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प्रोसीड इंडिया

बीएसई: 590057  |  NSE: GREENFIRE  |  ISIN: INE217G01027  |  Computers - Software Medium & Small

खोजें प्रोसीड इंडिया कनेक्शन Mar 14
लेखा परीक्षकों की रिपोर्ट वर्षांत : Mar '15
Report on the Financial Statements
 
 We have audited the accompanying financial statements of M/s Green Fire
 Agri Commodities Limited (the ''Company''), which comprise the Balance
 Sheet as at 31 March 2015, the Statement of Profit and Loss and the
 Cash Flow Statement for the year then ended, and a summary of
 significant accounting policies and other explanatory information.
 
 Management''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 and presentation 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 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 adequate
 internal financial control, that were operating effectively for
 ensuring the accuracy and completeness of the accounting records,
 relevant to the preparation and presentation of the financial
 statements that give a true and fair view and are free from material
 misstatement, whether due to fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We have taken into account the
 provisions of the Act, the accounting and auditing standards and
 matters which are required to be included in the audit report under the
 provisions of the Act and the Rules made 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 in the financial statements. The procedures
 selected depend on the auditor''s judgment, including the assessment of
 the risks of material misstatement of the financial statements, whether
 due to fraud or error. In making those risk assessments, the auditor
 considers internal financial control relevant to the Company''s
 preparation of the financial statements that give a true and fair view
 in order to design audit procedures that are appropriate in the
 circumstances, but not for the purpose of expressing an opinion on
 whether the Company has in place an adequate internal financial
 controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of accounting policies used and the reasonableness of
 the accounting estimates made by Company''s Directors, as well as
 evaluating the overall presentation of the financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion on the financial
 statements.
 
 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 affairs of the
 Company as at March 31, 2015;
 
 b) In the case of the Statement of Profit and Loss, of the 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.
 
 Emphasis of Matter
 
 Attention is drawn to Note No.2.20(b) of the Notes to the Accounts with
 respect to balances under Sundry Debtors/Loans and Advances/Sundry
 Creditors/Other Liabilities which have not been confirmed by certain
 parties.
 
 Our opinion is not modified in this regard.
 
 Report on other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s Report) Order, 2015 (the
 Order) issued by the Central Government of India in terms of
 sub-section (11) of section 143 of the Act, we give in the Annexure a
 statement on the matters specified in the Paragraph 3 and 4 of the
 Order, to the extent applicable.
 
 2.  As required by section 143(3) of the Act, we report that:
 
 (a) We have sought and obtained all the information and explanations
 which to the best of our knowledge and belief were necessary for the
 purposes of our audit.
 
 (b) in our opinion proper books of account as required by law have been
 kept by the Company so far as appears from our examination of those
 books;
 
 (c) the balance sheet, the statement of profit and loss, and cash flow
 statement dealt with by this Report are in agreement with the books of
 account;
 
 (d) in our opinion, the aforesaid financial statements comply with the
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014;
 
 (e) on the basis of written representations received from the directors
 as on 31 March, 2015, taken on record by the Board of Directors, none
 of the directors is disqualified as on 31 March, 2015, from being
 appointed as a director in terms of Section 164(2) of the Act; and
 
 (f) with respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i.  the Company has disclosed the impact of pending litigations on its
 financial position in its financial statements 
 
 ii.  the Company did have dues on account of Investor Education and
 Protection Fund which have not been transferred during the year under
 review, amounting to Rs. 3,12,324.
 
 Annexure to the Auditors'' Report
 
 The Annexure referred to in our Independent Auditors'' Report to the
 members of M/s Green Fire Agri Commodities Limited (the Company'') on
 the financial statements for the year ended on 31st March 2015, we
 report that:
 
 (i) (a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.  (b) The Company has a regular program of physical verification
 of its fixed assets by which all fixed assets are verified every year.
 In accordance with this program, fixed assets were verified during the
 year and no material discrepancies were noted on such verification. In
 our opinion, this periodicity of physical verification is reasonable
 having regard to the size of the Company and the nature of its assets
 
 (ii) As per the information and explanations given to us, the Company
 does not hold any inventories at any time during the year under review.
 However, the Company is trading in agricultural commodities by way of
 purchase and sale, wherein the physical goods are directly moved from
 purchaser to the Company''s customer. As there is no physical movement
 of goods to/from the Company, we offer no comments under paragraph
 3(ii) of the said Order.
 
