Mar 31, 2015
We have audited the accompanying financial statements of M/s. PRIMA
AGRO LIMITED ("the Company"), which comprise the Balance Sheet as at
31st March 2015, the statement of Profit and Loss, the Cash Flow
Statement for the year then ended, and a summary of 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 provision of the Act, the accounting and
auditing standards and matters which are required to be included in the
audit report under the provision of the Act and the Rules made there
under. We conducted our audit in accordance with the Standards on
Auditing specified under section 143(10) of the Act. Those Standards
require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures i n 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 qualified audit opinion on the
financial statements
Basis for Qualified Opinion
During the year, the company granted loans and advances to group
concerns amounting to Rs 2,05,34,200.00 which is not in the ordinary
business transaction. Interest has not been accounted in the books of
accounts relating to such loans/advances.
Qualified Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the matter described in the Basis
for Qualified Opinion paragraph,the aforesaid financial statements give
the information required by the Act in the manner so required and give
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 3 1, 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.
Report on Other Legal and Regulatory Requirements
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 Companies Act, 2013, we give in the Annexure
statement on the matters specified in paragraphs 3 and 4 of the Order,
to the extent applicable
2. As required by Section 143 (3) of the Act, we report, to the extent
applicable, that:
a) We have sought and except for the matters described in the Basis for
Qualified Opinion paragraph, obtained all the information and
explanations which to the best of our knowledge and belief were
necessary for the purpose of our audit;
b) Except for the matters described in the Basis for Qualified Opinion
paragraph above, 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) Except for the matters described in the Basis for Qualified Opinion
paragraph, in our opinion, the aforesaid financial statements comply
with the Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules, 2014
e) The matter described in the Basis for Qualified Opinion paragraph
above, in our opinion, may have an adverse effect on the functioning of
the company.
f) On the basis of written representations received from the directors
as on March 31, 2015, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2015, from being
appointed as a director in terms of Section 164 (2) of the Act.
ANNEXURE TO AUDITOR'S REPORT
(Referred to our report of even date)
i.a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) All the assets have not been physical ly verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
ii. a) The inventory has been physically verified during the year by
the management. In our opinion, the frequency of verification is
reasonable.
b) The procedure of physical verification of inventories followed by
the management is 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 inventory and the stock
as disclosed in the financial statements are valued and certified by
the management. The discrepancies noticed on verification between the
physical stocks and book records were not material.
iii. The Company has granted the following loans to companies, firms
and other parties covered in the register maintained u/s.189 under the
Companies Act
Sl. Name of the Company/Firm or Loan Granted
Relationship
No Other Parties during the year
1. Prima Industries Ltd Associate 1,28,79,106.00
2. Prima Beverages (P) Ltd. Associate 24,93,106.00
3. Ayyappa Roller Flour Mills Ltd Associate 48,49,875.00
4. PAPL Exim India Ltd Associate 3,12,113.00
Sl. Name of the Company/Firm or Year end Balance
No Other Parties
1. Prima Industries Ltd 66,39,770.00
2. Prima Beverages (P) Ltd. 2,17,936.40
3. Ayyappa Roller Flour Mills Ltd 77,87,111.08
4. PAPL Exim India Ltd 1,06,979.80
a) We are unable to comment on the rate of interest and other terms and
conditions on which loans have been taken from/granted to companies,
firm or other parties listed in the register maintained u/s 189 of the
Companies Act which are prima facie, prejudicial to the interest of the
company since the terms are not defined.
b) The Company is not paying any interest on such loans and there is no
stipulation as to repayment of principal in respect of loans granted to
parties listed in the register maintained under Section 189 of the
Companies Act, hence we are unable to comment on the regularity of
repayment of principal in respect of the said loans.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in the
internal control system of the company.
v. The company has not accepted any deposit from the public hence the
directions issued by the Reserve Bank of India and provisions of
Section 73 to 76 or any other relevant provisions of the Companies Act
and the Rules framed thereunder are not applicable to this company.
vi. The Central Government has not prescribed maintenance of cost
records under sub-section (1) of section 148 of the Companies Act.
vii. a) According to the information and explanations furnished to us,
during the year, undisputed statutory dues including provident fund,
investor education protection fund, employees state insurance, income
tax, sales tax, wealth tax, customs duty, excise duty, cess and other
material statutory dues applicable to it have been deposited with
appropriate authorities and there has been no serious delays.
b) According to the information and explanation given to us, there are
no dues of sale tax, income tax, customs duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute.
c) According to the records of the company, there are no amounts that
are due to be transferred to the Investor Education and Protection Fund
in accordance with the provisions of the Companies Act, 1956 (1 of
1956) and rules made thereunder.
viii. In our opinion, the company has accumulated losses to the extent
of Rs. 19, 44, 23,896.29 /- and Rs.19, 79, 15,767.29 in previous year.
