Mar 31, 2015
We have audited the accompanying financial statements of TRANSGLOBE
FOODS LIMITED, which comprise the Balance Sheet as at 31 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.
2. 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
fiows 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 efiectively 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.
3. Auditor's Responsibility:
Our responsibility is to express an opinion on these financial
statements based on our audit.
4. We have taken into account the provisions of the Act, the accounting
and auditing standards and plan and perform the audit to obtain
reasonable assurance about whether the f nancial statements are free
from material misstatement.
5. 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 f nancial statements
are free from material misstatement.
6. An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the f nancial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the f nancial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal f nancial control relevant
to the Company's preparation of the f nancial 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.
7. We believe that the audit evidence we have obtained is sufi cient
and appropriate to provide a basis for our audit opinion on the
financial statements.
8. Opinion:
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements, give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India;
a) In the case of the Balance Sheet, of the state of afiairs 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. Report on other Legal and Regulatory
Requirements:
9. As required by the Companies (Auditor's Report) Order 2015 ("the
Order) issued by Central Government of India in terms of Sub-Section 11
of 143 of the Companies Act, 2015, we give in the Annexure a statement
on the matters specified in the paragraphs 3 & 4 Of the Order, to the
extent applicable.
10. 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 Balance sheet, Statement of Profit and Loss,
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
in accordance with Rule 11 of the Companies (Audit and Auditors)Rules
2014, in our opinion 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
derivative contracts for which there were any material foreseeable
losses.
III. There were no amount which required to be transferred to the
Investor Education and Protection Fund by the Company.
I (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals. No material discrepancies were
noticed on such verification.
II (a) As Explained to us, inventory has been physically verified
during the year by the management at reasonable intervals.
(b) In our opinion and according to the information and explanation
given to us, the procedure of physical verification of inventory
followed by the management is reasonable and adequate in relation to
the size of the company and nature of its business.
(c) In our opinion and on the basis of our examination of records, the
company is generally maintaining proper records of its inventory. No
discrepancies were notices on physical verification of stock by the
management at compare to the books records.
III (a) According to the information and explanation given to us, the
Company has not granted any loans, secured or unsecured to companies,
firms or other parties covered in the register maintained under section
189 of the Act.
(b) In view of our comments in (a) above no further comments are
warranted on receipt of principal amount and rate on interest of such
loans.
(c) In view of our comments in (a) above no further comments are
warranted on recovery of principal amounts and interest thereof.
IV In our opinion, there is generally adequate internal control system
commensurate with the size of the Company and nature of its business,
for the purchase of inventory & fixed assets and for the sale of goods
and services. There is no continuing failure to correct the major
weakness in internals control system.
V In our opinion and according to the information and explanations
given to us, the Company has not accepted deposits from public and
therefore, directives issued by Reserve Bank of India, the provision of
the Companies Act, and Rules made there under are not applicable to the
Company.
VI The Central Government has not prescribed the maintenance of cost
records by the Company under Section 148 (1) of the Companies Act.
VII (a) According to the information and explanation given to us
provident fund, employees state insurance, sales-tax, wealth tax,
service tax, duty of customs & duty of excise, value added tax, cess
are not applicable to the company. The Company is regular in depositing
undisputed statutory dues including income tax and other statutory dues
with the appropriate authorities during the year except professional
tax. There were no arrears as at 31st March, 2015 for a period of more
than six months from the they became payable.
(b) According to the information and explanation given to us, there are
no dues of provident fund, employees state insurance, sales-tax, wealth
tax, service tax, income tax, duty of customs & duty of excise, value
added tax outstanding on account of any dispute.
(c) No amount are required to be transferred to investor education and
protection fund in accordance with the relevance provisions of the
Companies Act, 1956 and rules made there under.
VIII According to the records of the Company and information and
explanation given to us, the company is having accumulated losses at
the end of the financial year. The company has not incurred any cash
loss during the previous year and has incurred losses during
immediately preceding financial year.
