Mar 31, 2015
We have audited the accompanying financial statements of M/s
Coromandel Agro Products and Oils Limited which comprise the Balance
Sheet as at March 31, 2015, and the Statement of Profit and Loss for
the year ended on that date annexed thereto 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
The Company's Board of Directors is responsible for the matters 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
the maintenance of adequate accounting records in accordance with the
provision of the Act for safeguarding of the assets of the Company and
for preventing and detecting the frauds and other irregularities;
selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of internal financial control, 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 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
true and fair view 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 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.
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements, give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India;
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
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.
1. As required by the Companies (Auditor's Report) Order, 2015
issued by the Central Government of India in terms of sub-section (11)
of section 143 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 3 and 4 of the Order.
Report on other Legal and Regulatory Requirements
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the other matters included in the Auditor's
Report and to our 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
derivatives contracts for which there were any material foreseeable
losses; and
iii. The amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company have been so transferred;
ANNEXURE TO THE AUDITORS' REPORT
(Ref. Coromondel Agro Products and Oils Limited) (Of even date
referred to in Para 1 of our Report)
(i) a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) All the Fixed 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 nature of its assets and, to the best of our
knowledge, no material discrepancies were noticed on such
verification;.
(ii) a) As explained given to us, physical verification of inventories
has been conducted by the Management at reasonable intervals.
b) In our opinion, the procedures of physical verification of stocks
followed by the Management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) The Company has maintained proper records of inventories. As
explained to us, no material discrepancies were noticed on physical
verification of inventory.
(iii) Based on the information and explanations provided to us, the
company has not granted any loans, whether secured or unsecured, to
the companies, firms or other parties covered in the Register
maintained u/s Sec. 189 of the Companies Act, 2013 during the year.
Hence sub clauses (a) and (b) of clause 3(iii) of the order are not
applicable to the company for the year.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and fixed assets and also for the sale of goods
and services to the extent applicable. During the course of our audit,
we have not observed any continuing failure to correct major
weaknesses in internal control system.
(v) Based on the information provided to us, the Company has not
accepted any deposits during the year and hence, in our opinion, the
Clause 3(v) is not applicable to the company for the year
(vi) Based on the explanations given to us, the Company has made and
maintained cost records and accounts as specified by the Central
Government under Section 148 of the Companies Act, 2013.
(vii) (a) According to the records of the company, the company is
regular in depositing the undisputed statutory dues including
employees' state insurance, income-tax, sales-tax, wealth tax,
service tax, duty of customs, duty of excise, value added tax, cess
with the appropriate authorities;
(b) According to the information and explanations given to us, there
are no dues of VAT, income tax, customs duty, excise duty, wealth tax,
service tax, cess to be deposited on account of any dispute
Since the Central Government has not issued any notification as to the
rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said
section, prescribing the manner in which such cess is to be paid, no
cess is due and payable by the Company.
(c) According to the information provided and explanations offered to
us, the company is regular in transferring amounts to Investor
Education and Protection Fund in accordance with the relevant
provisions of the Companies Act, 1956 (1 of 1956) and rules made there
under.
(viii) The Company has no accumulated losses and has not incurred any
cash losses during the financial year covered by our Audit or in the
immediately preceding financial year.
(ix) Based on the information provided and explanation given to us, we
are of the opinion that the Company has not defaulted in repayment of
dues to Banks.
(x) Based on the information provided and explanations offered to us,
the Company has not given guarantee for loans taken by others from
Banks or Financial Institutions the terms and conditions whereof are
prejudicial to the interest of the company.
(xi) According to the information and explanations given to us, the
term loans were applied for the purposes for which the loans were
obtained.
(xii) In our opinion and according to the information provided and
explanations offered to us, no fraud on or by the Company has been
noticed or reported during the year.
For M/s A.RAMACHANDRA RAO & Co.
