Home  »  Company
Enter the first few characters of Company and click 'Go'
Sorry, unable to find the company details of Srinivasa hatcheries

Search NSE/BSE Listed Company Details By Alphabets

 
Subscribe now to get personal finance updates in your inbox!
Auditor Report of Srinivasa Hatcheries Ltd. Company
Home  »  Company  »  Srinivasa Hatche  »  Quotes  »  Auditor Report
Enter the first few characters of Company and click 'Go'

Auditor Report of Srinivasa Hatcheries Ltd.

Mar 31, 2014

We have audited the accompanying financial statements of SRINIVASA HATCHERIES 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 a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statement give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

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

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

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order"), as amended, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a. we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

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

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

d. in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956 read with the General Circular 15/2013 dated September 13, 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 31, 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

Referred to in Paragraph 3 of our Report of even date:

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

b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals, in a phased verification programme, which, in our opinion, is reasonable, looking to the size of the Company and the nature of its business. According to the information and explanations given to us, discrepancies noticed on physical verification have been properly dealt with in the books of account;

c) During the year, the Company has not disposed off any substantial part of its fixed assets so as to affect its going concern.

2. a) As explained to us, inventories have been physically verified during the year by the management. Inventories lying with outside parties have been confirmed by them at the close of the year;

b) The procedures explained to us, which are followed by the management for physical verification of inventories, are, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business;

c) On the basis of our examination of the inventory records of the Company, we are of the opinion that, the Company is maintaining proper records of its inventory. Discrepancies, which were noticed on physical verification of inventory as compared to book records, have been properly dealt with in the books of account.

3. (a) The company has granted loan to one party (previous year - two parties) covered in the register maintained under section 301 of the Companies Act, 1956. In respect of said loans, the maximum amount outstanding at any time during the year was Rs. 19.62 crores (previous year Rs. 20.15 crores) and the yearend balance of loan granted was Rs. 19.62 crores (previous year Rs. 17.61 crores).

(b) In our opinion, the rate of interest and other terms and conditions on which loan have been granted to parties listed in the register maintained under section 301 of the Companies Act,1956 are not prima facie prejudicial to the interest of the company.

(c) The associate firm to which loan has been granted has not been regular in payment of principal and interest thereon and overdue balance of principal and interest at the end of the year was Rs. 19.62 Crores (previous year - Rs. 17.61 Crores). The Company has initiated necessary steps for recovery of the loan.

(d) The company had not taken any loan from companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, reporting under clause 4(iii) (b) (c) & (d) of aforesaid order are not applicable to the Company.

4. In our opinion and according to the information and explanation given to us, there are generally adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for sale of goods and services.

5. a) On the basis of the audit procedures performed by us, and according to the information, explanations and representations given to us, the particulars of all transactions in which directors were interested, as contemplated under Section 297 and Section 299 of the Companies Act, 1956, and which were required to be entered in the register maintained under Section 301 of the said Act, have been so entered;

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

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public within the meaning of Section 58A, 58AA of the Companies Act, 1956 or any other relevant provisions of the Act and the Rules made there under.

7. In our opinion, the company has the internal audit system commensurate with its size and nature of business.

8. We have broadly reviewed the books of accounts maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records u/s 209 (1) (d) of the Companies Act. 1956 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have not however made a detailed examination of the records with a view to determine whether they are accurate or complete.

9. a) The company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employee''s State Insurance, Income-tax, Sales-tax, Wealth tax, Service tax, Custom duty, Excise duty, cess and other material statutory dues applicable to it.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of income-tax, wealth tax, service tax, sales tax, custom duty, excise duty and cess were in arrears, as at 31st March 2014 for a period of more than six months from the date they became payable;

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

11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institution, bank or debenture holders.

12. As per the information and explanation given to us the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

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

14. In our opinion and according to the information and explanations given to us, the company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

15. 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.

16. In our opinion, the term loans have been applied for the purpose for which they were raised.

17. Based on information and explanations given to us and on an overall examination of the financial statements of the Company, we are of the opinion that prima facie short term funds have not been used for long term purpose.

