and also the Profit and Loss Account and the 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 opnion on these
financial statements based on our audit.
We have conducted our audit in accordance with auditing standards
generally accepted in India. These Standards re- quire 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 statement. An audit includes assessing
the accounting principles used and significant estimates made by the
management, as well as evaluating the overall financial statement
presentation. We belive that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditors Report) Order, 2003 issued by
the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956 and on the basis of such checks as we considered
appropriate and according to the information and explanations given to
us, we enclose in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to above, we report
that:
a) We have obtained all the information and explanations which,to the
best of our knowledge and belief, were necessary for the purpose of our
audit;
b) In our opinion, proper books of account, as required by law, have
been kept by the company so far as appears from our examination of
those books;
c) The Balance Sheet,Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section(3C)of Section211 of the Companies
Act. 1956.
e) On the basis of information & explanations received from the
management and further the written representations received from
directors of the company as on 31st March, 2004 and taken on record by
the board, none of the directors of the company are disqualified as on
31 st March 2004 from being appointed as a director in terms of clause
(g) of sub section (1) of section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read with Accounting
Policies and notes thereon, give the information required by the
Companies Act, 1956 in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India :
i) In the case of Balance Sheet, of the State of Affairs of the
company at 31 st. March, 2004;
ii) In the case of Profit & Loss Account, of the Loss for year ended on
that date; and
iii) In the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
ANNEXURE TO THE AUDITORSS REPORT
1) a) The company has maintained proper records showing full
particulars, including quantitative details and situation of Fixed
Assets.
b) The Company has a phased programme of physical verification of its
fixed assets which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. Management has
physically verified certain fixed assets during the year. There were no
discrepancies noticed on such verification between the physicial
balances and fixed assets records.
c) Fixed assets disposed off during the year were not substantial and,
therefore, do not affect the going concern assumption.
2. a) The inventory has been physically verified by the management
during the year. In our opinion, the frequency of such verification is
reasonable.
b) The procedures for the physical verification ofinventory followed by
the management are, in our opinion, reasonable and adequate in relation
to the size of the Company and nature of its business.
c) In our opinion, the Company is maintaining proper records of
inventory. The discrepancies noticed on physical verification
ofinventory as compared to book records were not material and have been
properly dealt with in the books of account.
3) a) The company has neither granted nor taken any loan, secured or
unsecured, to/ from Companies, firms and other parties covered in the
register maintained under section 301 of the Companies Act 1956.
b) Since there are no such loans, the comments regarding terms and
conditions repayment of the principal amount & interest thereon and
overdue amount are not required
4. In our opinion, and according to the information and explanations
given to us during the course of audit there are adequate internal
control procedures commensurate with size of the Company and the nature
of its business with regard to purchase of inventory and fixed assets
and for the sale of
goods. Further, on the basis of our examination of the books & records
of the company, carried out in accordance with the generally accepted
auditing practices in India, we have neither come acrosss nor have we
been informed of any instance of major weaknesses in the aforesaid
internal control procedures.
5. a) Based upon the audit procedures applied by us and according to
the infomation and explanations given to us, there are no transactions
which are required to be entered into the register maintained under
section 301 of the Companies Act., 1956.
(b) In our opinion, and according to the information and explanations
given to us, there are no transactions made in pursuance of contracts
or arrangements required to be entered in the register maintained under
Section 301 of the Act and aggregating during the year to Rupees five
lakhs or more in respect of each party.
6. The Company has not accepted any deposits from the public within
the meaning of section 58A and 58AA of the Companies Act, 1956 and the
Companies (Acceptance of Deposit) Rules, 1975.
7. In our opinion, the Company has an internal audit system
commensurate with the size & nature of its business.
8. The Central Government has not prescribed the maintenance of cost
records under section 209(1)(d) of the Companies Act, 1956 for any of
the products of the Company.
9. a) According to the records of the Company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees State Insurance, Income- tax, Sales-tax, Wealth-tax, Custom
Duty, Excise Duty, Cess and other statutory dues have been generally
regularly deposited with the appropriate authorities during the year
and there are no undisputed statutory dues outstanding as on the date
of Balance Sheet for a period exceeding six months from the date they
become payable.
b) According to the information & explanations given to us and as per
the books and records examined by us, there are no dues of Income Tax,
Custom Tax, Wealth Tax, Excise duty and Cess which have not been
deposited on account of any dispute, except the folloing in respect of
Sales Tax along with the forum where dispute is pending.