Chartered Accountants
ICAI FRN:002857S
Sd/-
(A.Ramachandra Rao)
Place : Hyderabad Partner
Date : 30th May 2015 Membership No. :009750
Mar 31, 2014
We have audited the accompanying financial statements of M/s Coromandel
Agro Products and Oils Limited which comprise the Balance Sheet as at
31st March, 2014 and the Statement of Profit and Loss for the year
ended and Cash Flow Statement as on that date annexed thereto and a
summary of significant accounting policies and other explanatory
information.
Management''s Responsibility for the Financial Statements :
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance and cash flows of the Company in
accordance with the Accounting Standards notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13 th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. This responsibility
includes the design, implementation and maintenance of internal control
relevant to the preparation and presentation of the financial
statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditor''s Responsibility :
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment
of the risks of material misstatement of the financial statements,
whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the Company''s
preparation and fair presentation of the financial statements, in order
to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness
of the 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.
Opinion :
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
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 issued
by the Central Government of India in terms of sub section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
2. As required under provisions of section 227(3) of the Companies Act,
1956, we report that:
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;
a) 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;
b) 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.
c) 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 read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013;
d) 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 THE AUDITORS'' REPORT (Of even date referred to in Para 1
thereof) Ref: M/s. Coromandel Agro Products And Oils Ltd
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the Fixed 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 nature of its assets and to the best of our
knowledge no material discrepancies were noticed on such verification;.
(c) In our opinion, the Company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
Company is not affected.
2. (a) As explained to us, inventories have been physically verified by
the Management at regular intervals during the year.
(b) The procedure of physical verification of stocks followed by the
Management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
(c) The Company has maintained proper records of inventories. As
explained to us, no material discrepancies were noticed on physical
verification of inventory as compared to the book records.
3. (a) Based on the information and explanations provided to us, the
company has not granted any loans, whether secured or unsecured, to
the companies, firms or other parties covered in the Register maintai
-ned u/s Sec. 301 of the Companies Act, 1956 during the year. Hence
sub clauses (b), (c) and (d) of clause 4(iii) of the order are not
applicable to the company for the year.
(b) Based on the information and explanations provided to us, the
company has taken loans, secured or unsecured, from companies, firms or
other parties covered in the register maintained u/s 301 of the Act.
The numbers of parties are four (previous year four) in number and the
maximum amount involved in the year is Rs.4,75,89,694/- (Previous year
Rs. 5,42,88,184/-)
(c) In our opinion, the rate of interest and other terms and conditions
of loans taken by the company, secured or unsecured, are not prima
facie prejudicial to the interests of the company.
(d) Based on the information provided and explanations offered to us,
the payment of principal amount and interest, if any, are also regular
as per terms agreed upon.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business for the
purchase of inventory and fixed assets and also for the sale of goods
and services to the extent applicable. During the course of our audit,
we have not observed any continuing failure to correct major weaknesses
in internal control system.
5. (a) In our opinion, and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in Section 301of the Companies Act,1956 have been entered
in the register required to be maintained under that Section;
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements referred to in point (a) above and exceeding the value of
Rs.5,00,000/- with 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. Based on the information provided to us, the Company has not
accepted any Deposits from the public during the year and hence, in our
opinion, the Clause 4(vi) is not applicable to the company for the
year;
7. In our opinion, the company has an internal audit system
commensurate with its size and nature of its business.
8. We are of the opinion, based on the information provided to us, that
the accounts and records, as prescribed by the Central Government under
section 209(1)(d) of the Act in respect of maintenance of cost records,
have been made and maintained.
9. (a) According to the records of the company, the company is regular
in depositing the undisputed statutory dues including Sales tax, Income-
tax, Customs duty, Excise duty and Employees State Insurance and
Provident Fund and Cess, Investor Education Fund with the appropriate authorities. We have been informed that the company is not liable to pay
Wealth Tax. We have been informed that the provisions of Wealth Tax,
Cess is not applicable to the company.
(b) According to the information and explanations given to us, there
are no dues of Sales Tax/Income Tax/ Customs duty/Excise duty to be
deposited on account of any dispute;
10. The Company has no accumulated losses and has not incurred any cash
losses during the financial year covered by our Audit or in the
immediately preceding financial year.