The accumulated losses of the company are more than fifty per cent of
its paid up capital and free reserves. However the company has not
reported cash loss during the current year and in previous year.
ix. In our opinion and according to the information and explanation
given to us, the company during the year has not defaulted in repayment
of dues to the Financial Institutions.
x. In our opinion, the company has not given guarantees for loans
taken by others from banks or financial institutions.
xi. In our opinion, the term loans have been applied for the purpose
for which they were raised.
xii. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit .
For VIJAYAKUMAR & EASWARAN
CHARTERED ACCOUNTANTS
FRN 004703S
Place: COCHIN
Date: 23/05/2015
CA. K. EASWARAN PILLAI, FCA
SENIOR PARTNER
Membership No: 022062
Mar 31, 2014
We have audited the attached Balance Sheet of M/s. PRIMA AGRO LIMITED,
as at 31st March, 2014 the Profit and Loss Account and the Cash Flow
Statement for the year ended on that date annexed thereto 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. In our opinion, the Balance
Sheet, Profit and Loss Account and Cash Flow Statement dealt with by
this report comply with the accounting standards referred to in
subsection (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 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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosure in the financial statement. The procedure
selected depends on the auditor'' s judgment, including the assessment
of risks of material misstatement of the f inancial 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 suf f icient 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 inancial 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 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.
Other Matter
The company has paid Directors remuneration of Rs. 9,00,000/- during the
year, which is in excess of the limit specified under the provisions of
the Act. Our opinion is not qualified in respect of this matter.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
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 disqualif ied 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 AUDITOR''S REPORT
(Referred to in paragraph 3 of our report of even date)
i.
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verif ication.
c) During the year, the company has not disposed off a major part of
the plant and machinery. Accordingly the provisions of clause 4(i) (c)
of the Companies (Auditor''s Report) Order, 2003 are not applicable to
the company.
ii.
a) The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) The procedure of physical verification of inventories followed by
the management is 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 inventory and the stock
as disclosed in the f inancial statements are valued and certified by
the management. The discrepancies noticed on verification between the
physical stocks and book records were not material.
iii.
a) The Company has granted the following loans to companies, firms and
other parties covered in the register maintained u/s.301 under the
Companies Act, 1956.
SI. Name of the Relationship Loan Granted Year end
No Company/Firm or during the Balance
Other Parties year
1. Prima Industries Ltd Associate 1,27,68,075.68 5,67,686.08
2. Prima Beverages Associate 38,65,992.00 10,03,595.40
(P) Ltd.
5. Ayyappa Roller Flour Associate 7,34,71,736.00 30,77,236.08
Mills Ltd
6. Ayyappa Real Estate Associate 2,20,000.00 20,000.00
(P) Ltd
7. PAPL Exim India Ltd Associate 6,23,800.00 63,800.00
8. Prima Credits Ltd Associate 20,000.00 20,000.00
9. Prima Alloys (P) Ltd Associate 20,000.00 2,20,000.00
b)The following are the particulars of loans taken by the company from
companies, and other parties covered in the register maintained
u/s301of the Companies Act, 1956
SI. Name of the Party Relationship with Loan taken Year end
No the Company during the year Balance
1. Sanjay Gupta Managing Director 38,83,250.00 Nil
2. Swati Gupta Relative of Managing 2,84,715.00 1,91,000.00
Director
3. Universal Trading Associate 1,37,338.20 1,50,000.00
Company
c) We are unable to comment on the rate of interest and other terms and
conditions on which loans have been taken from/granted to companies,
firm or other parties listed in the register maintained u/s 301 of the
Companies Act, 1956 which are prima facie, prejudicial to the interest
of the company since the terms are not defined.