IX According to the records of the Company and information and
explanation given to us, the company has not taken any loan from banks,
financial institution nor has issued any debentures during the
financial year.
X According to the information and explanation given to us the Company
has not given any guarantee for loans taken by other from bank or
financial institutions
XI The company has not taken any term loan during the year.
XII To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
was notices or reported during the year.
For Ashvin Thumar & Co.
Chartered Accountants
Ashvin Thumar
Proprietor
Membership No.138376
Place: MUMBAI
Date: 30/05/2015
Mar 31, 2014
We have audited the accompanying financial statements of TRANSGLOBE
FOODS LIMITED ("the Company"), which comprise the Balance Sheet as at
March 31, 2014, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). 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 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. 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.
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 Profit and Loss Account, of the profit/ loss 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, 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) 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, 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.
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.
The Annexure referred to in paragraph 1 of the Our Report of even date
to the members of. TRANSGLOBE FOODS LIMITED 0n the accounts of the
company for the year ended 31st March, 2014.
On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:
1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.
(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.
(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.
2. (a) As explained to us, inventories have been 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 inventories
followed by the management are reasonable and adequate in relation to
the size of the company and the nature of its business.
(c) In our opinion and on the basis of our examination of the records,
the Company is generally maintaining proper records of its inventories.
No material discrepancy was noticed on physical verification of stocks
by the management as compared to book records.
3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.
(b) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.
4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.
5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.
b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.
6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.
7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.
8. The Central Government has not prescribed the maintenance of the
cost records U/s. 209(1)(d) of the Companies Act, 1956 for any of the
products of the company.
9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.
(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.
10. The Company have accumulated losses of Rs. 326.04 Lacs as at
31.03.2014.The company has not incurred cash losses during the
financial year covered by our audit.
11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.
12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.
14. According to information and explanations given to us, the Company
did not deal in Shares, Mutual funds & other Investments. Proper
records & timely entries have been maintained in regard to investments
made by company in its own name.
15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.
16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.
17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.
18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.
19. The Company has no outstanding debentures during the period under
audit.
20. The Company has not raised any money by public issue during the
year.
21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.
For Ashvin Thumar & Co.
Chartered Accountants
FRN : 131965W
Place: Mumbai
Date: 30/05/2014 (Ashvin Thumar)
Membership No. : . 138376
Mar 31, 2012
We have audited the attached Balance Sheet of TRANSGLOBE FOODS LIMITED,
as at 31st March, 2012 and Profit & Loss Account and the cash flow
statement for the year ended on that date annexed thereto.
As required by the Companies (Auditor''s Report) Order, 2003 (as
amended) (''the order'') issued by the Central Government of India in
terms of sub- division (4A) section 227 of the Companies Act, 1956
(''the Act''), we annex hereto a statement on the matters specified in
paragraphs 4 and 5 of the said order.
1. Further to our comments in the Annexure referred to above, we
report that:
1. 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;
2. 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;
3. The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
4. 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; to the extent applicable.
5. On the basis of written representations from the directors and
taken on record by the Board of Director, we report that none of the
directors are disqualified as on 31st March,2012 from being appointed
as director in terms of clause (g) of sub-section (1) of Section 274 of
the Companies Act,1956.
6. Subject to what is stated in above, In our opinion and to the best
of our information and according to the explanations given to us, the
said Balance Sheet and Profit & Loss Account read together with the
significant according policies and notes therein give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view:
(i) In the case of Balance sheet, of the state of affairs of the
company as at 31st March, 2012;
(ii) In the case of profit & Loss Account, of the profit for the year
ended on that date.
(iii) In the case of cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
The Companies (Auditor''s Report) Order, 2003 (''CARO'')
As required by Company (Auditor''s Report) Order, 2003 issued by Central
Government of India in terms of sub-section (4A) of section 227 of the
Companies Act, 1956 and explanations given to us and on the basis of
such checks, as we considered appropriate, we have to state that ;
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 been physically verified by the management
during the year but, according to the information and explanation given
to us, 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 any
substantial/major part of assets.