Name of Nature of Amount Forum Amount Year to
the Statute dues (Rs. in where deposited which
thoushand) dispute (Rs. in relates
is
pending lacs.)
State Local 3.6 CTO, Nil 2001-02
Sales Sales Tax Bhiwadi
Tax Act
10. The accumulated losses as at the end of the financial year are well
below fifty percent of the networth, however, the company has incurred
cash losses in the current financial year. There were no cash losses in
the immediately preceding financial year.
11. According to the information and expxlanations given to us and as
per the books and records examined by us, the Company has not defaulted
in repayment of dues to any financial institution or bank.
12. According to the information and explanations given to us, the
Company has not granted any loans and advances on the basis of security
by way of pledge of shares, debentures and other securities.
13. 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.
14. According to the information and explanations given to us, the
Company is not dealing or trading in shares, securities, debentures and
otheer investments and hence the related eporting requirements are not
applicable.
15. The company has not given any guarantee for loan taken by others
from bank or financial institution.
16. The company has not taken any term loans during the year.
17. According to the information and explanations given to us and on an
overall examination of balance sheet of the company, the funds raised
on short term basis have not been applied for long term investments.
Long term funds have been party applied for financing core working
capital in consonance with principles of sound financial management.
18. 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 during the year.
20. The Company has not raised any money by way of public issues 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, we have neither come across any instance
of fraud on or by the Company, noticed and reported during the year,
nor have we been informed of such case by the management.
For S.S. Kothari Mehta & Co.
Chartered Accountants
Arun K. Tulsian
Partner
M.No. 89907
Place : New Delhi
Dated : 30th June, 2004
Mar 31, 2003
We have audited the attached Balance Sheet of Sarda Proteins Limited as
at 31st March, 2003 and also the Profit and Loss Account for the year
ended on that date, annexed thereto and the cash flow statement for the
period ended on that date. 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 stand- ards require that we plan and perform
the audit to obtain reasonable assurance about whether the fi- nancial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts 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 rea- sonable basis
for our opinion. As required by the Manufacturing and Other Compa-
nies (AuditorsReport) Order, 1988 issued by the Cen- tral Government
of India in terms of sub-section (4A) of section 227 of the Companies
Act,1956, we en- close in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the said Order. Further to our
comments in the Annexure referred to above, we report that:
a)We have obtained all the information and explanations which, to the
best of our knowledge and belief, were necessary for the purpose of our
audit.
b) In our opinion proper Books of Account, as required by law, have
been kept by the company so far as it appears from our examination of
the books.
c) The Balance Sheet and Profit & Loss Account are in agreement with
the books of Accounts.
d) In our opinion, the Balance Sheet and Profit & Loss account comply
with the mandatory accounting standards referred to in section 211(3C)
of the Companies Act. 1956.
e)We have relied on the certificate of management in respect of project
expenses & capital advances of Rs.16.83 lacs carried forward as capital
work in progress considering them to be viable projects, since the same
is a technical matter.
f) On the basis of information and explanations received from the
management, none of the
director of the company are. disqualified as on 31st March 2003 from
being appointed director of the company in clause (g) of Sub-Section
(1) of section 274 of the Companies Act, 1956.
g) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
Accounting Policies and notes there on give the information required by
the Companies Act, 1956 in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India :
i) In case of Balance sheet, of the State of Affairs of the company at
31st. March, 2003 and
ii) ln case of Profit & Loss Account, of the Profit of the company 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 AUDITORSS REPORT
(Referred to in our report of even date on the accounts of SARDA
PROTEINS LIMITED for the ended 31st March, 2003)
1) The company is maintaining record showing full particulars,
including quantitative details and situa- tion of Fixed Assets,
Physical verification of these Assets had been conducted by management
once during the year which in our opinion is a reasonable interval. No
serious discrepancy was noticed on such verification compared with book
records.
2. None of the Fixes Assets have revalued during the year.
3. As explained to us, the stocks of finished goods, stores, spare
parts and raw material were physically verified during the year which
in our opinion was within a reasonable interval.
4. In our opinion the procedures of physical verification of stocks
followed by management were reasonable and adequate in relation to the
size of the company and the nature of its business.
5. The discrepancies noticed on physical verification of stocks as
compared to book records were not material and have been suitably
adjusted in book.