d) The Company is not receiving/paying any interest on such loans and
there is no stipulation as to repayment of principal in respect of
loans granted to/taken from parties listed in the register maintained
under Section 301 of the Companies Act, 1956, hence we are unable to
comment on the regularity of repayment of principal in respect of the
said loans.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in the
internal control system of the company.
v. a) In our opinion and according to the information and explanations
given to us, the particulars
of all contracts or arrangements that need to be entered in the
register maintained under Section 301 of the Companies Act, 1956 have
been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements entered in the register maintained u/s 301 of the
Companies Act, 1956 and exceeding the value of five lakh rupees in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
vi. The company has not accepted any deposit from the public hence the
directions issued by the Reserve Bank of India and provisions of
Section 58A and 58AA and other relevant provisions of the Companies
Act, 1956 and the Rules formed thereunder are not applicable to this
company.
vii. The company does not have adequate internal audit system
commensurate with the size and nature of its business.
viii. The Central Government has not prescribed maintenance of cost
records under Section 209(1) (d) of the Companies Act, 1956 for the
products of the Company.
ix.
a) According to the information and explanations furnished to us,
during the year, undisputed statutory dues including provident fund,
investor education protection fund, employees state insurance, income
tax, sales tax, wealth tax, customs duty, excise duty, cess and other
material statutory dues applicable to it have been deposited with
appropriate authorities and there has been no serious delays.
Further, since the Central Government has till date not prescribed the
amount of cess payable u/s 441A of the Companies Act, 1956, we are not
in a position to comment upon the regularity or otherwise of the
company in depositing the same.
b) According to the information and explanation given to us, there are
no dues of sale tax, income tax, customs duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute.
x. In our opinion, the company has accumulated losses to the extent of
Rs. 19,79,15,767.29/- and Rs 20,05, 20,908.07 in previous year. The
accumulated losses of the company are more than fifty per cent of its
paid up capital and free reserves. However the company has not reported
cash loss during the current year and in previous year.
xi. In our opinion and according to the information and explanation
given to us, the company during the year has not defaulted in repayment
of dues to the Financial Institutions.
xii. According to the information and explanations furnished to us, the
company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities.
Accordingly the provisions of clause 4(xii) of the Companies (Auditor''s
Report) Order, 2003 are not applicable to the company.
xiii. In our opinion, the company is not a chit fund or a Nidhi/ mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
xix.In our opinion the company is not dealing in shares, securities,
debentures and other investments. Accordingly the provisions of clause
4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
xv. In our opinion, the company has not given guarantees for loans
taken by others from banks or financial institutions.
xvi. In our opinion, the term loans have been applied for the purpose
for which they were raised.
xvii. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
xviii. According to the information and explanation given to us, the
company has made following preferential allotment of preference shares
to the parties & companies covered in the Register maintained u/s. 301
of the Act.
No. of Preference shares
Name of the Party Relationship with the issued
Company
Ayyappa Roller Flour Associate 60,00,000.00
Mills Ltd
In our opinion, the prices at which such preference shares have been
issued are not prejudicial to the interest of the company. xix. 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.
xx. The company has not raised any money from public issues during the
year. Accordingly the provisions of clause 4(xx) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
xxi. According to the inf ormation and explanations given to us, no f
raud on or by the company has been noticed or reported during the
course of our audit.
For VIJAYAKUMAR & EASWARAN
CHARTERED ACCOUNTANTS
FRN 004703S
Sd/-
CA. K. EASWARAN PILLAI, FCA
SENIOR PARTNER
Place: COCHIN Membership No: 022062
Date: 25/06/2014
Mar 31, 2013
Report on the Financial Statements
We have audited the attached Balance Sheet of M/s. PRIMA AGRO LIMITED,
as at 31st March, 2013 the Profit and Loss Account and the Cash Flow
Statement for the year ended on that date annexed thereto 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. In our opinion, the Balance
Sheet, Profit and Loss Account and Cash Flow Statement dealt with by
this report comply with the accounting standards referred to in
subsection (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 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 misstatements.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosure in the financial statement. The procedure
selected depends on the auditor''s judgment, including the assessment of
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.
Basis for Qualified Opinion
Non  current Investments as per Note 10 consist of investment in
shares of Prima Industries Ltd valued at cost amounting to Rs.