18. The company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. The company has not issued any debentures and hence the provisions of clause 4(xix) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

20. According to the information and explanations given to us, the Company has not raised money by public issues during the year.

21. According to the information and explanations given to us, and to the best of our knowledge and belief, no significant fraud on or by the company, has been noticed or reported by the Company during the year.

For S.DAGA & CO., Chartered Accountants, F.No.000669S

SHANTILAL DAGA Place : Hyderabad Partner Date : 27.05.2014 Membership No.11617


Mar 31, 2013

Report on the Financial Statements

We have audited the accompanying f nancial statements of Srinivasa Hatcheries Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Prof t and Loss and Cash Flow Statement for the year then ended, and a summary of signif cant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these f nancial statements that give a true and fair view of the f nancial position, f nancial performance and cash f ows of the Company in accordance with the Accounting Standards referred to in sub- section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the f nancial 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 f nancial statements based on our audit. We conduc ted 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 f nancial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the f nancial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the f nancial 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 f nancial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the f nancial statements. We believe that the audit evidence we have obtained is suf cient 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 f nancial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of af airs of the Company as at March 31, 2013;

(b) in the case of the Statement of Prof t and Loss, of the Prof t for the year ended on that date; and

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specif ed in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a. we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b. in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books and proper returns adequate for the purposes of our audit have been received from branches not visited by us;

c. the Balance Sheet, Statement of Prof t and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account and with the returns received from branches not visited by us;

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

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

ANNEXURE TO AUDITORS'' REPORT

Referred to in Paragraph 3 of our Report of even date:

1. a) The company has generally maintained proper records showing particulars, including quantitative details and situation of fIxed assets;

b) As explained to us, the f xed assets have been physically verif ed by the management at reasonable intervals, in a phased verif cation programme, which, in our opinion, is reasonable, looking to the size of the Company and the nature of its business. According to the information and explanations given to us, discrepancies noticed on physical verif cation have been properly dealt with in the books of account;

c) During the year, the Company has not disposed of any substantial part of its f xed assets so as to af ect its going concern.

2. a) As explained to us, inventories have been physically verif ed during the year by the management. Inventories lying

with outside parties have been conf rmed by them at the close of the year;

b) The procedures explained to us, which are followed by the management for physical verif cation of inventories, are, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business;

c) On the basis of our examination of the inventory records of the Company, we are of the opinion that, the Company is maintaining proper records of its inventory. Discrepancies, which were noticed on physical verif cation of inventory as compared to book records, have been properly dealt with in the books of account.

3. (a) The company has granted loan to two parties covered in the register maintained under section 301 of the Companies Act, 1956. In respect of said loans, the maximum amount outstanding at any time during the year was Rs.. 20.15 crores (previous year Rs.. 25.06 crores) and the yearend balance of loan granted was Rs.. 17.61 crores (previous year Rs.. 18.67 crores).

(b) In our opinion, the rate of interest and other terms and conditions on which loan have been granted to parties listed in the register maintained under section 301 of the Companies Act,1956 are not prima facie prejudicial to the interest of the company.

(c) The party is generally regular in paying the principal amounts as stipulated and has also been regular in the payment of interest. However, loan given (including interest thereon) to an associate f rm is falling due by 13th June 2013, after the date of Balance Sheet, as per subsisting approval of Ministry of Corporate Af airs, for which it has f led an application for extension of time.

(d) There is no overdue amount, on the date of reporting, in respect of loans granted to party listed in the register maintained under section 301 of the Companies Act, 1956.

(e) The company had not taken any loan from companies, f rms and other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanation given to us, there are generally adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and f xed assets and for sale of goods and services.

5. a) On the basis of the audit procedures performed by us, and according to the information, explanations and representations given to us, the particulars of all transactions in which directors were interested, as contemplated under Section 297 and Section 299 of the Companies Act, 1956, and which were required to be entered in the register maintained under Section 301 of the said Act, have been so entered;

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

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public within the meaning of Section 58A, 58AA of the Companies Act, 1956 or any other relevant provisions of the Act and the Rules made there under.

