Jun 30, 2014
1. We have audited the accompanying financial statements of SHREE
HANUMAN SUGAR & INDUSTRIES LIMITED which comprises of the Balance Sheet
as at 30th June, 2014, the statement of Profit & Loss and the Cash Flow
Statement for the year then ended and a summary fo the significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
2. 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 referred to in Section
211(3C) of the Companies Act, 1956 ("the Act") 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
3. 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.
4. An audit involves performing procedures to obtain audit evidence
about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal 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 the accounting policies used and the reasonableness
of the accounting estimates made by the Management, as well as
evaluating the overall presentation of the financial statements.
5. 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
6. Non compliance of sections 194-A, 192, 194-I & 192-J, of Income Tax
Act, 1961 with respect to TDS on interest other than interest on
securities, salary, rent and fee for Professional & Technical services
respectively. The TDS on above have not been deducted and/or deposited
in time.
7. Non compliance of generally accepted accounting principles in
accounting of Gratuity, Leave liabilities and other retirement benefits
towards employees, Bonus, Professional Taxes, Trade License Fees,
Interest and penalty on delayed deposit of various statutory dues &
income from interest on securities and other deposits as they are
accounted for on cash basis.
The possible loss if any, arising out of above which might have
consequential effect on the year's Profit & Loss and Net Current
Asset position of the Company at the year end, has neither been
ascertained nor provided for in these accounts.
Qualified Opinion
8. 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 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 30th June, 2014;
b) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
9. As required by the Companies (Auditor's Report) Order, 2003
("the Order") issued by the Central Government in terms of Section
227(4A) of the Act, we give in the Annexure a statement on the matters
specified in paragraphs 4 and 5 of the Order.
10. As required by Section 227(3) of the Act, we report that:
a) Except for what have been stated in paragraph 6 & 7 under basis for
qualified opinion, we have obtained all the information and
explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit.
b) In our opinion, Except for what have been stated in paragraph 6 & 7
under basis for qualified opinion proper books of account as required
by law have been kept by the Company so far as it appears from our
examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
d) In our opinion, the Balance Sheet, the Statement of Profit and Loss,
and the Cash Flow Statement comply with the Accounting Standards
referred to in Section 211(3C) of the Act.
e) On the basis of the written representations received from the
directors as on 30th June, 2014 taken on record by the Board of
Directors, none of the directors is disqualified as on 30th June, 2013
from being appointed as a director in terms of Section 274(1)(g) of the
Act.
Annexure to the Independent Auditors' Report
(Referred to in paragraph 9 under 'Report on Other Legal and
Regulatory Requirements' section of our report of even date)
1. In respect of its fixed assets
a) The Company has maintained proper records showing full particulars
including quantitative details and situations of fixed assets.
b) The fixed assets have been physically verified by the management at
the year-end and no material discrepancies have been noticed on such
verification.
c) No disposal of a substantial part of the fixed assets of the Company
has taken place during the reporting period.
2. In respect of its inventories
a) The inventories were physically verified during the year by the
Management at reasonable intervals.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventory
followed by the Management were reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion and according to the information and explanations
given to us, the Company has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
3. The Company has neither granted nor taken any loans, secured or
unsecured, to / from companies, firms or other parties covered in the
Register maintained under Section 301 of the Companies Act, 1956.
4. The Company has adequate internal control procedures commensurate
with the size of the Company and nature of its business with regard to
purchase of inventory and fixed assets and also for the sale of goods.
During the course of our audit, we have not observed any major weakness
in such internal control system.
5. According to the information & explanation given to us there is no
contract or arrangement that's needs to be entered in the register
required to be maintained under sec 301 of the Companies Act.
6. The company has not accepted any deposits within the meaning of
section 58A, 58AA or any other relevant provisions of Act and the rules
framed there under.
7. In our opinion, the internal audit system of the Company is
commensurate with the size and the nature of its business.
8. We have broadly reviewed the books of account maintained by the
Company pursuant to the Rules made by the Central Government for the
maintenance of cost records in respect of sugar u/s 290(1)(d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed account and records have been maintained.
9. The Company is generally regular in depositing undisputed statutory
dues, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty,
Excise Duty, Cess and other statutory dues with appropriate authority
and no undisputed amount payable in respect of aforesaid dues were in
arrears, as at 30th June, 2014 for a period of more than six months
from the date they became payable.