6. In our opinion and on the basis of our examination of stocks, the
valuation is fair and proper in accordance with the normally accepted
accounting principles and is on the same basis as in earlier years.
7. The Company has not taken any loans from companies, firms and other
parties listed in the register maintained under section 301 of the
Companies Act, 1956 as per sub-section (6) of Section 370 of the
Companies Act 1956. the provisions of the said section are not
applicable to the Company after the commencement of the Companies
(amendment) Act, 1999 w.e.f. 31.10.1998.
8. The company has not given any loans to Companies, firms of other
parties listed in the register maintained under section 301 of the
companies act, 1956 as per sub-section (6) of Section 370 of the
Companies Act 1956. The provisions of the said section are not
applicable to the Company after the commencement of the Companies
(amendment) act 1999, w.e.f. 31.10.1998.
9. Loans and advances in the nature of loans have been given to the
employees of the company and to other parties, They are generally
repaying the principal amounts as per stipulations, wherever made and
are also regular in payment of the interest, wherever applicable.
10. In our opinion and according to the information & 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 stores, raw materials including
components, plant and machinery, equipment and other assets and for the
sale of goods.
11. In our opinion and according to the information explanations given
to us, no transactions of purchase of goods and materials and sale of
goods, materials and services aggregating during the year to Rs.
50,000/- of more in respect of each party, have been made in pursuance
of contracts or arrangements required to be entered in register
maintained under section 301 of the Companies Act, 1956.
12. As per the information and explanations given to us, the company
has a regular procedure for
determination of unservicable or damaged stores, raw materials and
finished goods and provision for loss, wherever necessary, has been
made in books.
13. The company has not accepted any deposits from public as defined
under section 58-A of the Compa- nies Act, 1956 and rules framed
thereunder.
14. In our opinion and according to information and explanations given
to us, the company is main- taining reasonable records for the sale and
disposal of realisable scrap and by-products.
15. In our opinion, the company has an adequate internal audit system
commensurate with its size and nature of its business.
16. The Central Government has not prescribed the maintenance of cost
records under section 209 (1) (d) of the Companies Act, 1956 for any of
the products of the company.
17. The company has been generally regular in depositing Employees
Provident Fund and Employees State Insurance dues with appropriate
authorities during the year.
18. According to the information and explanations given to us, there
are no undisputed amounts payable in respect of Income Tax, Wealth Tax,
Sales Tax and Excise Duty outstanding at the year end for a period of
more than six months, from the date they became payable.
19. According to the information and explanations given to us, no
personal expenses have been charged to revenue account other than those
payable under the contractual obligations or in accordance with
generally accepted business practices.
20. The company is not a sick industrial company within the meaning of
clause (O) of sub-section (1) of section 3 of Sick Industrial Companies
(Special Provisions) Act, 1985.
For S.S.Kothari & Co.
Chartered Accountants
Arun K. Tulsian
Partner
Place : New Delhi
Dated : 30th June, 2003
Mar 31, 2002
We have audited the attached Balance Sheet of Sarda Proteins Limited as
at 31st March, 2002 and also the Profit and Loss Account for the year
ended on that date, annexed thereto. These financial statements are the
responsibility of the Companys management. Our re- sponsibility is to
express an opinion on thses financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those stand- ards require that we plan and perform
the audit to ob- tain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence support- ing the amounts the
accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presenta- tion. We believe that our audit provides a reasonable basis
for our opinion.
As required by the Manufacturing and Other Compa- nies
(AuditorsReport)Order,1988 issued by the Cen- tral 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.
Further to our comments in the Annexure referred to above, we report
that:
a)We have obtained all the information and explanations which,to the
best of our knowledge and belief,were necessary for the purpose of our
audit.
b) In our opinion proper Books of Account,as required by law, have been
kept by the company so far as it appears from our examination of the
books.
c) The Balance Sheet and Profit & Loss Account are in agreement with
the books of Accounts.
d) In our opinion,the Balance Sheet and Profit & Loss account comply
with the mandatory accounting standards referred to in section 211(3C)
of the Companies Act. 1956.
e) We have relied on the certificate of management in respect of
project expenses & capital advances of Rs.18.33 lacs carried forward as
capital work in progress considering them to be viable projects, since
the same is a technical matter.
f) On the basis of information and explantations received from the
management,none of the director
of the company are. disqualified as on 31st March 2002 from being
appointed director of the company in clause (g) of Sub-Section (1) of
section 274 of the Companies Act, 1956.
g) in our opinion and to the best of our information and according to
the explanations given to us, the said accounts read together with
Accounting Policies and notes there on give the information required by
the Companies Act, 1956 in the manner so required and give a true and
fair view in conformity with the accounting principles generally
accepted in India :
i) In case of Balance sheet, of the State of Affairs of the company at
31st. March, 2002 and
ii) in case of Profit & Loss Account, of the Loss of the company for
the year ended on that date.