7. In our opinion, the company has the internal audit system commensurate with its size and nature of business.

8. We have broadly reviewed the books of accounts maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records u/s 209 (1) (d) of the Companies Act, 1956 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have not however made a detailed examination of the records with a view to determine whether they are accurate or complete.

9. a) The company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employee''s State Insurance, Income-tax, Sales-tax, Wealth tax, Service tax, Custom duty, Excise duty, cess and other material statutory dues applicable to it;

b) According to the information and explanations given to us, no undisputed amounts payable in respect of income-tax, wealth tax, service tax, sales tax, custom duty, excise duty and cess were in arrears, as at 31st March 2013 for a period of more than six months from the date they became payable.

10. The company does not have any accumulated losses at the end of the f nancial year and has not incurred cash losses in the current f nancial year and in the immediately preceding f nancial year.

11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to f nancial institution, bank or debenture holders.

12. As per the information and explanation given to us the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. In our opinion, the company is not a chit fund or a nidhi mutual benef t fund/ society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the company.

14. In our opinion and according to the information and explanations given to us, the company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

15. According to the information and explanations given to us, the company has not given any guarantee for loans taken by others from banks or f nancial institutions.

16. In our opinion, the term loans have been applied for the purpose for which they were raised.

17. Based on information and explanations given to us and on an overall examination of the f nancial statements of the Company, we are of the opinion that prima facie short term funds have not been used for long term purpose.

18. The company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. The company has not issued any debentures and hence the provisions of clause 4(xix) of the Companies (Auditor''s Report) Order, 2003 are not applicable to the Company.

20. According to the information and explanations given to us, the Company has not raised money by public issues during the year.

21. According to the information and explanations given to us, and to the best of our knowledge and belief, no signif cant fraud on or by the company, has been noticed or reported by the Company during the year.

For S.DAGA & CO.,

Chartered Accountants,

(F.No.000669S)

(SHANTILAL DAGA)

Place: Hyderabad Partner

Date: 30.05.2013 M.No.11617


Mar 31, 2012

1. We have audited the attached Balance Sheet of SRINIVASA HATCHERIES LTD. as at 31st March 2012 and also the Statement of Profit and 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 plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 (and amended by The Companies (Auditor's Report) (Amendment) Order, 2004) issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we annex hereto 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 and Loss and Cash Flow Statement referred to in 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 dealt with by this report comply with the accounting standards as referred to in sub-section (3C) of Section 211 of the Companies Act, 1956;

e. On the basis of written representations received from the directors, as on 31st March 2012, and taken on record by the Board of directors, we report that none of the directors of the company is disqualified as referred to in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

5. In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read together with the Significant 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 the Balance Sheet, of the state of affairs of the Company as at 31st March 2012;

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

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

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

b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals, in a phased verification programme, which, in our opinion, is reasonable, looking to the size of the Company and the nature of its business. According to the information and explanations given to us, discrepancies noticed on physical verification have been properly dealt with in the books of account;

c) During the year, the Company has not disposed off any substantial part of its fixed assets so as to affect its going concern.

2. a) As explained to us, inventories have been physically verified during the year by the management. Inventories lying with outside parties have been confirmed by them at the close of the year;

b) The procedures explained to us, which are followed by the management for physical verification of inventories, are, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business;

c) On the basis of our examination of the inventory records of the Company, we are of the opinion that, the Company is maintaining proper records of its inventory. Discrepancies, which were noticed on physical verification of inventory as compared to book records, have been properly dealt with in the books of account.

3. (a) The company has granted loans to two parties covered in the register maintained under section 301 of the Companies Act, 1956. In respect of said loans, the maximum amount outstanding at any time during the year was Rs 23.53 crores and the year end balance of loan granted is Rs 17.14 crores.

(b) In our opinion, the rate of interest and other terms and conditions on which loans have been granted to parties listed in the register maintained under section 301 of the Companies Act,1956 are not prima facie prejudicial to the interest of the company.

(c) The party is generally regular in paying the principal amounts as stipulated and has also been regular in the payment of interest to the company.