10. According to the records of the Company, dues outstanding in
respect of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty
and Cess on account of any dispute are as follows:
Amount Forum where
Name of the Statute Nature of Dues (Rs in lacs) Dispute is
pending
Income Tax Act, 1961 Income Tax 129.78 Calcutta High Court
Income Tax Act, 1961 Disallowance of
interest 192.12 Calcutta High Court
Income Tax Act, 1961 Order u/s 148 123.81 Calcutta High Court
Income Tax Act, 1961 Disallowance of 34.67 CIT(A)
Nomination Charges
II. Undisputed
Gratuity 98.33
Provident Fund 117.59
Purchase Tax 5.67
Excise Duty 5.35
Zonal Development Council 1.91 Sales Tax 0.51
11. The Company has no accumulated losses and has not incurred any cash
loss during the year covered by our audit or in the immediately
preceding financial year.
12. The Company has not defaulted in payment of dues to financial
institution or banks. The company has not issued any debentures.
13. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
14. In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute applicable to chit fund and nidhi/mutual benefit
fund/societies.
15. In our opinion and according to information and explanations given
to us, the company is not dealing or trading in shares, securities,
debentures and other investments and therefore the provisions of Clause
4(xiv) of the order are not applicable. The securities and other
investments have been held by the company in its own name.
16. The Company has not given any guarantee for loans taken by others
from Banks or Financial Institutions during the reporting period.
17. The Company has not raised any term loans, so the provisions are
not applicable to the Company.
18. 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
investments.
19. The Company has not raised any moneys by public issue during the
year covered by our audit report.
20. Based on the audit procedures adopted and information and
explanations given to us by the management, no fraud on or by the
Company has been noticed or reported during the year that causes the
financial statements materially mis-stated.
For Agarwal Gupta Nokari & Rustagi Associates
Chartered Accountants
F.R. No. 310041E
CA Bhal Chandra Khaitan
Place: Kolkata (Partner)
Date:27th August, Membership No. 017387
2014
Jun 30, 2012
To the Members of Shree Hanuman Sugar & Industries Limited
We have audited the attached Balance Sheet of SHREE HANUMAN SUGAR &
INDUSTRIES LIMITED as at 30th June, 2012 and also the Profit & Loss
Account for the year ended on that date annexed here to and the Cash
Flow Statement for the year ended on that date, which we have signed
under reference to this report. 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. These Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material mis-statement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis of our opinion.
1. As required by the Companies (Auditor''s Report) Order, 2003, as
amended by the Companies (Auditor''s Report) (Amendment) Order, 2004
issued by Central Government of India, in terms of sub section (4A) of
Section 227 of the Companies Act, 1956, and on the basis of the
information and explanations given to us and the books and records
examined by us in the normal course of our audit and to the best of our
knowledge and belief, we enclose in the annexure 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 purposes 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 & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account as
submitted to us;
d) In our opinion the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956, subject to Note 7 with regard to the provision for
Gratuity not done as prescribed in AS-15;
e) On the basis of written representations received from the individual
directors and taken on record by the Board of Directors, we report that
none of the directors is disqualified as on 30th June, 2012 from being
appointed as a director in terms of clause (g) of Sub-section (1) of
Section 274 of the Companies Act, 1956.
3. In our opinion and to the best of our information and according to
the explanations given to us, the said Balance Sheet, the Profit & Loss
Account and Cash Flow Statement gived the information required by the
Companies Act, 1956 in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India: -
i) in the case of Balance sheet, of the state of affairs of the Company
as at 30th June, 2012;
ii) in the case of Profit & Loss Account, of the Profit of the Company
for the year ended on that date; and
iii) in the case of Cash Flow Statement, of the cash flow for the year
ended on that date.
1) The Company has maintained proper records showing full particulars
including quantitative details and situations of fixed assets. We are
informed that all the fixed assets have been physically verified by the
management at the year-end and no material discrepancies have been
noticed on such verification. No disposal of a substantial part of the
fixed assets of the Company has taken place during the reporting
period.
(2) The Company has not taken unsecured loans from companies, firms or
other parties listed in the register maintained under Section 301 of
the Act, during the year.
(3) The Company has granted unsecured loan amounting to Rs.2284.60
Lacs, to companies, firms or other parties listed in the Register
maintained under Section 301 of the Act, during the year.