1,01,95,280/-, as on 31st March, 2013, it has been identified that
there is a decline in the value of investment which is not temporary in
nature. The standards laid down by ASÂ13 on ''Accounting for
Investments'' provides that where the decline in the value of investment
is not temporary in nature, then the carrying amount of investments
should be reduced by the amount of such decline and the resultant
reduction should be charged to the Profit & Loss A/c. the company has
not charged such decline to the Profit and Loss A/c.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the effects of the matter
described in the Basis for Qualified Opinion paragraph, 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.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d) Except for the effects of the matter described in the Basis for
Qualified Opinion paragraph, 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.
ANNEXURE TO AUDITOR''S REPORT
(Referred to in paragraph 3 of our report of even date) i.
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed
on such verification.
c) During the year, the company has not disposed off a major part of
the plant and machinery. Accordingly the provisions of clause 4(i)(c)
of the Companies (Auditor''s Report) Order, 2003 are not applicable to
the company.
ii.
a) The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) The procedure of physical verification of inventories followed by
the management is 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 inventory and the stock
as disclosed in the financial statements are valued and certified by
the management. The discrepancies noticed on verification between the
physical stocks and book records were not material.
iii. a) The Company has granted the following loans to companies,
firms and other parties covered in the register maintained u/s.301
under the Companies Act, 1956.
Sl.
No Name of the Company Relationship Year end
/Firm orOther Parties Balance
1. Prima Industries Ltd Associate 7,79,086
2. Prima Beverage (P) Ltd. Associate 7,02,603
3. Sahuwala wax & Chemicals Associate 99,468
4. Oil/Filling Division Associate 2,78,554
b) The following are the particulars of loans taken by the company from
companies, and other parties covered in theregister maintained u/s.301
under the Companies Act, 1956.
Sl.
No Name of the Party Relationship Yearend
with the Company Balance
1. Sanjay Gupta Managing Director NIL
2. Swati Gupta Relative of
Managing Director 67,000.00
c) We are unable to comment on the rate of interest and other terms and
conditions on which loans have been taken from/granted to companies,
firm or other parties listed in the register maintained u/s 301 of the
Companies Act, 1956 which are prima facie, prejudicial to the interest
of the company since the terms are not defined.
d) The Company is not receiving/paying any interest on such loans and
there is no stipulation as to repayment of principal in respect of
loans granted to/taken from parties listed in the register maintained
under Section 301 of the Companies Act, 1956, hence we are unable to
comment on the regularity of repayment of principal in respect of the
said loans.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, we have
not observed any continuing failure to correct major weaknesses in the
internal control system of the company.
v. a) In our opinion and according to the information and explanations
given to us, the particulars of all contracts or arrangements that need
to be entered in the register maintained under Section 301 of the
Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements entered in the register maintained u/s 301 of the
Companies Act, 1956 and exceeding the value of five lakh rupees in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
vi. The company has not accepted any deposit from the public hence the
directions issued by the Reserve Bank of India and provisions of
Section 58A and 58AA and other relevant provisions of the Companies
Act, 1956 and the Rules formed thereunder are not applicable to this
company.
vii.The company does not have adequate internal audit system
commensurate with the size and nature of its business.
viii.The Central Government has not prescribed maintenance of cost
records under Section 209(1) (d) of the Companies Act, 1956 for the
products of the Company.
ix.
a) According to the information and explanations furnished to us,
during the year, undisputed statutory dues including provident fund,
investor education protection fund, employees state insurance, income
tax, sales tax, wealth tax, customs duty, excise duty, cess and other
material statutory dues applicable to it have been deposited with
appropriate authorities and there has been no serious delays.
Further, since the Central Government has till date not prescribed the
amount of cess payable u/s 441A of the Companies Act, 1956, we are not
in a position to comment upon the regularity or otherwise of the
company in depositing the same.
b) According to the information and explanation given to us, there are
no dues of sale tax, income tax, customs duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute.
x. In our opinion, the company has accumulated losses to the extent of
Rs. 20, 05, 20,908.07/- and Rs.19, 75, 95,483 in previous year. The
accumulated losses of the company are more than fifty per cent of its
paid up capital and free reserves. However the company has not reported
cash loss during the current year and in previous year.
xi. In our opinion and according to the information and explanation
given to us, the company during the year has not defaulted in repayment
of dues to the ICICI indica car loan A/c.
xii. According to the information and explanations furnished to us, the
company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities.