2) The Company does not hold any inventory and hence the question of
physical verification etc. does not arise.
3) The company has not granted loans during the year to parties covered
in the Register maintained by the company under section 301 of the
Companies Act, 1956. The company has not accepted unsecured loans from
parties covered in Register maintained by the company under section 301
of the Companies Act, 1956.
4) Based on audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under section 301 have been so entered.
5) The Company has not accepted any deposits from public under the
provisions of sections 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
6) In our opinion, the Company has an internal audit system
commensurate with size and nature of the business.
7) The Central Government has not prescribed the maintenance of cost
records u/s 209(1) (d) of the Companies Act, 1956 and the rules framed
there under.
8) a) The Company is regular in depositing with appropriate authorities
undisputed statutory dues including, Income Tax, Sales Tax, Cess and
any other material statutory dues applicable to it. The Company is not
liable under the provisions of Investor Education and Protection Fund,
Wealth Tax for the financial year covered by our audit. There are no
undisputed statutory liabilities outstanding more than six months as on
31st March 2012.
b) According to the information and explanation given to us, there are
no dues of Income tax and cess, which have been deposited on account of
any dispute.
9) The Company have accumulated losses of Rs. 314.39 Lacs as at
31.03.2012. The Company has not incurred any cash losses during the
financial year covered by our audit and the immediately preceding
financial year.
10) In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayment of dues of
financial institution or bank.
11) The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
12) The Company has not a chit fund, nidhi/mutual benefit fund and
therefore the requirement pertaining to such class of companies is not
applicable.
13) According to the information and explanation given to us, the
Company did not deal in or trade in shares, securities, debentures or
other investment. The shares and other investment acquired by the
company by way of investment are held by the company in its own name.
14) The Company has not given any guarantee for loans taken by others
from banks or financial institution.
15) The Company has not taken term loan from Financial Institution
during the year.
16) On the basis of review of utilization of funds on overall basis,
related information as made available to us and as represented to us by
the management, funds raised on short-term basis have not been used for
long-term investment during the year.
17) The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
18) The Company has not issued any debentures during the year and
therefore, the question of creating the security in respect thereof
does not arise.
19) The Company has not made any public issue during the year and
therefore, the question of disclosing the end use of money does not
arise.
20) According to the information and explanation given to us, no fraud
on or by the Company has been noticed or reported during the course of
our audit.
FOR BAKUL V. GANATRA & CO.
Chartered Accountants
Sd/-
(BAKUL V. GANATRA)
Proprietor
Membership No.31813
Firm No. 100915 W
Place : RAKOT
Date : 20th August, 2012
Mar 31, 2011
We have audited the attached Balance Sheet of TRANSGLOBE FOODS LIMITED,
as at 31st March, 2011 and Profit & Loss Account and the cash flow
statement for the year ended on that date annexed thereto.
As required by the Companies (Auditor''s Report) Order, 2003 (as
amended) (Âthe order'') issued by the Central Government of India in
terms of sub- division (4A) section 227 of the Companies Act, 1956
(Âthe Act''), we annex hereto a statement on the matters specified in
paragraphs 4 and 5 of the said order.
1. Further to our comments in the Annexure referred to above, we
report that:
1. 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;
2. 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;
3. The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
4. 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; to the extent applicable.
5. On the basis of written representations from the directors and
taken on record by the Board of Director, we report that none of the
directors are disqualified as on 31st March,2011 from being appointed
as director in terms of clause (g) of sub-section (1) of Section 274 of
the Companies Act,1956.
6. Subject to what is stated in above, In our opinion and to the best
of our information and according to the explanations given to us, the
said Balance Sheet and Profit & Loss Account read together with the
significant according policies and notes therein give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view:
(i) In the case of Balance sheet, of the state of affairs of the
company as at 31st March, 2011;
(ii) In the case of profit & Loss Account, of the profit for the year
ended on that date.