(4) The Company has adequate internal control procedures commensurate
with the size of the Company and nature of its business with regard to
purchase of trading goods, raw materials including components, plant
and machinery, equipment and other assets and also for the sale of
goods. We have not come across any major weaknesses in internal
control.
(5) Transactions that are required to be entered into the Register in
pursuance of Section 301 of the Act have been so entered.
(6) The company has not accepted any deposits from the public.
(7) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(8) We have broadly reviewed the books of account maintained by the
Company pursuant to the Rules made by the Central Government for the
maintenance of cost records in respect of sugar u/s 290( 1 )(d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed account and records have been maintained.
(9) The Company is generally regular in depositing undisputed statutory
dues, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty,
Excise Duty, Cess and other statutory dues.
(10) According to the information and explanations given to us, no
undisputed amount payable in respect of Income Tax, Wealth Tax,
Dividend Tax, Service Tax, Sales Tax, Custom Duty, Excise Duty and Cess
were in arrears, as at 30th June, 2012 for a period of more than six
months from the date they became payable.
(11) According to the records of the Company, dues outstanding in
respect of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty
and Cess on account of any dispute are as follows:-
(12) The Company has neither accumulated losses till the immediately
preceding Financial Year nor has incurred any cash loss during the
current Financial Period and immediately preceding financial year under
this Report.
(13) The Company has not defaulted in repayment of the secured loan
from a Financial Institution.
(14) The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(1 5) In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute applicable to chit fund and nidhi/mutual benefit
fund/societies.
(16) In our opinion and according to information and explanations given
to us, the company is not dealing or trading in shares, securities,
debentures and other investments and therefore the provisions of Clause
4(xiv) of the order are not applicable. The securities and other
investments have been held by the company in its own name.
(17) The Company has not given any guarantee for loans taken by others
from Banks or Financial Institutions during the reporting period.
(18) The Company has not raised any term loans, so the provisions are
not applicable to the Company.
(19) 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
investments. No long term funds have been used to finance short term
requirements.
(20) During the year the Company has not issued and allotted any
preferential shares.
(21) The Company has not raised any money during the year through any
public issue.
(22) Based on the audit procedures adopted and information and
explanations given to us by the management, no fraud on or by the
Company has been noticed or reported during the course of our audit.
For BHARAT D. SARAWGEE & CO. For JAINSARAWGEE & CO.
Chartered Accountants Chartered Accountant
Reg No. 326264E Reg.No. 306087E
Bharat D. Sarawgee D. K. Sarawgee
Partner Partner
Membership No. F061505 Membership No. 10089
Place: 32-A, Chittaranjan Avenue,
Kolkata-700 012 Date: 27th August, 2012
Jun 30, 2011
We have audited the attached Balance Sheet of SHREE HANUMAN SUGAR &
INDUSTRIES LIMITED as at 30th June, 2011 and also the Profit & Loss
Account for the year ended on that date annexed here to and the Cash
Flow Statement for the year ended on that date, which we have signed
under reference to this report. 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. These Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material mis-statement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis of our opinion.
1. As required by the Companies (Auditor''s Report) Order, 2003, as
amended by the Companies (Auditor''s Report) (Amendment) Order, 2004
issued by Central Government of India, in terms of sub section (4A) of
Section 227 of the Companies Act, 1956, and on the basis of the
information and explanations given to us and the books and records
examined by us in the norma! course of our audit and to the best of our
knowledge and belief, we enclose in the annexure 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, subject to Note No. 13 on Schedule "K", 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, subject to Note No 1(f) on Schedule "K" regarding
non-maintenance of certain accounts on accrual basis, 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 & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account as
submitted to us;
d) In our opinion the Balance Sheet, Profit & Loss Account and Cash
Flow Statement dealt with by this report comply with the Accounting
Standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956, subject to Note 7 with regard to the provision for
Gratuity not done as prescribed inAS-15;
e) On the basis of written representations received from the individual
directors and taken on record by the Board of Directors, we report that
none of the directors is disqualified as on 30th June, 2011 from being
appointed as a director in terms of clause (g) of Sub-section (1) of
Section 274 of the Companies Act, 1956.