Accordingly the provisions of clause 4(xii) of the Companies (Auditor''s
Report) Order, 2003 are not applicable to the company.
xiii. In our opinion, the company is not a chit fund or a Nidhi/ mutual
benefit fund/society. Therefore, the provisions of clause 4(xiii) of
the Companies (Auditor''s Report) Order, 2003 are not applicable to the
company.
xiv. In our opinion the company is not dealing in shares, securities,
debentures and other investments. Accordingly the provisions of clause
4(xiv) of the Companies (Auditor''s Report) Order, 2003 are not
applicable to the company.
xv. In our opinion, the company has not given guarantees for loans
taken by others from banks or financial institutions.
xvi. In our opinion, the term loans have been applied for the purpose
for which they were raised.
xvii.According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
xviii.The company has not made any preferential allotment of shares to
parties & companies covered in the Register maintained u/s. 301 of the
Act. Accordingly the provisions of clause 4 (xviii) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the Company.
xix. 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.
xx. The company has not raised any money from public issues during the
year. Accordingly the provisions of clause 4(xx) of the Companies
(Auditor''s Report) Order, 2003 are not applicable to the company.
xxi. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For VIJAYAKUMAR & EASWARAN,
CHARTERED ACCOUNTANTS,
FRN 004703S
CA K. EASWARAN PILLAI, F.C.A.
SENIOR PARTNER
Place : COCHIN Membership No: 022062
Date : 25/05/2013
Mar 31, 2012
We have audited the attached Balance Sheet of M/s. PRIMA AGRO LIMITED,
as at 31st March, 2012 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 Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those standards require that we plan and perform
the audit to obtain reasonable assurance 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.
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.
Further to our comments in the Annexure referred to above, we report
that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account; (iv) In our opinion, the Balance Sheet, Profit and Loss
Account and Cash Flow Statement dealt with by this report comply with
the accounting standards referred to in subsection
(3C) of section 211 of the Companies Act, 1956;
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 is disqualified as on 31 st March,
2011 from being appointed as a director in terms of clause (g) of
sub-section (1) of section 274 of the Companies Act, 1956;
Non-Current Investments as per Note 10 consist of investment in shares
of Prima Industries Ltd valued at cost amounting to f 1,01,95,280/-. As
on 31st March, 2012, it has been identified that there is a decline in
the value of investment which is not temporary in nature. The standards
laid down by AS -13 on 'Accounting for Investments' provides that where
the decline in the value of investment is not temporary in nature, then
the carrying amount of investments should be reduced by the amount of
such decline and the resultant reduction should be charged to the
Profit & Loss A/c. The company has not charged such decline to the
Profit and Loss A/c.
Secured loans shown in Note 3 of the Balance sheet includes a Cash
Credit of f 11,88,93,444/- lying with State Bank of India. It is also
disclosed that this cash credit is secured by first charge on the fixed
assets of AFD & by hypothecation of inventories and book debts and a
second charge on the fixed assets of FMD. The value of stock as
certified by the management is f 5,27,277/- and the value of Sundry
Debtors given in Note 14 which is considered good is nil. The secured
value of current assets on which the loan is shown as secured comes to
only f 5,27,277/-, which does not cover the loan outstanding. The
realizable value of security under which this loan has been disclosed
is subject to the point discussed above.
Subject to the above, in our opinion and to the best of our information
and according to the explanations given to us, the said accounts give
the information required by the Companies Act, 1956,in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India.
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012; and
(b) in the case of the Profit and Loss Account, of the profit for the
year ended that date.
(c) in the case of the Cash Flow Statement, of the cash flows for the
period ended on that date.
ANNEXURE TO AUDITOR'S REPORT
(Referred to in paragraph 3 of our report of even date)
i.
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets, No material discrepancies were noticed on
such verification.
c) During the year, the company has not disposed off a major part of
the plant and machinery. Accordingly the provisions of clause 4(i)(c)
of the Companies (Auditor's Report) Order, 2003 are not applicable to
the company.
ii.
a) The inventory has been physically verified during the year by the
management. In our opinion, the frequency of verification is
reasonable.
b) The procedure of physical verification of inventories followed by
the management is 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 inventory and the stock
as disclosed in the financial statements are valued and certified by
the management. The discrepancies noticed on verification between the
physical stocks and book records were not material.
iii.
a) The Company has granted the following loans to companies, firms and
other parties covered in the register maintained u/s.301 under the
Companies Act 1956.