(iii) In the case of cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
The Companies (Auditor''s Report) Order, 2003 (ÂCARO'')
As required by Company (Auditor''s Report) Order, 2003 issued by Central
Government of India in terms of sub-section (4A) of section 227 of the
Companies Act, 1956 and explanations given to us and on the basis of
such checks, as we considered appropriate, we have to state that ;
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 been physically verified by the management
during the year but, according to the information and explanation given
to us, 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 any
substantial/major part of assets.
2) The Company does not hold any inventory and hence the question of
physical verification etc. does not arise.
3) The company has not granted loans during the year to parties covered
in the Register maintained by the company under section 301 of the
Companies Act, 1956. The company has not accepted unsecured loans from
parties covered in Register maintained by the company under section 301
of the Companies Act, 1956.
4) Based on audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under section 301 have been so entered.
5) The Company has not accepted any deposits from public under the
provisions of sections 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
6) In our opinion, the Company has an internal audit system
commensurate with size and nature of the business.
7) The Central Government has not prescribed the maintenance of cost
records u/s 209(1) (d) of the Companies Act, 1956 and the rules framed
there under.
8) a) The Company is regular in depositing with appropriate authorities
undisputed statutory dues
including, Income Tax, Sales Tax, Cess and any other material statutory
dues applicable to it. The Company is not liable under the provisions
of Investor Education and Protection Fund, Wealth Tax for the financial
year covered by our audit. There are no undisputed statutory
liabilities outstanding more than six months as on 31st March 2011.
b) According to the information and explanation given to us, there are
no dues of Income tax and cess, which have been deposited on account of
any dispute.
9) The Company have accumulated losses of Rs. 314.25 Lacs as at
31.03.2011. The Company has not incurred any cash losses during the
financial year covered by our audit and the immediately preceding
financial year.
10) In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayment of dues of
financial institution or bank.
11) The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
12) The Company has not a chit fund, nidhi/mutual benefit fund and
therefore the requirement pertaining to such class of companies is not
applicable.
13) According to the information and explanation given to us, the
Company did not deal in or trade in shares, securities, debentures or
other investment .The shares and other investment acquired by the
company by way of investment are held by the company in its own name.
14) The Company has not given any guarantee for loans taken by others
from banks or financial institution.
15) The Company has not taken term loan from Financial Institution
during the year.
16) On the basis of review of utilization of funds on overall basis,
related information as made available to us and as represented to us by
the management, funds raised on short-term basis have not been used for
long-term investment during the year.
17) The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
18) The Company has not issued any debentures during the year and
therefore, the question of creating the security in respect thereof
does not arise.
19) The Company has not made any public issue during the year and
therefore, the question of disclosing the end use of money does not
arise.
20) According to the information and explanation given to us, no fraud
on or by the Company has been noticed or reported during the course of
our audit.
FOR BAKUL V. GANATRA & CO.
Chartered Accountants
Sd/-
(BAKUL V. GANATRA)
Proprietor
Membership No.31813
Firm No. 100915
Place : RAJKOT
Date : 24th August, 2011
Mar 31, 2010
We have audited the attached Balance Sheet of TRANSGLOBE FOODS LIMITED,
as at 31st March, 2010 and Profit & Loss Account and the cash flow
statement for the year ended on that date annexed thereto.
As required by the Companies (Auditor''s Report) Order, 2003 (as
amended) (Âthe order'') issued by the Central Government of India in
terms of sub- division (4A) section 227 of the Companies Act, 1956
(Âthe Act''), we annex hereto a statement on the matters specified in
paragraphs 4 and 5 of the said order.
1. Further to our comments in the Annexure referred to above, we
report that:
1. 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;
2. 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;
3. The Balance Sheet, Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
4. 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; to the extent applicable.