(d) There is no overdue amount, on the date of reporting, in respect of loans granted to parties listed in the register maintained under section 301 of the Companies Act, 1956.

(e) The company had not taken any loan from companies, firms and other parties covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanation given to us, there are generally adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for sale of goods and services.

5. a) On the basis of the audit procedures performed by us, and according to the information, explanations and representations given to us, the particulars of all transactions in which directors were interested, as contemplated under Section 297 and Section 299 of the Companies Act, 1956, and which were required to be entered in the register maintained under Section 301 of the said Act, have been so entered;

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

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public within the meaning of Section 58A, 58AA of the Companies Act, 1956 or any other relevant provisions of the Act and the Rules made there under.

7. In our opinion, the company has the internal audit system commensurate with its size and nature of business.

8. We have broadly reviewed the books of accounts maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records u/s 209 (1) (d) of the Companies Act, 1956 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have not however made a detailed examination of the records with a view to determine whether they are accurate or complete.

9. a) The company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employee's State Insurance, Income-tax, Sales-tax, Wealth tax, Service tax, Custom duty, Excise duty, cess and other material statutory dues applicable to it.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of income-tax, wealth tax, service tax, sales tax, custom duty, excise duty and cess were in arrears, as at 31st March 2012 for a period of more than six months from the date they became payable;

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

11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institution, bank or debenture holders.

12. As per the information and explanation given to us the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

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

14. In our opinion and according to the information and explanations given to us, the company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

15. 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.

16. In our opinion, the term loans have been applied for the purpose for which they were raised.

17. Based on information and explanations given to us and on an overall examination of the financial statements of the Company, we are of the opinion that prima facie short term funds have not been used for long term purpose.

18. The company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. The company has not issued any debentures and hence the provisions of clause 4(xix) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company.

20. According to the information and explanations given to us, the Company has not raised money by public issues during the year.

21. According to the information and explanations given to us, and to the best of our knowledge and belief, no significant fraud on or by the company, has been noticed or reported by the Company during the year.



For S.DAGA & CO.,

Chartered Accountants,

(F.No.000669S)

(SHANTILAL DAGA)

Place : Hyderabad Membership No.11617

Date : 26 05 2012 Partner


Mar 31, 2011

1. We have audited the attached Balance Sheet of SRINIVASA HATCHERIES LTD. as at 31st March 2011 and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion,

3. As required by the Companies (Auditors Report) Order, 2003 (and amended by The Companies (Auditors Report) (Amendment) Order, 2004) issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we annex hereto 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, Profit and Loss Account and Cash Flow Statement referred to in this report are in agreement with the books of account;

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

e. On the basis of written representations received from the directors, as on 31st March 2011, and taken on record by the Board of directors, we report that none of the directors of the company is disqualified as referred to in terms of clause (g) of sub- section (1) of Section 274 of the Companies Act, 1956.

5. In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read together with the Significant Accounting Policies and other notes appearing in Schedule 16; 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 the Balance Sheet, of the state of affairs of the Company as at 31 st March 2011;

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

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

ANNEXURE TO AUDITORS REPORT Referred to in Paragraph 3 of our Report of even date:

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

b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals, in a phased verification programme, which, in our opinion, is reasonable, looking to the size of the Company and the nature of its business. According to the information and explanations given to us, discrepancies noticed on physical verification have been properly dealt with in the books of account;

c) During the year, the Company has not disposed off any substantial part of its fixed assets so as to affect its going concern,

2. a) As explained to us, inventories have been physically verified during the year by the management. Inventories lying with outside parties have been confirmed by them at the close of the year;

b) The procedures explained to us, which are followed by the management for physical verification of inventories, are, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business;

c) On the basis of our examination of the inventory records of the Company, we are of the opinion that, the Company is maintaining proper records of its inventory. Discrepancies, which were noticed on physical verification of inventory as compared to book records, have been properly dealt with in the books of account.

3. (a) The company has granted loan to one party covered in the register maintained under section 301 of the Companies Act, 1956. The maximum amount involved during the year is Rs. 10 crores and the period end balance of loan granted is Rs. 8.72 crores.