SI. No Name of the Company Relationship Year end
/Firm orOther Parties Balance
1. Prima Industries Ltd Associate 3,82,95,900
2. Prima Beverages (P) Ltd. Associate 30,87,778
b) The following are the particulars of loans taken by the company from
companies, and other parties covered in the register maintained u/s.301
under the Companies Act, 1956
SI.
No Name of the Party Relationship Yearend
with the Company Balance
1. Sanjay Gupta Managing Director 45,12,717
2. Swati Gupta Relative of
Managing Director 253,709
c) In our opinion, the rate of interest and the terms and conditions on
which loans have been taken from/ granted to companies, other parties
listed in register maintained u/s. 301 of the Companies Act, 1956 are
not able to report, prima facie, prejudicial to the interest of the
Company, since the terms are not defined.
d) The Company is not receiving/paying any interest on such loans and
there is no stipulation as to repayment of principal in respect of
loans granted to/taken from parties listed in the register maintained
under Section 301 of the Companies Act 1956, hence we ore unable to
comment on the regularity of repayment of principal in respect of the
said loans.
iv. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our- audit, we have
not observed any continuing failure to correct major weaknesses in the
internal control system of the company.
v.
a) In our opinion and according to the information and explanations
given to us, the particulars of all contracts or arrangements that need
to be entered in the register maintained under Section 301 of the
Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of contracts and
arrangements entered in the register maintained u/s 301 of the
Companies Act, 1956 and exceeding the value of five lakh rupees in
respect of any party during the year have been made at prices which are
reasonable having regard to prevailing market prices at the relevant
time.
vi. The company has not accepted any deposit from the public hence the
directions issued by the Reserve Bank of India and provisions of
Section 58A and 58AA and other relevant provisions of the Companies
Act, 1956 and the Rules formed thereunder are not applicable to this
company.
vii. The company does not have adequate internal audit system
commensurate with the size and nature of its business.
viii. The Central Government has not prescribed maintenance of cost
records under Section 209(1) (d) of the Companies Act 1956 for the
products of the Company.
ix.
a) According to the information and explanations furnished to us,
during the year, undisputed statutory dues including provident fund,
investor education protection fund, employees state insurance, income
tax, sales tax, wealth tax, customs duty, excise duty, cess and other
material statutory dues applicable to it have been deposited with
appropriate authorities and there has been no serious delays.
Further, since the Central Government has till date not prescribed the
amount of cess payable u/s 441A of the Companies Act, 1956, we are not
in a position to comment upon the regularity or otherwise of the
company in depositing the same.
b) According to the information and explanation given to us, there are
no dues of sale tax, income tax, customs duty, wealth tax, excise duty
and cess which have not been deposited on account of any dispute.
x. In our opinion, the company has accumulated losses to the extent of
Rs. 19,75,95,483/-. The accumulated losses of the company are more than
fifty per cent of its paid up capital and free reserves.
xi. In our opinion and according to the information and explanations
given to us, the company during the year has defaulted in repayment of
dues to the following banks and financial institutions:
Bank/ Financial Institution Balance Outstanding as at 31
March 2011
1. State Bank of India 11,88,93,444
xii, According to the information and explanations furnished to us, the
company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities/Accordingly
the provisions of clause 4(xii) of the Companies (Auditor's Report)
Order, 2003 are not applicable to the company.
xiii. In our opinion, the company is not a chit fund or a Nidhi/
mutual benefit fund/society. Therefore, the provisions of clause
4(xiii) of the Companies (Auditor's Report) Order. 2003 are not
applicable to the company.
xiv. In our opinion the company is not dealing in shares, securities,
debentures and other investments. Accordingly the provisions of clause
4(xiv) of the Companies (Auditor's Report) Order, 2003 are not
applicable to the company.
xv. In our opinion, the company has not given guarantees for loans
taken by others from banks or financial institutions.
xvi. In our opinion, the term loans have been applied for the purpose
for which they were raised.
xvii. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that no funds raised on short-term basis have been used for long-term
investment.
xviii. The company has not made any preferential allotment of shares to
parties & companies covered in the Register maintained u/s. 301 of the
Act. Accordingly the provisions of clause 4 (xviii) of the Companies
(Auditor's Report) Order, 2003 are not applicable to the Company.
xix. 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.
xx. The company has not raised any money from public issues during the
year. Accordingly the provisions of clause 4(xx) of the Companies
(Auditor's Report) Order, 2003 are not applicable to the company.
xxi. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For VIJAYAKUMAR & EASWARAN
CHARTERED ACCOUNTANTS
FRN004703S
CA K. EASWARAN PILLAI, F.C.A.