 (iii) 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 Companies Act, 2013.  Accordingly, paragraph
 3(iii)(b) and (c) of the said Order are not applicable.
 
 (iv) In our opinion and according to the information and explanations
 given to us there is an adequate internal control system commensurate
 with the size of the Company and the nature of its business with regard
 to purchase of fixed assets and with regard to the sale of goods. We
 have not observed any cases of continuing failure to correct major
 weakness in the internal control system during the course of the audit.
 
 (v) The Company has not accepted any deposits from the public.
 Therefore, the provisions of Clause (v) of paragraph 3 of the said
 Order are not applicable to the Company.
 
 (vi) The Central Government of India has not prescribed the maintenance
 of cost records under section 148(1) of the Act, for any of the
 activities carried on by the Company.
 
 (vii) (a) According to the information and explanations given to us and
 on the basis of our examination of the records of the Company, amounts
 deducted / accrued in the books of account in respect of undisputed
 statutory dues including Provident Fund, Income Tax, Service tax, Value
 added tax, Employees'' State Insurance and other material statutory dues
 have generally been regularly deposited during the year by the Company
 with the appropriate authorities, except for certain cases of Tax
 deducted at source. As explained to us, the Company did not have any
 dues on account of Wealth Tax, Customs Duty and Excise Duty.
 
 According to the information and explanations given to us, no
 undisputed amounts payable in respect of provident fund, income tax,
 service tax, value added tax and other material statutory dues were in
 arrears as at 31st March 2015 for a period of more than six months from
 the date they become payable, except for statutory dues amounting to
 Rs. 75,750.
 
 (b) According to the information and explanations given to us, there
 are no Material dues of Sales Tax, Wealth Tax, Customs Duty and Excise
 Duty which have not been deposited with the appropriate authorities on
 account of any dispute, except as stated hereunder:-
 
 Sl.                                             Period to
 No   Name of the                     Amount     which the   Forum where
                   Nature of dues  
      Statute                           Rs.      amount      dispute is
                                                 relates     pending
 
 1    Sales Tax, 
      Mumbai       VAT-Mumbai        12,45,280   2012-13     Sales Tax,
                                                             Maharashtra
 
 2    Sales Tax, 
      AP           VAT                   8,925   2012-13     Sales Tax,
                                                             AP
 
 3    Income Tax   Self assessment 
                   tax               97,73,793   2011-12     DCIT
 
 4    Income Tax   Tax demand        64,16,141   2006-07     ITAT
 
 5    Income Tax   Tax demand      1,56,07,170   2010-11     ITAT
 
 (c) According to the records of the Company, there are amounts of Rs.
 3,12,324 that are due to be transferred to the Investor Education and
 Protection Fund in accordance with the relevant provisions of the
 Companies Act, 1956 (1 of 1956) and rules made there under.  (viii) The
 accumulated losses of the Company are more than fifty percent of its
 net worth as at 31st March 2015. Further, the company had incurred cash
 losses in the financial year and also in the immediately preceding
 financial year.
 
 (ix) According to the information and explanations given to us and
 based on the documents and records produced to us, the company has
 defaulted in repayment of dues to M/s Dhanalakshmi Bank, amounting
 outstanding being Rs.13,97,35,615 as per the books of account at the
 year end.  However, no direct confirmation from Bank is on record and
 the account has become NPA.
 
 (x) In our opinion and according to the information and explanations
 given to us, the Company has not given any guarantee for loans taken by
 others from banks or financial institutions.
 
 (xi) The Company had not obtained any term loans during the year under
 review.
 
 (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 Sarath & Associates 
 
                                       Chartered Accountants
  
                                       Firm Regn No.005120S
 
 Date : 29/05/2015                     S Srinivas
 
 Place : Hyderabad                     Partner
 
                                       M.No.202471
स्रोत: रेलीगरे टेचनोवा

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