(b) In our opinion, the rate of interest and other terms and conditions on which loan have been granted to party listed in the register maintained under section 301 of the Companies Act, 1956 are not prima facie prejudicial to the interest of the company.

(c) The party is regular in paying the principal amounts as stipulated and has also been regular in the payment of interest to the company.

(d) There is no overdue amount in respect of loans granted to party listed in the register maintained under section 301 of the Companies Act, 1956.

(e) The company had not taken any loan covered in the register maintained under section 301 of the Companies Act, 1956.

4. In our opinion and according to the information and explanation given to us, there are generally adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for sale of goods and services.

5. a) On the basis of the audit procedures performed by us, and according to the information, explanations and representations given to us, the particulars of all transactions in which directors were interested, as contemplated under Section 297 and Section 299 of the Companies Act, 1956, and which were required to be entered in the register maintained under Section 301 of the said Act, have been so entered;

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

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public within the meaning of Section 58A, 58AA of the Companies Act, 1956 or any other relevant provisions of the Act and the Rules made there under.

7. In our opinion, the company has internal audit system commensurate with the size and nature of its business.

8. The Central Government has not prescribed any cost records pursuant to the Rules made for the maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956 in relation to the Companys business activities.

9. a) The company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income-tax, Sales-tax, Wealth tax, Service tax. Custom duty, Excise duty, cess and other material statutory dues applicable to it. b) According to the information and explanations given to us, no undisputed amounts payable in respect of income-tax, wealth tax, service tax, sales tax, custom duty, excise duty and cess were in arrears, as at 31 st March 2011 for a period of more than six months from the date they became payable;

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

11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institution, bank or debenture holders.

12. As per the information and explanation given to us the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

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

14. In our opinion and according to the information and explanations given to us, the company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

15. 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.

16. In our opinion, the term loans have been applied for the purpose for which they were raised,

17. Based on information and explanations given to us and on an overall examination of the financial statements of the Company, we are of the opinion that prima facie short term funds have not been used for long term purpose.

18. The company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. The company has not issued any debentures and hence the provisions of clause 4(xix) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

20. According to the information and explanations given to us, the Company has not raised money by public issues during the year.

21. According to the information and explanations given to us, and to the best of our knowledge and belief, no significant fraud on or by the company, has been noticed or reported by the Company during the year.

For S.DAGA & CO

Chartered Accountants

(F.NO.000669S)

SHANTILAL DAGA

Place : Hyderabad Membership No. 11617

Date : 20.05.2011 Partner






Mar 31, 2010

1. We have audited the attached Balance Sheet of SRINIVASA HATCHERIES LTD. as at 31st March 2010 and also the Profit ana Loss Account ana the Cash Flow Statement for the year ended on that date annexea thereto. These financial statements are the responsibility of the companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation, We believe that our audit proviaes a reasonable basis for our opinion.

3. As requirea by the Companies (Auditors Report) Order, 2003 (ana amenaed by The Companies (Auditors Report) (Amendment) Order, 2004) issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we annex hereto 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 obtainea 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, Profit and Loss Account and Cash Flow Statement referrea to in this report are in agreement with the books of account;

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

e. On the basis of written representations received from the directors, as on 31st March 2010, and taken on record by the Board of Directors, we report that none of the directors of the company is disqualifiea as referred to in terms of clause (g) of sub- section (1) of Section 274 of the Companies Act, 1956.

i. In our opinion and to the best of our information and according to the explanations given to us, the said accounts, read together with the Significant Accounting Policies ana other notes appearing in Schedule 15; give the information requirea by the Companies Act, 1956, in the manner so required and give a true ana fair view in conformity with the accounting principles generally accepted in India:-

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

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

(ili) in the case of Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE TO AUDITORS REPORT Referred to in Paragraph 3 of our Report of even date:

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

b) As explained to us, the fixed assets have been physically verified by the management at reasonable intervals, in a phased verification programme, which, in our opinion, is reasonable, looking to the size of the Company and the nature of its business. According to the information and explanations given to us, discrepancies noticed on physical verification have been properly dealt with in the books of account;

c) During the year, the Company has not disposed off any substantial part of its fixed assets so as to affect its going concern.