PARTNER Membership No: 022062
Place: COCHIN
Date: 28/06/2012
Mar 31, 2010
We have audited the attached Balance Sheet of M/s. PRIMA AGRO LIMITED,
Cochin-33, as at 31st March,2010 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.
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 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.
As required by the Companies (Auditors Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraphs 4 and 5 of the said Order.
Further to our comments in the Annexure referred to above, we report
that:
(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
(ii) In our opinion, proper books of account as required by law have
been kept by the company so far as appears from our examination of
those books;
(iii) The Balance Sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(iv) In our opinion, the Balance Sheet, Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in subsection (3C) of section 211 of
the Companies Act, 1956; 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
is disqualified as on 31st March, 2010 from being appointed as a
director in terms of clause (g) of sub-section (1) of section 274 of
the Companies Act, 1956;
The Company incurred a loss of Rs.1,12,95,733.91/- after providing
financial charges on account of State Bank of India cash credit and
Bank of India cash credit for the period from 01/04/2009 to 31/03/2010
and is subject to financial charges on account of KFC term loan. The
same has been classified as NPA by concerned banks/ financial
institutions.
Secured loans shown in Schedule - C of the Balance sheet includes Rs.
17,30,09,559/- as cash credit availed from SBI and 80/. It is also
disclosed that this cash credit is secured by first charge on the fixed
assets of AFD & by hypothecation of inventories and book debts and a
second charge on the fixed assets of FMD. The value of stock as
certified by the management is Rs. 6,09,151.75/- and the value of
Sundry Debtors given in Schedule- H which is considered good is nil.
The secured value of current assets on which the loan is shown as
secured comes to only Rs. 6,09,151.75/-, which does not cover the loan
outstanding. The realizable value of security under which this loan has
been disclosed is subject to the point discussed above.
Subject to the above, in our opinion and to the best of our information
and according to the explanations given to us, the said accounts give
the information required by the Companies Act, 1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India.
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2010; and
(b) in the case of the Profit and Loss Account, of the profit for the
year ended that date.
(c) in the case of the Cash Flow Statement, of the cash flows for the
period ended on that date.
ANNEXURE TO AUDITORS REPORT (Referred to in paragraph 3 of our report
of even date)
i. In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
b) All the assets have not been physically verified by the management
during the year but there is a regular programme of verification which,
in our opinion, is reasonable having regard to the size of the company
and the nature of its assets. No material discrepancies were noticed on
such verification.
c) During the year, the company has not disposed off a major part of
the plant and machinery. Accordingly the provisions of clause 4(i)(c)
of the Companies (Auditors Report) Order, 2003 are not applicable to
the company.
ii. In respect on its inventory:
a) Physical verification of Inventory has been conducted at reasonable
intervals by the management.
b) The procedure of physical verification of inventories followed by
the management is 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 inventory and the stock
as disclosed in the financial statements are valued and certified by
the management.
iii.
a) The Company has granted following loans to companies, firms and
other parties covered in the register maintained u/s.301 under the
Companies Act, 1956.
Sl. Name of the Company/
Firm or Other Loan given Relationship Year end
during the
No Parties Year with the Balance
Company
1. Ayyappa Roller
Flour Mills Ltd 2,97,01,630 Associate 96,17,759.75
2. Prima Industries
Ltd 87,62,677 1,71,85,128.90
3. Prima Beverages
(P) Ltd. 6,18,433.40 29,64,668.40
b) The following are the particulars of loans taken by the company from
companies, and other parties covered in the register maintained u/s.301
under the Companies Act, 1956
Sl. Name of the Party Loan taken Relationship with Yearend
No During the Year the Company Balance
1. Charley Rodrigues Nil Director 2,00,000.00
2. Sanjay Gupta 20,68,300 Managing Director 75,30,454.97
c) n our opinion, the rate of interest and the terms and conditions on
which loans have been taken from/ granted to companies, other parties
listed in register maintained u/s. 301 of the Companies Act, 1956 are
not able to report, prima facie, prejudicial to the interest of the
Company, since the terms are not defined.