5. On the basis of written representations from the directors and
taken on record by the Board of Director, we report that none of the
directors are disqualified as on 31st March,2010 from being appointed
as director in terms of clause (g) of sub-section (1) of Section 274 of
the Companies Act,1956.
6. Subject to what is stated in above, In our opinion and to the best
of our information and according to the explanations given to us, the
said Balance Sheet and Profit & Loss Account read together with the
significant according policies and notes therein give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view:
(i) In the case of Balance sheet, of the state of affairs of the
company as at 31st March, 2010;
(ii) In the case of profit & Loss Account, of the profit for the year
ended on that date.
(iii) In the case of cash flow statement, of the cash flows for the
year ended on that date.
ANNEXURE TO THE AUDITORS REPORT
The Companies (Auditor''s Report) Order, 2003 (ÂCARO'')
As required by Company (Auditor''s Report) Order, 2003 issued by Central
Government of India in terms of sub-section (4A) of section 227 of the
Companies Act, 1956 and explanations given to us and on the basis of
such checks, as we considered appropriate, we have to state that ;
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 been physically verified by the management
during the year but, according to the information and explanation given
to us, 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 any
substantial/major part of assets.
2) The Company does not hold any inventory and hence the question of
physical verification etc. does not arise.
3) The company has not granted loans during the year to parties covered
in the Register maintained by the company under section 301 of the
Companies Act, 1956. The company has not accepted unsecured loans from
parties covered in Register maintained by the company under section 301
of the Companies Act, 1956.
4) Based on audit procedures applied by us and according to the
information and explanations provided by the management, we are of the
opinion that the transactions that need to be entered into the register
maintained under section 301 have been so entered.
5) The Company has not accepted any deposits from public under the
provisions of sections 58A and 58AA of the Companies Act, 1956 and the
rules framed there under.
6) In our opinion, the Company has an internal audit system
commensurate with size and nature of the business.
7) The Central Government has not prescribed the maintenance of cost
records u/s 209(1) (d) of the Companies Act, 1956 and the rules framed
there under.
8) a) The Company is regular in depositing with appropriate authorities
undisputed statutory dues
including, Income Tax, Sales Tax, Cess and any other material statutory
dues applicable to it. The Company is not liable under the provisions
of Investor Education and Protection Fund, Wealth Tax for the financial
year covered by our audit. There are no undisputed statutory
liabilities outstanding more than six months as on 31st March 2010.
b) According to the information and explanation given to us, there are
no dues of Income tax and cess, which have been deposited on account of
any dispute.
9) The Company have accumulated losses of Rs. 314.14 Lacs as at
31.03.2010. The Company has not incurred any cash losses during the
financial year covered by our audit and the immediately preceding
financial year.
10) In our opinion and according to the information and explanation
given to us, the company has not defaulted in repayment of dues of
financial institution or bank.
11) The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
12) The Company has not a chit fund, nidhi/mutual benefit fund and
therefore the requirement pertaining to such class of companies is not
applicable.
13) According to the information and explanation given to us, the
Company did not deal in or trade in shares, securities, debentures or
other investment .The shares and other investment acquired by the
company by way of investment are held by the company in its own name.
14) The Company has not given any guarantee for loans taken by others
from banks or financial institution.
15) The Company has not taken term loan from Financial Institution
during the year.
16) On the basis of review of utilization of funds on overall basis,
related information as made available to us and as represented to us by
the management, funds raised on short-term basis have not been used for
long-term investment during the year.
17) The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the register
maintained under section 301 of the Companies Act, 1956.
18) The Company has not issued any debentures during the year and
therefore, the question of creating the security in respect thereof
does not arise.
19) The Company has not made any public issue during the year and
therefore, the question of disclosing the end use of money does not
arise.
20) According to the information and explanation given to us, no fraud
on or by the Company has been noticed or reported during the course of
our audit.
Chartered Accountants
Sd/-
(BAKUL V. GANATRA)
Proprietor
Membership No.31813
Place : RAKOT
Date : 21st August, 2010