2. a) As explained to us, inventories have been physically verified during the year by the management. Inventories lying with outside parties have been confirmed by them at the close of the year;

b) The procedures explained to us, which are followed by the management for physical verification of inventories, are, in our opinion, reasonable and adequate in relation to the size of the Company and the nature of its business;

c) On the basis of our examination of the inventory records of the Company, we are of the opinion that, the Company is maintaining proper records of its inventory, Discrepancies, which were noticed on physical verification of inventory as compared to book records, have been properly dealt with in the books of account.

3. According to the information and explanations given to us, the Company has neither granted nor taken any loans, secured or unsecured, to/ from companies, firms and other parties covered in the register maintained under Section 301 of the Companies Act, 1956, Accordingly paragraphs 4(iii) (b), (c), (d), (f) and (g) of the Order are not applicable.

4. In our opinion and according to the information and explanation given to us, there are generally adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory and fixed assets and for sale of goods and services.

5.a) On the basis of the audit procedures performed by us, and according to the information, explanations and representations given to us, the particulars of all transactions in which directors were interested, as contemplated under Section 297 and Section 299 of the Companies Act, 1956, and which were required to be entered in the register maintained under Section 301 of the said Act, have been so entered;

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

6. In our opinion and according to the information and explanations given to us, the company has not accepted any deposits from the public within the meaning of Section 58A, 58AA of the Companies Act, 1956 or any other relevant provisions of the Act and the Rules made there under.

7. In our opinion, the company has to further strengthen the internal audit system commensurate with its size and nature of business,

8. The Central Government has not prescribed any cost records pursuant to the Rules made for the maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956 in relation to the Companys business activities.

9. a) The company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education Protection Fund, Employees State Insurance, Income-tax, Sales-tax, Wealth tax, Service tax, Custom duty, Excise duty, cess and other material statutory dues applicable to it.

b) According to the information and explanations given to us, no undisputed amounts payable in respect of income-tax, wealth tax, service tax, sales tax, custom duty, excise duty ana cess were in arrears, as at 31 st March 2010 for a period of more than six months from the date they became payable;

c) According to the information and explanations given to us, the following are the details of disputed statutory dues as at the year end:

Sl. Name of the Nature of Dues Amount Period to which Forum where No. Statute Rs. the amount relates dispute is pending

(i) A.RState Electricity Dues 85,107 2001-02 Addl.Divisional

Electricity Act Engineer,

APCPDCL, Narsapur, Medak Dist.

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

11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to financial institution, bank or debenture holders.

12. As per the information and explanation given to us the company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

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

14. In our opinion and according to the information and explanations given to us, the company is not dealing in or trading in shares, securities, debentures and other investments. Therefore, the provisions of clause 4(xiv) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

15. 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.

16. The company has not raised any term loan during the year.

17. Based on information and explanations given to us and on an overall examination of the financial statements of the Company, we are

of the opinion that prima facie short term funds have not been used for long term purpose,

18. The company has not made any preferential allotment of shares to parties or companies covered in the register maintained under section 301 of the Companies Act, 1956.

19. The company has not issued any debentures and hence the provisions of clause 4(xix) of the Companies (Auditors Report) Order, 2003 are not applicable to the Company.

20. According to the information and explanations given to us, the Company has not raised money by public issues during the year.

21. According to the information and explanation given to us, during the year, no fraud by the company has been noticed or reported; However an instance of fraud on the company has been noticed and reported, amounting to Rs. 19.43 lakhs through misappropriation by certain employees, A sum of Rs. 4.29 lakhs has since been recovered and steps are being taken for recovery of the balance amount, The investigations are in progress and the concerned employees have been dismissed/ suspended.

ForS.DAGA&CO

Chartered Accountants (F.NO.000669S)

SHANTILAL DAGA

Partner Membership No.l 1617

Place : Hyderabad Date : 27.05.2010

 
Subscribe now to get personal finance updates in your inbox!