d) The Company is not receiving/paying any interest on such loans and
there is no stipulation as to repayment of principal in respect of
loans granted to/taken from parties listed in the register maintained
under Section 301 of the Companies Act, 1956, hence we are unable to
comment on the regularity of repayment of principal in respect of the
said loans.
iv. 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 registers maintained under Section 301 and
exceeding the value of five lakh rupees in respect of any party during
the year have been made at prices which are reasonable having regard to
prevailing market prices at the relevant time.
v. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, no major
weaknesses have been noticed in the internal controls.
vi. The company does not have adequate internal audit system
commensurate with the size and nature of its business.
vii. The company has not accepted any deposit from the public hence the
directions issued by the Reserve Bank of India and provisions of Sec
58A of the Companies Act, 1956 and the Rules formed there under are not
applicable to this company.
viii. The Central Government has not prescribed maintenance of cost
records under Section 209(1) (d) of the Companies Act, 1956 for the
products of the Company.
ix.
a) According to the information and explanations furnished to us,
during the year, undisputed statutory dues including provident fund,
investor education protection fund, employees state insurance, income
tax, sales tax, wealth tax, customs duty, excise duty, cess and other
material statutory dues applicable to it have been deposited with
appropriate authorities and there have been serious delays. Following
are the details of undisputed statutory dues payable by the company
which are outstanding for more than 6 months as at the year end from
the date they became payable.
SI No Nature of dues Amount Period to which Date of Payment
Amount relates
1 CST 82,913.20 2003-04 ------
2 CST 1,13,852.00 1994-95 ------
3 Professional Tax 892.00 2003-04 ------
4 Sales Tax 55,073.00 2001-02 ------
5 Fringe Benefit Tax 5,344.00 2005-06 ------
6 Fringe
Benefit Tax 2,38,786.00 2006-07 ------
7 Fringe Benefit
Tax 1,53,689.00 2007-08 ------
8 Fringe Benefit
Tax 1,32,693.00 2008-09 ------
b) According to the information and explanation given to us, dues of
sale tax, income tax, customs duty, wealth tax, excise duty and cess
which have not been deposited on account of any dispute are as follows:
SI No Nature of dues Amount Period to which
Amount relates
1 Sales Tax 4,74,22,157/- 89-90 to 99-00
x. In our opinion, the company has accumulated losses to the extent of
Rs.20,64,72,918.31/-. The accumulated losses of the company are more
than fifty per cent of its paid up capital and free reserves.
xi. In our opinion and according to the information and explanations
given to us, the company during the year has defaulted in repayment of
dues to the following banks and financial institutions:
Bank/ Financial Institution Balance Outstanding as
at 31st March 2010
1. State Bank of India 11,88,93,444
2. Bank of India 5,41,16,115
3. Kerala Financial Corporation 91,07,472
xii. In our opinion, the term loans have been applied for the purpose
for which they were raised.
xiii. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that during the year no funds raised on short-term basis have been used
for long-term investment. No long-term funds have been used to finance
short-term assets.
xiv. 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.
xv. According to the information and explanations furnished to us, the
company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities.
Accordingly the provisions of clause 4(xii) of the Companies (Auditors
Report) Order, 2003 are not applicable to the company.
xvi. In our opinion the company is not dealing in shares, securities,
debentures and other investments. Accordingly the provisions of clause
4(xiv) of the Companies (Auditors Report) Order, 2003 are not
applicable to the company.
xvii. In our opinion, the company has not given guarantees for loans
taken by others from banks or financial institutions.
xviii. The company has not made any preferential allotment of shares to
parties & companies covered in the Register maintained u/s. 301 of the
Act. Accordingly the provisions of clause 4 (xviii) of the Companies
(Auditors Report) Order, 2003 are not applicable to the Company.
xix. 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.
xx. The company has not raised any money from public issues during the
year. Accordingly the provisions of clause 4(xx) of the Companies
(Auditors Report) Order, 2003 are not applicable to the company.
xxi. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
For VIJAYAKUMAR & EASWARAN
CHARTERED ACCOUNTANTS
CA K. EASWARAN PILLAI, F.C.A
Place: COCHIN (PARTNER)
Date : 30/06/2010 Membership No: 22062
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