11. Based on the information provided and explanation given to us, we
are of the opinion that the Company has not defaulted in repayment of
dues to Banks or Financial Institutions or Debenture holders.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a Chit fund or Nidhi / Mutual
Benefit Fund / Society and hence clause 4(xiii) of the Companies
(Auditor''s Report) order 2003 is not applicable to the Company.
14. Based on the information given to us, the Company has not dealt or
traded in shares, securities, debentures or other investments during
the year.
15. Based on the information provided to us, the Company has not given
guarantee for loans taken by others from Banks or Financial
Institutions.
16. According to the information and explanations given to us, the term
loans availed during the year by the Company were applied for the
purposes for which the loans were obtained.
17. According to the information and explanations given to us, and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the funds raised on short term basis have not been
used for long term investment;
18. Based on the information provided and explanations offered, during
the year, the Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained u/s 301 of
the Companies Act, 1956 and hence sub clause (xvii) of the order is not
applicable to the company for the year.
19. The Company has not issued debentures and not created any
securities or charges.
20. The Company has not raised any money by way of Public Issue during
the year.
21. In our opinion and according to the information provided and
explanations offered to us, no fraud on or by the Company has been
noticed or reported during the year.
For A.RAMACHANDRA RAO & CO
Chartered Accountants
ICAI FRN:002857S
Sd/-
Place: GUNTUR (Camp) (A.RAMACHANDRA RAO)
Date : 30th MAY, 2014 Partner
M. No. : 9750
Mar 31, 2013
We have audited the accompanying financial statements of M/S.
COROMANDEL AGRO PRODUCTS AND OILS LIMITED which comprise the Balance
Sheet as at March 31, 2013, the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management 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. 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.
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 tree
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
01. In our opinion and to the best of our information and according to
the explanations given to us, the financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
02. As required by the Companies (Auditor''s Report) Order, 2003 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.
03. 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, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account;
d) In our opinion, the Balance Sheet, 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;
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 disqualified 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;
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITORS'' REPORT
(Of even date referred to in Para 1 thereof)
Re: M/s. Coromandel Agro Products And Oils Ltd
1. (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) All the Fixed 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 nature of its assets and to the best of our
knowledge no material discrepancies were noticed on such verification;.
(c) In our opinion, the Company has not disposed off substantial part
of fixed assets during the year and the going concern status of the
Company is not affected.
2. (a) As explained to us, inventories have been physically verified
by the Management at regular intervals during the year.
(b) The procedure of physical verification of stocks followed by the
Management are reasonable and adequate in relation to the size of the
Company and the nature of its business.
(c) The Company has maintained proper records of inventories. As
explained to us, no material discrepancies were noticed on physical
verification of inventory as compared to the book records.
3. (a) Based on the information and explanations provided to us, the
company has not granted any loans, secured or unsecured, to companies,
firms or other parties covered in the register maintained u/s301of the
Act during the year. Accordingly the sub-clauses (b),(c),(d),(e) and
(f) of clause 4(iii) are not applicable for the year.
(b) Based on the information and explanations provided to us, the
company has taken unsecured loans from companies, firms or other
parties covered in the register maintained under section 301 of the
act. The number of parties are four and the amount involved in the
transactions is Rs. 5,42,88,184/-.
(c) In our opinion, the rate of interest and other terms and conditions
of loans taken by the company, secured or unsecured ,are not prima
facie prejudicial to the interest of the company
(d) Based on information provided and explanations given to us, the
payment of principal amount and interest if any ,are also regular as
per terms agreed upon.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control procedures
commensurate with the size of the Company and the nature of its
business for the purchase of inventory and fixed assets and also for
the sale of goods and services. During the course of our audit, we
have not observed any continuing failure to correct major weaknesses in
internal control system.