ANNEXURE TO THE AUDITORSS REPORT
(Referred to in our report of even date on the accounts of SARDA
PROTEINS LIMITED for the ended 31st March, 2002)
1) The company is maintaining record showing full particulars,including
quantitative details and situation of Fixed Assets,Physical
verification of these Assets had been conducted by management once
during the year which in our opinion is a reasonable interval. No
serious discrepancy was noticed on such verification compared with book
records.
2. None of the Fixes Assets have revalued during the year.
3. As explained to us, the stocks of finished goods, stores, spare
parts and raw material were physically verified during the year which
in our opinion was within a reasonable interval.
4. In our opinion the procedures of physical verification of stocks
followed by management were reasonable and adequate in relation to the
size of the company and the nature of its business.
5. The discrepancies noticed on physical verification of stocks as
compared to book records were not material and have been suitably
adjusted in book.
6. In our opinion and on the basis of our examination of stocks, the
valuation is fair and proper in accordance with the normally accepted
accounting principles and is on the same basis as in earlier years.
7. The Company has not taken any loans from companies, firms and other
parties listed in the register maintained under section 301 of the
Companies Act, 1956 as per sub-section (6) of Section 370 of the
Companies Act 1956. the provisions of the said section are not
applicable to the Company after the commencement of the Companies
(amendment) Act, 1999 w.e.f. 31.10.1998.
8. The company has not given any loans to Companies, firms of other
parties listed in the register maintained under section 301 of the
companies act, 1956 as per sub-section(6) of Section 370 of the
Companies Act 1956. The provisions of the said section are not
applicable to the Company after the commencement of the Companies
(amendment) act 1999, w.e.f. 31.10.1998.
9. Loans and advances in the nature of loans have been given to the
employees of the company and to other parties, They are generally
repaying the principal amounts as per stipulations, wherever made and
are also regular in payment of the interest, wherever applicable.
10. In our opinion and according to the information & 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 stores, raw materials including
components, plant and machinery,equipment and other assets and for the
sale of goods.
11. In our opinion and according to the information explanations given
to us, no transactions of purchase of goods and materials and sale of
goods,materials and services aggregating during the year to Rs.
50,000/- of more in respect of each party, have been made in pursuance
of contracts or arrangements required to be entered in register
maintained under section 301 of the Companies Act, 1956.
12. As per the information and explanations given to us, the company
has a regular procedure for determination of unserviceable or damaged
stores,
raw materials and finished goods and provision for loss, wherever
necessary, has been made in books.
13. The company has not accepted any deposits from public as defined
under section 58-A of the Compa- nies Act, 1956 and rules framed
thereunder.
14. In our opinion and accoring to information and explanations given
to us,the company is maintaining reasonable records for the sale and
disposal of realisable scrap and by-products.
15. In our opinion,the company has an adequate internal audit system
commensurate with its size and nature of its business.
16. The Central Goverment has not prescribed the maintanance of cost
records under section 209 (1) (d) of the Companies Act, 1956 for any of
the products of the company.
17.The company has been generally regular in depositing employees
provident fund and employees state insurance dues with appropriate
authorities during the year.
18. According to the information and explanations given to us, there
are no undisputed amounts payable in respect of Income Tax, Wealth Tax,
Sales Tax and Excise Duty outstanding at the year end for a period of
more than six months from the date they became payable.
19. According to the information and explanations given to us,no
personal expenses have been charged to revenue account other than those
payable under the contractual obligations or in accordance with
generally accepted business practices.
20. The company is not a sick industrial company within the meaning of
clause (O) of sub-section (1) of section 3 of Sick Industrial Companies
(Special Provisions) Act, 1985.
For S.S. Kothari & Co.
Chartered Accountants
Arun K. Tulsian
Partner
Dated : 22nd June, 2002
Place : New Delhi