In our opinion and to the best of our information and according to the
explanations given to us, the said Balance Sheet, the Profit & Loss
Account and Cash Flow Statement read together with Note Nos. 3, 4, 5 &
7 in respect of maintenance of certain accounts on cash/acceptance
basis and consequent non-provision of liability in respect of such
accounts and other NOTES to Schedule "K" give the information required
by the Companies Act, 1956 in the manner so required and give a true
and fair view in conformity with the accounting principles generally
accepted in India: -
i) in the case of Balance sheet, of the state of affairs of the Company
as at 30th June, 2011;
ii) in the case of Profit & Loss Account, of the Profit of the Company
for the year ended on that date; and
iii) in the case of Cash Flow Statement, of the cash flow for the year
ended on that date.
REFERRED TO IN PARAGRAPH -1 OF THE AUDITORS'' REPORT
TO THE MEMBERS OF SHREE HANUMAN SUGAR & INDUSTRIES LIMITED
FOR THE YEAR ENDED 30Â JUNE, 2011.
(1) The Company has maintained proper records showing full particulars
including quantitative details and situations of fixed assets. We are
informed that all the fixed assets have been physically verified by the
management at the year-end and no material discrepancies have been
noticed on such verification. No disposal of a substantial part of the
fixed assets of the Company has taken place during the reporting
period.
(2) The Company has taken unsecured loans amounting Rs.2694.93 lacs
from companies, firms or other parties listed in the register
maintained under Section 301 of the Act, during the year.
(3) The Company has not granted any loan, secured or unsecured, to
companies, firms or other parties listed in the Register maintained
under Section 301 of the Act, during the year.
(4) The Company has adequate internal control procedures commensurate
with the size of the Company and nature of its business with regard to
purchase of trading goods, raw materials including components, plant
and machinery, equipment and other assets and also for the sale of
goods. We have not come across any major weaknesses in internal
control.
(5) Transactions that are required to be entered into the Register in
pursuance of Section 301 of the Act have been so entered.
(6) The company has not accepted any deposits from the public.
(7) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(8) We have broadly reviewed the books of account maintained by the
Company pursuant to the Rules made by the Central Government for the
maintenance of cost records in respect of sugar u/s 290(1 )(d) of the
Companies Act, 1956 and are of the opinion that prima facie the
prescribed account and records have been maintained.
(9) The Company is generally regular in depositing undisputed statutory
dues, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty,
Excise Duty, Cess and other statutory dues.
(10) According to the information and explanations given to us, no
undisputed amount payable in respect of Income Tax, Wealth Tax,
Dividend Tax, Service Tax, Sales Tax, Custom Duty, Excise Duty and Cess
were in arrears, as at 30th June, 2011 for a period of more than six
months from the date they became payable.
(11) According to the records of the Company, dues outstanding in
respect of Sales Tax, Income Tax, Custom Duty, Wealth Tax, Excise Duty
and Cess on account of any dispute are as follows:-
Name of the
Statute Nature of
Dues Amount Forum where
(Rs in lacs) Dispute is pending
Income Tax Act, 1961 Income Tax
129.78 Calcutta High Court
(12) The Company has neither accumulated losses till the immediately
preceding Financial Year nor has incurred any cash loss during the
current Financial Period and immediately preceding financial year under
this Report.
(13) The Company has not defaulted in repayment of the secured loan
from a Financial Institution.
(14) The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(15) In our opinion and according to the information and explanations
given to us, the nature of activities of the Company does not attract
any special statute applicable to chit fund and nidhi/mutual benefit
fund/societies.
(16) In our opinion and according to information and explanations given
to us, the company is not dealing or trading in shares, securities,
debentures and other investments and therefore the provisions of Clause
4(xiv) of the order are not applicable. The securities and other
investments have been held by the company in its own name.
(17) The Company has not given any guarantee for loans taken by others
from Banks or Financial Institutions during the reporting period.
(18) The Company has not raised any term loans, so the provisions are
not applicable to the Company.
(19) 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
investments. No long term funds have been used to finance short term
requirements.
(20) During the year the Company has not issued and allotted any
preferential shares.
(21) The Company has not raised any money during the year through any
public issue.
(22) Based on the audit procedures adopted and information and
explanations given to us by the management, no fraud on or by the
Company has been noticed or reported during the course of our audit.
For BHARAT D. SARAWGEE & CO. For JAINSARAWGEE & CO.
Chartered Accountants Chartered Accountant
Reg No. 326264E Reg.No. 306087E
Bharat D. Sarawgee D. K. Sarawgee
Partner Partner
Membership No. F061505 Membership No. 10089
Place: 32-A, Chittaranjan Avenue,
Kolkata-700 012 Date: 27th August, 2011
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