5. In our opinion, and according to the information and explanations
given to us, the company has not entered into any transactions referred
to in section 301 of the Act and hence clause 4(v) is not applicable to
the company for the year;
6. Based on the information provided to us, in our opinion, the
Company has not accepted any deposits from the public during the year
and hence, in our opinion, the Clause 4(vi) is not applicable to the
company for the year;
7. In our opinion, the company has an internal audit system to
commensurate with its size and nature of its business.
8. In our opinion, based on the information provided to us, that the
accounts and records, as prescribed by the Central Government under
section 209(1 )(d) of the act in respect of maintenance of cost
records, have been made and maintained.
9. (a) According to the records of the company, the company is regular
in depositing the undisputed statutory dues including Sales tax,
Income-tax, Customs duty, Excise duty and Employees State Insurance and
Provident Fund and cess, investor education fund with the appropriate
authorities. We have been informed that the company is not liable to
pay Wealth Tax. We have been informed that the provisions of wealth
tax, cess are not applicable to the company;
(b) According to the information and explanations given to us, there
are no dues of sales tax / income tax / customs duty / Wealth tax /
excise duty/ cess to be deposited on account of any dispute;
10. The company has no accumulated losses and has not incurred any
cash losses during the year covered by our audit.
11. Based on the information provided and explanations given to us. we
are of the opinion that the Company has not defaulted in repayment of
dues m banks.
12. In our opinion and according to the information and explanation
given to us, no loans and advances have been granted by the company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a Chit fund or Nidhi / Mutual
Benefit Fund / Society and hence clause 4(xiii) of the Companies
(Auditor''s Report) Order 2003 is not applicable to the Company.
14. Based on the information given to us, the Company has not dealt or
traded in shares, securities, debentures or other investments during
the year.
15. Based on the information provided to us, the Company has not given
guarantees for loans taken by others from Banks or Financial
Institutions.
16. According to the information and explanations given to us, the
term loans were applied for the purpose for which the loans were
obtained.
17. According to the information and explanations given to us, and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the funds raised on short term basis have not been
used for long term investment;
18. Based on the information provided and explanations offered, during
the year, the Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained u/s 301 of
the Companies Act 1956 and hence sub clause (xvii) of the order is not
applicable to the company for the year.
19. The Company has not issued any debentures and not created any
securities or charges.
20. The Company has not raised any money by way of Public Issue during
the year.
In our opinion and according to the information provided and
explanations offered to us, no fraud on or by the Company has been
noticed or reported during the year.
For A. RAMACHANDRA RAO & CO.,
Chartered Accountants
FRN:002857S
Sd/-
Place : GUNTUR. (A. RAMACHANDRA RAO)
Date : 31st May, 2013. Partner
M.No.9750
Mar 31, 2010
We have audited the attached Balance Sheet of M/S. COROMANDEL AGRO
PRODUCTS AND OILS LIMITED as at 31st March 2010, the Profit and Loss
Account and also 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 stater .its based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis
for our opinion.
1. As required by the Companies (Auditors Report) Order, 2003, and
amendments thereto made from time to time, issued by the Central
Government of India in terms of sub-section (4A) of section 227 of the
Companies Act, 1956, we enclose in the Anncxure a Statement on the
matters specified in paragraphs 4 and 5 of the said Order.
2. 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 accounts 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
dealt with by this report are in agreement with the books of accounts;
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the mandatory
Accounting Standards referred to in Sub-section 3C of Section 211 of
the Companies Act, 1956;
e) On the basis of the 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 is disqualified as on
31st March, 2010 from being appointed as a director in terms of clause
(g) of sub-section (I) 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 together with the
significant Accounting Policies and other 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, 2010;
ii) In the case of the Profit and Loss Account, of the Profit for the
year ended on that date; and
iii) In the case of the Cash Flow Statement, of the Cash Flows for the
year ended on that date.
(Of even date referred to in Para 1 of our Report)
1. a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
b) All the fixed 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 and to the best of our
knowledge no material discrepancies were noticed on such verifications.
c) In our opinion, the Company has not disposed of substantial part of
fixed assets during the year and the going concern status of the
Company is not affected.
2. a) As explained to us, inventories have been physically verified by
the Management at regular intervals during the year.
b) In our opinion, the procedure of physical verification of Inventory
followed by the Management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) The Company is maintaining proper records of inventories. As
explained to us, there were no material discrepancies noticed on
physical verification of inventory as compared to the book records.
3. a) Based on the information and explanations provided to us, the
company has not granted any loans, secured or unsecured, to companies,
firms, or other parties covered in the register maintained u/s.30l of
the Act and hence sub-clauses (b), (c) and (d) of clause 4(iii) of the
order arc not applicable for the year;
b) Based on the information and explanations provided to us, the
company has taken loans, secured or unsecured from companies, firms or
other parties covered in the register maintained u/s. 301 of the Act.
The no. of parties arc three and the amount involved in the
transactions is Rs. 8,89,22,522/-;
c) In our opinion, the rate of interest and other terms and conditions
of loans taken by the company, secured or unsecured, are not prima
facie prejudicial to the interest of the company; and
d) Based on the information provided and explanations given to us, the
payment of principal amount and interest, if any, are also regular as
per terms agreed upon.
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 for the purchase of inventory and fixed assets and also for
the sale of goods and services to the extent applicable. During the
course of our audit, we have not observed any continuing failure to
correct major weaknesses in internal control.
5. In our opinion, and according to the information and explanations
given to us, the company has not entered into any transactions referred
to in section 301 of the Act and hence clause 4(v) is not applicable to
the company for the year;
6. Based on the information provided to us, the Company has not
accepted any Deposits from the public during the year and hence, in our
opinion, the Clause 4(vi) is not applicable to the company for the
year;
7. In our opinion, the company has an adequate internal audit system
commensurate with its size and nature of its business,
8. We are of the opinion, based on the information provided to us,
that the accounts and records, as prescribed by the Central Government
under section 209( 1 )(d) of the Act in respect of maintenance of cost
records, is not applicable to the Company;
9. (a) According to the records of the company, the company is regular
in depositing the undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Employees State Insurance,
Sales Tax, Service Tax, Income-tax, Customs Duty and Excise Duty with
the appropriate authorities. We have been informed that the provisions
of Wealth Tax, Cess are not applicable to the company;
(b) According to the information and explanations given to us, there
are no dues of Sales Tax / Income Tax / Service Tax / Customs Duty /
Excise Duty to be deposited on account of any dispute;
10. The Company has no accumulated losses and has not incurred any cash
losses during the year covered by our Audit or in the immediately
preceding financial year.
11. Based on the information provided and explanations given to us, we
are of the opinion that the Company has not defaulted in repayment of
dues to Banks.
12. In our opinion and according to the information and explanations
given to us, no loans and advances have been granted by the Company on
the basis of security by way of pledge of shares, debentures and other
securities.
13. In our opinion, the Company is not a Chit Fund or Nidhi / Mutual
Benefit Fund / Society and hence clause 4(xiii) is not applicable to
the Company.
14. In our opinion, based on the information given to us, the Company
has not dealt or traded in shares, securities, debentures or other
investments during the year.
15. Based on the information and explanations given to us, the Company
has not given guarantees for loans taken by others from banks or
financial institutions;
16. In our opinion and based on the information and explanations given
to us, the term loans were applied for the purpose for which the loans
were obtained;
17. According to the information and explanations given to us, and on
an overall examination of the Balance Sheet of the Company, we are of
the opinion that the funds raised on short term basis have not been
specifically used for long term investment;
18. Based on the information provided and explanations offered, during
the year, the Company has not made any preferential allotment of
shares;
19. The Company has not issued debentures and not created any
securities or charges.
20. The Company has not raised any money by way of Public Issue during
the year.
21. In our opinion and according to the information provided and
explanations offered to us, no fraud on or by the Company has been
noticed or reported during the course of our audit.
For A. RAMACHANDRA RAO & CO.,
Chartered Accountants
FRN:002857S
Sd/-
Place: GUNTUR (A. RAMACHANDRA RAO)
Date: May 24, 2010. Partner
M.No. 9750
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